Financial Performance - Total revenue decreased by 18% year-over-year to $41.3 million, primarily due to a strategic shift away from hardware-led growth towards SaaS [13, 16] - Annual Recurring Revenue (ARR) grew by 17% year-over-year to $55.9 million, representing approximately 34% of total revenue [4, 17, 30] - Net loss was $(40.2) million, including a goodwill impairment charge of $24.9 million [13] - Adjusted EBITDA decreased to $(6.4) million, compared to $0.4 million in the same quarter of the prior year, mainly due to expenses related to a legal matter [13] - The company repurchased approximately 1.0 million shares at an aggregate cost of $1.2 million in Q1, with $20.4 million remaining in the authorized program [27] Operational Metrics - Units Deployed increased by 10% year-over-year to over 827,000 [6, 13, 22] - SaaS Average Revenue Per Unit (ARPU) improved by 5% year-over-year to $5.69 [13, 25] - Customer Net Revenue Retention was 114%, and Customer Churn was 0.02%, indicating strong customer loyalty [22, 30] Strategic Initiatives - The company is focused on driving adjusted EBITDA profitability through recurring revenue, platform differentiation, and operational excellence [10] - Over $10 million in cost reductions have been completed [7, 26] - The company has a strong cash position with $125.6 million in cash and no debt, along with a $75 million undrawn credit facility [7, 13]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $41.3 million, down 18% year over year [23] - Hardware revenue decreased by 35% year over year to $18.8 million, reflecting a strategic shift away from hardware sales [23] - SaaS revenue grew by 17% year over year to $14 million, supported by improved average revenue per user (ARPU) and strong customer retention [24] - Gross margin for Q1 was 32.8%, down from 38.5% in the prior year, primarily due to lower hardware volume [24] - Net losses increased to $40.2 million, compared to $7.7 million in the same period last year, largely due to a non-cash goodwill impairment charge of $24.9 million [25] Business Line Data and Key Metrics Changes - SaaS ARPU increased to $5.69, up 5% from the prior year, while units booked SaaS ARPU reached $10.28, a 44% increase year over year [24] - SaaS gross margin remained strong at 70.7%, with expectations for further expansion over time [25] Market Data and Key Metrics Changes - The total addressable market (TAM) is estimated to be between $11 billion and $13 billion, with a current target market of $3 billion to $4 billion for Class A and B buildings [18] - Customer retention rate has remained above 99.9% over the past three years, indicating strong customer loyalty [16] Company Strategy and Development Direction - The company is focusing on sustainable and predictable annual recurring revenue (ARR) growth, moving away from hardware sales to a hardware-enabled SaaS model [13] - Strategic pillars include platform superiority, operational excellence, and collaborative innovation [14] - The company is undergoing significant restructuring to enhance scalability and customer-centric operations [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to return to sustainable growth and profitability, despite current execution challenges [20] - The focus for 2025 is on building a foundation for future growth, with expectations for evidence of progress in the coming quarters [20] - Management remains cautious about macroeconomic factors impacting customer purchasing decisions [28] Other Important Information - The company has executed over $10 million in annualized cost savings to improve cash flow and return to profitability [26] - The company ended the quarter with $125.6 million in cash and no debt, providing a strong balance sheet for future operations [27] Q&A Session Summary Question: Do the $10 million savings represent the full benefit expected? - The $10 million in annualized savings were initiated in April, so the full effect will not be seen until Q3 [31] Question: Is the sales organization build-out sufficient for scalability? - The initial build-out of the sales organization is complete, but new hires will take time to ramp up [33] Question: What qualities are being sought in the new CEO? - The company is looking for a CEO with a proven track record in operational execution within a recurring revenue business at scale [40]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $41.3 million, down 18% year over year [20] - Hardware revenue decreased by 35% year over year to $18.8 million, reflecting a strategic