bearish
SMRT - Accounting vs. Reality
SUMMARY
- SmartRent’s 2Q was a bit of a head-scratcher. The significant growth in sales from 1Q didn’t carryover into 2Q, with top-line decelerating from ~74% YoY in Q1 to 26% YoY in 2Q.
- Trends of key KPIs suggest deterioration in the underlying business is continuing and in fact worsening, as we have seen from industry peers recently.
- The exact cause of such is unclear given management’s hesitance to provide clear commentary.
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