SmartRent Q2 revenue falls 21%, net loss widens
Overview
SmartRent Q2 revenue falls 21%, missing analyst expectations, per LSEG data
Net loss widens to $10.9 mln, missing analyst expectations, per LSEG data
Company expands cost reduction program to $30 mln, targeting cash flow neutrality
Outlook
SmartRent targets cash flow neutrality by end of 2025
Company expects $30 mln in annualized cost savings
SmartRent anticipates strong liquidity by end of year
Company sees SaaS revenue growth stabilizing later in 2025
Result Drivers
HARDWARE REVENUE DECLINE - Revenue fell 21% due to a shift away from bulk hardware sales, impacting hardware revenue by 39%
SAAS REVENUE GROWTH - SaaS revenue increased by 10% year-over-year, now representing 37% of total revenue, driven by improvements in Units Deployed
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Miss | $38.31 mln | $38.80 mln (2 Analysts) |
Q2 EPS |
| -$0.06 |
|
Q2 Net Income | Miss | -$10.86 mln | -$9.73 mln (2 Analysts) |
Q2 Operating Income | Beat | -$11.68 mln | -$13.50 mln (1 Analyst) |
Q2 Pretax Profit | Beat | -$10.89 mln | -$12.50 mln (1 Analyst) |
Q2 Operating Expenses |
| $24.35 mln |
|
Press Release: ID:nBw7TS5H9a
