SmartRent anticipates exceeding 1 million installed units during the first half of next year, a milestone management called a new inflection point for growth and profitability. Total revenue for the second quarter was $40 million, up 4%, while core revenue excluding noncash hub amortization rose 14% to $38 million. SaaS revenue grew 13% to $16 million, representing more than 40% of total revenue, and annual recurring revenue increased to $65 million from $57 million a year earlier. Total gross margin expanded to 41%, up 760 basis points, and adjusted EBITDA was $700,000, marking the third consecutive quarter of positive adjusted EBITDA. The company ended the quarter with $93 million in cash, no debt, and an undrawn $75 million credit facility, and it repurchased about 3 million shares during the period.
SmartRent IncExceeds 1 million installed units milestone, revenue growth, margin expansion, positive EBITDA, and share repurchases indicate strong financial performance.