SmartRent Inc

For the period ended Mar 31, 2024. Filed May 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 8, 2024

SMRT$1.66+4.4%Stored close · as of Nov 9, 2026

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Contents

PART I - Financial Information

	As of
	March 31, 2024	December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$204,701	$215,214
Restricted cash, current portion	247	495
Accounts receivable, net	58,093	61,903
Inventory	30,899	41,575
Deferred cost of revenue, current portion	11,528	11,794
Prepaid expenses and other current assets	14,009	9,359
Total current assets	319,477	340,340
Property and equipment, net	1,314	1,400
Deferred cost of revenue	8,792	11,251
Goodwill	117,268	117,268
Intangible assets, net	26,280	27,249
Other long-term assets	12,322	12,248
Total assets	$485,453	$509,756
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$7,702	$15,076
Accrued expenses and other current liabilities	21,211	24,976
Deferred revenue, current portion	78,077	77,257
Total current liabilities	106,990	117,309
Deferred revenue	41,491	45,903
Other long-term liabilities	3,885	4,096
Total liabilities	152,366	167,308
Commitments and contingencies (Note 12)
Convertible preferred stock, $0.0001 par value; 50,000 shares authorized as of March 31, 2024 and December 31, 2023; no shares of preferred stock issued and outstanding as of March 31, 2024 and December 31, 2023	-	-
Stockholders' equity
Class A common stock, $0.0001 par value; 500,000 shares authorized as of March 31, 2024 and December 31, 2023, respectively; 202,511 and 203,327 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	20	20
Additional paid-in capital	630,878	628,156
Accumulated deficit	(297,601)	(285,512)
Accumulated other comprehensive loss	(210)	(216)
Total stockholders' equity	333,087	342,448
Total liabilities, convertible preferred stock and stockholders' equity	$485,453	$509,756
See accompanying Notes to Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	For the three months ended March 31,
	2024	2023
Revenue
Hardware	$29,077	$37,325
Professional services	3,458	12,769
Hosted services	17,954	14,985
Total revenue	50,489	65,079
Cost of revenue
Hardware	18,684	32,572
Professional services	6,448	17,634
Hosted services	5,934	5,758
Total cost of revenue	31,066	55,964
Operating expense
Research and development	8,362	7,231
Sales and marketing	4,554	5,161
General and administrative	16,666	12,017
Total operating expense	29,582	24,409
Loss from operations	(10,159)	(15,294)
Interest income, net	2,409	2,016
Other income, net	103	56
Loss before income taxes	(7,647)	(13,222)
Income tax expense (benefit)	45	(7)
Net loss	$(7,692)	$(13,215)
Other comprehensive loss
Foreign currency translation adjustment	6	104
Comprehensive loss	$(7,686)	$(13,111)
Net loss per common share
Basic and diluted	$(0.04)	$(0.07)
Weighted-average number of shares used in computing net loss per share
Basic and diluted	203,485	198,334
See accompanying Notes to Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

Convertible Preferred Stock · Class A Common Stock
Shares · Amount (Par Value $0.0001) · Shares · Amount (Par Value $0.0001) · Additional Paid In Capital · Accumulated Deficit · Accumulated other comprehensive (loss) · Total Stockholders' Equity
Balance, December 31, 2023	-	$	-		203,327		$20		$628,156		$(285,512)		$(216)		$342,448
Stock-based compensation	-		-		-		-		3,281		-		-		3,281
Issuance of Class A common stock upon vesting of equity awards	-		-		775		-		-		-		-		-
Tax withholdings related to net share settlement of equity awards	-		-		(291)		-		(898)		-		-		(898)
Exercise of options	-		-		192		-		2		-		-		2
Net settlement related to exercise of options	-		-		(31)					-		-
ESPP purchases	-		-		134		-		337		-		-		337
Repurchases of Class A common stock				(1,595)		-		-		(4,397)		-		(4,397)
Net loss	-		-		-		-		-		(7,692)		-		(7,692)
Other comprehensive income	-		-								6		6
Balance, March 31, 2024	-	$	-		202,511		$20		$630,878		$(297,601)		$(210)		$333,087

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

Convertible Preferred Stock · Class A Common Stock
Shares · Amount (Par Value $0.0001) · Shares · Amount (Par Value $0.0001) · Additional Paid In Capital · Accumulated Deficit · Accumulated other comprehensive (loss) income · Total Stockholders' Equity
Balance, December 31, 2022	-	$	-		198,525		$20		$615,281		$(250,925)		$(176)		$364,200
Stock-based compensation				-		-		3,680		-		-		3,680
Issuance of Class A common stock upon vesting of equity awards	-		-		751		-		-		-		-		-
Tax withholdings related to net share settlement of equity awards	-		-		(246)		-		(661)		-		-		(661)
Exercise of options	-		-		151		-		71		-		-		71
ESPP purchases	-		-		176		-		438		-		-		438
Net loss	-		-		-		-		-		(13,215)		-		(13,215)
Other comprehensive income										104		104
Balance, March 31, 2023	-	$	-		199,357		$20		$618,809		$(264,140)		$(72)		$354,617

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.