shift away from hardware sales [20] - SaaS revenue grew by 17% year over year to $14 million, supported by improved ARPU and strong customer retention [21] - Gross margin for Q1 was 32.8%, down from 38.5% in the prior year, primarily due to lower hardware volume [21][22] - Net losses increased to $40.2 million, compared to $7.7 million in the same period last year, largely due to a non-cash goodwill impairment charge of $24.9 million [22] Business Line Data and Key Metrics Changes - SaaS ARPU increased to $5.69, up 5% from the prior year, while units booked SaaS ARPU reached $10.28, a 44% increase year over year [21] - SaaS gross margin remained strong at 70.7%, with expectations for further expansion over time [22] Market Data and Key Metrics Changes - The total addressable market (TAM) is estimated to be between $11 billion to $13 billion, with a target market of $3 billion to $4 billion for Class A and B buildings [15] - Customer retention rate has remained above 99.9% over the past three years, indicating strong customer loyalty [14] Company Strategy and Development Direction - The company is focusing on sustainable and predictable ARR growth, emphasizing a hardware-enabled SaaS model rather than hardware sales [11] - Strategic pillars include platform superiority, operational excellence, and collaborative innovation [12] - The company has initiated a significant restructuring to enhance scalability and customer focus [10] Management's Comments on Operating Environment and Future Outlook - Management believes that execution challenges are largely solvable and that improving operating effectiveness will unlock scalable long-term growth [14] - The company aims to achieve non-GAAP adjusted EBITDA profitability while maintaining long-term growth [17] - Management remains confident in the company's strategy and market position despite current challenges [26] Other Important Information - The company has executed over $10 million in annualized cost savings to improve cash flow and return to profitability [23] - The company ended the quarter with $125.6 million in cash and no debt, providing a strong balance sheet for future operations [24] Q&A Session Summary Question: Do the $10 million savings represent the full benefit expected? - The $10 million savings are actions taken in April, and the full effect will be seen in Q3 [28] Question: Is the sales organization build-out sufficient for scalability? - The initial build-out is complete, but new salespeople require time to ramp up [29] Question: How much of the organizational changes are on hold due to the CEO search? - The company is not pausing any changes; the strategy is well evolved and will continue to be executed [32] Question: What are the qualities sought in the new CEO? - The new CEO should have a proven track record in operational execution within a recurring revenue business at scale [37] Question: How is the company addressing potential tariff impacts? - The company has a potential $2 million exposure related to tariffs and is evaluating changes in manufacturing locations to mitigate costs [42] Question: When will the benefits of the go-to-market team be evident? - The timeline is uncertain due to various factors, but 2025 is expected to be a foundation-building year with some growth [44]

[PART I - Financial Information](index=5&type=section&id=PART%20I%20-%20Financial%20Information) [Item 1. Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) SmartRent reported Q1 2025 revenue of **$41.3 million**, a net loss of **$40.2 million** (including a **$24.9 million** goodwill impairment), and total assets of **$366.1 million** [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$366.1 million** by March 31, 2025, driven by reduced cash and a goodwill impairment, while equity declined to **$250.7 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $125,600 | $142,482 | | Total current assets | $227,863 | $257,650 | | Goodwill | $92,339 | $117,268 | | **Total assets** | **$366,065** | **$420,176** | | **Liabilities & Equity** | | | | Total current liabilities | $75,873 | $71,032 | | Total liabilities | $115,395 | $130,741 | | Total stockholders' equity | $250,670 | $289,435 | | **Total liabilities and stockholders' equity** | **$366,065** | **$420,176** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q1 2025 total revenue decreased **18%** to **$41.3 million**, leading to a **$40.2 million** net loss, significantly impacted by a **$24.9 million** goodwill impairment charge Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenue | $41,344 | $50,489 | | Total cost of revenue | $27,782 | $31,066 | | Impairment charge | $24,929 | $- | | Loss from operations | $(41,289) | $(10,159) | | Net loss | $(40,184) | $(7,692) | | Net loss per share (Basic and diluted) | $(0.21) | $(0.04) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to **$12.2 million** in Q1 2025, contributing to a **$16.9 million** decrease in cash and cash equivalents for the quarter Summary of Cash Flows (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(12,169) | $(3,337) | | Net cash used in investing activities | $(3,469) | $(956) | | Net cash used in financing activities | $(1,505) | $(6,462) | | **Net decrease in cash and cash equivalents** | **$(16,882)** | **$(10,761)** | [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail a **$24.9 million** goodwill impairment, declining hardware sales, growing SaaS revenue, stock repurchases, and subsequent events including a CEO departure and NYSE non-compliance - The company conducted an interim goodwill impairment test during Q1 2025 due to a sustained decline in its stock price and a significant decrease in market capitalization, resulting in a goodwill impairment charge of **$24,929 thousand**[46](index=46&type=chunk)[47](index=47&type=chunk) Revenue by Type (in thousands) | Revenue Type | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Hardware | $18,830 | $29,077 | | Professional services | $3,893 | $3,458 | | Hosted services | $18,621 | $17,954 | | **Total revenue** | **$41,344** | **$50,489** | - In March 2024, the Board authorized a stock repurchase program of up to **$50 million**, with **1,018 thousand shares** repurchased for **$1.2 million** during Q1 2025, leaving approximately **$20.4 million** available[115](index=115&type=chunk)[116](index=116&type=chunk) - Subsequent to the quarter end, the CEO departed in April 2025, and on May 2, 2025, the company received an NYSE non-compliance notice for its average closing stock price falling below **$1.00**[159](index=159&type=chunk)[164](index=164&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202%20-%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue declined **18%** due to macroeconomic factors and leadership changes, with hardware sales down **35%** but SaaS revenue up **17%**, resulting in an Adjusted EBITDA loss of **$6.4 million** [Key Metrics](index=37&type=section&id=Key%20Metrics) Q1 2025 saw a **39%** drop in New Units Deployed and **61%** in Units Booked, while total Units Deployed grew **10%** and Annual Recurring Revenue (ARR) increased to **$55.9 million** Key Operating Metrics Comparison | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | New Units Deployed | 18,114 | 29,710 | (39)% | | Hardware Units Shipped | 43,418 | 51,744 | (16)% | | Units Booked | 18,210 | 46,290 | (61)% | | Units Deployed (Total) | 827,611 | 749,401 | 10% | | SaaS ARPU | $5.69 | $5.41 | 5% | | Bookings (in thousands) | $27,180 | $38,761 | (30)% | - Annual Recurring Revenue (ARR) increased to approximately **$55.9 million** as of March 31, 2025, up from **$47.6 million** as of March 31, 2024, demonstrating growth in the recurring revenue base despite declines in new hardware deployments[187](index=187&type=chunk) [Results of Operations](index=45&type=section&id=Results%20of%20Operations) Total revenue decreased **18%** to **$41.3 million**, primarily from a **35%** drop in hardware revenue, while hosted services grew **4%**, leading to a higher operating loss due to a **$24.9 million** impairment - The decrease in total revenue was primarily driven by a **$10.2 million (35%)** decline in hardware revenue, attributed to a **16%** decrease in Units Shipped and a **23%** decrease in Hardware ARPU due to a change in customer mix[217](index=217&type=chunk)[219](index=219&type=chunk) - Hosted Services revenue increased by **4%**, with SaaS revenue growing by **$2.1 million (17%)**, while revenue from hub amortization decreased by **$1.4 million**, and future amortization revenue is expected to decline further[221](index=221&type=chunk)[222](index=222&type=chunk) - General and administrative expenses increased slightly by **$0.2 million**, primarily due to a **$1.7 million** increase in legal matters, largely offset by decreases in the provision for expected credit losses and stock compensation[231](index=231&type=chunk) [Non-GAAP Financial Measures](index=48&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA for Q1 2025 was a loss of **$6.4 million**, a significant decline from prior year profit, after