SmartRent plummets 32% on FY22 guidance cut

Aug. 12, 2022 11:15 AM ETSMRTBy: Pranav Ghumatkar, SA News Editor

SmartRent (SMRT) plunges 32% as Q2 results were record-breaking but fell short of expectations and required a revision to guidance cut for the remainder of 2022.
Total revenue increased 96% Y/Y to $42.4M and set a new SmartRent record for quarterly revenue.
SaaS ARPU, excluding SightPlan, grew 12.0% Y/Y to $3.28 from $2.93. SaaS ARPU, inclusive of SightPlan was $6.05.
Total gross margin improved to 2.3% from 1.3%, and improved from a loss of 12.7% in Q1. Notably, professional services margin improved to negative 55%, from negative 119% compared to Q1, resulting from a 12% increase in ARPU and a 21% decrease in unit costs.
The Co. ended the quarter with ~$125.4M of deferred revenue on its balance sheet, up 68% from $74.5M as of June 30, 2021, reflecting growth in the Co.’s Deployed Units.
In Q2, SmartRent expanded its customer base by adding an additional 38 customers across its platform and now has a total of 447 customers who own or control over 6M units.
As of June 30, 2022, the Co. had no outstanding debt and approximately $338.2M in liquidity.
Q3 Guidance: Total Revenue of $43 to $47M, Units Deployed of 45K to 50K.
Revised 2022 Guidance: Total Revenue of $155 to $180M from prior guidance of $220 to $250M.
Adjusted EBITDA of $(75) to $(70)M from prior guidance of $(50) to $(35)M.
Units Deployed of 190K to 220K from prior guidance of 280K to 320K.
Previously: SmartRent GAAP EPS of -$0.13, revenue of $42.4M, slashes FY22 guidance (Aug. 11)