SMRT

MKT CAP:$261M

SmartRent, Inc.

Market Cap

$261M

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$1.38-$0.55 (-28.50%)

Apr 23, 2026

Company Details

SmartRent, Inc., an enterprise software company, provides an integrated smart home operating system to residential property owners and operators, homebuilders, institutional home buyers, developers, and residents in the United States. Its s...

CEO

Frank D. Martell

IPO Date

Aug 25, 2021

Website

smartrent.com

Key Metrics TTM

Revenue

$151M

-24.3% YoY

Net Income

-$69M

EPS (Diluted)

-$0.36

Free Cash Flow

-$50M

Revenue / Share

$0.80

Gross Margin

30.4%

Operating Margin

-48.2%

Net Margin

-45.5%

FCF Margin

-32.8%

P/S

1.7x

P/E

—

Earnings Reports

Q4 2025

May 6, 2026

PENDING

Q3 2025

Nov 5, 2025

$36M-10.6%EPS -$0.03

Q2 2025

Aug 6, 2025

$38M-21.0%EPS -$0.06

Q1 2025

May 7, 2025

$41M-18.1%EPS -$0.21

FY 2024

Mar 5, 2025

$175M-26.2%EPS -$0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$35M	-$3M	-$26M
Q1 22	$37M	-$5M	-$28M
Q2 22	$42M	$988.0K	-$27M
Q3 22	$48M	$1M	-$27M
Q4 22	$41M	$4M	-$22M
Q1 23	$65M	$9M	-$15M
Q2 23	$53M	$10M	-$12M
Q3 23	$58M	$14M	-$10M
Q4 23	$60M	$17M	-$6M
Q1 24	$50M	$19M	-$10M
Q2 24	$49M	$17M	-$7M
Q3 24	$41M	$13M	-$12M
Q4 24	$35M	$10M	-$13M
Q1 25	$41M	$14M	-$41M
Q2 25	$38M	$13M	-$12M
Q3 25	$36M	$10M	-$7M

Valuation

Quarter	P/S	P/E
Q4 21	16.7x	—
Q1 22	8.7x	—
Q2 22	6.2x	—
Q3 22	2.8x	—
Q4 22	3.2x	—
Q1 23	2.6x	—
Q2 23	3.8x	—
Q3 23	2.5x	—
Q4 23	2.5x	—
Q1 24	2.4x	—
Q2 24	2.2x	—
Q3 24	1.7x	—
Q4 24	1.9x	—
Q1 25	1.5x	—
Q2 25	1.2x	—
Q3 25	1.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$29M	-$29M
Q1 22	-$29M	-$29M
Q2 22	-$6M	-$8M
Q3 22	-$45M	-$45M
Q4 22	$1M	$700.0K
Q1 23	-$10M	-$10M
Q2 23	-$5M	-$7M
Q3 23	$14M	$14M
Q4 23	$7M	$7M
Q1 24	-$3M	-$4M
Q2 24	-$14M	-$15M
Q3 24	-$4M	-$2M
Q4 24	-$12M	-$15M
Q1 25	-$12M	-$16M
Q2 25	-$15M	-$16M
Q3 25	-$2M	-$3M

Capital Expenditures

Quarter	CapEx
Q4 21	$620.0K
Q1 22	$233.0K
Q2 22	$2M
Q3 22	$332.0K
Q4 22	$311.0K
Q1 23	$27.0K
Q2 23	$1M
Q3 23	$67.0K
Q4 23	$31.0K
Q1 24	$956.0K
Q2 24	$1M
Q3 24	$1M
Q4 24	$3M
Q1 25	$3M
Q2 25	$1M
Q3 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+154.9%	+147.4%
Q1 22	+95.0%	+131.4%
Q2 22	+95.6%	+119.2%
Q3 22	+35.2%	+20.3%
Q4 22	+17.0%	+3.7%
Q1 23	+74.2%	+22.4%
Q2 23	+25.9%	-5.7%
Q3 23	+22.3%	-8.2%
Q4 23	+48.6%	+5.2%
Q1 24	-22.4%	-24.5%
Q2 24	-9.1%	-15.4%
Q3 24	-30.3%	-23.2%
Q4 24	-41.3%	-26.9%
Q1 25	-18.1%	+36.3%
Q2 25	-21.0%	-9.8%
Q3 25	-10.6%	-17.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$3M	8.6%
Q1 22	$0	0.0%
Q2 22	$4M	9.0%
Q3 22	$3M	6.9%
Q4 22	$3M	7.6%
Q1 23	$4M	5.7%
Q2 23	$3M	6.1%
Q3 23	$3M	5.6%
Q4 23	$0	0.0%
Q1 24	$3M	6.5%
Q2 24	$3M	6.8%
Q3 24	$3M	7.3%
Q4 24	$3M	7.2%
Q1 25	$3M	6.9%
Q2 25	$2M	5.6%
Q3 25	$2M	5.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$8M	$10M	$5M
Q1 22	$6M	$12M	$5M
Q2 22	$8M	$14M	$6M
Q3 22	$8M	$15M	$5M
Q4 22	$7M	$14M	$5M
Q1 23	$7M	$12M	$5M
Q2 23	$7M	$11M	$5M
Q3 23	$8M	$11M	$5M
Q4 23	$7M	$11M	$5M
Q1 24	$8M	$17M	$5M
Q2 24	$7M	$12M	$5M
Q3 24	$7M	$14M	$4M
Q4 24	$7M	$11M	$5M
Q1 25	$8M	$17M	$5M
Q2 25	$6M	$12M	$6M
Q3 25	$6M	$6M	$4M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	154.9%	-74.3%	80.6
Q1 22	95.0%	-74.7%	20.3
Q2 22	95.6%	-60.8%	34.8
Q3 22	35.2%	-53.5%	-18.3
Q4 22	17.0%	-51.5%	-34.5
Q1 23	74.2%	-21.6%	52.6
Q2 23	25.9%	-20.1%	5.8
Q3 23	22.3%	-14.7%	7.6
Q4 23	48.6%	-7.1%	41.5
Q1 24	-22.4%	-17.1%	-39.6
Q2 24	-9.1%	-11.0%	-20.1
Q3 24	-30.3%	-29.0%	-59.3
Q4 24	-41.3%	-31.6%	-72.9
Q1 25	-18.1%	-34.9%	-53.0
Q2 25	-21.0%	-25.1%	-46.2
Q3 25	-10.6%	-6.6%	-17.3

