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SCOTTSDALE, Ariz. - SmartRent, Inc. (NYSE: SMRT) reported disappointing fourth quarter results that fell short of analyst estimates, sending shares down 4.7% in premarket trading Wednesday.
The smart home technology company posted a net loss of $0.06 per share for Q4, worse than the $0.02 loss analysts were expecting. Revenue came in at $35.4 million, significantly below the consensus estimate of $47.24 million and down 41% YoY.
Total (EPA:TTEF) revenue for the full year 2024 decreased 26% to $174.9 million. However, SaaS revenue grew 17% in Q4 to $13.6 million and increased 26% for the full year to $51.6 million.
"This quarter’s results reflect the challenging but necessary transition as we pivot toward a more sustainable business model," said CFO Daryl Stemm. He noted that while overall performance fell short of expectations, the company has completed key leadership changes and enhanced its software offerings.
Annual recurring revenue reached $54.4 million by year-end, up from $46.2 million at the end of 2023. Units deployed grew 12% YoY to 809,497, though new units deployed in Q4 fell 39% to 22,459.
CEO Shane Paladin, who joined in February, said he sees "tremendous untapped potential" in SmartRent’s core SaaS business. The company ended the quarter with $142.5 million in cash and no debt.
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