Alarm.com Reports 23 per Cent Growth Through 2020
Alarm.com said Q4 net income was $US16 million, while total quarterly revenue rose 18 per cent to $165.6 million, up 17 per cent year on year, with total revenue of 165.6 million for the fourth quarter, up 17.9 per cent from Q4 2019, while total 2020 revenue grew 23 per cent to $618 million.
Q4 SaaS and license revenue increased 17 per cent to $105.5 million, compared to $90.1 million. Gross revenue increased 18 per cent to $165.6 million, compared to $140.5 million in the prior year.
For the 2020 year, SaaS and licensed revenue of $393.3 million grew 16.6 per cent over 2019. Hardware and other revenue in the fourth quarter was $60.1 million, up 19.2 per cent over Q4 2019. The increase in hardware revenue was primarily attributed to an increase in sales over video cameras.
New functionalities introduced in 2020 included the Smart Water Valve + Meter, Connected Car, Flex IO, the Alarm.com Touchless Video Doorbell and OpenEye’s SaaS. Alarm.com is projecting SaaS and license revenue to be between $440.5 million to $441.5 million for 2021.
Alarm.com ended now has more than 10,000 service provider partners which sell and service the company’s technology in more than 7.6 million customer properties in over 40 countries. The company’s security-oriented IoT platform is sold into four market segments: residential, multifamily, small business and enterprise commercial.