Smartrent Q2 2023 Earnings Report
Key Takeaways
SmartRent reported a 26% increase in revenue to $53.4 million, a 900% increase in gross profit to $9.9 million, and a 60% improvement in net loss to $(10.3) million. The company's Adjusted EBITDA improved by 68% year-over-year, and it ended the quarter with $197.0 million in cash and cash equivalents.
Revenue increased by 26% year-over-year to $53.4 million.
Gross profit increased by 900% year-over-year to $9.9 million.
Net loss improved by 60% year-over-year to $(10.3) million.
Adjusted EBITDA improved by 68% year-over-year to $(6.4) million.
Smartrent
Smartrent
Smartrent Revenue by Segment
Forward Guidance
The Company believes it can sustain meaningful top-line growth while narrowing the Adjusted EBITDA loss, although timing differences may lead to some quarter-to-quarter variability. The Company has tightened its full year 2023 guidance to $233 to $250 million from $225 to $250 million in revenue and $(22) to $(18) million from $(25) to $(15) million in Adjusted EBITDA.
Positive Outlook
- Total Revenue of $57 to $62 million for Q3 2023
- Adjusted EBITDA of $(6.5) to $(4.5) million for Q3 2023
- Total Revenue of $58 to $70 million for Q4 2023
- Adjusted EBITDA of $0 to $2 million for Q4 2023
- Total Revenue of $233 to $250 million for full year 2023
Challenges Ahead
- Adjusted EBITDA of $(22) to $(18) million for full year 2023
- Estimates represent a range of possible outcomes and may differ materially from actual results.
- Estimates exclude the impact of potential acquisitions, capital markets activities, and unforeseen continued challenges with supply chain and logistics.
- Estimates are forward-looking based on the Company’s current assessment of demand for its product, execution capabilities and market conditions
- Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated.
Revenue & Expenses
Visualization of income flow from segment revenue to net income