SCOTTSDALE, AZ — SmartRent initiated a ‘significant restructuring’ of its sales team as the Scottsdale real estate tech firm pivots its business model to position itself as a software-as-a-service company.
SmartRent on March 5 reported its fourth quarter financial results, which fell short of Wall Street expectations. The company generated $35.4 million in revenue during the fourth quarter, a 41.3% drop from the prior year quarter that was primarily driven by fewer shipped units and lack of success in its channel partner program. Wall Street analysts had expected revenue of $39.3 million.
“I want to emphasize that 2024 has been a challenging — but I believe — pivotal year for our company as we execute on our strategic transformation,” Shane Paladin, SmartRent CEO, said on the company's March 5 earnings call. “While we face some challenges, we've also made substantial progress in our strategic initiatives.”