Rule of 40

Revenue Segments

Quarter	Hardware	Hosted Services	Professional Services
Q4 21	$21M	$6M	$7M
Q1 22	$22M	$8M	$7M
Q2 22	$21M	$12M	$9M
Q3 22	$27M	$13M	$7M
Q4 22	$18M	$14M	$9M
Q1 23	$37M	$15M	$13M
Q2 23	$28M	$16M	$10M
Q2 25	$15M	$19M	$6M

Revenue by Geography

Quarter	Non Us	U S	Non-US	United States
Q4 21	$704.0K	$34M	—	—
Q1 22	$912.0K	$36M	—	—
Q2 22	—	—	$476.0K	$42M
Q3 22	—	—	$404.0K	$47M
Q4 22	—	—	$234.0K	$40M
Q1 23	—	—	$146.0K	$65M
Q2 23	—	—	$775.0K	$53M
Q3 23	—	—	$48.0K	$58M
Q4 23	—	—	$316.0K	$60M
Q1 24	—	—	$188.0K	$50M
Q2 24	—	—	$666.0K	$48M
Q3 24	—	—	$480.0K	$40M
Q1 25	—	—	$24.0K	$41M
Q2 25	—	—	$20.0K	$38M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$278M	$0	$278M
Q2 22	$255M	$0	$255M
Q3 22	$210M	$0	$210M
Q4 22	$210M	$0	$210M
Q1 23	$204M	$0	$204M
Q2 23	$197M	$0	$197M
Q3 23	$211M	$0	$211M
Q4 23	$215M	$0	$215M
Q1 24	$205M	$0	$205M
Q2 24	$187M	$0	$187M
Q3 24	$163M	$0	$163M
Q4 24	$142M	$0	$142M
Q1 25	$126M	$0	$126M
Q2 25	$105M	$0	$105M
Q3 25	$100M	$0	$100M
Q4 25	$105M	$0	$105M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	192M	-0.9%	-0.9%
Q1 22	193M	+0.5%	-0.3%
Q2 22	196M	+1.4%	+1.0%
Q3 22	196M	+0.4%	+1.4%
Q4 22	199M	+1.0%	+3.4%
Q1 23	198M	-0.1%	+2.7%
Q2 23	200M	+0.6%	+2.0%
Q3 23	202M	+1.0%	+2.6%
Q4 23	203M	+0.8%	+2.4%
Q1 24	203M	+0.1%	+2.6%
Q2 24	202M	-0.7%	+1.2%
Q3 24	199M	-1.6%	-1.4%
Q4 24	199M	0.0%	-2.2%
Q1 25	192M	-3.2%	-5.4%
Q2 25	189M	-1.9%	-6.6%
Q3 25	188M	-0.2%	-5.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$115.6K	300
Q1 22	$124.5K	300
Q2 22	$141.4K	300
Q3 22	$158.3K	300
Q4 22	$57.8K	701
Q1 23	$92.8K	701
Q2 23	$76.2K	701
Q3 23	$82.9K	701
Q4 23	$114.5K	526
Q1 24	$96.0K	526
Q2 24	$92.2K	526
Q3 24	$77.0K	526
Q4 24	$71.6K	494
Q1 25	$83.7K	494
Q2 25	$77.5K	494
Q3 25	$73.3K	494

Revenue / Employee