0000950170-22-024509.txt : 20221110 0000950170-22-024509.hdr.sgml : 20221110 20221110162415 ACCESSION NUMBER: 0000950170-22-024509 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 84 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221110 DATE AS OF CHANGE: 20221110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SmartRent, Inc. CENTRAL INDEX KEY: 0001837014 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39991 FILM NUMBER: 221377633 BUSINESS ADDRESS: STREET 1: 18835 N. THOMPSON PEAK PARKWAY STREET 2: SUITE 300 CITY: SCOTTSDALE STATE: AZ ZIP: 85255 BUSINESS PHONE: 844.479.1555 MAIL ADDRESS: STREET 1: 18835 N. THOMPSON PEAK PARKWAY STREET 2: SUITE 300 CITY: SCOTTSDALE STATE: AZ ZIP: 85255 FORMER COMPANY: FORMER CONFORMED NAME: Fifth Wall Acquisition Corp. I DATE OF NAME CHANGE: 20201217 10-Q 1 smrt-20220930.htm 10-Q 10-Q
2031-02-28August 31, 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-39991

SMARTRENT, INC.

(Exact name of Registrant as specified in its charter)

 

Delaware

 

85-4218526

(State or Other Jurisdiction of
Incorporation or Organization)

 

(I.R.S. Employer Identification No.)

 

 

 

8665 E. Hartford Drive, Suite 200

Scottsdale, Arizona

(Address of Principal Executive Offices)

 

85255

(Zip Code)

 

(844) 479-1555

(Registrant’s Telephone Number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.0001 par value

SMRT

The New York Stock Exchange

 

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No

 

As of November 8, 2022, there were 198,348,473 shares of the registrant’s Class A Common Stock outstanding, par value $0.0001 per share.

 


 

TABLE OF CONTENTS

 

 

 

Page

 

 

 

PART I - Financial Information

 

 

 

 

 

Item 1 - Financial Statements

3

 

Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

3

 

Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2022 and 2021

4

 

Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit for the three and nine months ended September 30, 2022 and 2021

5

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

7

 

Notes to the Unaudited Consolidated Financial Statements

9

 

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations

35

 

Item 3 - Quantitative and Qualitative Disclosures About Market Risk

50

 

Item 4 - Controls and Procedures

51

 

 

PART II - Other Information

 

 

Item 1 - Legal Proceedings

51

 

Item 1A - Risk Factors

51

 

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds

51

 

Item 3 - Defaults Upon Senior Securities

51

 

Item 4 - Mine Safety Disclosures

52

 

Item 5 - Other Information

52

 

Item 6 - Exhibits

52

 

 

Signatures

53

 

 

 

 

 


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). All statements contained in this Report, other than statements of historical fact, are forward-looking statements, including statements regarding our future operating results and financial position, our business strategy and plans, products, services, and technology offerings, market conditions, growth and trends, and expansion plans and opportunities. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “potentially,” “preliminary,” “likely” and similar expressions, and the negatives of these expressions, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations and business strategy.

 

These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in Part II, Item 1A “Risk Factors” of this Report and in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2021, filed on March 25, 2022. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the effect of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

 

Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things, our ability to:

execute our business strategy;
anticipate the uncertainties inherent in the development of new business lines and business strategies;
manage risks associated with our third-party suppliers and manufacturers and partners for our products;
produce or obtain quality products and services on a timely basis or in sufficient quantity;
attract, train, and retain effective officers, key employees and directors;
develop, design, manufacture, and sell products and services that are differentiated from those of competitors;
continue to develop new products and innovations to meet constantly evolving customer demands;
accelerate adoption of our products and services;
realize the benefits expected from our acquisitions;
acquire or make investments in other businesses, patents, technologies, products or services to grow the business;
successfully pursue, defend, resolve or anticipate the outcome of pending or future litigation matters;
manage risks associated with operational changes in response to the COVID-19 pandemic (including any emerging variant strains, "COVID-19";
comply with laws and regulations applicable to our business, including privacy regulations;
anticipate the significance and timing of contractual obligations; and
maintain key strategic relationships with partners and distributors.

 

You should not rely on forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we undertake no obligation to update any forward-looking statements for any reason after the date of this Report or to conform these statements to actual results or to changes in our expectations. You should read this Report and the documents that we reference in this Report and have filed as exhibits to this report with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

 

1


 

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (investors.smartrent.com), SEC filings, webcasts, press releases, and conference calls. We use these mediums to communicate with investors and the general public about our company, our products and services, and other issues. It is possible that the information that we make available may be deemed to be material information. We therefore encourage investors, the media and others interested in our company to review the information that we post on our investor relations website.

