SmartRent(US:SMRT)2023-08-08 12:21PART I - Financial Information Item 1 - Financial Statements (Unaudited) This section presents SmartRent's unaudited condensed consolidated financial statements and related notes for Q2 2023 and 2022 Condensed Consolidated Balance Sheets This section details the company's financial position, including assets, liabilities, and equity, for Q2 2023 and FY2022 Condensed Consolidated Balance Sheets (in thousands) | Metric (in thousands) | Dec 31, 2022 | Jun 30, 2023 | Change | | :-------------------- | :----------- | :----------- | :----- | | Cash and cash equivalents | $210,409 | $196,970 | $(13,439) | | Inventory | $75,725 | $60,506 | $(15,219) | | Total current assets | $378,356 | $346,205 | $(32,151) | | Total assets | $560,845 | $521,481 | $(39,364) | | Accounts payable | $18,360 | $6,304 | $(12,056) | | Accrued expenses and other current liabilities | $34,396 | $21,403 | $(12,993) | | Deferred revenue, current portion | $80,020 | $92,866 | $12,846 | | Total current liabilities | $132,776 | $120,573 | $(12,203) | | Total liabilities | $196,645 | $174,276 | $(22,369) | | Total stockholders' equity | $364,200 | $347,205 | $(16,995) | Condensed Consolidated Statements of Operations and Comprehensive Loss This section presents the company's revenues, costs, and net loss for Q2 2023 and 2022 Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands) | Metric (in thousands) | 3 Months Ended Jun 30, 2023 | 3 Months Ended Jun 30, 2022 | YoY Change ($) | YoY Change (%) | 6 Months Ended Jun 30, 2023 | 6 Months Ended Jun 30, 2022 | YoY Change ($) | YoY Change (%) | | :-------------------- | :-------------------------- | :-------------------------- | :------------- | :------------- | :-------------------------- | :-------------------------- | :------------- | :------------- | | Revenue: | | | | | | | | | | Hardware | $27,788 | $20,895 | $6,893 | 33% | $65,113 | $43,009 | $22,104 | 51% | | Professional services | $10,050 | $9,123 | $927 | 10% | $22,819 | $16,032 | $6,787 | 42% | | Hosted services | $15,564 | $12,391 | $3,173 | 26% | $30,549 | $20,727 | $9,822 | 47% | | Total revenue | $53,402 | $42,409 | $10,993 | 26% | $118,481 | $79,768 | $38,713 | 49% | | Cost of revenue: | | | | | | | | | | Hardware | $21,990 | $20,951 | $1,039 | 5% | $54,562 | $42,809 | $11,753 | 27% | | Professional services | $15,809 | $14,115 | $1,694 | 12% | $33,443 | $29,282 | $4,161 | 14% | | Hosted services | $5,720 | $6,355 | $(635) | (10)% | $11,478 | $11,433 | $45 | 0% | | Total cost of revenue | $43,519 | $41,421 | $2,098 | 5% | $99,483 | $83,524 | $15,959 | 19% | | Operating expense: | | | | | | | | | | Research and development | $6,536 | $8,030 | $(1,494) | (19)% | $13,767 | $14,476 | $(709) | (5)% | | Sales and marketing | $4,829 | $6,139 | $(1,310) | (21)% | $9,990 | $11,301 | $(1,311) | (12)% | | General and administrative | $10,605 | $13,832 | $(3,227) | (23)% | $22,622 | $25,783 | $(3,161) | (12)% | | Total operating expense | $21,970 | $28,001 | $(6,031) | (22)% | $46,379 | $51,560 | $(5,181) | (10)% | | Loss from operations | $(12,087) | $(27,013) | $14,926 | (55)% | $(27,381) | $(55,316) | $27,935 | (51)% | | Interest income, net | $1,815 | $253 | $1,562 | 617% | $3,831 | $241 | $3,590 | 1490% | | Net loss | $(10,349) | $(25,589) | $15,240 | (60)% | $(23,564) | $(48,983) | $25,419 | (52)% | | Basic and diluted EPS | $(0.05) | $(0.13) | | | $(0.12) | $(0.25) | | | Condensed Consolidated Statements of Stockholders' Equity This section outlines changes in stockholders' equity, including net loss and stock-based compensation - Total stockholders' equity decreased from $364,200 thousand at December 31, 2022, to $347,205 thousand at June 30, 2023, primarily due to net losses, partially offset by stock-based compensation and ESPP purchases1317 Key Changes in Stockholders' Equity (Six Months Ended June 30, 2023, in thousands) | Item | Amount (in thousands) | | :-------------------------- | :-------------------- | | Net loss | $(23,564) | | Stock-based compensation | $6,956 | | ESPP purchases | $438 | Condensed Consolidated Statements of Cash Flows This section details cash flows from operating, investing, and financing activities for the periods presented Cash Flow Summary (in thousands) | Metric (in thousands) | 6 Months Ended Jun 30, 2023 | 6 Months Ended Jun 30, 2022 | Change ($) | Change (%) | | :-------------------- | :-------------------------- | :-------------------------- | :--------- | :--------- | | Net cash used in operating activities | $(15,684) | $(34,851) | $19,167 | (55)% | | Net cash used in investing activities | $(2,328) | $(131,252) | $128,924 | (98)% | | Net cash used in financing activities | $(2,278) | $(2,906) | $628 | (22)% | | Net decrease in cash, cash equivalents, and restricted cash | $(20,249) | $(169,441) | $149,192 | (88)% | | Cash, cash equivalents