NYSE$SMRT
Smartrent Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
SmartRent reported a strong start to the year with record revenue and significant improvement in gross profit, driving the path to profitability.
SmartRent reported record revenue of $65.1 million, up 74% year-over-year. Gross profit increased to $9.1 million, up 292% year-over-year, and net loss improved to $(13.2) million. The company's strong performance and focus on efficiency have positioned it well for continued success and potential profitability.
- Achieved record revenue of $65.1 million, a 74% increase year-over-year.
- Gross profit increased by 292% year-over-year, reaching $9.1 million.
- Net loss improved by 44% year-over-year, amounting to $(13.2) million.
- Ended the quarter with $204.4 million in cash.
Headline financials
Revenue & EPS history
Smartrent · Revenue · Quarterly
$65.1M
Revenue by segment
Smartrent · $65.1M total across 3 segments · Q1 2023
- Hardware$37.3M+68.8%57.4%
- Hosted services$15M+79.8%23.0%
- Professional services$12.8M+84.8%19.6%
Forward guidance
SmartRent provided guidance for the second quarter and full year 2023, anticipating revenue between $50 to $55 million for Q2 and $225 to $250 million for the full year. Adjusted EBITDA is expected to be between $(7) to $(3) million for Q2 and $(25) to $(15) million for the full year.
Tailwinds
- The path ahead may not be linear, we plan to carry this momentum forward and continue to execute on our mission toward growth and profitability.
- Believe it can sustain meaningful top line growth
- Narrow the Adjusted EBITDA loss
- Total Revenue of $50 to $55 million
- Adjusted EBITDA of $(7) to $(3) million
Headwinds
- Timing differences may lead to some quarter-to-quarter variability.
- Estimates exclude the impact of potential acquisitions
- Estimates exclude the impact of capital markets activities
- Estimates exclude the impact of unforeseen continued challenges with supply chain and logistics.
- Estimates are forward-looking based on the Company’s current assessment of demand for its product, execution capabilities and market conditions, as well as other risks outlined below under the caption “Forward-Looking Statements.”
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q1 2023
-0.7%
Avg return
Earnings day
-0.3%
Avg return
5 days after
-1.4%
Avg return
30 days after
48%
10 / 21 earnings
Positive
+28.6%
Q3 2023
Best reaction
-31.0%
Q2 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -18.2% | -18.2% | -23.8% | |
| Q4 2025 | +15.7% | +15.6% | -1.3% | |
| Q3 2025 | +3.0% | +8.1% | +45.9% | |
| Q1 2025 | +5.2% | -10.3% | +1.8% | |
| Q4 2024 | +7.1% | -8.7% | -20.5% | |
| Q3 2024 | -14.2% | -12.5% | +4.5% | |
| Q2 2024 | -7.9% | -16.4% | -2.4% | |
| Q1 2024 | -2.8% | -2.4% | -4.5% | |
| Q4 2023 | -6.2% | -6.2% | -11.4% | |
| Q3 2023 | +28.6% | +17.0% | +25.5% | |
| Q2 2023 | -12.6% | -10.8% | -18.9% | |
| Q1 2023 | +24.9% | +36.0% | +29.5% | |
| Q4 2022 | -1.2% | +1.5% | -2.7% | |
| Q3 2022 | +25.4% | +25.4% | +4.2% | |
| Q2 2022 | -31.0% | -33.9% | -44.9% | |
| Q1 2022 | +4.3% | +20.6% | +31.0% | |
| Q4 2021 | -14.3% | -7.8% | -26.0% | |
| Q3 2021 | -18.2% | -11.7% | -10.6% | |
| Q2 2021 | -3.3% | +8.8% | -2.5% | |
| Q1 2021 | +0.1% | — | — | |
| Q4 2020 | +0.1% | — | — | |
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| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — |
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