SmartRent ( SMRT ) shares are trading lower after the company reported worse-than-expected fourth-quarter earnings and issued soft revenue guidance for first-quarter and FY24.

Revenue rose 49% Y/Y to $60.25 million, beating the consensus of $59.50 million. SaaS revenue increased 43% Y/Y to $11.6 million in the quarter.

As of the end of the year, Units Deployed stood at 719,691. ARR Booked in the quarter exceeded $5 million for the second consecutive quarter and Net Revenue Retention for the year was 105%.

Adjusted EBITDA stood at $0.7 million, the first period of generating a positive Adjusted EBITDA versus a loss of $(14.1) million in the quarter.

EPS of $(0.02) missed the consensus of $(0.01).

As of Dec. 31, 2023, cash, cash equivalents and restricted cash stood at $215.7 million, with no debt and an undrawn credit facility of $75 million.

“We are proud to mark this milestone and look forward to continuing to develop innovative solutions to strengthen our market-leading position as the smart communities and operations provider to the rental housing industry,” SmartRent ( SMRT ) CEO Lucas Haldeman said.

“In 2024, this includes investing in scaling our Community WiFi capabilities to take advantage of the early-stage multi-billion dollar market opportunity and complement our existing product offerings.”

Buyback: The company announced a $50 million stock repurchase program.

Outlook: For the first quarter, SmartRent ( SMRT ) expects revenue of $47 million-$53 million (versus estimate of $64.92 million) and adjusted EBITDA of $(1) million to positive $250 thousand.

For FY24, the company projects revenue of $260 million-$290 million (versus estimate of $289.256 million) and adjusted EBITDA of $5 million to $8 million.

SMRT Price Action: SmartRent ( SMRT ) shares are down 4.84% at $2.75 on the last check Tuesday.

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