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Sep 30, 2021
Smartrent Q3 2021 Earnings Report
SmartRent's Q3 2021 financial performance was marked by significant revenue growth and operational milestones, driven by strong customer demand and efficient execution.
Key Takeaways
SmartRent reported a strong third quarter in 2021, with a 112% increase in revenue to $35.1 million. The company achieved record unit deployments and bookings, and significantly increased SaaS ARR. Despite these gains, the company experienced a net loss and adjusted EBITDA loss, influenced by a warranty charge and increased operating expenses.
Revenue increased by 112% year-over-year, reaching a record $35.1 million.
Deployed units increased by 111% year-over-year, totaling 59,347 units.
New units booked increased by 134% year-over-year, reaching 49,706 units.
SaaS ARR grew by 158% year-over-year, reaching $8.7 million.
Revenue by Segment
Forward Guidance
SmartRent anticipates deploying approximately 161,000 units for 2021 but revises revenue expectations to a range of $100 to $105 million due to supply chain restraints.
Positive Outlook
- Growing demand for products.
- Scaling personnel to meet demand.
- Expects to deploy approximately 161,000 units for 2021.
- Received approximately $445 million in net cash proceeds from business combination.
- Financial flexibility to invest in strategic initiatives.
Challenges Ahead
- Supply chain and logistics remain a concern.
- Experiencing extended delivery times for some hardware components.
- Revising expectations for revenue in 2021 to a range of $100 to $105 million.
- Revenue impacted by supply chain restraints in deployment of Fusion Hub and Alloy Access.
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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