SmartRent Q1 Revenue at $38.7M, Down from $41.3M Last Year
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 06 2026
0mins
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."
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Analyst Views on SMRT
Wall Street analysts forecast SMRT stock price to rise
2 Analyst Rating
0 Buy
2 Hold
0 Sell
Hold
Current: 1.070
Low
1.70
Averages
1.73
High
1.75
Current: 1.070
Low
1.70
Averages
1.73
High
1.75
About SMRT
SmartRent, Inc. is a provider of smart community solutions and smart operations solutions to the rental housing industry. The Company's end-to-end ecosystem powers smarter living and working in rental housing by automating operations, protecting assets, reducing energy consumption and more. Through a Hub Device, it enables the integration of its platform with third-party smart devices, its own hardware devices and other technology interfaces. It uses an open-architecture, brand-agnostic approach that allows owners, operators, and residents to manage their smart home systems through a single connected interface. Its smart community solutions include software and devices that power smart apartments and homes, access control for buildings, common areas, and rental units, community and resident Wi-Fi and others. Its smart operations solutions include work order management, the automation of leasing and resident call handling, audit management and the automation of the inspection process.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
SmartRent Launches Virtual Intercom System
- Significant Cost Savings: SmartRent's new Virtual Intercom system replaces traditional hardware with QR codes, expected to reduce hardware and installation costs by up to 85%, making visitor management more affordable for multi-building communities.
- Rapid Deployment Capability: The system requires no complex wiring or electrical installation, enabling quick deployment, allowing property operators to modernize visitor management in a short time and enhance the experience for residents and guests.
- Deep Integration Management: The Virtual Intercom system is deeply integrated with top property management software, ensuring smooth implementation and real-time access control, further enhancing efficiency and security in property management.
- Market Promotion Activity: SmartRent will showcase the system at the National Apartment Association conference from June 17-19, providing on-site experiences aimed at attracting more property operators to this innovative solution.
See More
SmartRent Launches Climate Protection Mode to Safeguard Assets
- Innovative Feature Launch: SmartRent has introduced its first-of-its-kind Climate Protection Mode, integrated into the Alloy SmartHome Hub+ and Alloy Fusion thermostats, aimed at proactively defending against major causes of property damage such as water, mold, and moisture.
- Market Demand Response: This technology addresses the need for property protection under extreme environmental conditions, marking SmartRent's leadership in smart community and operations solutions, and is expected to enhance customer satisfaction and market competitiveness.
- Asset Protection Mechanism: By engaging preset thresholds, this feature automatically activates during extreme temperature events, ensuring the safety of rental properties and thereby reducing potential repair costs and risks of property loss.
- Enhanced Industry Influence: This innovation not only increases the value of SmartRent's product portfolio but may also attract more investor attention, further driving the company's market share in the rental housing sector.
See More
SmartRent Q1 Performance Analysis
- Revenue Performance: SmartRent reported Q1 revenue of $38.68 million, exceeding analyst expectations of $38.15 million, although reflecting a 6.4% year-on-year decline, indicating ongoing market pressures and challenges.
- Adjusted EPS: The adjusted earnings per share was -$0.02, missing the analyst estimate of -$0.01, highlighting persistent difficulties in the company's profitability.
- Annual Recurring Revenue: The annual recurring revenue stood at $60.9 million, falling short of the $62.97 million expected by analysts, despite an 8.9% year-on-year growth, showcasing the impact of cautious customer spending.
- Sales Team Expansion Plans: Management aims to double the sales team and onboard up to ten VAR partners to enhance bookings over the next four quarters, reflecting a positive outlook for future growth.
See More
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- Executive Appointment: SmartRent announced the promotion of Pankaj Bansi to Chief Operating Officer, overseeing operations, field services, supply chain, and analytics, further driving the company's AI-focused enterprise transformation strategy.
- Strategic Goals: Since joining SmartRent in October 2025 as Chief Transformation Officer, Bansi has played a crucial role in advancing the company's transformation, expected to accelerate the achievement of long-term growth objectives.
- IoT Expansion Plans: SmartRent aims to reach 1 million IoT units by the first half of 2027, demonstrating its ambition in the smart home market and aiming to enhance market share.
- Financial Outlook: The company targets double-digit installed base growth through 2028 while expecting full-year adjusted EBITDA and free cash flow positivity, reflecting its robust financial strategy and growth potential.
See More
SmartRent, Inc. (SMRT) Q1 2026 Earnings Call Insights
- Revenue Growth: SmartRent reported total revenue of $38.7 million in Q1 2026, reflecting a 9% year-over-year increase, with SaaS revenue at $15.2 million and hardware revenue at $15.4 million, indicating the company's strategic focus on expanding its IoT market presence and revenue diversification.
- IoT Deployment: The company has deployed IoT units in over 911,000 rental units across the U.S., with expectations to surpass 1 million installations by the first half of 2027, which not only enhances market share but also strengthens customer loyalty and future revenue potential.
