ALARM.COM has reported Q2 growth in hardware sales through security cameras, thermostats and system enhancement modules. The company reported hardware and other revenues in the quarter was $US33.5 million, compared to $27.1 million for Q2, 2017.
SaaS and license revenue in the quarter increased 20.4 per cent from the same period last year to $71 million. This includes Connect software license revenue of approximately $10.2 million for the second quarter compared to $8.5 million for the same period the prior year.
“Our SaaS and license revenue visibility remains high with a revenue renewal rate of 94 per cent in the second quarter, at the high end of our historical range of 92 per cent to 94 per cent,” Alarm.com CFO Steve Valenzuela told investors recently.
“Q2 is typically our strongest quarter for hardware sales going into the summer selling season,” Valenzuela said.
Total revenue of $104.5 million for the second quarter increased 21.5 per cent from Q2, 2017.