SMRT - SmartRent slides after Q4 results initiates guidance

SmartRent (NASDAQ:SMRT) is down 13% after the company released its fourth quarter earnings with guidance update postmarket on Thursday. 4Q21 revenue increased to 155% Y/Y to $34.7M, taking the full year's revenue to $110.6M. Software as a service annual recurring revenue increased 114% to $10.6M; Hosted Services average revenue per user increased 2% Y/Y to $6.86.  Units Booked grew 42% to 84,052; organic committed units rose 5% to 736,461 "For the fourth quarter and the full year, the increase in revenues was driven primarily by growth in the company’s record Units Deployed, increased subscriptions for the Company’s software applications, growth in its customer base and increased monthly SaaS subscription rates," the company statement. Adjusted EBITDA loss stood at $21.8M, compared to loss of $6.8M a year ago. Deferred revenue grew 79% to $95.6M. GAAP EPS of -$0.13. FY 22 Guidance: Revenue is expected to range between $220-$250M; Adjusted EBITDA loss of $50-$35M; and Units Deployed

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SmartRent slides after Q4 results, initiates guidance