Smartrent Inc Stock Price, News & Analysis

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.

SmartRent Acquires iQuue, expanding its market presence and enhancing service offerings. This acquisition adds approximately $2.0 million in annual recurring revenue and 16,600 completed units, broadening SmartRent’s customer base with 19 new clients controlling around 100,000 units. iQuue's expertise in new construction complements SmartRent's growth strategy. The integration will enhance smart device capabilities for iQuue clients, providing additional features and services. This move strengthens SmartRent's position in the multifamily market.