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Mar 31, 2024
Smartrent Q1 2024 Earnings Report
SmartRent's SaaS revenue grew, ARR reached a new record, and gross margins improved.
Key Takeaways
SmartRent reported a decrease in total revenue but a significant increase in SaaS revenue. The company's net loss improved, and it achieved positive adjusted EBITDA. There was also substantial growth in units deployed and significant improvement in gross margins.
Total revenue decreased by 22% year-over-year.
SaaS revenue increased by 32% year-over-year.
Net loss improved by 42% year-over-year.
Adjusted EBITDA improved by 105% year-over-year.
Revenue by Segment
Forward Guidance
SmartRent provided revenue and Adjusted EBITDA guidance for Q2 and full-year 2024.
Positive Outlook
- Q2 2024 Total Revenue is expected to be in the range of $49 million to $55 million.
- Q2 2024 Adjusted EBITDA is expected to be in the range of $(0.5) million to $0.5 million.
- Full-Year 2024 Total Revenue is expected to be in the range of $260 million to $290 million.
- Full-Year 2024 Adjusted EBITDA is expected to be in the range of $5 million to $8 million.
- Company believes it is well-positioned for long-term growth.
Challenges Ahead
- Estimates exclude the impact of potential acquisitions.
- Estimates exclude the impact of potential capital markets activities.
- Estimates exclude the impact of unforeseen continued challenges with supply chain and logistics.
- Estimates may differ materially from actual results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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