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 [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]

LOS ANGELES, April 15, 2025 /PRNewswire/ -- Linkind is proud to announce the exclusive launch of its Matter smart light bulbs at Walmart stores and on walmart.com. In collaboration with philanthropist and social media influencer Jimmy Darts, this launch brings advanced smart lighting solutions to more homes while supporting a greater cause. For every Jimmy Darts-branded product sold, $1 will be donated to Jimmy's mission of helping those in need, reinforcing the power of kindness in everyday life. Upgra ...

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]