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Sep 30, 2022
Smartrent Q3 2022 Earnings Report
SmartRent reported record total revenue, exceeding prior quarter’s guidance, and double-digit adjusted EBITDA growth.
Key Takeaways
SmartRent reported record revenue of $47.5 million, a 12% increase quarter-over-quarter and a 35% increase year-over-year. The company achieved 500,000 units deployed and an all-time high in committed units.
Achieved record total revenue of $47.5 million, up 12% quarter-over-quarter and 35% year-over-year.
SaaS ARR reached $31.8 million, up 4% quarter-over-quarter and 264% year-over-year.
Net loss was $(26.0) million, a 1% decrease quarter-over-quarter but a 3% increase year-over-year.
Adjusted EBITDA was $(17.6) million, an 11% increase quarter-over-quarter but a 9% decrease year-over-year.
Revenue by Segment
Forward Guidance
SmartRent narrowed its full year 2022 guidance for revenues and Units Deployed toward the high end of the range and reaffirmed Adjusted EBITDA guidance. The company also reaffirmed its path to intra-quarter profitability in 2023.
Positive Outlook
- Total Revenue of $38 to $53 million for Q4 2022
- Units Deployed of 35,000 to 55,000 for Q4 2022
- Total Revenue of $165 to $180 million for full year 2022 (increased from $155 to $180 million)
- Adjusted EBITDA of $(75) to $(70) million for full year 2022
- Units Deployed of 200,000 to 220,000 for full year 2022 (increased from 190,000 to 220,000)
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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