SmartRent Q1 revenue $65.1M (+74% YoY); adjusted EBITDA loss narrows to $8.5M; guides FY revenue $225-250M

SmartRent, Inc.

2023-Q1 EPS reported -$0.07 revenue$65,079,000

Revenue $65.1M, up 74% YoY and 60% QoQ; record quarter.
Gross profit $9.1M (+292% YoY); margin 14.0% vs 9.7% prior quarter.
Net loss $(13.2)M improved 44% YoY; adjusted EBITDA $(8.5)M improved 63% YoY.
Cash $204.4M; operating cash burn $5.4M in Q1 vs avg $20.3M in 2022.
Q2 guidance rev $50-55M, adj EBITDA $(7)-(3)M; FY rev $225-250M, adj EBITDA $(25)-(15)M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SmartRent, Inc. reported three months ended March 31, 2023 results: revenue $65.1 million, net income $(13.2) million. Guidance initiated.

Period: three months ended March 31, 2023
Revenue: $65.1 million
Net income: $(13.2) million
Guidance: initiated
Result: reported results

Exact text from the filing

SmartRent, Inc. (NYSE: SMRT) (“SmartRent” or the “Company”), a leading provider of smart home and property operations solutions for the multifamily industry, today reported financial results for the three months ended March 31, 2023. Management is hosting an investor call to discuss results today, May 10, 2023, at 4:30 p.m. Eastern Time. First Quarter 2023 Financial and Business Highlights • Revenue of $65.1 million, up 60% quarter-over-quarter and 74% year-over-year. • Gross profit of $9.1 million, up 132% quarter-over-quarter and up 292% year-over-year. • Net income of $(13.2) million, improved 38% quarter-over-quarter and 44% year-over-year.

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Source: SEC EDGAR

accession 0000950170-23-020525

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