NYSE$SMRT
Smartrent Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
SmartRent's Q2 2024 earnings were marked by a 32% increase in SaaS revenue and improved gross margins, alongside a strategic focus on leveraging core strengths and scalability.
SmartRent reported a decrease in total revenue by 9% year-over-year, but saw a 32% increase in SaaS revenue. Net loss improved by 56% compared to the previous year, and adjusted EBITDA showed a 114% improvement. The company is focusing on strengthening recurring revenue streams and managing costs amid a CEO transition.
- SaaS revenue increased by 32% year-over-year, reaching $12.8 million.
- Net loss improved by 56% year-over-year, decreasing to $(4.6) million.
- Adjusted EBITDA improved by 114% year-over-year, reaching $902K.
- SaaS ARR increased to $51.2 million, up from $38.8 million in Q2 2023.
Headline financials
Revenue & EPS history
Smartrent · Revenue · Quarterly
$48.5M
Revenue by segment
Smartrent · $58.1M total across 3 segments · Q3 2023
- Hardware$35.6M+33.5%61.3%
- Hosted Services$16.5M+23.8%28.4%
- Professional Services$5.96M-20.3%10.3%
Forward guidance
SmartRent has temporarily suspended its annual guidance due to increasing market headwinds and the ongoing CEO transition. The company's financial foundation remains strong with ample liquidity, and they are focused on strengthening recurring revenue streams.
Tailwinds
- Strong financial foundation with ample liquidity.
- Focus on strengthening recurring revenue streams.
- High net revenue retention rate exceeding 100%.
- Positioned to advance growth strategies.
- Taking steps to enhance financial stability and overall execution discipline.
Headwinds
- Increasing market headwinds.
- Ongoing CEO transition.
- Suspension of annual guidance.
- Uncertainty regarding forward-looking GAAP equivalents.
- Potential variability of reconciling items such as stock-based compensation expense.
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 2024
-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% | |
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| Q4 2020 | +0.1% | — | — | |
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