SmartRent(US:SMRT)2023-03-08 21:35Financial Performance - Total revenue for 2022 was $167.821 million[7], driven by strong year-over-year (YoY) revenue growth[6] - SaaS revenue experienced significant expansion, with YoY growth of 251%[17] - SaaS ARR (Annual Recurring Revenue) reached $32.3 million as of Q4 2022[21] - The company is on track toward intra-quarter profitability in 2023, with a 20% QoQ Adjusted EBITDA improvement[30] Revenue Breakdown - Hardware revenue in 2022 was $87.372 million[7] - Professional Services revenue in 2022 was $32.301 million[7] - Hosted Services revenue in 2022 was $48.148 million[7] - Hosted Services revenue is further broken down into SaaS revenue of $27.788 million and Hub revenue of $20.360 million in 2022[31] Unit Deployment - Total deployed units reached 547,196 as of December 31, 2022[64] - YoY unit deployment growth was 24%[45] Gross Margin and Operating Expenses - Gross margins showed significant QoQ improvements across Hardware, Professional Services, and Hosted Services[22] - Operating expenses have been reduced on a quarterly basis[28] - QoQ Gross Profit Improvement 7%[59] Guidance - The company projects total revenue between $225 million and $250 million for the full year 2023[51] - Adjusted EBITDA is projected to be between negative $25 million and negative $15 million for the full year 2023[51]