adjusting for a **$24.9 million** goodwill impairment and other non-cash items Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net loss** | **$(40,184)** | **$(7,692)** | | Interest income, net | $(1,200) | $(2,409) | | Income tax expense | $108 | $45 | | Depreciation and amortization | $1,943 | $1,501 | | **EBITDA** | **$(39,333)** | **$(8,555)** | | Legal matters | $5,105 | $5,300 | | Stock-based compensation | $2,836 | $3,281 | | Goodwill impairment | $24,929 | $- | | **Adjusted EBITDA** | **$(6,372)** | **$397** | [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) The company holds **$125.6 million** in cash and has a **$75.0 million** undrawn credit facility, deemed sufficient for the next 12 months, despite **$12.2 million** cash used in operations - The company's primary sources of liquidity are its cash balance of **$125.6 million** and an undrawn **$75.0 million** senior secured revolving credit facility[245](index=245&type=chunk)[246](index=246&type=chunk) - Cash used in operating activities increased to **$12.2 million** in Q1 2025 from **$3.3 million** in Q1 2024, primarily due to a higher net loss, partially offset by non-cash charges like the goodwill impairment[253](index=253&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include interest rate fluctuations on cash and foreign currency exposure, with a 10% interest rate change having a notable impact, and no hedging strategies currently employed - The company's main market risk exposures are interest rate risk on its **$125.6 million** cash balance and foreign currency risk from its international operations[279](index=279&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk) [Item 4. Controls and Procedures](index=54&type=section&id=Item%204%20-%20Controls%20and%20Procedures) Management, including the Interim CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[283](index=283&type=chunk) [PART II - Other Information](index=54&type=section&id=PART%20II%20-%20Other%20Information) [Item 1. Legal Proceedings](index=54&type=section&id=Item%201%20-%20Legal%20Proceedings) The company is involved in various legal claims in the ordinary course of business, which management does not expect to have a material adverse effect on its financial condition - The company states that it is subject to various legal proceedings but does not expect them to have a material adverse effect on its financial condition or results of operations[285](index=285&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A%20-%20Risk%20Factors) New risk factors include potential adverse impacts from the CEO's departure and the risk of NYSE delisting due to non-compliance with the minimum share price requirement - A new risk factor was added regarding the April 2025 departure of the CEO, Michael Shane Paladin, as the leadership transition could create uncertainty and negatively impact business operations[287](index=287&type=chunk) - The company disclosed it is not in compliance with the NYSE's minimum share price requirement as of May 2, 2025, and failure to regain compliance could result in the delisting of its stock, adversely impacting trading volume, liquidity, and market price[288](index=288&type=chunk)[289](index=289&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202%20-%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2025, the company repurchased **1,018 thousand** shares for approximately **$1.2 million** as part of its **$50 million** stock repurchase program Share Repurchase Activity for Q1 2025 | Period | Total Shares Purchased (thousands) | Average Price Paid Per Share | Total Value (thousands) | | :--- | :--- | :--- | :--- | | Jan 2025 | - | $- | $- | | Feb 2025 | - | $- | $- | | Mar 2025 | 1,018 | $1.18 | $1,201* | | **Total** | **1,018** | **$1.18** | **$1,201*** | *Calculated from shares and average price. [Item 6. Exhibits](index=57&type=section&id=Item%206%20-%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the CEO severance agreement, Interim CEO employment agreement, and officer certifications

Group 1 - SmartRent, Inc. (SMRT) has experienced significant selling pressure, resulting in a 37.6% decline in stock price over the past four weeks, but it is now considered to be in oversold territory with potential for recovery [1] - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold stocks, with a reading below 30 typically indicating oversold conditions [2] - SMRT's current RSI reading is 27.16, suggesting that the heavy selling may be exhausting itself and a trend reversal could be imminent [5] Group 2 - Analysts have raised earnings estimates for SMRT, with a 53.3% increase in the consensus EPS estimate over the last 30 days, indicating potential price appreciation [7] - SMRT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the likelihood of a turnaround [8]

