SmartRent Inc (NYSE:SMRT) stock fell 7.14% (As on Mar 25, 11:21:21 AM UTC-4, Source: Google Finance) after the company posted mixed result for the fourth quarter of FY 21. 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 has increased total headcount to 639 employees at the end of 2021, a 147% year-over-year increase. SmartRent anticipates the need to carefully expand these teams in 2022; however, the rate of growth should slow as the Company realizes efficiencies and approaches staffing levels necessary to meet near-term demand. Net loss was $(26.0) million in the fourth quarter 2021, as compared to $(10.7) million in the fourth quarter of 2020. Total deferred revenue was $95.6 million as of December 30, 2021, up from $53.5 million on December 31, 2020. At year-end, the Company had $432.1 million of cash and cash equivalents on its balance sheet and no outstanding debt.
SMRT in the fourth quarter of FY 21 has reported the adjusted loss per share of 13 cents, missing the analysts’ estimates for the adjusted loss per share of 9 cents. The company had reported the adjusted revenue growth of 155 percent to $34.7 million in the fourth quarter of FY 21, beating the analysts’ estimates for revenue of $31.4 million. Units Deployed in the fourth quarter increased 72% to 52,076 from the fourth quarter of 2020. Units Booked in the fourth quarter of 2021 increased 42% to 84,052 from 59,067 in the fourth quarter of 2020.
SmartRent expects FY2022 revenue to be in the range of $220-250 million, versus the consensus of $301 million.
On the other hand, the company has announced the acquisition of SightPlan, Inc., a leader in multifamily workflow management. The acquisition advances SmartRent’s product roadmap and augments the breadth of cloud-based SaaS solutions for current and prospective customers, creating a comprehensive property and resident management platform. SmartRent acquired 100% of the equity interests of SightPlan on March 22, 2022, for approximately $135 million in an all-cash transaction. The SightPlan team will join SmartRent as employees, and SightPlan will continue to run its operations from its Orlando, Florida office. SightPlan’s customer subscriptions are expected to add approximately $10 million to SmartRent’s SaaS revenue for 2022. Software Equity Group (SEG) served as the exclusive advisor to SightPlan on the transaction.