Market Presence - As of December 31, 2024, SmartRent had 809,497 units deployed and over 650 customers, representing approximately 15% of the U.S. market for institutionally owned multifamily rental units and single-family rental homes [28]. - The company sees significant growth potential in both residential and commercial real estate sectors, including international markets [36]. Revenue Generation - The company generated revenue primarily from sales of smart home systems, including monthly subscription fees for hosted services, smart home devices, and installation services [29]. - Substantially all revenue is generated in U.S. dollars, while expenses are primarily in local currencies of operational jurisdictions [332]. Strategic Growth Initiatives - SmartRent defined four strategic pillars for growth: Sustainable Annual Recurring Revenue (ARR) Growth, Platform Superiority, Operational Excellence, and Collaborative Innovation [30]. - The near-term product roadmap includes new leasing solutions, resident experience solutions, home IoT solutions, building IoT solutions, and property operations solutions [55]. Technology and Solutions - The demand for smart home technology is driven by network effects, with many residents viewing it as a necessity, although few communities currently offer it [31]. - SmartRent's solutions include Smart Apartments, Access Control, Community WiFi, and Package Management, enhancing operational efficiency and resident experience [39][40][41]. - The Hub Devices are essential for the smart home operating system, allowing remote control of connected devices and enhancing the living experience for residents [42][43]. Competitive Advantages - SmartRent's competitive strengths include an integrated solution, hardware agnosticism, open architecture, and in-house professional services [34][35]. - The residential technology market remains fragmented, requiring owners to source solutions from multiple vendors, which SmartRent aims to address with its integrated smart home operating system [32]. Operational Factors - Seasonal factors impact SmartRent's business, with higher demand for deployments in Spring and Summer and lower demand in Fall and Winter [37]. - The company utilizes multiple sourcing methods to mitigate supply chain risks, although it relies on single source suppliers for some components [56]. Financial Position - The company had approximately $142.5 million in cash, cash equivalents, and restricted cash as of December 31, 2024, primarily in institutional money market funds, indicating exposure to interest rate risk [331]. - A hypothetical 10% change in interest rates could increase annual interest income by $14.3 million or decrease it by $8.2 million based on the cash position as of December 31, 2024 [331]. Employee Relations - The company has not experienced any work stoppages and maintains a good relationship with its 494 full-time employees as of December 31, 2024 [51]. - The total rewards program includes a 100% employer-paid medical option for employees and dependents, along with other competitive benefits [54]. Intellectual Property and Compliance - The company protects its intellectual property through trademarks, trade secrets, and patents, which are critical to its brand development [57]. - The company is subject to various federal and state regulations related to data privacy and security, including the California Consumer Privacy Act and the General Data Protection Regulation [59]. Currency and Foreign Operations - The company's operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates [332]. - A hypothetical 10% change in foreign currency exchange rates would not have a material impact on historical consolidated financial statements [332]. - The company has not engaged in any hedging strategies to manage currency risk to date [332]. - As international operations grow, the company will reassess its approach to manage currency rate fluctuations [332].

Revenue Performance - Total Revenue for Q4 2024 was $35.4 million, a 41% decrease year-over-year, while full-year revenue was $174.9 million, down 26% from the prior year[4] - SaaS Revenue increased by 17% year-over-year in Q4 2024 to $13.6 million, and for the full year, it rose by 26% to $51.6 million[4] - Total revenue for the year ended December 31, 2024, was $174.885 million, a decrease of 26.1% compared to $236.838 million in 2023[33] - Professional services revenue for the full year decreased by 47% to $18.8 million, primarily due to reduced volume in New Units Deployed[6] Profitability and Loss - Net loss for Q4 2024 increased to $(11.4) million from $(3.3) million in the same quarter last year, while the full-year net loss improved to $(33.6) million from $(34.6) million[4] - Net loss for the year ended December 31, 2024, was $33.643 million, compared to a net loss of $34.587 million in 2023, showing a slight improvement[33] - Net