Smartrent Inc Stock Price, News & Analysis

SmartRent.com, Inc. (NYSE: SMRT), a leader in smart home and building automation, announced that CEO Lucas Haldeman will speak at a spotlight call hosted by Zelman & Associates on September 10, 2021, at 11:00 AM ET. Founded in 2017, SmartRent provides technology solutions for property managers and residents, enhancing control, visibility, and generating cost savings. The company aims to deliver comprehensive home control solutions to improve asset management for property stakeholders.

SmartRent, Inc. (NYSE:SMRT) reported a record second quarter revenue of $21.7 million, a 274% increase from $5.8 million in the same period last year. Deferred revenue rose 133% year-over-year to $74.5 million, with 23,834 new units deployed, up 243%. The company completed a business combination with Fifth Wall Acquisition Corp. I and launched new access control products. Despite growth, the company incurred a net loss of $(10.1) million and $(17.7) million in adjusted EBITDA for the first half of 2021.

SmartRent (NYSE: SMRT), a provider of smart home and building automation, is set to release its financial results for the second quarter of 2021 on August 30, 2021, after market close. A conference call will follow at 5:00 PM ET to discuss these results. Additionally, Lucas Haldeman, CEO, will present at the Deutsche Bank Technology Conference on September 9, 2021. This release marks an upcoming opportunity for investors to gauge the company's performance and strategic direction.

SmartRent, Inc. has completed its business combination with Fifth Wall Acquisition Corp. I and will begin trading on the NYSE under the ticker SMRT starting tomorrow. This transaction, approved on August 23, 2021, provides SmartRent with approximately $450 million in cash for growth investments in the smart building management market. The company plans to scale its operations in response to increasing demand for smart home technology. SmartRent's management team remains intact, and the company aims to enhance revenue opportunities for property owners.

Stein Mart, Inc. (NASDAQ: SMRT) has filed for Chapter 11 bankruptcy in Jacksonville, Florida, citing substantial financial distress exacerbated by the ongoing retail challenges and the COVID-19 pandemic. The company plans to close most, if not all, of its brick-and-mortar locations while initiating a liquidation sale. Operations will continue in the short term, including payment of employee wages and supplier obligations. Stein Mart is assessing strategic alternatives, including a potential sale of its eCommerce segment. The restructuring is supported by legal and advisory teams.

Stein Mart reported a net loss of $(65.7) million or $(1.38) per share for Q1 2020, a sharp decline from a net income of $4.0 million or $0.08 per share in Q1 2019. The results were heavily impacted by COVID-19, leading to temporary store closures and a drop in net sales to $134.3 million from $314.2 million. The company faced challenges with liquidity, increasing debt by $44 million to $197.8 million. Omni sales increased by 17% year-over-year, but overall sales remain below expectations. Stein Mart has implemented measures to preserve liquidity amidst ongoing uncertainties.

Stein Mart plans to release its preliminary first quarter financial results on June 30, 2020, after U.S. markets close. A conference call with CEO Hunt Hawkins, President MaryAnne Morin, and CFO James Brown will follow at 4:30 p.m. EST to discuss the results and operations. Access the call by dialing 1-877-705-6003 or for international calls at 1-201-493-6725. A live webcast will be available on the company’s investor relations website, with a replay accessible until July 31, 2020. Stein Mart operates 281 stores across 30 states, providing designer and name-brand fashion at discount prices.

Stein Mart, Inc. (Nasdaq: SMRT) reported a significant 57% decrease in net sales for Q1 2020, totaling $134.3 million compared to $314.2 million in Q1 2019. This decline was largely due to the temporary store closures implemented on March 19 in response to the COVID-19 pandemic. As of now, 90% of stores have reopened with reduced hours, and omni sales increased 17% year-over-year. The company is actively managing cash flow and liquidity through various cost-cutting measures, including furloughs and renegotiations with vendors.