SmartRent Q2 SaaS ARR record $51.2M, net loss narrows, suspends guidance

SmartRent, Inc.

2024-Q2 EPS reported -$0.06 revenue$99,007,000

Total revenue $48.5M (-9% YoY); SaaS revenue $12.8M (+32% YoY); record SaaS ARR $51.2M.
Net loss improved to $(4.6)M from $(10.3)M; adjusted EBITDA positive at $902K, third consecutive quarter.
Gross margin expanded to 35.7% from 18.5% due to mix and cost actions; SaaS gross margin 75.5%.
Cash $187.4M, no debt; $75M undrawn facility; share repurchase program has $41.6M remaining.
Suspended annual guidance citing market headwinds and CEO transition; management committee formed.

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