SmartRent Inc

For the period ended Sep 30, 2024. Filed Nov 6, 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.

Sep 30, 2024 · Filed Nov 6, 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
	September 30, 2024	December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$163,403	$215,214
Restricted cash, current portion	247	495
Accounts receivable, net	63,013	61,903
Inventory	35,948	41,575
Deferred cost of revenue, current portion	10,158	11,794
Prepaid expenses and other current assets	12,217	9,359
Total current assets	284,986	340,340
Property and equipment, net	1,357	1,400
Deferred cost of revenue	4,713	11,251
Goodwill	117,268	117,268
Intangible assets, net	24,343	27,249
Other long-term assets	15,926	12,248
Total assets	$448,593	$509,756
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$9,535	$15,076
Accrued expenses and other current liabilities	26,574	24,976
Deferred revenue, current portion	49,861	77,257
Total current liabilities	85,970	117,309
Deferred revenue	50,111	45,903
Other long-term liabilities	7,371	4,096
Total liabilities	143,452	167,308
Commitments and contingencies (Note 12)
Convertible preferred stock, $0.0001 par value; 50,000 shares authorized as of September 30, 2024 and December 31, 2023; no shares of preferred stock issued and outstanding as of September 30, 2024 and December 31, 2023	-	-
Stockholders' equity
Class A common stock, $0.0001 par value; 500,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 192,971 and 203,327 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	19	20
Additional paid-in capital	636,418	628,156
Accumulated deficit	(331,345)	(285,512)
Accumulated other comprehensive loss	49	(216)
Total stockholders' equity	305,141	342,448
Total liabilities, convertible preferred stock and stockholders' equity	$448,593	$509,756
See accompanying Notes to Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	For the three months ended September 30,		For the nine months ended September 30,
	2024	2023	2024	2023
Revenue
Hardware	$18,707	$35,631	$72,460	$100,744
Professional services	3,308	5,962	12,582	28,781
Hosted services	18,495	16,511	54,475	47,060
Total revenue	40,510	58,104	139,517	176,585
Cost of revenue
Hardware	13,843	27,556	48,845	82,118
Professional services	6,840	11,130	22,157	44,573
Hosted services	6,370	5,887	18,330	17,365
Total cost of revenue	27,053	44,573	89,332	144,056
Operating expense
Research and development	6,596	7,573	22,442	21,340
Sales and marketing	4,444	4,636	13,714	14,626
General and administrative	14,154	11,269	42,843	33,891
Total operating expense	25,194	23,478	78,999	69,857
Loss from operations	(11,737)	(9,947)	(28,814)	(37,328)
Interest income, net	2,019	2,233	6,718	6,064
Other income (expense), net	(187)	(42)	7	(45)
Loss before income taxes	(9,905)	(7,756)	(22,089)	(31,309)
Income tax expense (benefit)	18	(33)	131	(22)
Net loss	$(9,923)	$(7,723)	$(22,220)	$(31,287)
Other comprehensive loss
Foreign currency translation adjustment	270	(188)	265	(93)
Comprehensive loss	$(9,653)	$(7,911)	$(21,955)	$(31,380)
Net loss per common share
Basic and diluted	$(0.05)	$(0.04)	$(0.11)	$(0.16)
Weighted-average number of shares used in computing net loss per share
Basic and diluted	198,731	201,584	201,391	199,858
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
Stock-based compensation	-		-		-		-		2,958		-		-		2,958
Issuance of common stock upon vesting of equity awards	-		-		669		-		-		-		-		-
Tax withholdings related to net share settlement of equity awards	-		-		(259)		-		(582)		-		-		(582)
Exercise of options	-		-		-		-		-		-		-		-
Net settlement related to exercise of options	-		-		-		-		-		-		-		-
ESPP purchases	-		-		159		-		249		-		-		249
Repurchases of Class A common stock				(9,767)		(1)		-		(17,213)		-		(17,214)
Net Loss	-		-		-		-		-		(9,923)		-		(9,923)
Other comprehensive income	-		-		-		-		-		-		270		270
Balance, September 30, 2024	-	$	-		192,971		$19		$636,418		$(331,345)		$49		$305,141

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
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
Stock-based compensation	-		-		-		-		3,273		-		-		3,273
Tax withholdings related to net share settlement of equity awards	-		-		(126)		-		(421)		-		-		(421)
Issuance of common stock upon vesting of equity awards				481		-		-		-		-		-
Common stock warrants issued to customers as consideration	-		-		-		-		-		-		-		-
Exercise of options	-		-		2,662		-		735		-		-		735
Net settlement related to exercise of options	-		-		(148)		-		-		-		-		-
ESPP purchases	-		-		138		-		371		-		-		371
Net loss	-		-		-		-		-		(7,723)		-		(7,723)
Other comprehensive loss	-		-		-		-		-		-		(188)		(188)
Balance, September 30, 2023	-	$	-		203,076		$20		$625,713		$(282,212)		$(269)		$343,252
See accompanying Notes to Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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