Group 1 - SmartRent (NYSE: SMRT) is a provider of smart home and smart property solutions specifically for the multifamily industry [1] - The company has faced challenges since its IPO via SPAC in 2021, primarily due to a lack of clarity regarding its vision [1] Group 2 - The article mentions notable investment coverage, including two "Buy" ratings for ADTH in September and November 2023, with an acquisition price of $3.21 per share in June 2024 [1] - LUMN also received two "Buy" ratings in September and November 2023, with a downgrade noted after selling the full position in October 2024 at $6.08 [1]

Financial Results - SmartRent, Inc. announced preliminary financial results for Q1 2025, with specific figures to be detailed in the press release[4]. - The company plans to issue a press release detailing the CEO transition and financial results on April 10, 2025[15]. - The press release regarding the financial results and CEO transition is attached as Exhibit 99.1[18]. - The company has not disclosed specific user data or future product developments in this report[4]. CEO Transition - Michael Shane Paladin, the former President and CEO, departed effective April 9, 2025, and will receive a total of $168,648.20 in cash payments as part of his separation agreement[13]. - John Dorman has been appointed as the interim President and CEO, effective April 9, 2025, with a monthly salary of $54,166.67[10]. - Dorman will receive a bonus of $162,500 if he remains in the interim role through June 30, 2025[10]. - The interim CEO's restricted stock units (RSUs) will have a total intended value of $250,000, vesting in 2027[10]. - There are no arrangements or understandings regarding Dorman's appointment with other parties[9]. Company Classification - The company is classified as an emerging growth company under the Securities Act[3].

Financial Data and Key Metrics Changes - For Q4 2024, total revenue was $35.4 million, down 41% from the same quarter last year, while full year revenue was $174.9 million, a 26% decrease from 2023 [19][20] - SaaS revenue grew 17% year over year in Q4, with annual recurring revenue (ARR) increasing to $54.4 million, up from $46.2 million in Q4 2023 [20][22] - SaaS gross margin remained strong at 74.1%, while total gross margin improved to 34.5% from 20.9% in the previous year [25][27] Business Line Data and Key Metrics Changes - In Q4 2024, 38% of revenue came from recurring SaaS subscriptions, up from 19% in the prior year [14] - Hardware revenue decreased to $10.4 million, down 72% year over year, while professional services revenue also decreased to $6.2 million, down 7% [32][33] Market Data and Key Metrics Changes - Units deployed reached 809,000, a 12% increase compared to December 2023 [24] - The total addressable market exceeds 50 million rental units, indicating significant growth potential for smart property technology adoption [12] Company Strategy and Development Direction - The company aims to deepen market penetration and expand reach, focusing on mid-market owners and operators [13] - Strategic investments are being made in enhancing the SaaS platform and improving operational efficiencies [25][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges faced during the transition but believes in the right strategy and leadership to complete the transformation into a SaaS-focused company [37][38] - There is a focus on aligning the cost structure with growth trajectory and monitoring key indicators for reinstating guidance [36][37] Other Important Information - The company repurchased approximately 3 million shares at a cost of $5.1 million in Q4, totaling $28.6 million for the full year [30][31] - Cash balance at the end of the quarter was approximately $143 million, with an undrawn credit facility of $75 million [31] Q&A Session Summary Question: Impact of SaaS focus on hardware strategy - Management clarified that the focus is on monetizing hardware insights through software, emphasizing a symbiotic relationship between hardware and SaaS [45][47] Question: Scaling unit deployments and channel partner program - Management is currently in analysis mode regarding customer journeys and plans to address other markets after understanding current processes [52][54] Question: Update on $10 million growth investment and macro environment - Initial emphasis on developing smart operation solutions, with ongoing development work to make data more usable for customers [59] - Management noted that customers are being pragmatic about ROI and expect tailwinds in the coming years [61]

