Earnings Summary Article
Intellectia.AI Updated: 2024-08-08
Earnings Summary Article
SmartRent Reports Q2 2024 Financial Results
SmartRent, Inc. (NASDAQ: SMRT) has announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | % Change YOY | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $48.4M | $53.4M | -9.4% | $51.6M |
| Earnings Per Share (EPS) | $-0.05 | $-0.06 | +16.7% | $-0.01 |
SmartRent reported a total revenue of $48.4M, which represents a 9% decline year-over-year (YOY) from $53.4M in Q2 2023, missing the Wall Street Consensus estimate of $51.6M. The company posted an EPS of $-0.05, an improvement from $-0.06 in the previous year, but below the consensus estimate of $-0.01.
Revenue Performance by Segment
| Segment | Q2 2024 | Q2 2023 | % Change YOY |
|---|---|---|---|
| Hardware Revenue | $24.7M | $27.8M | -11.2% |
| Professional Services | $5.8M | $10.1M | -42.6% |
| Hosted Services Revenue | $18.0M | $15.6M | +15.4% |
The hardware segment experienced an 11% decline in revenue to $24.7M, mainly due to a reduction in New Units Deployed and Units Shipped. Professional services revenue substantially decreased by 43% to $5.8M, impacted by fewer New Units Deployed. Conversely, Hosted Services revenue increased by 15% to $18.0M, driven by a 19% increase in the number of active subscriptions.
Dividends and Share Repurchase Program
During Q2 2024, SmartRent repurchased 0.8 million shares of its Class A common stock at an average price of $2.62 per share, totaling $2.0M. As of June 30, 2024, approximately $43.6M remained available for stock repurchases under the current program.
Stock Price Movement
Post the earnings announcement, SmartRent's stock price experienced a decline of -3.03%.
This summarizes the key points from SmartRent, Inc.'s Q2 2024 earnings report. The company continues to face challenges in its hardware and professional services segments while seeing growth in hosted services.