NYSE$SMRT
Smartrent Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
SmartRent's Q2 2023 results showcased significant year-over-year improvements in revenue, gross profit, and net loss, along with sequential and year-over-year improvements in Adjusted EBITDA.
SmartRent reported a 26% increase in revenue to $53.4 million, a 900% increase in gross profit to $9.9 million, and a 60% improvement in net loss to $(10.3) million. The company's Adjusted EBITDA improved by 68% year-over-year, and it ended the quarter with $197.0 million in cash and cash equivalents.
- Revenue increased by 26% year-over-year to $53.4 million.
- Gross profit increased by 900% year-over-year to $9.9 million.
- Net loss improved by 60% year-over-year to $(10.3) million.
- Adjusted EBITDA improved by 68% year-over-year to $(6.4) million.
Headline financials
Revenue & EPS history
Smartrent · Revenue · Quarterly
$53.4M
Revenue by segment
Smartrent · $53.4M total across 3 segments · Q2 2023
- Hardware$27.8M+33.0%52.0%
- Hosted Services$15.6M+25.6%29.1%
- Professional Services$10.1M+10.2%18.8%
Forward guidance
The Company believes it can sustain meaningful top-line growth while narrowing the Adjusted EBITDA loss, although timing differences may lead to some quarter-to-quarter variability. The Company has tightened its full year 2023 guidance to $233 to $250 million from $225 to $250 million in revenue and $(22) to $(18) million from $(25) to $(15) million in Adjusted EBITDA.
Tailwinds
- Total Revenue of $57 to $62 million for Q3 2023
- Adjusted EBITDA of $(6.5) to $(4.5) million for Q3 2023
- Total Revenue of $58 to $70 million for Q4 2023
- Adjusted EBITDA of $0 to $2 million for Q4 2023
- Total Revenue of $233 to $250 million for full year 2023
Headwinds
- Adjusted EBITDA of $(22) to $(18) million for full year 2023
- Estimates represent a range of possible outcomes and may differ materially from actual results.
- Estimates exclude the impact of potential acquisitions, capital markets activities, and 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
- Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated.
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 Q2 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 |
|---|---|---|---|---|
| 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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