 

SmartRent, the SmartRent logo and other trade names, trademarks or service marks of SmartRent appearing in this report are the property of SmartRent. Trade names, trademarks and service marks of other companies appearing in this report are the property of their respective holders.

 

Unless the context indicates otherwise, the terms “SmartRent,” the “Company,” “we,” “us,” and “our” as used in this Report refer to SmartRent, Inc., a Delaware corporation, and its subsidiaries taken as a whole.

2


Item 1 - Financial Statements

SMARTRENT, INC.

Consolidated Balance Sheets

(Unaudited)

(in thousands, except per share amounts)

 

 

 

September 30, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

210,112

 

 

$

430,841

 

Restricted cash, current portion

 

 

6,810

 

 

 

1,268

 

Accounts receivable, net

 

 

64,085

 

 

 

45,486

 

Inventory

 

 

61,258

 

 

 

33,208

 

Deferred cost of revenue, current portion

 

 

12,501

 

 

 

7,835

 

Prepaid expenses and other current assets

 

 

8,776

 

 

 

17,369

 

Total current assets

 

 

363,542

 

 

 

536,007

 

Property and equipment, net

 

 

1,981

 

 

 

1,874

 

Deferred cost of revenue

 

 

24,048

 

 

 

18,334

 

Goodwill

 

 

117,889

 

 

 

12,666

 

Intangible assets, net

 

 

32,168

 

 

 

3,590

 

Other long-term assets

 

 

11,510

 

 

 

7,212

 

Total assets

 

$

551,138

 

 

$

579,683

 

 

 

 

 

 

 

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

5,474

 

 

$

6,149

 

Accrued expenses and other current liabilities

 

 

28,522

 

 

 

22,234

 

Deferred revenue, current portion

 

 

63,840

 

 

 

42,185

 

Total current liabilities

 

 

97,836

 

 

 

70,568

 

Deferred revenue

 

 

64,329

 

 

 

53,412

 

Other long-term liabilities

 

 

7,104

 

 

 

6,201

 

Total liabilities

 

 

169,269

 

 

 

130,181

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Convertible preferred stock, $0.0001 par value; 50,000 and 50,000 shares authorized as of September 30, 2022 and December 31, 2021; no shares of preferred stock issued and outstanding as of September 30, 2022 and December 31, 2021

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Common stock, $0.0001 par value; 500,000 shares authorized as of September 30, 2022 and December 31, 2021, respectively; 198,260 and 193,864 shares issued and outstanding as of September 30, 2022 and December 31, 2021

 

 

20

 

 

 

19

 

Additional paid-in capital

 

 

612,459

 

 

 

604,077

 

Accumulated deficit

 

 

(229,536

)

 

 

(154,603

)

Accumulated other comprehensive (loss) income

 

 

(1,074

)

 

 

9

 

Total stockholders' equity

 

 

381,869

 

 

 

449,502

 

Total liabilities, convertible preferred stock and stockholders' equity

 

$

551,138

 

 

$

579,683

 

 

 

 

 

 

 

 

See accompanying Notes to Consolidated Financial Statements.

 

 

3


 

SMARTRENT, INC.

Consolidated Statements of Operations AND COMPREHENSIVE LOSS

(Unaudited)

(in thousands, except per share amounts)

 

 

 

For the three months ended September 30,

 

 

For the nine months ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Hardware

 

$

26,683

 

 

$

22,025

 

 

$

69,692

 

 

$

48,452

 

Professional services

 

 

7,478

 

 

 

8,180

 

 

 

23,510

 

 

 

15,345

 

Hosted services

 

 

13,341

 

 

 

4,927

 

 

 

34,068

 

 

 

12,172

 

Total revenue

 

 

47,502

 

 

 

35,132

 

 

 

127,270

 

 

 

75,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

Hardware

 

 

25,417

 

 

 

24,565

 

 

 

68,226

 

 

 

49,222

 

Professional services

 

 

14,386

 

 

 

14,115

 

 

 

43,668

 

 

 

25,849

 

Hosted services

 

 

6,516

 

 

 

3,240

 

 

 

17,949

 

 

 

7,817

 

Total cost of revenue

 

 

46,319

 

 

 

41,920

 

 

 

