0001564590-21-056235.txt : 20211110 0001564590-21-056235.hdr.sgml : 20211110 20211110163631 ACCESSION NUMBER: 0001564590-21-056235 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 77 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211110 DATE AS OF CHANGE: 20211110 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: 211397267 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-10q_20210930.htm 10-Q smrt-10q_20210930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

 

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

 

For the quarterly period ended September 30, 2021

OR

 

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

 

For the transition period from _________ to __________.

Commission File Number: 001-39991

SMARTRENT, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

85-4218526

(State or Other Jurisdiction of

 

(IRS Employer

Incorporation or Organization)

 

Identification Number)

 

 

 

8665 E. Hartford Drive, Suite 200

 

85255

Scottsdale, Arizona

 

(Zip Code)

(Address of Principal Executive Offices)

 

 

 

(844) 479-1555

(Registrant’s telephone number, including area code)

Fifth Wall Acquisition Corp. I

(Former name and former address, if changed since last report)

 

 

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

 

Title of Each Class

 

Trading Symbol

 

Name of Each Exchange on Which Registered

Class A Common Stock, par value $0.0001 per share

 

SMRT

 

The New York Stock Exchange

 

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, 2021, there were 193,864,107 shares of the registrant’s Class A Common Stock outstanding, par value $0.0001 per share.

 

 

 


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q (this “Report”) contains forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). You can generally identify forwardlooking statements by our use of forwardlooking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “will” or “would,” or the negative thereof, or other variations thereon or comparable terminology. In particular, statements about the markets in which we operate, including growth of our various markets, our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance, statements regarding our cash requirements, working capital needs and expected capital expenditures, and statements related to the COVID-19 pandemic and its ongoing impact on our business contained in this Report are forwardlooking statements.

We have based these forwardlooking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forwardlooking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed in the section titled “Risk Factors” in our Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”) on September 23, 2021, and Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operation” of this Report may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forwardlooking statements or could affect our share price. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forwardlooking statements include, among other things:

 

the growth rate of the smart home technology industry and consumer adoption of smart home technologies;

 

our ability to execute our business strategy within the smart home technology industry;

 

our ability to meet legal obligations, including laws and regulations related to security and privacy;

 

our ability to prevent unauthorized or inadvertent access to our information technology systems and customer or resident data;

 

the competitiveness of our market and pricing levels of our competitors;

 

our ability to hire, retain, manage and motivate employees, including key personnel;

 

the ability of our suppliers to produce or obtain quality products and services on a timely basis or in sufficient quantity;

 

our ability to manage risks associated with product liability, warranty, personal injury, property damage and recall matters;

 

interruptions to, or other problems with, our website and interactive user interface, information technology systems, manufacturing processes or other operations;

 

our ability to successfully identify, acquire, and integrate quality acquisition targets;

 

our ability to acquire and protect our intellectual property and acquire or make investments in other businesses, patents, technologies, products or services to grow the business;

 

our ability to fuel growth and accelerate the adoption of our products and services;

 

our ability to develop, design, and sell services that are differentiated from those of competitors; and

 

other risks and uncertainties, including those listed under the section titled “Risk Factors” in our Registration Statement on Form S-1 filed with the SEC on September 23, 2021, and in other filings we may make from time to time with the SEC.

Given these risks and uncertainties, you are cautioned not to place undue reliance on such forwardlooking statements. The forwardlooking statements contained in this Report are not guarantees of future performance and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate, may differ materially from the forwardlooking statements contained in this Report. In addition, even if our results of operations, financial condition and liquidity, and events in the industry in which we operate, are consistent with the forwardlooking statements contained in this Report, they may not be predictive of results or developments in future periods.

Any forwardlooking statement that we make in this Report speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forwardlooking statements, whether as a result of new information, future events or otherwise, after the date of this Report.

 

 


 

 

SMARTRENT, INC.

