SmartRent Inc SMRT reported second-quarter revenue growth of 96% year-over-year to $42.4 million, missing the consensus of $51.5 million.
The revenue increase reflects a higher volume of Units Deployed, growth in the number of recurring software subscriptions, and contribution from SightPlan for a full quarter.
EPS was $(0.13), missing the consensus of $(0.11).
SaaS ARR was $30.6 million compared to $7 million in 2Q21. SaaS ARPU, excluding SightPlan, grew 12% Y/Y to $3.28 from $2.93.
Loss from operations widened to $(27.03) million, compared to $(9.99) million a year ago. Adjusted EBITDA loss was $19.83 million, an increase from $9.26 million in 2Q21.
SmartRent’s net cash used in operating activities year-to-date totaled $(36.68) million, versus $(18.64) million in 2Q21.
As of June 30, 2022, the company had approximately $263.2 million in cash on its balance sheet.
The company continues to experience strong demand for its smart home enterprise solutions. Still, it faces unprecedented supply chain constraints related to certain component parts in its product line and select third-party hardware devices. The company has contractual agreements for deployments that are currently on hold due to supply chain constraints and are now included in its record backlog.
FY22 Guidance: SmartRent expects a Revenue of $155 to $180 million (prior guidance of $220 million to $250 million) vs. a consensus of $240.59 million.
It sees Adjusted EBITDA of $(75) to $(70) million from prior guidance of $(50) to $(35) million.; and Units Deployed of 190,000 to 220,000 from prior guidance of 280,000 to 320,000.
Q3 Outlook: The company expects revenue of $43 to $47 million, vs. a consensus of $75.39 million, and Units Deployed of 45,000 to 50,000.
Price Action: SMRT shares are trading lower by 15.51% at $4.74 during the post-market session on Thursday.