loss for 2024 was $33,643 thousand, a slight improvement from a loss of $34,587 thousand in 2023[37] - Adjusted EBITDA for 2024 was $(9,882) thousand, an improvement from $(19,187) thousand in 2023[39] Assets and Liabilities - Total current assets decreased to $257.650 million as of December 31, 2024, down from $340.340 million in 2023, reflecting a reduction in cash and cash equivalents[35] - Total liabilities decreased to $130.741 million as of December 31, 2024, compared to $167.308 million in 2023, indicating improved financial stability[35] - Cash and cash equivalents were $142.482 million as of December 31, 2024, down from $215.214 million in 2023, highlighting liquidity challenges[35] - Total cash, cash equivalents, and restricted cash decreased to $142,482 thousand at the end of 2024 from $215,709 thousand at the end of 2023[37] Operating Expenses - Operating expenses for Q4 2024 were $23.1 million, a 1% increase year-over-year, while full-year operating expenses rose by 10% to $102.1 million[10] - Research and development expenses for the year ended December 31, 2024, were $29.369 million, slightly increasing from $28.805 million in 2023, indicating continued investment in innovation[33] Units Deployed and Market Metrics - Units Deployed reached 809,497, a 12% increase year-over-year, despite a 39% decrease in New Units Deployed during Q4[7] - Units Deployed includes the total number of Hub Devices installed with active subscriptions, which is a key metric for assessing market penetration[23] - Customer Net Revenue Retention measures SaaS revenue retention from existing customers, reflecting the company's ability to maintain and grow its customer base[31] - Average Revenue per Unit (ARPU) is used to assess the growth and health of the overall business, reflecting the company's ability to monetize its customer base effectively[27] - SaaS ARPU increased by 3% to $5.68 in Q4 2024, compared to $5.50 in the same quarter last year[5] Share Repurchase and Stock Compensation - The company repurchased 3.0 million shares at a cost of $5.1 million in Q4 2024, with a total of 15.2 million shares repurchased for $28.6 million throughout the year[4] - Payments for repurchases of Class A common stock amounted to $28,566 thousand in 2024[37] - The company incurred stock-based compensation expenses of $10,766 thousand in 2024, down from $13,271 thousand in 2023[39] Other Financial Metrics - Depreciation and amortization increased to $6,495 thousand in 2024 from $5,533 thousand in 2023[37] - Net cash used in operating activities was $32,913 thousand in 2024, compared to a cash provided of $5,981 thousand in 2023[37] - Cash used in investing activities was $7,599 thousand in 2024, compared to $6,023 thousand in 2023[37] - The company recorded a provision for expected credit losses of $1,436 thousand in 2024, up from $819 thousand in 2023[37] - The company reported a provision for excess and obsolete inventory of $2,606 thousand in 2024, compared to $2,494 thousand in 2023[37]

Financial Performance - Total revenue for Q3 2024 was $40,510,000, a decrease of 30.3% compared to $58,104,000 in Q3 2023[14] - Hardware revenue decreased to $18,707,000 in Q3 2024 from $35,631,000 in Q3 2023, representing a decline of 47.5%[14] - Hosted services revenue increased to $18,495,000 in Q3 2024, up 12.0% from $16,511,000 in Q3 2023[14] - Net loss for Q3 2024 was $9,923,000, compared to a net loss of $7,723,000 in Q3 2023, reflecting an increase in losses of 28.5%[14] - Total revenue for the nine months ended September 30, 2024, was $139,517, a decrease of 21.0% from $176,585 for the same period in 2023[84] - Total revenue decreased by $17.6 million, or 30%, to $40.5 million for the three months ended September 30, 2024, from $58.1 million for the same period in 2023[185] Assets and Liabilities - Total current assets decreased to $284,986,000 as of September 30, 2024, down 16.3% from $340,340,000 as of December 31, 2023[10] - Total liabilities decreased to $143,452,000 as of September 30, 2024, down 14.3% from $167,308,000 as of December 31, 2023[11] - Cash and cash equivalents decreased to $163,403,000 as of September 30, 2024, down 24.1% from $215,214,000 as of December 31, 2023[10] - Total stockholders' equity decreased to $305,141,000 as of September 30, 2024, down 11.0% from $342,448,000 as of December 31, 2023[12] Stock and Equity - The company repurchased Class A common stock totaling $17,214 thousand during the quarter ending September 30, 2024[20] - The company repurchased 9,767 shares of Class A common stock at an average price of $1.75 per share for a total of $17,081 during the three months ended September 30, 2024[111] - The company has approximately $26,660 remaining available for stock repurchases under its stock repurchase program as of September 30, 2024[111] - The company has an authorized stock repurchase program of up to $50,000 for Class A common stock, with approximately $22,728 remaining available for repurchase as of November 1, 2024[144] Research and Development - Research and development expenses for Q3 2024 were $6,596,000, a decrease of 12.9% compared to $7,573,000 in Q3 2023[14] - The Company capitalized $3,209 in research and development costs for the three months ended September 30, 2024, compared to $822 for the same period in 2023, representing a 290.5% increase[69] - Research and Development expenses are anticipated to increase in absolute dollars as the company invests more in product development, particularly in enhancing WiFi offerings[177] Revenue Recognition - The Company recognized hardware revenue at the point in time when the hardware device is shipped to the customer, with a one-year warranty period[58] - Hosted Services revenue is recognized on a straight-line basis over the contract term, which can range from one month to eight years[60] - Revenue recognized from the balance of deferred revenue at the beginning of the period for the nine months ended September 30, 2024, was $(8,656,000), compared to $(14,505,000) in 2023, showing a reduction of 40.00%[88] Units and Shipments - The company shipped 44,763 Units for the three months ended September 30, 2024, down 28.5% from 62,585 Units shipped in the same period of 2023[160] - For the three months ended September 30, 2024, Units Booked were 17,048, a decrease of 63.3% compared to 46,272 Units Booked in the same period of 2023[161] - New Units Deployed decreased by 50% to 67,347 units for the nine months ended September 30, 2024, compared to 135,436 units for the same period in 2023[185] Expenses - General and administrative expenses for the three months ended September 30, 2024, were $1,499, down from $1,964 in 2023, reflecting a decrease of 23.6%[128] - General and administrative expenses increased by 26% to $14.154 million for the three months ended September 30, 2024, compared to $11.269 million for the same period in 2023[183] - The company incurred $23,462 thousand in payments for repurchases of Class A common stock during the nine months ended September 30, 2024[24] Legal and Compliance - The company recorded a legal accrual of $1,500 related to a collective action lawsuit as of September 30, 2024, which was not present as of December 31, 2023[141] - The company reported a total settlement amount of $1,500 for the overtime wages lawsuit, which includes all plaintiffs' attorneys' fees and costs[141] Leadership and Strategy - The company is in the process of transitioning leadership following the departure of its CEO, with an interim CEO appointed and a search for a new CEO underway[154] - The company aims to enhance its smart home operating system with new products and features, including Community WiFi and Smart Package Room solutions, to improve customer value[152] Market Conditions - The overall decreases in New Units Deployed and Units Shipped are attributed to customers deferring capital expenditures due to broader macroeconomic conditions[185] - Changes in leadership and the structure of the sales organization have impacted sales and overall volumes[185]

Financial Performance - Total revenue for Q3 2024 was $40.5 million, a decrease of 30% year-over-year[1] - Net loss for the quarter was $(9.9) million, a 29% increase from $(7.7) million year-over-year[1] - Adjusted EBITDA improved by 24% to $(3.8) million from $(5.0) million in the same quarter last year[1] - Total revenue for the three months ended September 30, 2024, was $40,510,000, a decrease of 30.3% compared to $58,104,000 for the same period in 2023[14] - Hardware revenue for the three months ended September 30, 2024, was $18,707,000, down 47.5% from $35,631,000 in the prior year[14] - The net loss for the three months ended September 30, 2024, was $9,923,000, compared to a net loss of $7,723,000 for the same period in 2023[14] - The company reported a comprehensive loss of $9,653,000 for the three months ended September 30, 2024, compared to a comprehensive loss of $7,911,000 in the prior year[14] - Net loss for the nine months ended September 30, 2024, was $22,220 thousand, an improvement from a net loss of $31,287 thousand for the same period in 2023[19] Revenue Streams - SaaS revenue increased by 23% year-over-year to $13.3 million, with ARR reaching $53.2 million, up from $43.3 million in Q3 2023[3] - Total bookings for the quarter were $19.6 million, marking a 61% decrease from the same quarter in the prior year[3] - Annual Recurring Revenue (ARR) is a key metric, reflecting the annualized value of SaaS revenue earned in the current quarter[14] - Net Revenue Retention for the company includes revenue from price increases and new products, offset by cancellations or downgrades[14] Operational Metrics - Units deployed reached 787,038, a 15% increase year-over-year, while new units deployed