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SmartRent Inc

SmartRent, Inc. is an enterprise real estate technology company that provides management software and applications to rental property owners and operators, property managers, homebuilders, developers, and residents in the United States and internationally. Its smart building hardware and cloud-based software-as-a-service solutions are designed to improve visibility and control of real estate assets while offering all-in-one home control for residents. Products and solutions include smart apartments and homes, access control for buildings, common areas, and rental units, community and resident Wi-Fi, asset protection and monitoring, and self-guided tours. The company also offers professional services such as training, installation, and support, and was founded in 2017 with headquarters in Phoenix, Arizona.

Price · split & dividend adjusted
News & notes moving SMRT
United States
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AMETEK Leads IoT Peers with Strong Q2 Earnings

AMETEK reported second-quarter revenues of $2.04 billion, up 15% year on year, beating analyst expectations by 4.4% and leading the group of six internet of things stocks tracked, which collectively saw revenues exceed consensus by 2.1%. The company also guided full-year EPS slightly above expectations and next quarter's EPS above expectations, with CEO David A. Zapico citing strong organic sales growth, acquisitions, and record operating performance. Despite the beat, AMETEK's stock has fallen 5.1% since the report to $231.44. Among peers, SmartRent rose 24.8% after its results, while Emerson Electric, Trimble, and Vontier saw mixed outcomes, with Emerson's stock down 7.1% and Vontier down 5.8%.
AME ▲EMR ▼SMRT ▲VNT ▼TRMB
AME · Capital · Positive Q2 revenues beat expectations and EPS guidance above consensus
EMR · Capital · Negative Stock down 7.1% after mixed results
SMRT · Capital · Positive Stock rose 24.8% after its results
VNT · Capital · Negative Stock down 5.8% after results
TRMB · Capital · Neutral Mixed outcomes reported
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SmartRent expects to exceed 1 million installed units in first half of next year

SmartRent anticipates exceeding 1 million installed units during the first half of next year, a milestone management called a new inflection point for growth and profitability. Total revenue for the second quarter was $40 million, up 4%, while core revenue excluding noncash hub amortization rose 14% to $38 million. SaaS revenue grew 13% to $16 million, representing more than 40% of total revenue, and annual recurring revenue increased to $65 million from $57 million a year earlier. Total gross margin expanded to 41%, up 760 basis points, and adjusted EBITDA was $700,000, marking the third consecutive quarter of positive adjusted EBITDA. The company ended the quarter with $93 million in cash, no debt, and an undrawn $75 million credit facility, and it repurchased about 3 million shares during the period.
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SMRT · Capital · Positive Exceeds 1 million installed units milestone, revenue growth, margin expansion, positive EBITDA, and share repurchases indicate strong financial performance.
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Rockwell Automation Leads IoT Earnings with 11.9% Revenue Growth

Rockwell Automation reported first-quarter revenues of $2.24 billion, up 11.9% year on year and exceeding analyst expectations by 3.8%, making it the standout performer among six tracked internet of things stocks. The company also posted the largest analyst estimate beat, fastest revenue growth, and highest full-year guidance raise in its peer group, sending its stock up 18.3% to $473.50. Trimble delivered revenues of $939.9 million, up 11.8% year on year and beating estimates by 3.8%, but its shares fell 15.9% to $57.48. SmartRent, the weakest performer, saw revenues decline 6.4% to $38.68 million, missing EBITDA estimates significantly, and its stock dropped 29.7% to $1.01. Emerson Electric reported $4.56 billion in revenue, up 2.9% but 0.7% below expectations, while Vontier posted $750.6 million, up 1.3% and beating estimates by 1.8%, though its next-quarter guidance missed. Overall, the group beat revenue estimates by 1.8% but issued next-quarter guidance 1.3% below consensus, and average share prices declined 4% since the results.
ROK ▲SMRT ▼TRMB ▼EMR ▼VNT ▼
ROK · Capital · Positive Revenue beat estimates by 3.8% and raised full-year guidance
SMRT · Capital · Negative Revenue declined 6.4% and missed EBITDA estimates significantly
TRMB · Capital · Negative Revenue beat estimates but shares fell 15.9% on likely guidance concerns
EMR · Capital · Negative Revenue missed expectations by 0.7%
VNT · Capital · Negative Next-quarter guidance missed consensus
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Vontier shares drop 15% after Q1 revenue and guidance miss

Vontier, one of six Internet of Things stocks tracked, reported first-quarter revenue of $750.6 million, up 1.3% year on year and beating analyst estimates by 1.8%, but its revenue and EPS guidance for the next quarter fell short of expectations. The stock has fallen 15% since the report and now trades at $29.80. Among the group, Rockwell Automation was the best performer with revenue of $2.24 billion, up 11.9% year on year and beating estimates by 3.8%, while SmartRent was the weakest with revenue of $38.68 million, down 6.4% year on year. Overall, the six companies beat revenue estimates by 1.8% on average, but their share prices have declined by an average of 6.1% since reporting.
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VNT · Capital · Negative Q1 revenue and EPS guidance missed expectations, causing 15% stock drop.
ROK · Demand · Positive Reported strong revenue growth of 11.9% and beat estimates, described as best performer.
SMRT · Demand · Negative Revenue declined 6.4% year on year, described as weakest performer.
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