SmartRent reports Q4 EPS (6c) vs. (2c) last year

Reports Q4 revenue $11.4M, consensus $37.78M…reports Q EPS , consensus Adjusted EBITDA of $(7.4M) for the fourth quarter 2024, from $743K in the same quarter prior year. For the full-year 2024, Adjusted EBITDA improved to $(9.9M) from $(19.2M) in the prior year. Total revenue for the quarter was $35.4M a 41% decrease from the same quarter in the prior year. This decline was driven by lower volumes in Units Shipped and New Units Deployed. Decreases largely resulted from the lack of success in our channel partner program. To address these challenges, we are implementing a comprehensive restructuring of our sales organization, which is now under the leadership of Chief Revenue Officer, Natalie Cariola, who joined SmartRent (SMRT) in September 2024. In January 2025, we strengthened our leadership with four key appointments across our Sales and Client Services teams. “This quarter’s results reflect the challenging but necessary transition as we pivot toward a more sustainable business model,” said Daryl Stemm, Chief Financial Officer. “While overall performance fell short of expectations, we’ve completed key leadership changes in our sales organization and enhanced our Smart Operations software solution with new features announced in Q4, with more innovations in the pipeline. Although this has been a difficult quarter financially, we believe that we’re positioning SmartRent for long-term success as a SaaS-company under Shane Paladin’s leadership.”