decreased by 53% to 15,168[3] - Gross margin improved to 33.2%, up approximately 1,000 basis points from the same quarter in the prior year[3] - Total operating expenses for the three months ended September 30, 2024, were $25,194,000, an increase of 7.3% from $23,478,000 in the prior year[14] Cash and Assets - The company maintains a strong balance sheet with $163.7 million in cash and no debt as of September 30, 2024[1] - Cash and cash equivalents decreased to $163,403,000 as of September 30, 2024, from $215,214,000 at the end of 2023[16] - Total assets decreased to $448,593,000 as of September 30, 2024, from $509,756,000 at the end of 2023[16] - Total liabilities decreased to $143,452,000 as of September 30, 2024, from $167,308,000 at the end of 2023[17] - Total cash, cash equivalents, and restricted cash at the end of the period was $163,650 thousand, down from $211,494 thousand at the end of the same period in 2023[19] Shareholder Actions - The company repurchased 9.8 million shares at an aggregate cost of $17.1 million during the quarter[4] - Payments for repurchases of Class A common stock amounted to $(23,462) thousand during the nine months ended September 30, 2024[19] Management Changes - The new Chief Revenue Officer, Natalie Cariola, has been hired to revitalize the sales strategy and drive revenue growth[2] Other Financial Metrics - Depreciation and amortization increased to $4,730 thousand for the nine months ended September 30, 2024, compared to $3,991 thousand in 2023[19] - Adjusted EBITDA for the nine months ended September 30, 2024, was $(2,523) thousand, significantly better than $(19,930) thousand for the same period in 2023[20] - Cash used in operating activities for the nine months ended September 30, 2024, was $(20,898) thousand, compared to $(1,366) thousand in 2023[19] - Provision for expected credit losses increased to $804 thousand for the nine months ended September 30, 2024, from $39 thousand in 2023[19] - Stock-based compensation for the nine months ended September 30, 2024, was $9,523 thousand, slightly down from $10,120 thousand in 2023[19] - Net cash used in investing activities for the nine months ended September 30, 2024, was $(5,025) thousand, compared to $(3,313) thousand in 2023[19] - Non-cash legal expenses for the nine months ended September 30, 2024, were $7,255 thousand, with no comparable expenses in 2023[19]

Core Viewpoint - SmartRent, Inc. is under investigation following the resignation of its CEO and the suspension of its 2024 guidance due to market challenges and operational changes [2]. Group 1: Company Developments - On July 30, 2024, SmartRent announced the resignation of CEO Lucas Haldeman, effective July 29, 2024 [2]. - The company indicated a scaling back of its channel partner program and acknowledged increasing market headwinds, including delays in customer capital spending [2]. - As a result of these announcements, SmartRent suspended its previous guidance for full-year 2024 and advised investors not to rely on earlier forecasts [2]. Group 2: Market Reaction - Following the news of the CEO's resignation and the suspension of guidance, SmartRent's stock price experienced a significant decline during intraday trading on July 30, 2024 [2].

Financial Data and Key Metrics - Total revenue for Q2 2024 was $48.5 million, a 9% decrease YoY, primarily due to lower units deployed as a result of delayed capital investment spending by customers [17] - SaaS annual recurring revenue (ARR) reached a record $51.2 million, a 32% YoY increase, driven by improvements in SaaS ARPU and the number of units deployed [14][16] - SaaS ARPU increased by 9% YoY to $5.63 per unit, up from $5.16 in Q2 2023 [15] - Total units deployed reached 772,000, a 19% YoY increase, with 22,000 new units deployed in Q2 2024 compared to 48,000 in Q2 2023 [18] - Adjusted EBITDA for Q2 2024 was $900,000, a 114% improvement from a loss of $6.4 million in Q2 2023, marking the third consecutive quarter of positive adjusted EBITDA [20] Business Line Performance - Hosted services revenue increased by 16% YoY to $18 million, while hardware revenue decreased by 11% to $24.7 million, and professional services revenue decreased by 42% to $5.8 million [17] - SaaS gross margin improved to 75.5%, up 43 basis points YoY, while total gross margin improved to 35.7%, up 1,700 basis points YoY [18] - Hosted services gross profit increased to $12 million, up from $9.8 million in Q2 2023, and remains the company's most profitable revenue stream [19] Market and Strategic Direction - The company is refocusing on direct sales after the channel partner sales program did not meet expectations, with plans to hire a new sales leader and enhance sales operations [12] - The company is prioritizing organic reinvestment in high-return projects, focusing on product enhancements informed by customer feedback, which has contributed to a net revenue