Workflow
SmartRent(SMRT) - 2024 Q4 - Annual Results
SMRTSmartRent(SMRT)2025-03-05 13:05

Revenue Performance - Total Revenue for Q4 2024 was 35.4million,a4135.4 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 13.6million,andforthefullyear,itroseby2613.6 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 174.885million,adecreaseof26.1174.885 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 18.8million,primarilyduetoreducedvolumeinNewUnitsDeployed[6]ProfitabilityandLoss−NetlossforQ42024increasedto18.8 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)millioninthesamequarterlastyear,whilethefull−yearnetlossimprovedto(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]−NetlossfortheyearendedDecember31,2024,was(34.6) million[4] - Net loss for the year ended December 31, 2024, was 33.643 million, compared to a net loss of 34.587millionin2023,showingaslightimprovement[33]−Netlossfor2024was34.587 million in 2023, showing a slight improvement[33] - Net loss for 2024 was 33,643 thousand, a slight improvement from a loss of 34,587thousandin2023[37]−AdjustedEBITDAfor2024was34,587 thousand in 2023[37] - Adjusted EBITDA for 2024 was (9,882) thousand, an improvement from (19,187)thousandin2023[39]AssetsandLiabilities−Totalcurrentassetsdecreasedto(19,187) thousand in 2023[39] Assets and Liabilities - Total current assets decreased to 257.650 million as of December 31, 2024, down from 340.340millionin2023,reflectingareductionincashandcashequivalents[35]−Totalliabilitiesdecreasedto340.340 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 167.308millionin2023,indicatingimprovedfinancialstability[35]−Cashandcashequivalentswere167.308 million in 2023, indicating improved financial stability[35] - Cash and cash equivalents were 142.482 million as of December 31, 2024, down from 215.214millionin2023,highlightingliquiditychallenges[35]−Totalcash,cashequivalents,andrestrictedcashdecreasedto215.214 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 215,709thousandattheendof2023[37]OperatingExpenses−OperatingexpensesforQ42024were215,709 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 102.1million[10]−ResearchanddevelopmentexpensesfortheyearendedDecember31,2024,were102.1 million[10] - Research and development expenses for the year ended December 31, 2024, were 29.369 million, slightly increasing from 28.805millionin2023,indicatingcontinuedinvestmentininnovation[33]UnitsDeployedandMarketMetrics−UnitsDeployedreached809,497,a1228.805 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 5.50inthesamequarterlastyear[5]ShareRepurchaseandStockCompensation−Thecompanyrepurchased3.0millionsharesatacostof5.50 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 28.6millionthroughouttheyear[4]−PaymentsforrepurchasesofClassAcommonstockamountedto28.6 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 10,766thousandin2024,downfrom10,766 thousand in 2024, down from 13,271 thousand in 2023[39] Other Financial Metrics - Depreciation and amortization increased to 6,495thousandin2024from6,495 thousand in 2024 from 5,533 thousand in 2023[37] - Net cash used in operating activities was 32,913thousandin2024,comparedtoacashprovidedof32,913 thousand in 2024, compared to a cash provided of 5,981 thousand in 2023[37] - Cash used in investing activities was 7,599thousandin2024,comparedto7,599 thousand in 2024, compared to 6,023 thousand in 2023[37] - The company recorded a provision for expected credit losses of 1,436thousandin2024,upfrom1,436 thousand in 2024, up from 819 thousand in 2023[37] - The company reported a provision for excess and obsolete inventory of 2,606thousandin2024,comparedto2,606 thousand in 2024, compared to 2,494 thousand in 2023[37]