10-K · March 4, 2026
SmartRent positions itself as a category leader in enterprise smart-home and property operations software/hardware with an open-architecture, hardware-agnostic platform and a broad product roadmap across Smart…
Earnings analysis · 10-Q
SMRT earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
SmartRent, Inc. reported Q1 2026 results with total revenue of $38.7 million, down 6% year-over-year, while the EPS loss improved to -$0.02 from -$0.21 from the prior year. The company also posted a positive adjusted…
Read full summary
SmartRent, Inc. reported Q1 2026 results with total revenue of $38.7 million, down 6% year-over-year, while the EPS loss improved to -$0.02 from -$0.21 from the prior year. The company also posted a positive adjusted EBITDA for the second consecutive quarter, driven by improved operational efficiency despite challenges including a decrease in hardware sales. Management highlights a commitment to expanding their market reach and addressing supply chain improvements as potential growth drivers.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.02
What stood out
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Total Revenue Improvement
Quarterly revenue reached $38.7 million, beating estimates of $36.8 million despite a 6% decline year-over-year.
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Significant EPS Recovery
EPS loss narrowed to -$0.02 from -$0.21 a year prior, showing marked improvement.
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Positive Adjusted EBITDA
Achieved a positive adjusted EBITDA of $0.4 million, indicating improved cost management.
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Increase in New Units Deployed
New Units Deployed increased by 14% to 20,662 units in Q1 2026 compared to 18,114 in Q1 2025.
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Revenue Growth in Professional Services
Professional services revenue surged by 55% to $6 million, reflecting increased New Units Deployed.
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Improved Operating Expenses Management
Total operating expenses decreased by 32% to $20.2 million, mainly due to reduced legal fees.
What to watch
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Decrease in Hardware Revenue
Hardware revenue fell by 18% to $15.4 million, impacted by a 23% decline in Units Shipped.
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Softness in Units Booked
Units Booked decreased by 9% year-over-year, reflecting slower sales rep productivity and delayed contract renewals.
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Ongoing Cash Utilization Concerns
Operating activities continued to consume cash, with net cash used in operations of $4.5 million.
Management's outlook
No updated guidance provided in the earnings report.
Earlier filings 4
10-Q · November 5, 2025
Q3 2025 revenue of $36.202M declined versus both prior quarter and prior year, while operating losses narrowed and EPS improved to $(0.03). Professional services was the only material growth area; hardware revenue fell…
10-Q · August 6, 2025
SmartRent reported Q2 revenue of $38.308M (down from $48.518M in Q2 2024) and a net loss of $10.860M (EPS -$0.06). Hosted services revenue grew modestly to $18.838M while hardware and professional services declined;…
10-Q · May 7, 2025
SmartRent reported Q1 2025 revenue of $41,344,000 versus $50,489,000 in Q1 2024, a year-over-year decline with gross margin of 32.8%. Operating results were heavily impacted by a $24,929,000 goodwill impairment,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.