Smartrent, Inc. ( (SMRT) ) has released its Q4 earnings. Here is a breakdown of the information Smartrent, Inc. presented to its investors.
SmartRent, Inc. is a leading provider of smart community and operations solutions for the rental housing industry, known for its comprehensive ecosystem that enhances living and working experiences through automation and energy efficiency.
In its latest earnings report, SmartRent, Inc. announced a decline in total revenue for the fourth quarter and full year 2024, with figures showing a 41% and 26% decrease year-over-year, respectively. Despite these challenges, the company reported a significant increase in SaaS revenue, which rose by 17% for the fourth quarter and 26% for the full year, highlighting a strategic shift towards a SaaS-first business model.
Key financial metrics revealed a net loss increase to $11.4 million in the fourth quarter, although the full year net loss showed a slight improvement to $33.6 million. Adjusted EBITDA for the full year also improved, indicating better cost management and operational efficiencies. The company ended the year with a strong cash position of $142.5 million and no debt, alongside a share repurchase program that saw 15.2 million shares bought back during the year.
SmartRent’s strategic focus is on enhancing its SaaS offerings, as evidenced by the increase in Annual Recurring Revenue to $54.4 million. The company is undergoing a restructuring of its sales organization to address challenges in hardware sales and improve channel partner success. New leadership appointments are expected to drive this transformation forward.
Looking ahead, SmartRent’s management is optimistic about the company’s transition to a SaaS-first model under the new CEO, Shane Paladin. The focus will remain on strategic growth, operational excellence, and delivering value to customers, positioning SmartRent for long-term success in the evolving rental housing market.