Home technology firm SmartRent posts smaller Q3 net loss on cost reductions

Reuters11-05

Home technology firm SmartRent posts smaller Q3 net loss on cost reductions

Overview

SmartRent Q3 revenue fell 11% yr/yr, missing analyst expectations
Net loss improved by $3.6 mln to $(6.3) mln due to cost reductions
Company completed $30 mln cost reduction program, maintaining strong liquidity

Outlook

SmartRent expects cash flow neutrality by end of 2025
Company anticipates strong liquidity to support growth
SmartRent plans to expand installed base leveraging AI

Result Drivers

COST REDUCTION - SmartRent completed a $30 mln cost reduction program, improving net loss and adjusted EBITDA
REVENUE DECLINE - Revenue fell 11% due to strategic shift away from bulk hardware sales
SaaS GROWTH - SaaS revenue increased 7% driven by more units deployed

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Revenue	Miss	$36.20 mln	$36.27 mln (2 Analysts)
Q3 EPS		-$0.03
Q3 Net Income		-$6.30 mln
Q3 Operating Expenses		$16.60 mln

Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the integrated hardware & software peer group is "buy."
Wall Street's median 12-month price target for SmartRent Inc is $1.60, about 15.6% above its November 4 closing price of $1.35

Press Release: ID:nBw7pRR7da

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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