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Jun 30, 2022
Smartrent Q2 2022 Earnings Report
SmartRent's Q2 2022 results showed record revenue and units deployed, but supply chain constraints led to revised guidance for 2022.
Key Takeaways
SmartRent reported a record quarterly revenue of $42.4 million, a 96% increase year-over-year, driven by higher Units Deployed, growth in software subscriptions, and the contribution from SightPlan. The company's SaaS ARR grew by 337% to $30.6 million. However, supply chain constraints led to a revised full-year 2022 guidance with lower revenue and units deployed expectations.
Total revenue increased by 96% year-over-year to $42.4 million, setting a new quarterly record.
SaaS revenue increased by 337% year-over-year to $7.6 million, boosted by SightPlan's contribution.
The company deployed more than 450,000 units and engaged with over two million users as of June 30th.
SmartRent is focused on integrating SightPlan and expects to be Adjusted EBITDA positive on an intra-quarter basis in 2023.
Smartrent
Smartrent
Smartrent Revenue by Segment
Revenue by Segment
Hardware Revenue
CapyFin.comProfessional Services Revenue
CapyFin.comHosted Services Revenue
CapyFin.com Forward Guidance
SmartRent revised its full-year 2022 guidance due to supply chain constraints, with reduced expectations for total revenue and units deployed, and increased expectations for Adjusted EBITDA loss. For Q3 2022, the company expects total revenue of $43 to $47 million and units deployed of 45,000 to 50,000.
Challenges Ahead
- Total Revenue of $155 to $180 million from prior guidance of $220 to $250 million.
- Adjusted EBITDA of $(75) to $(70) million from prior guidance of $(50) to $(35) million.
- Units Deployed of 190,000 to 220,000 from prior guidance of 280,000 to 320,000.
Revenue & Expenses
Visualization of income flow from segment revenue to net income