NYSE$SMRT
Smartrent Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
SmartRent reported increased revenue, improved gross margins, and a reduced net loss, marking the sixth consecutive quarter of improved Adjusted EBITDA.
SmartRent reported a 22% increase in revenue to $58.1 million, a gross profit of $13.5 million, and a net loss of $(7.7) million, a 70% improvement year-over-year. The company's cash and cash equivalents increased by $14 million to $211.0 million. They are on track to achieve Adjusted EBITDA profitability in Q4 2023 and positive cash flow from operations within six months following.
- Revenue increased by 22% year-over-year to $58.1 million.
- Gross profit increased by over 1,000% year-over-year to $13.5 million.
- Net loss improved by 70% year-over-year to $(7.7) million.
- Cash and cash equivalents increased by $14 million to $211.0 million.
Headline financials
Revenue & EPS history
Smartrent · Revenue · Quarterly
$58.1M
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
The Company has tightened its full year 2023 guidance to $235 to $240 million from $233 to $250 million in revenue and to $(20) to $(18) million from $(22) to $(18) million in Adjusted EBITDA. SmartRent’s guidance for the fourth quarter and full-year 2023 is as follows: Fourth Quarter 2023 Guidance •Total Revenue of $58 to $63 million •Adjusted EBITDA of $0 to $2 million
Tailwinds
- Total Revenue of $58 to $63 million in Q4 2023.
- Adjusted EBITDA of $0 to $2 million in Q4 2023.
- Full Year 2023 Total Revenue of $235 to $240 million.
- Full Year 2023 Adjusted EBITDA of $(20) to $(18) million.
- Achieve Adjusted EBITDA profitability by year end.
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.
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 Q3 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% | — | — | |
| Q3 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q4 2014 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro