Earnings ·
SmartRent reports Q3 revenue growth of 15% to $41.6 million with positive Adjusted EBITDA
SMRTSmartRent, Inc.
SmartRent reported third-quarter total revenue of $41.6 million, a 15% increase from the prior year period, driven by a 24% rise in core revenue and strong hardware shipment volumes. The company achieved its fourth consecutive quarter of positive Adjusted EBITDA at $1.1 million, representing a $4.0 million improvement year-over-year as gross margins expanded to 41%. Net loss narrowed by 38% to $3.9 million, while the firm generated $2.9 million in operating cash flow and ended the quarter with $89.2 million in cash. Additionally, SmartRent repurchased 2.5 million shares for $3.4 million during the quarter. The company operates as a building intelligence provider delivering data, technology, and workflow solutions to the rental housing industry.