SmartRent : Fourth Quarter 2023 Earnings Presentation

Q4 2023

Earnings

Deck

MARCH 2024

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "seek," "project," "may," "should," "will," or the negative form of these expressions or similar expressions. Forward-looking statements expressed or implied in this presentation include, but are not limited to, statements regarding our stock repurchase program; Units Booked and Units Deployed; expected growth in revenue and Adjusted EBITDA; expected growth in ARR; and gross margin improvement. These statements are based on management's current beliefs, expectations assumptions about future events, conditions and results and on information currently available to us. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur.

Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, among other things, our ability to: (1) accelerate adoption of our products and services; (2) anticipate the uncertainties inherent in the development of new business lines and business strategies; (3) manage risks associated with our third-party suppliers and manufacturers and partners for our products; (4) manage risks associated with adverse macroeconomic conditions, including inflation, slower growth or recession, barriers to trade, changes to fiscal and monetary policy, tighter credit, higher interest rates, high unemployment, and currency fluctuations; (5) attract, train, and retain effective officers, key employees and directors; (6) develop, design, manufacture, and sell products and services that are differentiated from those of competitors; (7) realize the benefits expected from our acquisitions; (8) acquire or make investments in other businesses, patents, technologies, products or services to grow the business; (9) successfully pursue, defend, resolve or anticipate the outcome of pending or future litigation matters; (10) comply with laws and regulations applicable to our business, including privacy regulations; (11) realize the benefits expected from our stock repurchase program; and (12) maintain key strategic relationships with partners and distributors. The forward-looking statements herein represent the judgment of the Company, as of the date of this release, and SmartRent disclaims any intent or obligation to update forward-looking statements. This press release should be read in conjunction with the information included in the Company's other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand the Company's reported financial results and our business outlook for future periods.

The forward-looking statements herein represent the judgment of the Company as of the date of this presentation, and we disclaim any intent or obligation to update forward-looking statements, unless required by applicable law. This presentation should be reviewed in conjunction with the information included in our press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important to fully understanding our reported results and business outlook for future periods.

This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size, growth and other data about our industry and our business. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results that are determined in accordance with GAAP, SmartRent also discloses certain non-GAAP financial measures in this presentation including Adjusted EBITDA. These financial measures are not recognized measures under GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We define Adjusted EBITDA as EBITDA before the following items: stock-based compensation expense, non-employee warrant expense, non-recurring warranty provisions, asset impairment, loss on extinguishment of debt, non-recurring expenses in connection with acquisitions, severance charges, and other expenses caused by non-recurring, or unusual, events that are not indicative of our ongoing business. We define EBITDA as net income or loss computed in accordance with GAAP before interest income/expense, income tax expense and depreciation and amortization.

Adjusted EBITDA may be determined or calculated differently by other companies. A reconciliation of Adjusted EBITDA to net income or loss, the most directly comparable GAAP financial measure, has been provided in the Appendix. Adjusted EBITDA is not used as a measure of SmartRent's liquidity and should not be considered as an alternative to net income or loss or any other measure of financial performance presented in accordance with GAAP. In addition, we have not provided the forward-looking GAAP equivalents or a GAAP reconciliation for forward-looking Adjusted EBITDA in this presentation due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Accordingly, a reconciliation of Adjusted EBITDA guidance to net income or loss is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a material effect on future GAAP results.

SmartRent's management uses Adjusted EBITDA in a number of ways to assess the Company's financial and operating performance and believes that this measure provides useful information to investors regarding financial and business trends related to SmartRent's results of operations. Adjusted EBITDA is also used to identify certain expenses and make decisions designed to help SmartRent meet its current financial goals and optimize its financial performance, while neutralizing the impact of expenses included in its operating results which could otherwise mask underlying trends in its business. SmartRent's management believes that investors are provided with a more meaningful understanding of SmartRent's ongoing operating performance when non-GAAP financial information is viewed with GAAP financial information.

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Recent Highlights - Adj. EBITDA Profitable; Announcing Stock Repurchase

$0.74M 41% 43% 28%

ADJUSTED EBITDA

PROFITABLE (1)

Up from $(14.1)M in Q4 2022 and from $(5.0)M in Q3 2023

STRONG REVENUE	ARR GROWTH	TOTAL GROSS
GROWTH		MARGIN
2023 Total Revenue:	ARR:	Q4 2023 Gross Margin:
$236.8M, up 41% Y/Y	$46.2M, up 43% Y/Y	28.2%,
		up from 9.7% Q4 2022
Q4 Total Revenue:
$60.3M vs. Q4 2022 of
$40.6M, up 49%

$216M	$50M	$40M	16%
CASH as of 12/31/23	STOCK REPURCHASE	Q4 BOOKINGS	2024 REVENUE
GUIDANCE GROWTH AT
Ended Q4 2023 with	$50M Repurchase Program	41.8K Q4 Units Booked	MIDPOINT
$216M, increase of	Investing to Enhance		Revenue:
$5M from Q3 2023
	and Accelerate WiFi		$260-$290M,
No debt			Adjusted EBITDA:
			$5M - $8M

(1) See Appendix for reconciliation of net loss to EBITDA and Adjusted EBITDA for each period indicated.	3

Strong Revenue Growth and Gross Margin Expansion 2020-2023

Gross Margin Expansion

Increased 2,910 bps vs. 2020

2023 20.9%

2022 0.8%

2021 (9.1)%

2020 (8.2)%

Note: Information as of December 31, 2023. Source: SmartRent SEC filings.	4

Growing Unit Deployments 2020-2023

Total Units

Deployed

Note: Information as of December 31, 2023. Source: SmartRent SEC filings.	5

ARR Growth with Steadily Expanding Margins 2020-2023

ARR

($ Millions)

SaaS Gross Margin Expansion

Increased 4,090 bps vs 2020

2023 74.9%

2022 55.7%

2021 19.0%

2020 34.0%

Note: Information as of December 31, 2023. Source: SmartRent SEC filings.	6

Adjusted EBITDA(1) by Quarter ($ Millions) - 7 Consecutive Quarters of Improvement

Note: Information as of December 31, 2023. Source: SmartRent SEC filings.	7
(1) See Appendix for reconciliation of net loss to EBITDA and Adjusted EBITDA for each period indicated.

Q1 and Full-Year 2024 Outlook

		Q1 2024	FULL-YEAR 2024
	TOTAL REVENUE	$47M to $53M	$260M to $290M
	ADJUSTED EBITDA (1)	$(1)M to $250K	$5M to $8M

• $50M Stock Repurchase Program
• Investing in Community WiFi Solution

(1) See Appendix for definition.	8

Appendix

TTM Consolidated Balance Sheet

(Unaudited, $ in thousands, except per share amounts)

Note: Information as of December 31, 2023. Source: SmartRent SEC filings.	10