Smartrent Q3 2021 Earnings Report
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.
Smartrent
Smartrent
Smartrent 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.
- Competitive labor market.
Revenue & Expenses
Visualization of income flow from segment revenue to net income