SmartRent and Latch Financials Compared

********, ********* *** ***** ****** *** billion ******* **** **** ** ******* the *********** ****** ******* ******. *** year *****, *** ***** ****** *** both ********* **** ****** **** **** 60%, *** *********'* ********* ******* *** generally ******** ** *****'*.

** **** ****, **** ******** ********* and *****'* ********* ***********, ******** ******, and ******* ********** ***** ** ***** SEC ******* *** *********'* **** ****** earnings ****.

Adoption ******* **********

********* *** ************ ***** ** ***** units ********, ***** *** ***** *****, ARR, *** **** ***, *** **** trailed ******** ** ******* ******* *** unit.

********* ********* ***** ***** ****** ** units ** *** **** *******.

** *** **** **** ***,*** ***** units ******** ** *** ********, ** 108% **** *** ***** ******* ** 2021. *** *** ********* *** ** control *.* ******* *****, * **% increase **** * **** *** *** our ***,*** ********* ***** *** ** 26% ****-****-****.

*** *******'* ****** ****** ** ******* units *** *** ****** **** ** adding *** ***** ******** ********* ** grow *** ******* *********** **** ** Latch.

SaaS ******* *** *******

*****'* ******** ******* ** ** **** was $** *** *** **** ** sale *** $*.* *******, *** * margin ** **%. *********'* ******** ******* in ** **** *** $*.** *** its **** ** **** *** $*.**, for * ****** ** **%.

*** ****** ******** ****** *** *** first ******* *** **% ********* ****-****-**** and ** * ********** ******* ***** driven ********* ** *** ********* ************ of **** ******* **** *** ***** and ********* ************. ** ****** ******* improvement ** *** **** ****** *** the ********* ** **** ** ***** units ******** **** *** ** *** pricing ***** **** *** ******** *** deployments *** *** ********* ** ****.

***** *********'* ******** ******* *** ************* higher **** *****'*, *********'* **** ** sales **** ****************** ******. **** ********* are ********* ** **** *** ****** of ***** *** ******** ***** *************, so **** ******* *** ******* ****** greatly.

*** $* ********** ** *** *** companies' ******* ******** ******* *** ****** significant ** ***** *******.

********* **** **** ** * ***** call **** *** ***** ******** ***** margins ** ** **** **** **** "a ******** ** ******** ***," ****** a *** **** ** * *** of ***,*** ********* ***** ******* ** MAA. *** ******* **** **** **** it ******* *** **** ******* ** grow ** $*** **** *** **** three ******** ********* *** ****** *********** of *********.

***** ******** ***** ******* *** *** main ******* *** *********'* ******** ******** to *****. ** ********* ****** ************* increase *** ******** *****, *** ******* will **** * ****-**** ************* ****.

Comparing ******** *********

*********'* *** ** ************* ****** **** Latch's, ** **** *** **** ***** on ********, *** *** *********** ******** are ************* *****, ** *** ******* below ***********. *****'* $*.** ** *** is **** **** **** **** ** SmartRent's $**.**.

Hardware ******* *** *******

** ******, ***** **** *** ******** at * **** ** -**%, **** $33.1m ******** **** ******** *** $**.** cost, ***** ********* **** *** ******** essentially **-****, **** ******* *** ***** both **** $***. *****'* $*** **** in ******** ***** *** * *********** barrier ** ******.

3x **** ******** ** ***** *** *********

***** *** ********* ***** **** **** than ** ****** *** ***** **** for ********* ** ** ****, $**.** compared ** $*.**. ***** ****** ************ on ***** *** ********* *** * major **** ** *****'* *********** ********. And ** ***** ** *********'* ***** spending ** ***** *** *********, *** company *** ***** *** ****** ** ARR *** **** **** ***** *** amount ** *** ***** ********. **** higher ***** ** ******** *** ***** volume ** ******** **** **** ********* conducts ***** **** *********** **** *****. Unless ***** *** ******* **** *******, SmartRent **** ******** ** **** **** advantage.

Professional ********

**** ********* *** ****** ***** ** installation, *** ********* ** ****** * lot ** ***** ** ************, * loss ** ************* -***%, **** ******** of $*.** *** ***** ** $**.**.

********* ********* ** ****, ****** ** a ***** **** **** ***** *** company **** **** * **** ** installers, ** **** ******* **** ***** general *********** ****** *************. *** ******* said ** *** ***** ************ ********* and **** ** ******* ** ****** its ******* *** ********** ************ *****.

Companies' ***********

********* ******** *** ** **********, ******* and ***** **** ** ****. ***** operates **** *** **** **** *** dates **** ** ****. ********* ******** ************** ** * *-***** ********* *** real ****** ********* ****** ******** *********. Latch ******* ****************** ** *** **** ******-******* ******** and *** ***** ****** **-******** ***** with ********* ********. **. ******** **** ***** ** October ** **** ** **** ** startups ********* ** **** ****** *** returned ** ***** ** *** ** August ****.

************, ********* *** ***** *** *******. Latch *** ************* **% **** ********* than *********, *** ******** **** ***, according ** ******** ********. *** ** both *********, **% ** ********* *** in *********** ***** *** **% ** employees *** ** ***** *****.

* *********** ******* (***) ** *********'* employees *** ***** ** *******, *******, while * *********** ******* (***) ** Latch's ********* *** ***** ** *** York ****. **** ****** ***** ** a ***** ** **** *********, **** SmartRent ********* ******* **** ********** **** expensive *.*. ****** *** ***** ********* working **** ****** ********* *** *********, Boston, *** *** *******.

*******

**** ********* *** ********* ** * loss *** ****** * *********** ****** of *****. *******, *********'* ********* ** securing **** *** ********* ***** ***** marketing *** *********** ***** ****** ******** the ******* **** ***** ** **** its ****** *****.