SmartRent, Inc. Revenue Disclosure
NOTE 4. REVENUE AND DEFERRED REVENUE
Disaggregation of Revenue
In the following tables, revenue is disaggregated by primary geographical market, type of revenue, and SmartRent Solution.
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
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Revenue by geography |
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United States |
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$ |
152,165 |
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$ |
173,207 |
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$ |
235,553 |
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International |
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161 |
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1,678 |
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1,285 |
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Total revenue |
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$ |
152,326 |
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$ |
174,885 |
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$ |
236,838 |
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
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Revenue by type |
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Hardware |
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$ |
57,973 |
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$ |
82,844 |
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$ |
137,201 |
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Professional services |
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21,133 |
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$ |
18,803 |
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35,473 |
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Hosted services |
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73,220 |
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$ |
73,238 |
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64,164 |
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Total revenue |
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$ |
152,326 |
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$ |
174,885 |
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$ |
236,838 |
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
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(dollars in thousands) |
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SmartRent Solutions |
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Hardware |
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Professional |
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Hosted Services |
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Total 2025 |
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Hardware |
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Professional Services |
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Hosted Services |
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Total 2024 |
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Hardware |
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Professional Services |
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Hosted Services |
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Total 2023 |
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Smart Communities Solutions |
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Smart Apartments |
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$ |
52,833 |
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$ |
18,207 |
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$ |
56,473 |
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$ |
127,513 |
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$ |
74,754 |
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$ |
13,095 |
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$ |
57,335 |
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$ |
145,184 |
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$ |
130,894 |
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$ |
30,546 |
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$ |
49,696 |
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$ |
211,135 |
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Access Control |
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3,485 |
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1,685 |
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2,267 |
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7,437 |
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3,791 |
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2,378 |
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1,722 |
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7,891 |
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3,607 |
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3,527 |
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912 |
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8,047 |
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Community WiFi |
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71 |
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451 |
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770 |
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1,292 |
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287 |
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1,041 |
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701 |
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2,029 |
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395 |
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996 |
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688 |
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2,078 |
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Other |
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1,584 |
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790 |
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3,051 |
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5,425 |
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4,012 |
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2,289 |
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2,100 |
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8,401 |
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2,305 |
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404 |
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1,534 |
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4,243 |
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Smart Operations Solutions |
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- |
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- |
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10,659 |
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10,659 |
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- |
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- |
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11,380 |
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11,380 |
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- |
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- |
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11,334 |
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11,334 |
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Total Revenue |
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$ |
57,973 |
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$ |
21,133 |
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$ |
73,220 |
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$ |
152,326 |
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$ |
82,844 |
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$ |
18,803 |
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$ |
73,238 |
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$ |
174,885 |
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$ |
137,201 |
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$ |
35,473 |
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$ |
64,164 |
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236,838 |
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Remaining Performance Obligations
Advance payments received from customers are recorded as deferred revenue and are recognized upon the completion of related performance obligations over the period of service. Advance payments for non-distinct Hub Devices were recorded as deferred revenue and recognized over their average in-service life. Advance payments received from customers for subscription services are recorded as deferred revenue and recognized over the term of the subscription. A summary of the change in deferred revenue is as follows.
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For the years ended December 31, |
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2025 |
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2024 |
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Deferred revenue balance as of January 1 |
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$ |
87,659 |
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$ |
123,160 |
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Revenue recognized from balance of deferred revenue |
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(42,631 |
) |
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(54,624 |
) |
Revenue deferred during the period |
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17,014 |
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32,862 |
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Revenue recognized from revenue originated |
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(6,108 |
) |
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(13,739 |
) |
Deferred revenue balance as of December 31 |
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$ |
55,934 |
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$ |
87,659 |
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As of December 31, 2025, the Company expects to recognize 61% of its total deferred revenue within the next 12 months, 19% of its total deferred revenue between , 17% between , and the remainder is expected to be recognized . Contracts may contain termination for convenience provisions that allow the Company, customer, or both parties the ability to terminate for convenience, either at any time or upon providing a specified notice period, without a substantive termination penalty. Included in deferred revenue as of December 31, 2025 and 2024 are $11,783 and $15,155, respectively, of prepaid fees related to contracts with termination for convenience provisions which are refundable at the request of the customer. Based on the Company's historical experience, customers do not typically exercise their termination for convenience rights. Deferred cost of revenue includes all direct costs included in cost of revenue that have been deferred to future periods.
Historical Timeline
| Fiscal Year | Filed | |
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| 2025 | Mar 4, 2026 | Showing above |
| 2024 | Mar 5, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Mar 8, 2023 | |
| 2021 | Mar 25, 2022 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.