Smartrent Q2 2024 Earnings Report
Key Takeaways
SmartRent reported a decrease in total revenue by 9% year-over-year, but saw a 32% increase in SaaS revenue. Net loss improved by 56% compared to the previous year, and adjusted EBITDA showed a 114% improvement. The company is focusing on strengthening recurring revenue streams and managing costs amid a CEO transition.
SaaS revenue increased by 32% year-over-year, reaching $12.8 million.
Net loss improved by 56% year-over-year, decreasing to $(4.6) million.
Adjusted EBITDA improved by 114% year-over-year, reaching $902K.
SaaS ARR increased to $51.2 million, up from $38.8 million in Q2 2023.
Smartrent
Smartrent
Smartrent Revenue by Segment
Forward Guidance
SmartRent has temporarily suspended its annual guidance due to increasing market headwinds and the ongoing CEO transition. The company's financial foundation remains strong with ample liquidity, and they are focused on strengthening recurring revenue streams.
Positive Outlook
- Strong financial foundation with ample liquidity.
- Focus on strengthening recurring revenue streams.
- High net revenue retention rate exceeding 100%.
- Positioned to advance growth strategies.
- Taking steps to enhance financial stability and overall execution discipline.
Challenges Ahead
- Increasing market headwinds.
- Ongoing CEO transition.
- Suspension of annual guidance.
- Uncertainty regarding forward-looking GAAP equivalents.
- Potential variability of reconciling items such as stock-based compensation expense.
Revenue & Expenses
Visualization of income flow from segment revenue to net income