Smartrent Q3 2023 Earnings Report
Key Takeaways
SmartRent reported a 22% increase in revenue to $58.1 million, a gross profit of $13.5 million, and a net loss of $(7.7) million, a 70% improvement year-over-year. The company's cash and cash equivalents increased by $14 million to $211.0 million. They are on track to achieve Adjusted EBITDA profitability in Q4 2023 and positive cash flow from operations within six months following.
Revenue increased by 22% year-over-year to $58.1 million.
Gross profit increased by over 1,000% year-over-year to $13.5 million.
Net loss improved by 70% year-over-year to $(7.7) million.
Cash and cash equivalents increased by $14 million to $211.0 million.
Smartrent
Smartrent
Smartrent Revenue by Segment
Forward Guidance
The Company has tightened its full year 2023 guidance to $235 to $240 million from $233 to $250 million in revenue and to $(20) to $(18) million from $(22) to $(18) million in Adjusted EBITDA. SmartRent’s guidance for the fourth quarter and full-year 2023 is as follows: Fourth Quarter 2023 Guidance •Total Revenue of $58 to $63 million •Adjusted EBITDA of $0 to $2 million
Positive Outlook
- Total Revenue of $58 to $63 million in Q4 2023.
- Adjusted EBITDA of $0 to $2 million in Q4 2023.
- Full Year 2023 Total Revenue of $235 to $240 million.
- Full Year 2023 Adjusted EBITDA of $(20) to $(18) million.
- Achieve Adjusted EBITDA profitability by year end.
Challenges Ahead
- Timing differences may lead to some quarter-to-quarter variability.
- Estimates exclude the impact of potential acquisitions.
- Estimates exclude the impact of capital markets activities.
- Estimates exclude the impact of 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income