SmartRent(US:SMRT)2025-11-05 16:30Financial Performance - Total revenue decreased by 11% year-over-year to $36.2 million, primarily due to a strategic shift away from hardware-led growth [6, 9] - SaaS revenue grew by 7% year-over-year to $14.2 million, representing 39% of total revenue [4, 10, 13, 19] - Annual Recurring Revenue (ARR) increased by 7% year-over-year to $56.9 million [4, 6, 19] - Net loss improved by $3.6 million year-over-year, from $(9.9) million to $(6.3) million [6] - Adjusted EBITDA improved by $0.9 million year-over-year to $(2.9) million [6] - The company maintains a strong cash balance of $100 million with no debt and a $75 million credit facility [4, 6, 21] Operational Metrics - Units deployed increased by 11% year-over-year to approximately 870,000 units [4, 6, 15, 22] - Customer Net Revenue Retention is greater than 100%, indicating strong customer loyalty [4, 15, 19] - Customer Churn is 0.05%, demonstrating high customer retention [4, 15, 19] Strategic Initiatives - The company completed a $30 million cost reduction plan, positioning it for run-rate neutrality exiting 2025 [4, 20] - The company is focused on shifting away from hardware-only sales towards a recurring revenue model [4, 7, 13]