Smartrent Inc Stock Price, News & Analysis

SmartRent (NYSE: SMRT) has been named to the 2024 Deloitte Technology Fast 500™ list, ranking 335th among North America's fastest-growing technology companies, up from 357th in 2023. The company, which provides smart communities and operations solutions for the rental housing industry, was recognized for its revenue growth between 2020 and 2023.

The Fast 500™ selection criteria include ownership of proprietary technology, minimum operating revenues of US $50,000 in the base year and US $5 million in the current year, and at least four years of business operations in North America. SmartRent's solutions focus on simplifying operations, automating workflows, protecting assets, and enhancing resident experiences in rental communities.

SmartRent (NYSE: SMRT) has launched new maintenance Dashboards within its Smart Operations platform, designed to optimize property performance through enhanced reporting functionality. The system consolidates task data into a single screen, providing visual maintenance metrics at property, region, and portfolio levels.

The platform includes features such as task status tracking, completion time monitoring, and resident ratings. Notable improvements include AI-powered dictation that reduces task creation effort by 70%, digital make-ready boards, and appointment scheduling options. The solution is currently utilized across 7,600 communities representing 1.3M units and 300 multifamily organizations.

SmartRent (NYSE: SMRT) reported Q3 2024 results with mixed performance. Total revenue decreased 30% year-over-year to $40.5 million, while SaaS revenue grew 23% to $13.3 million. The company reported a net loss of $(9.9) million, up 29% from $(7.7) million in Q3 2023. SaaS Annual Recurring Revenue (ARR) reached $53 million, and Units Deployed increased 15% to 787,038. The company maintained a strong balance sheet with $163.7 million in cash and no debt. During Q3, SmartRent repurchased 9.8 million shares for $17.1 million and appointed Natalie Cariola as new Chief Revenue Officer to revitalize sales strategy.

SmartRent, a leading provider of smart solutions for rental housing, has reached a significant milestone with its one millionth self-guided property tour. This achievement highlights the growing popularity of flexible touring options in the rental industry. The milestone tour took place at Metro on First, a luxury community by Equity Residential in Uptown Seattle.

A recent survey conducted by SmartRent revealed that 58% of renters tour three or more properties before making a decision, and 70% of Millennial and Gen Z renters express interest in self-touring options. Properties using SmartRent's Self-Guided Tours solution see an average of nearly 20 scheduled tours per available unit per month.

SmartRent's technology leverages smart access controls, thermostats, and lighting to create an optimal tour experience. The company's data shows that 92% of self-guided tours take less than five minutes to schedule, allowing communities to accommodate more visitors efficiently.

SmartRent, Inc. (NYSE: SMRT), a leading provider of smart communities and smart operations solutions for the rental housing industry, has announced it will release its third quarter 2024 financial results on Wednesday, November 6, 2024. The results will be released before the market opens, followed by a conference call and webcast at 11:30 a.m. ET.

The call will be hosted by John Dorman, Chairman of the Board, and Daryl Stemm, Chief Financial Officer and Interim Principal Executive Officer. They will discuss the company's performance. Interested parties can access the conference call via telephone by registering online, and are encouraged to dial in 15 minutes before the scheduled start time. A live and archived webcast will also be available on the company's Investor Relations website.

SmartRent, Inc. (NYSE: SMRT) has launched its next-generation Alloy Fusion, a wall-mounted Z-Wave hub with integrated thermostat for rental housing. This new device builds on the technology from the original Alloy Fusion launched in 2020. The hub integrates controls for climate, smart lights, outlets, and sensors into a single interface, allowing residents to manage their smart home devices easily.

Key features of the new Alloy Fusion include:

• User-friendly touchscreen management
• Flexible control options via app or device interface
• Customizable interface with light/dark mode and weather display
• Reduced maintenance and replacement requirements

SmartRent's Chief Technology Officer, Isaiah DeRose-Wilson, stated that the hub contributes to an attractive tech ecosystem, potentially boosting lease conversion rates, resident satisfaction, retention, and occupancy rates while enhancing operational efficiency for owners and operators.

SmartRent, Inc. (NYSE: SMRT), a leading provider of smart solutions for the rental housing industry, has announced the appointment of Natalie Cariola as its new Chief Revenue Officer (CRO), effective September 30. Cariola brings over two decades of experience in proptech and multifamily sectors, and will be responsible for overseeing SmartRent's revenue operations and business expansion initiatives.

As CRO, Cariola will lead the revenue organization, focusing on expanding market share and strengthening customer relationships. Her appointment is expected to enhance customer experience and capitalize on SmartRent's growth potential. Cariola's extensive background includes leadership roles at Stake, Zumper, Compass, and ForRent.com, where she demonstrated success in growing revenue at scale and building high-performing teams.

SmartRent, Inc. (NYSE: SMRT) has successfully implemented its Work Management and Answer Automation solutions for Capital Square Living, aiding in the transition of 14,000 owned units from third-party to in-house management. The rollout, occurring at a rate of 800-1,000 units every 30 days in 2023, aimed to improve workflow and communication across Capital Square Living's portfolio.

Ryan Perez, Executive VP of Capital Square Living, emphasized the importance of SmartRent's direct PMS integrations in maintaining data integrity during the transition. A case study highlighted the smooth implementation and positive impact on operations and resident satisfaction. Notably, Capital Square Living's maintenance technicians advocated for retaining and expanding SmartRent technology across the portfolio.

SmartRent (NYSE: SMRT) reported Q2 2024 results with mixed performance. SaaS revenue grew 32% year-over-year to $12.8 million, driving SaaS ARR to a record $51.2 million. However, total revenue decreased 9% to $48.5 million. The company improved its financial position, reducing net loss by 56% to $(4.6) million and achieving positive Adjusted EBITDA of $902K, a 114% improvement year-over-year.

Key metrics showed progress, with Units Deployed reaching 771,870, up 19% year-over-year. SaaS ARPU increased 9% to $5.63. The company's gross margin improved significantly to 35.7% from 18.5% last year. SmartRent ended the quarter with a strong cash position of $187.4 million and no debt.