Financial Data and Key Metrics Changes - In Q4 2024, total revenue was $35.4 million, down 41% from the same quarter last year, while full year revenue was $174.9 million, a 26% decrease from 2023 [19] - SaaS revenue grew 17% year over year in Q4, with annual recurring revenue (ARR) increasing to $54.4 million, up from $46.2 million in Q4 2023 [20][22] - SaaS gross margin remained strong at 74.1%, while total gross margin improved to 34.5% from 20.9% in the prior year [25][27] Business Line Data and Key Metrics Changes - 38% of revenue in Q4 2024 came from recurring SaaS subscriptions, up from 19% in the prior year [14] - Hardware revenue decreased to $10.4 million, down 72% from the same quarter last year, while professional services revenue decreased to $6.2 million, down 7% year over year [32][33] Market Data and Key Metrics Changes - Units deployed reached 809,000, a 12% increase compared to December 2023 [24] - The total addressable market exceeds 50 million rental units, indicating significant growth potential for smart property technology adoption [12] Company Strategy and Development Direction - The company aims to deepen market penetration and expand reach, focusing on mid-market owners and operators [13] - Strategic investments are being made in enhancing the SaaS platform and improving operational efficiencies [25][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges faced during the transition but believes in the right strategy and leadership to complete the transformation into a SaaS-focused company [38] - There is a focus on aligning the cost structure with growth trajectory and monitoring key indicators for reinstating guidance [36][37] Other Important Information - The company repurchased approximately 3 million shares at a cost of $5.1 million in Q4, totaling $28.6 million for the full year [30][31] - Cash balance at the end of the quarter was approximately $143 million, with an undrawn credit facility of $75 million [31] Q&A Session Summary Question: Impact of transitioning to a SaaS-first company on hardware strategy - Management clarified that the focus is on monetizing hardware insights through software, emphasizing a symbiotic relationship between hardware and SaaS [45][47] Question: Focus on scaling unit deployments and potential channel partner programs - Management is currently in analysis mode regarding customer journeys and plans to address other markets once the current processes are well understood [52][54] Question: Update on the $10 million incremental growth investment and macroeconomic conditions - Initial emphasis has been on developing smart operation solutions, with ongoing work to make data more usable for customers [59] - Management noted that customers are being pragmatic about ROI and expect tailwinds in the coming years [61] Question: Response from larger landlords regarding smart unit conversions - Management indicated that larger landlords have shown positive responses and an appetite for more, focusing on ROI discussions [72]

Financial Performance - Q4 2024 total revenue was $354 million, a 41% year-over-year decrease, primarily due to lower volumes in Units Shipped and New Units Deployed[11, 14] - Full year 2024 total revenue was $1748 million, a 26% year-over-year decrease, also due to lower New Units Deployed[15] - Q4 2024 SaaS revenue grew 17% year-over-year, reaching $516 million[11, 19] - Full year net loss was $(329) million[11] - Full year Adjusted EBITDA improved to $(99) million from $(192) million in the prior year, reflecting operational efficiencies[11] - The company repurchased approximately 30 million shares for $51 million in Q4, with $216 million remaining in the authorized program[21] - Cash reserves as of December 31, 2024, were $143 million[11, 21] Operational Metrics - Units Deployed grew by 12% year-over-year, reaching approximately 809K units at the end of 2024[11, 17] - Q4 SaaS ARPU improved from $550 in the same quarter of the prior year[11] - Customer Net Revenue Retention was 111% as of December 31, 2024[17] - Customer Churn was 007% as of December 31, 2024[17] Strategic Initiatives - The company welcomed Shane Paladin as the new CEO to lead the next phase of growth and accelerate the SaaS transformation[18]