retention rate above 100% [13] - The company is implementing rigorous cost management while maintaining the agility to capitalize on market opportunities, with a focus on growing recurring revenue streams [14] Management Commentary on Market Conditions - The company is operating in a challenging economic landscape characterized by shifting capital expenditure patterns due to interest rate uncertainties and macroeconomic factors [11] - Customers have deferred the deployment of units originally forecast for 2024 into 2025, but the overall long-term market opportunity remains unchanged and compelling [22] - The company has suspended financial guidance due to the CEO transition, market conditions, and customer capital spending delays, but plans to reinstate guidance as visibility improves [20][21] Other Key Information - The company has a strong balance sheet with $187 million in cash and no debt, positioning it well to pursue growth initiatives and navigate economic challenges [21] - The company repurchased 765,000 shares in Q2 2024 and an additional 842,000 shares after the quarter, with $42 million remaining under the share repurchase program [22] Q&A Session Summary Question: Wi-Fi Strategy and Investment Plans - The Wi-Fi strategy remains a bullish opportunity, with continued investment in the program. A new CEO may bring changes, but the company remains confident in the Wi-Fi opportunity [25] Question: Customer Capital Project Delays - The company has a high degree of confidence that deployments delayed from 2024 will occur in 2025, with persistently high interest rates being a key factor impacting customer spending [26][27] Question: Confidence in 2025 Deployments - The company's confidence in 2025 deployments is based on discussions with customers and the expectation of interest rate reductions, which would normalize capital expenditure investment [32] Question: Hardware vs. Software Focus - The company is renewing its focus on deployed units, with both hardware and software being equally important to the platform. The focus is on improving SaaS ARPU and unit deployment [33] Question: CEO Search and Characteristics - The company is looking for a CEO with a history of successful scaling, as the company transitions from a $200 million to a potential $1 billion revenue company [35] Question: SaaS ARPU and Hosted Services Gross Margin - SaaS ARPU growth was driven by timing of deployments and higher pricing on new units. Hosted services gross margin was relatively flat, with expectations of approaching 75% over time [38][40] Question: Guidance and CEO Search Timeline - The company is not providing specific guidance for the rest of 2024 but expects to provide clarity as market conditions improve. The CEO search is ongoing, with no set timeline [41][42] Question: Channel Partner Strategy and Unit Deployment Profitability - The company is scaling back the channel partner program to focus on direct sales to existing customers. The company is positioned to expand unit deployment volumes profitably [45][46] Question: Conclusion and Long-Term Opportunity - Despite near-term challenges, the company remains confident in its long-term opportunity, with a strong foundation and strategic focus on innovation and customer satisfaction [48][49]

Revenue Performance - Total revenue for Q2 2024 was $48,518,000, a decrease of 9.4% compared to $53,402,000 in Q2 2023[16] - Hardware revenue decreased to $24,676,000 in Q2 2024 from $27,788,000 in Q2 2023, representing a decline of 11.4%[16] - Hosted services revenue increased to $18,026,000 in Q2 2024, up 15.8% from $15,564,000 in Q2 2023[16] - Total revenue for the six months ended June 30, 2024, was $118,481,000, compared to $106,474,000 for the same period in 2023, marking an increase of 11.3%[177] - Revenue related to Smart Apartments solution decreased by $6.1 million, primarily due to a 53% decrease in New Units Deployed to 22,469 units for the three months ended June 30, 2024[194] - Total revenue decreased by $19.5 million, or 16%, to $99.0 million for the six months ended June 30, 2024, from $118.5 million for the same period in 2023[195] Net Loss and Financial Improvement - Net loss for Q2 2024 was $4,605,000, compared to a net loss of $10,349,000 in Q2 2023, showing an improvement of 55.6%[16] - For the six months ended June 30, 2024, the net loss was $12,297 thousand, compared to a net loss of $23,564 thousand for the same period in 2023, indicating a 47.8% improvement in losses year-over-year[33] Assets and Liabilities - Total current assets decreased to $313,836,000 as of June 30, 2024, down from $340,340,000 as of December 31, 2023, a decline of 7.8%[13] - Total liabilities decreased to $145,964,000 as of June 30, 2024, down from $167,308,000 as of December 31, 2023, a reduction of 12.7%[14] - Cash and cash equivalents were $187,435,000 as of June 30, 2024, down from $215,214,000 