SmartRent Posts Narrower Loss In Q2; Revenue Up 26%

(RTTNews) - SmartRent, Inc. (SMRT) posted a second-quarter net loss of $10.3 million or $0.05 per share, compared to a loss of $25.6 million or $0.13 per share, last year. On average, six analysts polled by Thomson Reuters expected the company to report a loss per share of $0.05, for the quarter. Analysts' estimates typically exclude special items.

Second quarter total revenue was $53.4 million, up 26% from last year. Total units deployed at the end of the quarter was 650,324, a 44% increase in total units deployed compared to last year. Analysts on average had estimated $53.58 million in revenue.

The company expects third-quarter total revenue of $57 to $62 million. Fourth-quarter total revenue is projected in a range of $58 to $70 million. The company expects full year 2023 total revenue in a range of $233 to $250 million.

SmartRent ended the quarter with a cash balance of $197.0 million.

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