SmartRent Q4 Loss Down

(RTTNews) - SmartRent, Inc. (SMRT) Wednesday reported its results for the fourth quarter and issued an outlook for the full year 2023.

Revenues for the quarter was $40.6 million, up 17% from last year. SaaS revenues were $8.1 million, up 205% from a year ago.

Net Loss for the quarter was $21.4 million, down 18% year-over-year.

"Our Q4 results close out a year of durable, top-line growth and margin improvement as we delivered record revenue of $167.8 million in 2022, up 52% over last year," said Lucas Haldeman, CEO of SmartRent. "In addition to our ongoing focus on innovation, we made meaningful strides to optimize our processes and boost operational efficiency. We remain on track to reach intra-quarter profitability on an adjusted EBITDA basis with the substantial organic revenue growth runway that exists."

Looking forward, the company expects revenues of $55 to $58 million and $225 to $250 million for the first quarter and full year 2023, respectively.