129,843

 

 

 

82,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

7,610

 

 

 

6,881

 

 

 

22,086

 

 

 

14,057

 

Sales and marketing

 

 

4,901

 

 

 

4,948

 

 

 

16,202

 

 

 

9,094

 

General and administrative

 

 

15,337

 

 

 

7,910

 

 

 

41,120

 

 

 

15,673

 

Total operating expense

 

 

27,848

 

 

 

19,739

 

 

 

79,408

 

 

 

38,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(26,665

)

 

 

(26,527

)

 

 

(81,981

)

 

 

(45,743

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

506

 

 

 

(57

)

 

 

747

 

 

 

(199

)

Other income (expense), net

 

 

290

 

 

 

(58

)

 

 

566

 

 

 

69

 

Loss before income taxes

 

 

(25,869

)

 

 

(26,642

)

 

 

(80,668

)

 

 

(45,873

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax (expense) benefit

 

 

(81

)

 

 

(43

)

 

 

5,735

 

 

 

(130

)

Net loss

 

 

(25,950

)

 

 

(26,685

)

 

 

(74,933

)

 

 

(46,003

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(493

)

 

 

(69

)

 

 

(1,083

)

 

 

(134

)

Comprehensive loss

 

$

(26,443

)

 

$

(26,754

)

 

$

(76,016

)

 

$

(46,137

)

Net loss per common share

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.13

)

 

$

(0.31

)

 

$

(0.38

)

 

$

(1.31

)

Weighted-average number of shares used in computing net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

196,486

 

 

 

85,273

 

 

 

195,090

 

 

 

35,181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes to Consolidated Financial Statements.

 

 

 

4


SMARTRENT, INC.

Consolidated statements of Stockholders’ Equity

(Unaudited)

(in thousands, except per share amounts)

 

 

 

 

Convertible Preferred Stock

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount (Par Value $0.0001)

 

 

 

Shares

 

 

Amount (Par Value $0.0001)

 

 

Additional Paid In Capital

 

 

Accumulated Deficit

 

 

Accumulated other comprehensive (loss) income

 

 

Total Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2021

 

 

-

 

 

$

-

 

 

 

 

193,864

 

 

$

19

 

 

$

604,077

 

 

$

(154,603

)

 

$

9

 

 

$

449,502

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,523

 

 

 

 

 

 

 

 

 

3,523

 

Common stock warrants issued to customers as consideration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

Common stock warrants related to marketing expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

217

 

 

 

 

 

 

 

 

 

217

 

Reverse recapitalization, net of transaction costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(70

)

 

 

 

 

 

 

 

 

(70

)

Exercise of options

 

 

 

 

 

 

 

 

 

131

 

 

 

 

 

 

62

 

 

 

 

 

 

 

 

 

62

 

ESPP Purchases

 

 

 

 

 

 

 

 

 

75

 

 

 

 

 

 

488

 

 

 

 

 

 

 

 

 

488

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23,394

)

 

 

 

 

 

(23,394

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(183

)

 

 

(183

)

Balance, March 31, 2022

 

 

-

 

 

 

-

 

 

 

 

194,070

 

 

 

19

 

 

 

608,299

 

 

 

(177,997

)

 

 

(174

)

 

 

430,147

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,823

 

 

 

 

 

 

 

 

 

3,823

 

Tax withholdings related to net share settlement of equity awards

 

 

 

 

 

 

 

 

 

(658

)

 

 

-

 

 

 

(3,389

)

 

 

 

 

 

 

 

 

(3,389

)

Issuance of common stock upon vesting of equity awards

 

 

 

 

 

 

 

 

 

2,151

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Common stock warrants issued to customers as consideration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

 

 

 

 

 

 

 

 

 

19

 

Exercise of options

 

 

 

 

 

 

 

 

 

70

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Net settlement related to exercise of options

 

 

 

 

 

 

 

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Exercise of warrants

 

 

 

 

 

 

 

 

 

1,874

 

 

 

-

 

 

 

3

 

 

 

 

 

 

 

 

 

3

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,589

)

 

 

 

 

 

(25,589

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(407

)

 

 

(407

)

Balance, June 30, 2022

 

 

-

 

 

 

-

 

 

 

 

197,502

 

 

 

20

 

 

 

608,755

 

 

 

(203,586

)

 

 

(581

)

 

 

404,608

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

 

 

 

3,272

 

 

 

 

 

 

 

 

 

3,272