SmartRent, Inc.

Listed Company

SMRTCIK 0001837014NYSEEmerging GrowthServices-Computer Integrated Systems DesignDelawareFY ends Dec 31

Period

FY 2025

Revenue

$152.33M

Net Income

$-60.56M

Total Assets

$320.93M

Equity

$232.14M

Shares Out

192.22M

Op. Cash Flow

$-21.57M

Business

SmartRent, Inc. is an enterprise real estate technology company that provides a comprehensive smart home operating platform for property owners, managers and residents. The company offers cloud-based SaaS applications, connected Hub Devices, in‑rental and common‑area hardware (locks, thermostats, sensors, WiFi, cameras), installation and professional services. Its offerings are organized into Smart Communities solutions (smart apartments, access control, self‑guided tours, package and parking management, community WiFi) and Smart Operations solutions (work management, answer automation, audit and inspection management). SmartRent primarily serves U.S. multifamily and single‑family rental owners, homebuilders and iBuyers through a direct sales force and digital channels.

Summary from filing dated 2025-03-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	152	175	237	168	111
Total cost of revenue	102	115	187	166	121
Research and development	26	29	29	29	22
Sales and marketing	19	18	19	21	14
General and administrative	43	54	45	55	26
Total operating expense	89	102	93	106	62
Impairment charge	25	—	—	—	—
Loss from operations	−64	−42	−43	−104	−72
Interest income	4	9	9	—	—
Interest expense	−378,000	−400,000	−397,000	—	—
Other (expense) income, net	−462,000	154,000	−116,000	595,000	55,000
Loss before income taxes	−61	−33	−35	−102	−72
Income tax expense (benefit)	41,000	267,000	−108,000	−5	115,000
Net loss	−61	−34	−35	−96	−72
Foreign currency translation adjustment	461,000	118,000	−40,000	−185,000	−226,000
Comprehensive loss	−60	−34	−35	−97	−72
Net loss per common share basic	−0.32	−0.17	−0.17	−0.49	−0.96
Net loss per common share diluted	−0.32	−0.17	−0.17	−0.49	−0.96
Weighted-average number of shares used in computing net loss per share basic	190	199	201	196	75
Weighted-average number of shares used in computing net loss per share diluted	190	199	201	196	75

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	105	142	215	210	431
Restricted cash, current portion	—	—	495,000	7	1
Accounts receivable, net	47	59	62	62	45
Inventory	27	35	42	76	33
Deferred cost of revenue, current portion	3	9	12	14	8
Prepaid expenses and other current assets	6	12	9	9	17
Total current assets	188	258	340	378	536
Property and equipment, net	5	2	1	2	2
Deferred cost of revenue	121,000	3	11	23	18
Goodwill	92	117	117	117	13
Intangible assets, net	20	23	27	31	4
Other long-term assets	16	16	12	10	7
Total assets	321	420	510	561	580
Accounts payable	13	9	15	18	6
Accrued expenses and other current liabilities	14	27	25	34	22
Deferred revenue, current portion	33	35	77	80	42
Total current liabilities	60	71	117	133	71
Deferred revenue	23	53	46	60	53
Other long-term liabilities	6	7	4	4	6
Total liabilities	89	131	167	197	130
Commitments and contingencies (Note 12)	—	—	—	—	—
Convertible preferred stock, $0.0001 par value; 50,000 shares authorized as of December 31, 2025 and December 31, 2024; no shares of preferred stock issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	—	—
Class A common stock, $0.0001 par value; 500,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 189,677 and 192,049 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	19,000	19,000	20,000	20,000	19,000
Additional paid-in capital	645	637	628	615	604
Accumulated deficit	−413	−348	−286	−251	−155
Accumulated other comprehensive loss	363,000	−98,000	−216,000	−176,000	9,000
Total stockholders' equity	232	289	342	364	450
Total liabilities, convertible preferred stock and stockholders' equity	321	420	510	561	580

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−61	−34	−35	−96	−72
Depreciation and amortization	8	6	6	4	463,000
Impairment of investment in non-affiliate	—	2	—	—	—
Goodwill impairment	25	0	—	—	—
Non-employee warrant expense	—	—	−193,000	289,000	931,000
(Recovery of) provision for warranty expense	−663,000	−1	2	—	—
Non-cash lease expense	999,000	1	1	1	—
Stock-based compensation related to acquisition	—	—	109,000	811,000	812,000
Stock-based compensation	9	12	13	13	7
Compensation expense related to acquisition	—	—	2	5	—
Change in fair value of earnout related to acquisition	−294,000	−960,000	412,000	310,000	—
Non-cash interest expense	138,000	146,000	139,000	107,000	11,000
Provision for excess and obsolete inventory	4	3	2	117,000	−39,000
(Recovery of) Provision for expected credit losses	−666,000	1	819,000	—	—
"Non-cash legal expense (Note 12 ""Commitments and Contingencies"")"	—	5	—	—	—
Accounts receivable	13	1	−177,000	−16	−24
Inventory	4	−1	32	−43	−16
Deferred cost of revenue	9	11	13	−10	−9
Prepaid expenses and other assets	7	5	838,000	6	−11
Accounts payable	4	−6	−3	12	4
Accrued expenses and other liabilities	−11	−658,000	−11	3	2
Deferred revenue	−32	−35	−17	44	39
Lease liabilities	−592,000	−1	−1	−1	−449,000
Net cash (used in) provided by operating activities	−22	−33	6	−78	−70
Payments for investment in non-affiliate	—	—	−2	—	—
Purchase of property and equipment	−4	−2	−147,000	−1	−1
Capitalized software costs	−5	−6	−4	−3	0
Net cash used in investing activities	−9	−8	−6	−134	−9
Payments for repurchases of Class A common stock	−5	−29	—	—	—
Proceeds from options exercise	—	−1	913,000	186,000	—
Proceeds from ESPP purchases	285,000	586,000	809,000	1	—
Taxes paid related to net share settlements of stock-based compensation awards	−1	−2	−2	−4	—
Payment of earnout related to acquisition	−1	−2	−2	—	—
Net cash used in financing activities	−7	−33	−2	−3	474
Effect of exchange rate changes on cash and cash equivalents	−288,000	247,000	−57,000	−264,000	−191,000
Net decrease in cash, cash equivalents, and restricted cash	−38	−73	−2	−215	394
Interest paid	203,000	259,000	97,000	146,000	254,000
Cash paid for income taxes	402,000	236,000	78,000	197,000	14,000
"Right-of-use (""ROU"") assets obtained in exchange for new lease liabilities"	0	6	0	3	—
Accrued property and equipment at period end	24,000	136,000	9,000	110,000	25,000
Stock repurchases excise tax charged to equity	3,000	127,000	—	—	—

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