FORM 10-Q

TABLE OF CONTENTS

PART I - Financial Information

 

Item 1 - Financial Statements

1

Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

1

Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2021 and 2020

2

Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit for the three and nine months ended September 30, 2021 and 2020

3

Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

5

Notes to the Unaudited Consolidated Financial Statements

7

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

28

Item 3 - Quantitative and Qualitative Disclosures About Market Risk

45

Item 4 - Controls and Procedures

46

PART II - Other Information

47

Item 1 - Legal Proceedings

47

Item 1A - Risk Factors

47

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

47

Item 3 - Defaults Upon Senior Securities

47

Item 4 - Mine Safety Disclosures

47

Item 5 - Other Information

47

Item 6 - Exhibits

48

Signature

49

 

 

 

 

 

 

 


 

 

 

Item 1 – Financial Statements

 

SMARTRENT, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except per share amounts)

 

 

 

 

September 30, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

472,502

 

 

$

38,618

 

Accounts receivable, net

 

 

32,942

 

 

 

20,787

 

Inventory

 

 

22,415

 

 

 

17,628

 

Deferred cost of revenue, current portion

 

 

6,566

 

 

 

6,782

 

Prepaid expenses and other current assets

 

 

22,932

 

 

 

3,840

 

Total current assets

 

 

557,357

 

 

 

87,655

 

Property and equipment, net

 

 

1,690

 

 

 

847

 

Deferred cost of revenue

 

 

16,282

 

 

 

10,072

 

Goodwill

 

 

4,162

 

 

 

4,162

 

Other long-term assets

 

 

3,343

 

 

 

1,113

 

Total assets

 

$

582,834

 

 

$

103,849

 

 

 

 

 

 

 

 

 

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

8,032

 

 

$

2,275

 

Accrued expenses and other current liabilities

 

 

13,974

 

 

 

9,555

 

Deferred revenue, current portion

 

 

37,909

 

 

 

19,348

 

Current portion of long-term debt

 

 

1,652

 

 

 

1,651

 

Total current liabilities

 

 

61,567

 

 

 

32,829

 

Long-term debt, net

 

 

1,930

 

 

 

3,169

 

Deferred revenue

 

 

46,772

 

 

 

34,153

 

Other long-term liabilities

 

 

144

 

 

 

516

 

Total liabilities

 

 

110,413

 

 

 

70,667

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

Convertible preferred stock, $0.0001 par value; 50,000 and 105,995 shares authorized as of September 30, 2021 and December 31, 2020; No shares of preferred stock issued and outstanding as of September 30, 2021; 104,822 shares issued and outstanding as of December 31, 2020.

 

 

-

 

 

 

111,432

 

 

 

 

 

 

 

 

 

 

Stockholders' equity (deficit)

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value; 500,000 and 140,595 shares authorized as of September 30, 2021 and December 31, 2020; 193,864 and 10,376 shares issued and outstanding as of September 30, 2021 and December 31, 2020

 

 

19

 

 

 

-

 

Additional paid-in capital

 

 

600,946

 

 

 

4,157

 

Accumulated deficit

 

 

(128,645

)

 

 

(82,642

)

Accumulated other comprehensive income

 

 

101

 

 

 

235

 

Total stockholders' equity (deficit)

 

 

472,421

 

 

 

(78,250

)

Total liabilities, convertible preferred stock and stockholders' equity (deficit)

 

$

582,834

 

 

$

103,849

 

 

 

See accompanying Notes to Consolidated Financial Statements

 

1


 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hardware

 

$

22,025

 

 

$

9,782

 

 

$

48,452

 

 

$

23,956

 

Professional services

 

 

8,180

 

 

 

4,717

 

 

 

15,345

 

 

 

9,558

 

Hosted services

 

 

4,927

 

 

 

2,089

 

 

 

12,172

 

 

 

5,419

 

Total revenue

 

 

35,132

 

 

 

16,588

 

 

 

75,969

 

 

 

38,933

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hardware

 

 

24,565

 

 

 

10,428

 

 

 

49,222

 

 

 

24,991

 

Professional services

 

 

14,115

 

 

 

4,842

 

 

 

25,849

 

 

 

11,591

 

Hosted services

 

 

3,240

 

 

 

1,351

 

 

 

7,817

 

 

 

3,735

 

Total cost of revenue

 

 

41,920

 

 

 

16,621

 

 

 

82,888

 

 

 

40,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

6,881

 

 

 

2,637

 

 

 

14,057

 

 

 

6,641

 

Sales and marketing

 

 

4,948

 

 

 

1,328

 

 

 

9,094

 

 

 

4,048

 

General and administrative

 

 

7,910

 

 

 

4,104

 

 

 

15,673

 

 

 

12,759

 

