SMRT News & Events

SmartRent announced the promotion of Pankaj Bansi to Chief Operating Officer. Bansi, who joined SmartRent in October 2025 as Chief Transformation Officer, will now oversee operations, field services, supply chain and analytics, while continuing to lead and accelerate the Company's AI-focused enterprise transformation strategy. "Pankaj has been a driving force behind our strategic evolution since joining the team," said Frank Martell, President and CEO of SmartRent. "His promotion to Chief Operating Officer is a natural progression that recognizes his success in driving increasing levels of operating leverage, including contributing to a 630-basis point year-over-year expansion in gross margins. I am particularly energized by our future trajectory. Pankaj is architecting an operational framework powered by artificial intelligence, designed to facilitate accelerated decision-making and automated workflows. As we march toward the milestone of one million installed IoT units, this sophisticated infrastructure will serve as the primary engine for our long-term objectives."

Chief Financial Officer Daryl Stemm added, "Adjusted EBITDA was approximately $0.4 million, positive for the second consecutive quarter, and total gross margin expanded approximately 630 basis points year-over-year to 39.1%, primarily reflecting growth of ARR and the benefits of our ongoing cost productivity program. Our SaaS gross margin expanded to 74.5%, reflecting the operating leverage building within our recurring revenue model. We ended the first quarter with $99 million in cash, no debt and an undrawn $75 million credit facility. Despite a challenging market and macroeconomic environment, we remain confident in delivering Adjusted EBITDA profitability and positive cash flow on a full-year basis."

Reports Q1 revenue $38.7M vs. $41.3M last year. "SmartRent delivered a strong first quarter building off the momentum of the second half of 2025. We significantly reduced our net loss and delivered our second straight quarter of positive Adjusted EBITDA, fueled by efficiency gains and higher levels of recurring revenue. The first quarter of 2026 represents the third straight quarter of delivering on our commitments to our stakeholders," commented Frank Martell, President and Chief Executive Officer of SmartRent. Martell added, "With over 600 property owners and operators utilizing SmartRent's industry leading platform and solutions, we are uniquely positioned to continue to expand our footprint and deliver strong ROI to our current and prospective customers. Over the next three quarters, we will remain laser focused on investing in our go-to-market organization as well as our technology platform and product solutions. Specifically, we are expanding our sales team, deepening account planning for key and targeted accounts, proactively renegotiating customer contracts that were designed for the Company's early-stage years and expanding our ability to address the small to medium segment of the rental housing market with our recently announced Value Added Reseller program."