SmartRent appoints new Chief Revenue Officer

SCOTTSDALE, Ariz. - SmartRent, Inc. (NYSE: SMRT), a provider of smart community solutions for the rental housing industry, announced the appointment of Natalie Cariola as its new Chief Revenue Officer (CRO), effective September 30. Cariola, who possesses over 20 years of experience in rental housing and proptech, will oversee the company's revenue organization, including sales and account management teams, with a focus on expanding market share and reinforcing customer relationships.

Cariola's appointment comes as part of SmartRent's broader strategy to strengthen its leadership team and enhance its market presence. She will be directly reporting to the Management Committee, which is under the guidance of SmartRent's Chairman of the Board, John Dorman. Dorman expressed confidence in Cariola's ability to drive growth and improve customer experience, citing her track record and strategic acumen as key assets for the company's future development.

Prior to joining SmartRent, Cariola held the position of president at Stake, a fintech company providing cashback and banking services to renters. She also served as the chief sales officer at Zumper, North America's largest privately held rental marketplace, and held various sales leadership roles at ForRent.com and Compass.

In addition to her executive roles, Cariola is actively involved in the multifamily industry, contributing to advisory boards for several leading proptech organizations and holding an MBA from UCLA's Anderson School of Management.

Cariola expressed her admiration for SmartRent's market-leading solutions and innovative services, and her enthusiasm for contributing to the company's growth trajectory.

SmartRent, founded in 2017, offers an ecosystem of smart solutions that aim to automate operations, protect assets, reduce energy consumption, and improve resident experiences in rental housing. The company emphasizes its purpose-built software and hardware, along with comprehensive implementation and support, which have been adopted by 15 of the top 20 multifamily operators.

The information in this article is based on a press release statement from SmartRent.

In other recent news, SmartRent displayed robust growth in its second quarter of 2024, despite economic challenges. The company reported a notable increase in total revenue, rising to $18 million from $15.6 million the previous year, and a significant surge in annual recurring revenue (ARR) to $51.2 million. Additionally, SmartRent's adjusted EBITDA for the quarter improved by 114%, reaching approximately $900,000, and the gross margin saw a substantial rise to 35.7% from 18.5% the previous year.

Despite suspending financial guidance due to a CEO transition and market conditions, SmartRent maintains a strong balance sheet with a cash balance of $187 million. The company is actively seeking a new CEO to steer its growth from a $200 million to a $1 billion entity. SmartRent also highlighted a strategic shift towards direct sales to existing customers while scaling back its channel partner sales program.

However, the company noted a decrease in hardware revenue by $3 million to $24.7 million, and a drop in professional services revenue by $4.2 million to $5.8 million. These are recent developments as SmartRent continues to navigate economic uncertainty, focusing on growth and profitability.

InvestingPro Insights

As SmartRent, Inc. (NYSE: SMRT) welcomes Natalie Cariola as its new Chief Revenue Officer, the company's financial health and market performance remain critical for investors and stakeholders alike. According to InvestingPro data, SmartRent holds a market capitalization of $352.16 million, reflecting its size and presence in the industry. Despite a challenging market environment, the company maintains a positive revenue growth of 5.24% over the last twelve months as of Q2 2024, showcasing its ability to increase sales amidst economic fluctuations.

InvestingPro Tips highlight some key aspects of SmartRent's financial position and future prospects. The company holds more cash than debt on its balance sheet, which suggests a level of financial stability and flexibility. Additionally, SmartRent's liquid assets exceed its short-term obligations, indicating the company's capability to meet its immediate financial liabilities. However, analysts do not anticipate the company will be profitable this year, and they expect a sales decline in the current year. It's also notable that SmartRent does not pay a dividend to shareholders, which may influence investment decisions for those seeking regular income streams.

For investors considering SmartRent's stock, it is important to be aware of the volatility in its price movements. The stock has seen a significant price fall over the last three months, with a 27.5% decrease in total return, and a more pronounced 35.56% drop over the last six months. This level of volatility could present both risks and opportunities, depending on market conditions and individual investment strategies.

For a deeper analysis and additional insights, SmartRent investors can explore more InvestingPro Tips, which are available on the platform. With a total of nine tips listed for SmartRent, investors can access comprehensive data and expert analysis to make informed decisions. Visit https://www.investing.com/pro/SMRT for further details.

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