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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