SmartRent, Inc. (SMRT) Q4 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 04 2026
0mins
Should l Buy SMRT?
Source: SeekingAlpha
Total Revenue (Q4) $36.5 million, an increase of approximately 3% from $35.4 million in Q4 2024. This marks the first quarter of year-over-year revenue growth in the last 7 quarters.
Hardware Revenue (Q4) $12.5 million, up 20% year-over-year. This reflects the company's focus on transitioning away from bulk hardware transactions.
SaaS Revenue (Q4) $15.4 million, part of the hosted services revenue, contributing to a 13% growth in SaaS revenue year-over-year.
ARR (Annual Recurring Revenue) Just under $62 million, representing approximately 40% of the company's total revenue. This growth reflects the expansion of the installed base.
Operating Expenses (Q4) $18 million, down 22% year-over-year. This reduction is due to structural cost actions implemented in the second half of the year.
Net Loss (Q4) $3.2 million, significantly reduced from $11.4 million in the prior year quarter. This improvement is attributed to cost reductions and improved revenue performance.
Adjusted EBITDA (Q4) Approximately $200,000 profit, a 103% improvement compared to a loss of $7.4 million in the prior year quarter. This reflects better cost management and revenue growth.
Total Revenue (Full Year) $152.3 million, down 13% from the previous year. This decline is due to the transition away from bulk hardware transactions not aligned with customer implementation timelines.
SaaS Revenue (Full Year) $57.8 million, up 12% year-over-year, driven by the growing installed base and recurring revenue model.
Core Revenue (Q4) $33.8 million, up 12% from $30.2 million in Q4 2024. This metric excludes noncash hub amortization revenue, providing a clearer view of business growth.
Gross Margin (Q4) 38.6%, an expansion of approximately 990 basis points year-over-year. This improvement is due to SaaS ARPU growth and operating leverage within the recurring model.
Cash Balance (End of Year) Approximately $105 million, with no debt under the $75 million credit facility. The cash balance grew by $4.5 million in Q4, achieving cash flow neutrality on a run rate basis.
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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: 1.470
Low
1.70
Averages
1.73
High
1.75
Current: 1.470
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.
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- Annual Recurring Revenue: Annual Recurring Revenue (ARR) increased by 13% year-over-year to $61.6 million, now representing 42% of total revenue, highlighting robust performance in its subscription model.
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