SMRT earnings analysis
What we found in SMRT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Total Revenue Improvement
- Quarterly revenue reached $38.7 million, beating estimates of $36.8 million despite a 6% decline year-over-year.
- Significant EPS Recovery
- EPS loss narrowed to -$0.02 from -$0.21 a year prior, showing marked improvement.
- Positive Adjusted EBITDA
- Achieved a positive adjusted EBITDA of $0.4 million, indicating improved cost management.
- 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.
- Revenue Growth in Professional Services
- Professional services revenue surged by 55% to $6 million, reflecting increased New Units Deployed.
- Improved Operating Expenses Management
- Total operating expenses decreased by 32% to $20.2 million, mainly due to reduced legal fees.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decrease in Hardware Revenue
- Hardware revenue fell by 18% to $15.4 million, impacted by a 23% decline in Units Shipped.
- Softness in Units Booked
- Units Booked decreased by 9% year-over-year, reflecting slower sales rep productivity and delayed contract renewals.
- Ongoing Cash Utilization Concerns
- Operating activities continued to consume cash, with net cash used in operations of $4.5 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.02
- Segment
- Hardware: $15.4M
- Segment
- Professional Services: $6M
- Segment
- Hosted Services: $17.3M
What they said about what is next.
No updated guidance provided in the earnings report.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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