Welcome to our dedicated page for SmartRent news (Ticker: SMRT), a resource for investors and traders seeking the latest updates and insights on SmartRent stock.
SmartRent, Inc. provides smart communities and smart operations solutions for the rental housing industry through a platform that combines SaaS, IoT-enabled hardware, maintenance tools and leasing solutions. Company news commonly covers quarterly results, annual recurring revenue, units deployed, SaaS ARPU, hardware revenue comparisons, gross margin, Adjusted EBITDA, cash flow and liquidity.
Updates also address go-to-market expansion, including value-added reseller relationships for small and mid-market multifamily owners and operators, as well as technology leadership, product development, equity incentive grants and governance-related corporate actions.
SmartRent, Inc. (NYSE: SMRT) reported record revenues of $37.4 million for Q1 2022, a 95% increase year-over-year, driven by a surge in smart home automation demand. The company deployed over 51,000 new units and booked 91,482 units, leading to total bookings of $72.0 million. However, it reported a net loss of $(23.4) million, widening from $(9.3) million a year earlier. SmartRent acquired SightPlan for approximately $135 million, aiming to enhance its platform capabilities while increasing annual recurring revenue by 205% to $16.3 million.
SmartRent, Inc. (NYSE: SMRT) has appointed Robyn Young as its first Chief Marketing Officer, effective May 9, 2022. Young brings extensive experience from Western Alliance Bancorporation, where she led marketing and communications during significant growth. Her role will focus on enhancing SmartRent's marketing strategy and establishing its market leadership in smart home technology. Young's appointment rounds out the executive team, which has seen recent additions including a Chief Financial Officer and a Chief Legal Officer. SmartRent aims to improve operational efficiencies for property owners and enhance resident experiences.
SmartRent, Inc. (NYSE: SMRT) has appointed Hiroshi Okamoto as CFO, effective May 9, 2022. Okamoto brings extensive experience from his previous role as CFO of Kinkisharyo International, along with expertise in investment banking and entrepreneurship. He aims to enhance SmartRent's operational excellence and contribute to its growth in the real estate technology sector. The former CFO, Jonathan Wolter, will remain as a consultant until the end of May to ensure a smooth transition.
SmartRent, Inc. (NYSE: SMRT) has announced its plan to release Q1 2022 financial results on May 11, 2022, after market close. The company will host a conference call and webcast at 5 p.m. Eastern Time the same day to discuss the results. Interested participants can join via a domestic dial-in number or International dial-in number, both of which require a passcode. SmartRent provides smart home and automation solutions for property management, enhancing operational efficiency and resident experience.
SmartRent, Inc. (NYSE: SMRT) reported a significant total revenue growth of 111% year-over-year, reaching approximately $111 million. The company deployed over 1.0 million units, with a notable 155% increase in fourth-quarter revenue of $34.7 million. Despite these successes, net losses rose to $(72 million) for the full year. Adjusted EBITDA for Q4 was $(21.8 million). SmartRent also increased its cash reserves to $432.1 million as of December 31, 2021, following a public listing in August 2021.
SmartRent, Inc. (NYSE: SMRT) announced the acquisition of SightPlan, Inc. for approximately $135 million in cash, expected to generate $10 million in SaaS revenue for 2022. This acquisition enhances SmartRent's product offerings, incorporating SightPlan's innovative real estate operating platform. The deal aims to streamline property management workflows and improve resident engagement. With SightPlan's proven growth and retention strategies, this integration is set to expand SmartRent's market reach in the multifamily sector.
SmartRent has been recognized on HousingWire’s Tech100 list for the second consecutive year, highlighting its innovation in the PropTech sector. Serving both retrofit and new construction, the company has installed over one million devices and boasts a user base of 450,000+. Notably, SmartRent serves 15 of the top 20 multifamily residential owners in the U.S. Its solutions enable significant cost savings, with many customers experiencing ROI exceeding 50%. This acknowledgment underscores the critical role of technology in enhancing real estate solutions.
SmartRent, Inc. (NYSE: SMRT) will release its fourth quarter and full-year 2021 financial results on March 24, 2022, after market close. The senior management will host a conference call at 5 p.m. Eastern Time on the same day to discuss these results. Interested participants can join via phone or listen to the live webcast on SmartRent’s Investor Relations website. Founded in 2017, SmartRent offers smart home and building automation solutions aimed at enhancing property management efficiency and creating additional revenue opportunities.
SmartRent, Inc. (NYSE: SMRT) announced an operational update and preliminary revenue for the year ending December 31, 2021. The company deployed approximately 51,000 units in Q4 and 167,000 units for the full year, marking increases of 69% and 100%, respectively, year-over-year. The customer base grew by 62%, and units booked rose 42% to around 84,000 in Q4. SmartRent's revenue is projected between $106 million and $109 million, exceeding prior estimates. The acquisition of iQuue is expected to generate $2 million in Annual Recurring Revenue (ARR) in 2022.
SmartRent (NYSE: SMRT) announced the appointment of Brian Roberts as its new Chief Legal Officer. With over 20 years of corporate legal experience, Mr. Roberts previously served as General Counsel at Grand Canyon University, where he managed legal, compliance, and corporate governance matters. His leadership is expected to strengthen SmartRent’s legal and governance framework as the company pursues its growth strategy. CEO Lucas Haldeman expressed confidence in Roberts' ability to create value for shareholders and enhance compliance practices.