Total operating expense

 

 

19,739

 

 

 

8,069

 

 

 

38,824

 

 

 

23,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(26,527

)

 

 

(8,102

)

 

 

(45,743

)

 

 

(24,832

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(57

)

 

 

(130

)

 

 

(199

)

 

 

(510

)

Other income (expense), net

 

 

(58

)

 

 

(417

)

 

 

69

 

 

 

(909

)

Loss before income taxes

 

 

(26,642

)

 

 

(8,649

)

 

 

(45,873

)

 

 

(26,251

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

43

 

 

 

48

 

 

 

130

 

 

 

170

 

Net loss

 

 

(26,685

)

 

 

(8,697

)

 

 

(46,003

)

 

 

(26,421

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(69

)

 

 

100

 

 

 

(134

)

 

 

132

 

Comprehensive loss

 

$

(26,754

)

 

$

(8,597

)

 

$

(46,137

)

 

$

(26,289

)

Net loss per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.31

)

 

$

(1.07

)

 

$

(1.31

)

 

$

(3.68

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

85,273

 

 

 

8,148

 

 

 

35,181

 

 

 

7,188

 

 

See accompanying Notes to Consolidated Financial Statements

2


 

SMARTRENT, INC.

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

(Unaudited)

(in thousands, except per share amounts)

 

 

 

For the nine months ended September 30, 2021

 

 

 

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 income

 

 

Total Stockholder's Equity (Deficit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2020

 

 

21,458

 

 

$

111,432

 

 

 

 

2,124

 

 

$

-

 

 

$

4,157

 

 

$

(82,642

)

 

$

235

 

 

$

(78,250

)

Retroactive application of exchange ratio

 

 

83,364

 

 

 

 

 

 

 

 

8,252

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Balance, December 31, 2020 as adjusted

 

 

104,822

 

 

 

111,432

 

 

 

 

10,376

 

 

 

-

 

 

 

4,157

 

 

 

(82,642

)

 

 

235

 

 

 

(78,250

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

427

 

 

 

 

 

 

 

 

 

 

 

427

 

Issuance of Series C Convertible Preferred Stock

 

 

16,404

 

 

 

34,793

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock warrants issued to customers as consideration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

22

 

Common stock warrants related to marketing expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

210

 

 

 

 

 

 

 

 

 

 

 

210

 

Exercise of warrants

 

 

 

 

 

 

 

 

 

 

 

2,457

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

5

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,267

)

 

 

 

 

 

 

(9,267

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(128

)

 

 

(128

)

Balance, March 31, 2021

 

 

121,226

 

 

 

146,225

 

 

 

 

12,833

 

 

 

-

 

 

 

4,821

 

 

 

(91,909

)

 

 

107

 

 

 

(86,981

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

428

 

 

 

 

 

 

 

 

 

 

 

428

 

Common stock warrants issued to customers as consideration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18

 

 

 

 

 

 

 

 

 

 

 

18

 

Common stock warrants related to marketing expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

149

 

 

 

 

 

 

 

 

 

 

 

149

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,051

)

 

 

 

 

 

 

(10,051

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

63

 

 

 

63

 

Balance, June 30, 2021

 

 

121,226

 

 

 

146,225

 

 

 

 

12,833

 

 

 

-

 

 

 

5,416

 

 

 

(101,960

)

 

 

170

 

 

 

(96,374

)

Conversion of Convertible Preferred Stock to Common Stock

 

 

(121,226

)

 

 

(146,225

)

 

 

 

121,226

 

 

 

13

 

 

 

146,212

 

 

 

 

 

 

 

 

 

 

 

146,225

 

Reverse recapitalization, net of transaction costs

 

 

 

 

 

 

 

 

 

 

 

59,657

 

 

 

6

 

 

 

444,763

 

 

 

 

 

 

 

 

 

 

 

444,769

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,307

 

 

 

 

 

 

 

 

 

 

 

4,307

 

Redemption of warrants

 

 

 

 

 

 

 

 

 

 

 

148

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Common stock warrants issued to customers as consideration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64

 

 

 

 

 

 

 

 

 

 

 

64

 

Common stock warrants related to marketing expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

184

 

 

 

 

 

 

 

 

 

 

 

184

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,685

)

 

 

 

 

 

 

(26,685

)

Other comprehensive income