as of December 31, 2023, a decrease of 12.9%[13] - Total stockholders' equity decreased to $329,383,000 as of June 30, 2024, down from $342,448,000 as of December 31, 2023, a decline of 3.8%[15] Research and Development - Research and development expenses increased to $7,484,000 in Q2 2024, up from $6,536,000 in Q2 2023, an increase of 14.5%[16] - The company is investing in research and development to enhance its product offerings and maintain competitive advantage[160] - Research and Development expenses are expected to increase as the company invests in enhancing existing products and developing new offerings, particularly in WiFi solutions[186] Stock and Equity - Weighted-average number of shares used in computing net loss per share increased to 201,986 in Q2 2024 from 199,619 in Q2 2023[16] - Stock-based compensation for the six months ended June 30, 2024, was $6,565 thousand, slightly down from $6,847 thousand in the same period of 2023, showing a decrease of 4.1%[33] - The 2021 Equity Incentive Plan was amended to increase the number of shares authorized for issuance to a total of 24,400 shares of Class A common stock[121] Customer and Market Insights - Significant customers accounted for 15% and 18% of accounts receivable as of June 30, 2024, and December 31, 2023, respectively, highlighting reliance on key clients[50] - The company reported a net cash used in operating activities of $17,214 thousand for the six months ended June 30, 2024, compared to $15,684 thousand for the same period in 2023, representing an increase of 9.8%[33] - Cumulative active subscriptions for Hosted Services increased by 19% during 2024 compared to 2023[194] Operational Metrics - The company reported 22,469 New Units Deployed, a decrease from 47,768 in the same period of 2023[166] - Units Booked SaaS ARPU decreased to $8.07 in Q2 2024 from $8.74 in Q2 2023, a decline of 7.7%[173] - Customer Churn for Smart Communities Solutions was 0.05% for Q2 2024, compared to 0% in Q2 2023, indicating a slight increase in churn[173] Future Outlook and Challenges - The company may need to raise additional capital through equity or debt financing to fund future operations until it generates positive operating cash flows[41] - The company continues to experience improvements in global supply chain challenges, reducing backlogged Units Deployed for Access Control and specialty locks[159] - The company has formed a Management Committee to guide operations during the transition period following the CEO's departure[163]

Group 1 - SmartRent, Inc. is under investigation by Pomerantz LLP for potential securities fraud or unlawful business practices involving its officers and/or directors [1] - On July 30, 2024, SmartRent announced the resignation of CEO Lucas Haldeman and suspended its previous guidance for full-year 2024 due to market headwinds and customer capital spending delays [2] - Following the announcement, SmartRent's stock price dropped by $0.48, or 20.00%, closing at $1.92 per share on the same day [2] Group 2 - Pomerantz LLP is recognized as a leading firm in corporate, securities, and antitrust class litigation, with a history of recovering billions in damages for victims of securities fraud and corporate misconduct [3]

Core Insights - SmartRent, Inc. is under investigation for potential violations of federal securities laws and unlawful business practices [1] - The company announced a CEO transition plan, with Lucas Haldeman stepping down as CEO and resigning from the Board of Directors, effective July 29, 2024 [2] - Following the CEO transition announcement, SmartRent's stock price dropped by $0.47, or 19.58%, closing at $1.93 on July 30, 2024 [2] Company Developments - The CEO transition plan was announced on July 30, 2024, indicating a significant leadership change within SmartRent [2] - The company has suspended its 2024 guidance, which may indicate uncertainty in future performance [2] Legal Investigation - Bragar Eagel & Squire, P.C. is investigating potential claims on behalf of SmartRent stockholders regarding possible violations of securities laws [1] - The law firm is reaching out to stockholders who may have suffered losses or have information related to the investigation [3]

Group 1 - SmartRent's CEO Lucas Haldeman has resigned, with John Dorman stepping in as interim CEO and chairman of the board [1][2] - The board expressed gratitude for Haldeman's contributions and indicated a need for a CEO with a different skill set for the company's next growth phase [2] - SmartRent has suspended its full-year 2024 outlook due to the CEO change, increasing market headwinds, and a reduction in its channel partner program [2] Group 2 - Following the announcement of the CEO departure, SmartRent's stock (NYSE:SMRT) dropped by 20.6%, with approximately 4.3 million shares traded, significantly higher than the daily average of 1.3 million shares [4][6]