Alarm.com (Nasdaq: ALRM) narrowly managed to earn itself a 2.1% revenue increase for Q1 2023 after multiple quarters of double-digit gains. Totals for the quarter topped out at $209.7 million compared to $205.4 million last year.
“We’re pleased to report solid first quarter results and continued momentum across the business to start the new year,” said Steve Trundle, CEO of Alarm.com, based in Tysons, Va.
“Many of the markets we serve performed well and aggregate performance was better than expected. As we continue to grow our diversified business, we also executed on a set of cost reduction initiatives to enhance company efficiency.”
More impressive were the revenues for the company’s bread-and-butter income source of Software as a Service (SaaS). Alarm.com’s SaaS and license revenue increase 9.9% to $135.4 million compared to $123.2 million last year. EBITDA increased to $30.6 million, compared to $29.9 million for the first quarter of 2022.
With that in mind, the company stated it expected to have its SaaS and license revenue e in the range of $137.2 million to $137.4 million for Q2. For the full year of 2023, SaaS and license revenue is expected to be in the range of $555.9 million to $556.5 million.
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Alarm.Com 2023 Q1 Highlights
The company had a lot to celebrate for Q1, with much development occurring in the campus security sphere. Among the developments made throughout the quarter, the company highlighted in particular:
- The launch of a new software solution from OpenEye that integrates environmental sensors to trigger alerts and video based on events of interest, including new Vaping Alerts for school settings.
- OpenEye’s launch of Sales Connect, which combines point-of-sale (POS) system data with video and is designed to enable OpenEye’s integrator partners to deliver a more robust solution for significant verticals such as retail, grocery and quick-serve restaurants.
- Alarm.com’s recent acquisition of EBS, a leader in universal smart communicator devices particularly for the international markets. When fully integrated with the Alarm.com platform, EBS communicators are expected to enable Alarm.com’s services to work with a wide range of legacy security control panels commonly deployed in international markets.
- Shooter Detection Systems’s (SDS) integration with Alarm.com for Business, which will allow integrators to offer SDS indoor gunshot detection as a SaaS solution for commercial properties. SDS dual-factor sensors instantly detect indoor gunshots with high accuracy.
Another version of this article originally appeared on our sister site Security Sales & Integration 05.11.23. It has since bee updated for CE Pro audiences.
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