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SmartRent Inc (SMRT) delivers smart home and building solutions that transform property management through IoT technology. This news hub provides investors and industry professionals with essential updates about the company’s strategic developments.
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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.
SmartRent (NYSE: SMRT) announced a CEO transition plan, with Lucas Haldeman stepping down as CEO and resigning from the Board of Directors. John Dorman has been appointed Chairman of the Board, and a Management Committee of current executives will guide the company during the transition. The Board has initiated a search for a new CEO.
Preliminary Q2 2024 results show Total Revenue of $48.5 million, a 9% decrease year-over-year, and slightly below guidance. Net Loss is expected to be $4.6 million, a 55% improvement. Adjusted EBITDA is projected at $0.9 million, above guidance. SaaS Revenue is expected to reach $12.8 million, a 32% increase.
Due to the CEO transition, scaling back of the channel partner program, and market headwinds, SmartRent has suspended its full-year 2024 outlook. The company will discuss Q2 2024 results in a conference call on August 7, 2024.
SmartRent (NYSE: SMRT), a leading provider of smart solutions for rental housing, has announced its upcoming second quarter 2024 financial results release and conference call. The company will release its Q2 2024 financial results before market open on Wednesday, August 7, 2024. Following the release, CEO Lucas Haldeman and CFO Daryl Stemm will host a conference call and webcast at 11:30 a.m. ET to discuss the company's performance.
Investors can access the conference call via telephone by registering in advance, with dial-in details provided upon registration. To avoid delays, participants are encouraged to dial in 15 minutes before the scheduled start time. A live and archived webcast of the call will be available on the company's Investor Relations website.
SmartRent has appointed Frank Martell to its Board of Directors. Martell, who is also the CEO of loanDepot, brings over 30 years of executive leadership in real estate data analytics and business intelligence. He will serve on SmartRent's Audit and Nominating and Corporate Governance Committees. Martell’s background includes transforming CoreLogic into a global leader in residential property data with a 10X market cap increase during his tenure. At loanDepot, he developed the Vision 2025 strategic program to address market downturns and enhance long-term value. Martell’s expertise is expected to help SmartRent scale its smart home technology solutions and bolster shareholder value.
SmartRent (NYSE: SMRT) has launched the Alloy Deadbolt, its first in-house smart lock aimed at the rental housing market. This smart lock addresses specific access challenges faced by rental property owners and operators, offering a cost-effective solution to reduce rekeying and key management expenses.
The Alloy Deadbolt enhances operational efficiency by enabling renters to manage home entries remotely. It integrates seamlessly with SmartRent’s SmartHome Hub+, Leak Sensor+, and other Smart Operations Solutions, offering a comprehensive smart living experience. SmartRent has also introduced new flexible monthly payment options to lower upfront costs and ease capital expenditure burdens for rental property owners.
CEO Lucas Haldeman emphasized that the Alloy Deadbolt was designed in response to customer feedback and industry insights, aiming to attract and retain tech-savvy renters while boosting operational efficiencies.
Land & Buildings Investment Management, holding over 3% of SmartRent (NYSE: SMRT) shares, sent a public letter to SmartRent's Board highlighting the company's consistent failure to execute its growth strategy and achieve targets since its 2021 listing. Shares have dropped over 80% from their peak. Despite SmartRent's strong market position and valuable assets in the multifamily PropTech sector, Land & Buildings believes the company must explore strategic alternatives, including a potential sale, to maximize shareholder value, potentially earning a 150%+ premium. Operational and governance issues, alongside missed targets and poor communication, have led to a crisis of confidence among shareholders.
SmartRent, Inc. (NYSE: SMRT) reported their first quarter 2024 financial results, highlighting a 32% year-over-year growth in SaaS revenue to $11.9 million, with a record $47.6 million SaaS ARR. Although total revenue decreased by 22%, net loss improved by 42% to $(7.7) million. Adjusted EBITDA saw a significant improvement, reaching $0.4 million. The company showcased a strong balance sheet with $204.9 million in cash, cash equivalents, and restricted cash. Units Deployed grew by 24% to 749,000, with gross margins improving to 38%. The company remains optimistic about its growth outlook and strategic position for continued success.
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