- Profitability Outlook: Despite current market headwinds, management reiterated their commitment to achieving positive adjusted EBITDA for the full year, with Q1's seasonal cash flow usage not reflective of annual results, demonstrating confidence in the company's financial health moving forward.
- Sales Team Expansion: SmartRent plans to increase its sales team by 25% over the next three months and add VAR partners, aiming to enhance market penetration and sales capacity to address current market conditions and evolving customer demands.
See More
SmartRent SMRT Q1 2026 Earnings Call Transcript
See More
SmartRent Launches Virtual Intercom System
- Significant Cost Savings: SmartRent's new Virtual Intercom system replaces traditional hardware with QR codes, expected to reduce hardware and installation costs by up to 85%, making visitor management more affordable for multi-building communities.
- Rapid Deployment Capability: The system requires no complex wiring or electrical installation, enabling quick deployment, allowing property operators to modernize visitor management in a short time and enhance the experience for residents and guests.
- Deep Integration Management: The Virtual Intercom system is deeply integrated with top property management software, ensuring smooth implementation and real-time access control, further enhancing efficiency and security in property management.
- Market Promotion Activity: SmartRent will showcase the system at the National Apartment Association conference from June 17-19, providing on-site experiences aimed at attracting more property operators to this innovative solution.
See More
SmartRent Launches Climate Protection Mode to Safeguard Assets
- Innovative Feature Launch: SmartRent has introduced its first-of-its-kind Climate Protection Mode, integrated into the Alloy SmartHome Hub+ and Alloy Fusion thermostats, aimed at proactively defending against major causes of property damage such as water, mold, and moisture.
- Market Demand Response: This technology addresses the need for property protection under extreme environmental conditions, marking SmartRent's leadership in smart community and operations solutions, and is expected to enhance customer satisfaction and market competitiveness.
- Asset Protection Mechanism: By engaging preset thresholds, this feature automatically activates during extreme temperature events, ensuring the safety of rental properties and thereby reducing potential repair costs and risks of property loss.
- Enhanced Industry Influence: This innovation not only increases the value of SmartRent's product portfolio but may also attract more investor attention, further driving the company's market share in the rental housing sector.
See More
SmartRent Q1 Performance Analysis
- Revenue Performance: SmartRent reported Q1 revenue of $38.68 million, exceeding analyst expectations of $38.15 million, although reflecting a 6.4% year-on-year decline, indicating ongoing market pressures and challenges.
- Adjusted EPS: The adjusted earnings per share was -$0.02, missing the analyst estimate of -$0.01, highlighting persistent difficulties in the company's profitability.
- Annual Recurring Revenue: The annual recurring revenue stood at $60.9 million, falling short of the $62.97 million expected by analysts, despite an 8.9% year-on-year growth, showcasing the impact of cautious customer spending.
- Sales Team Expansion Plans: Management aims to double the sales team and onboard up to ten VAR partners to enhance bookings over the next four quarters, reflecting a positive outlook for future growth.
See More
SmartRent Appoints New COO to Drive Operations
- Executive Appointment: SmartRent announced the promotion of Pankaj Bansi to Chief Operating Officer, overseeing operations, field services, supply chain, and analytics, further driving the company's AI-focused enterprise transformation strategy.
- Strategic Goals: Since joining SmartRent in October 2025 as Chief Transformation Officer, Bansi has played a crucial role in advancing the company's transformation, expected to accelerate the achievement of long-term growth objectives.
- IoT Expansion Plans: SmartRent aims to reach 1 million IoT units by the first half of 2027, demonstrating its ambition in the smart home market and aiming to enhance market share.
- Financial Outlook: The company targets double-digit installed base growth through 2028 while expecting full-year adjusted EBITDA and free cash flow positivity, reflecting its robust financial strategy and growth potential.
See More
SmartRent, Inc. (SMRT) Q1 2026 Earnings Call Insights
- Revenue Growth: SmartRent reported total revenue of $38.7 million in Q1 2026, reflecting a 9% year-over-year increase, with SaaS revenue at $15.2 million and hardware revenue at $15.4 million, indicating the company's strategic focus on expanding its IoT market presence and revenue diversification.
- IoT Deployment: The company has deployed IoT units in over 911,000 rental units across the U.S., with expectations to surpass 1 million installations by the first half of 2027, which not only enhances market share but also strengthens customer loyalty and future revenue potential.
- Profitability Outlook: Despite current market headwinds, management reiterated their commitment to achieving positive adjusted EBITDA for the full year, with Q1's seasonal cash flow usage not reflective of annual results, demonstrating confidence in the company's financial health moving forward.
- Sales Team Expansion: SmartRent plans to increase its sales team by 25% over the next three months and add VAR partners, aiming to enhance market penetration and sales capacity to address current market conditions and evolving customer demands.
See More
SmartRent SMRT Q1 2026 Earnings Call Transcript
See More
