SmartRent(US:SMRT)2024-08-07 12:05Financial Performance - Total revenue for Q2 2024 was $48.5 million, a 9% decrease year-over-year[2] - Net loss improved to $(4.6) million, a 56% improvement from $(10.3) million in Q2 2023[2] - Total revenue for Q2 2024 was $48,518,000, a decrease of 9.5% compared to $53,402,000 in Q2 2023[23] - 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%[23] - Net loss for the six months ended June 30, 2024, was $12,297 thousand, an improvement from a loss of $23,564 thousand in the same period of 2023[28] Revenue Breakdown - SaaS revenue reached $12.8 million, representing a 32% increase year-over-year[2] - Hardware revenue decreased to $24,676,000 in Q2 2024 from $27,788,000 in Q2 2023, representing a decline of 7.6%[23] - Professional services revenue dropped to $5,816,000 in Q2 2024 from $10,050,000 in Q2 2023, a decrease of 42.2%[23] - Hosted services revenue increased to $18,026,000 in Q2 2024 from $15,564,000 in Q2 2023, reflecting a growth of 9.4%[23] - SaaS Annual Recurring Revenue (ARR) increased to $51.2 million, up from $38.8 million in Q2 2023[4] Expenses and Margins - Total operating expenses for Q2 2024 were $24,223,000, an increase of 10.2% from $21,970,000 in Q2 2023[23] - Research and development expenses rose to $7,484,000 in Q2 2024 from $6,536,000 in Q2 2023, an increase of 14.5%[23] - Total gross margin improved to 35.7%, an increase of 1,716 basis points year-over-year[7] - Adjusted EBITDA was $902K, a 114% improvement from $(6.4) million in the same quarter last year[8] - Adjusted EBITDA for the six months ended June 30, 2024, was $1,299 thousand, compared to $(14,918) thousand for the same period in 2023[29] Cash and Assets - The company has a cash balance of $187.4 million and no debt as of June 30, 2024[2] - Cash and cash equivalents as of June 30, 2024, were $187,435,000, down from $215,214,000 as of December 31, 2023[26] - Total assets decreased to $475,347,000 as of June 30, 2024, from $509,756,000 as of December 31, 2023[26] - Total liabilities were $145,964,000 as of June 30, 2024, down from $167,308,000 as of December 31, 2023[24] Market Guidance - The annual guidance has been temporarily suspended due to market headwinds and CEO transition[10] Cash Flow Activities - Cash used in operating activities for the six months ended June 30, 2024, was $(17,214) thousand, compared to $(15,684) thousand in the prior year[28] - Cash used in investing activities for the six months ended June 30, 2024, was $(1,997) thousand, compared to $(2,328) thousand in the same period of 2023[28] - Net cash used in financing activities for the six months ended June 30, 2024, was $(8,839) thousand, compared to $(2,278) thousand in the prior year[28] - Payments for repurchases of Class A common stock amounted to $(6,381) thousand during the period[28] Other Financial Metrics - EBITDA for the six months ended June 30, 2024, was $(13,797) thousand, compared to $(24,788) thousand for the same period in 2023[29] - Stock-based compensation for the six months ended June 30, 2024, was $6,565 thousand, slightly down from $6,956 thousand in the same period of 2023[29] - Impairment of investment in non-affiliate was $2,250 thousand for the six months ended June 30, 2024, with no prior year comparison available[28]