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Dec 31, 2022
Smartrent Q4 2022 Earnings Report
SmartRent reported a 17% increase in revenue and continued to drive margin improvement.
Key Takeaways
SmartRent's Q4 2022 results showed a 17% increase in revenue compared to Q4 2021, reaching $40.6 million. The company focused on innovation, optimized processes, and boosted operational efficiency. Gross margins improved across all revenue streams, resulting in a total gross margin of 9.7% and a gross profit of $3.9 million.
Revenue increased by 17% year-over-year to $40.6 million.
SaaS revenue increased by 205% year-over-year to $8.1 million.
Net loss was $(21.4) million, an 18% decrease year-over-year.
Adjusted EBITDA was $(14.1) million, a 35% increase year-over-year.
Smartrent
Smartrent
Forward Guidance
SmartRent provided guidance for the first quarter and full year 2023, anticipating another landmark year. The company aims to reach profitability on an adjusted EBITDA basis by combining sustained top line growth with improved operational and administrative efficiency.
Positive Outlook
- Total Revenue of $55 to $58 million for Q1 2023
- Adjusted EBITDA of $(12) to $(8) million for Q1 2023
- Total Revenue of $225 to $250 million for FY 2023
- Adjusted EBITDA of $(25) to $(15) million for FY 2023