$SMRT Reports 40% YoY Revenue Growth and Positive EBITDA Momentum for 2023
Mar 8th 2023, 9:10 pm
Analyst Summary: SmartRent Inc. reported a year-over-year revenue growth of 40.16% for the three months and year ended December 31, 2022. The gross margins for all three revenue streams improved significantly during the quarter from Q3, resulting in a total gross margin of $9.3 million, marking the third consecutive quarter of improvements. The CEO, Lucas Haldeman noted, "we remain on track to reach intra-quarter profitability on an adjusted EBITDA basis with the substantial organic revenue growth runway that exists." The CFO, Hiroshi Okamoto, is optimistic about 2023 and said, "we believe that 2023 will be another landmark year for SmartRent." The Company is providing guidance for the first quarter and full year 2023, which excludes the impact of potential acquisitions, capital markets activities, and unforeseen continued challenges with supply chain and logistics. Units Deployed as of the end of the year were 547,196, from 2021, while New units deployed for Q4 were 42,787, similar to the seasonality experienced in 2021. Units Booked were 64,439, up $140 million quarter-over-quarter. SmartRent serves 15 of the top 20 multifamily owners and operators, and its solutions enable millions of users to live smarter every day. The Company believes that the narrowing of the quarterly Adjusted EBITDA loss will continue as revenue growth is sustained, while simultaneously improving gross margins and managing operating expenses. Investors should note that the estimates presented above represent a range of possible outcomes and may differ materially from actual results.