SmartRent (NYSE:SMRT) shares gained more than 14% on Friday following the company’s reported Q3 results, with revenue coming in at $47.5 million, compared to the Street estimate of $43.42 million. EPS was ($0.13), compared to the Street estimate of ($0.11).
The upside was driven primarily by a slight improvement in the supply chain, although backlog remains elevated and only came down slightly from a quarter ago. On the demand side, management remains confident that customers are focusing on operational improvement and cost savings, which are key value propositions of the company’s products and services.
The company expects Q4/2022 revenue in the range of $38-53 million, compared to the Street estimate of $46.09 million. For the full 2022 year, the company expects revenue to be in the range of $165-180 million, compared to the Street estimate of $168.93 million.