SmartRent, Inc. - SMRT STOCK NEWS

SmartRent (NYSE: SMRT) has launched the Alloy Deadbolt, its first in-house smart lock aimed at the rental housing market. This smart lock addresses specific access challenges faced by rental property owners and operators, offering a cost-effective solution to reduce rekeying and key management expenses.

The Alloy Deadbolt enhances operational efficiency by enabling renters to manage home entries remotely. It integrates seamlessly with SmartRent’s SmartHome Hub+, Leak Sensor+, and other Smart Operations Solutions, offering a comprehensive smart living experience. SmartRent has also introduced new flexible monthly payment options to lower upfront costs and ease capital expenditure burdens for rental property owners.

CEO Lucas Haldeman emphasized that the Alloy Deadbolt was designed in response to customer feedback and industry insights, aiming to attract and retain tech-savvy renters while boosting operational efficiencies.

Land & Buildings Investment Management, holding over 3% of SmartRent (NYSE: SMRT) shares, sent a public letter to SmartRent's Board highlighting the company's consistent failure to execute its growth strategy and achieve targets since its 2021 listing. Shares have dropped over 80% from their peak. Despite SmartRent's strong market position and valuable assets in the multifamily PropTech sector, Land & Buildings believes the company must explore strategic alternatives, including a potential sale, to maximize shareholder value, potentially earning a 150%+ premium. Operational and governance issues, alongside missed targets and poor communication, have led to a crisis of confidence among shareholders.

SmartRent, Inc. (NYSE: SMRT) reported their first quarter 2024 financial results, highlighting a 32% year-over-year growth in SaaS revenue to $11.9 million, with a record $47.6 million SaaS ARR. Although total revenue decreased by 22%, net loss improved by 42% to $(7.7) million. Adjusted EBITDA saw a significant improvement, reaching $0.4 million. The company showcased a strong balance sheet with $204.9 million in cash, cash equivalents, and restricted cash. Units Deployed grew by 24% to 749,000, with gross margins improving to 38%. The company remains optimistic about its growth outlook and strategic position for continued success.

SmartRent, Inc. (NYSE: SMRT) will release its first quarter 2024 financial results on May 8, 2024. The CEO and CFO will host a conference call to discuss the company's performance. Investors can access the press release and supporting materials on the Investor Relations website.

SmartRent, Inc. (SMRT) launches Alloy SmartHome Leak Sensor+ with enhanced features like improved battery longevity, humidity resistance, leak detection, compatibility, reliability, and performance. The sensor aligns with SmartRent's latest smart home products, integrates with Hub+ for a seamless user experience, and is priced competitively. CEO Lucas Haldeman highlights the sensor's ability to prevent potential damage, improve detection accuracy, and simplify installation, benefiting property operators.

SmartRent, Inc. (SMRT) reported strong financial results for Q4 and full-year 2023, with revenue up 49% and 41% year-over-year, respectively. The company achieved positive Adjusted EBITDA for the first time in Q4 2023, with a net loss improvement of 85% and 64% for Q4 and full year, respectively. SmartRent ended the year with $216 million in cash and announced a $50 million share repurchase program. The company plans to invest in scaling its Community WiFi capabilities to tap into a multi-billion dollar market opportunity.

Harris R. Heyer and Michael J. Holder, Partners of 10th Mountain Management LLC, issue an open letter to SmartRent, Inc. shareholders, expressing concern over a 70% decline in shares since merging with FWAA. Management criticized for downplaying new unit deployments and not addressing investor concerns adequately.

SmartRent, Inc. (NYSE: SMRT) has announced the release of its fourth quarter and financial year 2023 results, along with a conference call hosted by CEO Lucas Haldeman and CFO Daryl Stemm. The press release and supporting materials will be available on the Company’s Investor Relations website. The conference call is scheduled for Tuesday, March 5, 2024, at 10:30 a.m. ET.

SmartRent, Inc. (NYSE: SMRT) has announced the launch of Alloy SmartHome Hub+, the Company’s first thermostat with an integrated smart hub device developed under its Alloy SmartHome hardware brand. This innovative product operates on Z-Wave protocol and has less hardware to install and maintain. Alloy SmartHome Hub+ establishes a single interface to control connected smart home devices, enabling users to turn off multiple lights in a home at once, remotely lock and unlock doors, receive alerts and automatically notify maintenance when a sensor detects a leak.