SmartRent, Inc. reported its fourth-quarter 2024 total revenue at $35.4 million, a 41% decrease year-over-year, with full-year 2024 total revenue at $174.8 million, down 26%. Despite the overall revenue decline, the company's SaaS revenue grew 17% year-over-year in Q4, reaching $51.6 million and now representing approximately one-third of total revenue.
The company's Units Deployed increased by 12% year-over-year to approximately 809,000 units by the end of 2024, demonstrating continued market adoption. Customer Net Revenue Retention stood at 111% and customer churn was 0.07% as of December 31, 2024, indicating strong customer loyalty and platform stickiness.
SmartRent improved its full-year Adjusted EBITDA by 48% to a loss of $(9.9) million and reduced its full-year net loss by 4.9% to $(32.9) million, reflecting operational efficiencies. The company maintained a strong balance sheet with $143 million in cash and no debt, and repurchased approximately 3.0 million shares for $5.1 million in Q4, underscoring its commitment to shareholder value and confidence in its valuation.
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