SmartRent Inc

For the period ended Jun 30, 2024. Filed Aug 7, 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.

Jun 30, 2024 · Filed Aug 7, 2024

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

PART I - Financial Information

	As of
	June 30, 2024	December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$187,435	$215,214
Restricted cash, current portion	247	495
Accounts receivable, net	65,220	61,903
Inventory	34,420	41,575
Deferred cost of revenue, current portion	11,335	11,794
Prepaid expenses and other current assets	15,179	9,359
Total current assets	313,836	340,340
Property and equipment, net	1,319	1,400
Deferred cost of revenue	6,555	11,251
Goodwill	117,268	117,268
Intangible assets, net	25,312	27,249
Other long-term assets	11,057	12,248
Total assets	$475,347	$509,756
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$6,449	$15,076
Accrued expenses and other current liabilities	26,696	24,976
Deferred revenue, current portion	67,187	77,257
Total current liabilities	100,332	117,309
Deferred revenue	44,671	45,903
Other long-term liabilities	961	4,096
Total liabilities	145,964	167,308
Commitments and contingencies (Note 12)
Convertible preferred stock, $0.0001 par value; 50,000 shares authorized as of June 30, 2024 and December 31, 2023; no shares of preferred stock issued and outstanding as of June 30, 2024 and December 31, 2023	-	-
Stockholders' equity
Class A common stock, $0.0001 par value; 500,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 202,169 and 203,327 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	20	20
Additional paid-in capital	633,793	628,156
Accumulated deficit	(304,209)	(285,512)
Accumulated other comprehensive loss	(221)	(216)
Total stockholders' equity	329,383	342,448
Total liabilities, convertible preferred stock and stockholders' equity	$475,347	$509,756
See accompanying Notes to Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Revenue
Hardware	$24,676	$27,788	$53,753	$65,113
Professional services	5,816	10,050	9,274	22,819
Hosted services	18,026	15,564	35,980	30,549
Total revenue	48,518	53,402	99,007	118,481
Cost of revenue
Hardware	16,318	21,990	35,002	54,562
Professional services	8,869	15,809	15,317	33,443
Hosted services	6,026	5,720	11,960	11,478
Total cost of revenue	31,213	43,519	62,279	99,483
Operating expense
Research and development	7,484	6,536	15,846	13,767
Sales and marketing	4,716	4,829	9,270	9,990
General and administrative	12,023	10,605	28,689	22,622
Total operating expense	24,223	21,970	53,805	46,379
Loss from operations	(6,918)	(12,087)	(17,077)	(27,381)
Interest income, net	2,290	1,815	4,699	3,831
Other income (expense), net	91	(59)	194	(3)
Loss before income taxes	(4,537)	(10,331)	(12,184)	(23,553)
Income tax expense	68	18	113	11
Net loss	$(4,605)	$(10,349)	$(12,297)	$(23,564)
Other comprehensive loss
Foreign currency translation adjustment	(11)	(9)	(5)	95
Comprehensive loss	$(4,616)	$(10,358)	$(12,302)	$(23,469)
Net loss per common share
Basic and diluted	$(0.02)	$(0.05)	$(0.06)	$(0.12)
Weighted-average number of shares used in computing net loss per share
Basic and diluted	201,986	199,619	202,735	198,980
See accompanying Notes to Condensed 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) income · 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
Stock-based compensation	-		-		-		-		3,284		-		-		3,284
Issuance of common stock upon vesting of equity awards	-		-		568		-		-		-		-		-
Tax withholdings related to net share settlement of equity awards	-		-		(145)		-		(369)		-		-		(369)
Repurchases of Class A common stock	-		-		(765)		-		-		(2,003)		-		(2,003)
Net loss	-		-		-		-		-		(4,605)		-		(4,605)
Other comprehensive loss	-		-		-		-		-		-		(11)		(11)
Balance, June 30, 2024	-	$	-		202,169		$20		$633,793		$(304,209)		$(221)		$329,383

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
Stock-based compensation	-		-		-		-		3,276		-		-		3,276
Tax withholdings related to net share settlement of equity awards	-		-		(140)		-		(424)		-		-		(424)
Issuance of common stock upon vesting of equity awards	-		-		652		-		-		-		-		-
Exercise of options	-		-		200		-		94		-		-		94
Net loss	-		-		-		-		-		(10,349)		-		(10,349)
Other comprehensive loss	-		-		-		-		-		-		(9)		(9)
Balance, June 30, 2023	-	$	-		200,069		$20		$621,755		$(274,489)		$(81)		$347,205
See accompanying Notes to Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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