SmartRent, Inc.
- Open
- 1.20
- Day high
- 1.24
- Day low
- 1.15
- Prev close
- 1.19
- Volume
- 1.2M
- Mkt cap
- $235M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.0
- P/S
- 1.6
- Yield
- —
- Per share
- —
- ▲Insiders net buying $339K over the last 3 months (6 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
SmartRent, Inc. (SMRT) is a Technology company listed on NYSE. The stock is up 31% over the past year. Over the trailing 3 months, insiders filed 6 open-market buys and 0 sales (SEC Form 4).
SmartRent, Inc. (SMRT) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SMRT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.02 | $-0.02 | +0.0% | $37M | -0.5% |
| Mar 4, 2026 | $-0.02 | $-0.02 | +0.0% | $36M | +0.0% |
| Nov 5, 2025 | $-0.06 | $-0.03 | +50.0% | $36M | -0.3% |
| Aug 6, 2025 | $-0.04 | $-0.06 | -50.0% | $38M | -1.0% |
| Mar 5, 2025 | $-0.02 | $-0.06 | -200.0% | $35M | -20.6% |
| Mar 5, 2024 | $-0.01 | $-0.02 | -50.0% | $60M | +1.3% |
| Nov 10, 2022 | $-0.11 | $-0.13 | -18.2% | $48M | +8.5% |
| Aug 11, 2022 | $-0.10 | $-0.12 | -20.0% | $42M | -15.6% |
| Mar 24, 2022 | $-0.09 | $-0.13 | -44.4% | $35M | +10.4% |
| Nov 10, 2021 | $-0.11 | $-0.31 | -181.8% | $35M | — |
| Aug 30, 2021 | — | $-4.87 | — | $22M | — |
| May 17, 2021 | — | $-0.05 | — | $19M | — |
SMRT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | Martell Frankdirector, officer: Chief Executive Officer | Option | 450,000 | — |
| Jun 30, 2026 | Martell Frankdirector, officer: Chief Executive Officer | Tax | 223,110 | $1.22 |
| Jun 10, 2026 | Bohjalian Thomas Ndirector | Buy | 75,000 | $1.11 |
| Jun 5, 2026 | Martell Frankdirector, officer: Chief Executive Officer | Buy | 20,000 | $1.19 |
| Jun 5, 2026 | Martell Frankdirector, officer: Chief Executive Officer | Buy | 40,260 | $1.13 |
| May 27, 2026 | Ponathil Sangeethofficer: Chief Information Officer | Buy | 10,000 | $1.25 |
| May 20, 2026 | Cariola Natalieofficer: Chief Revenue Officer | Option | 86,986 | $0.00 |
| May 20, 2026 | Martell Frankdirector, officer: Chief Executive Officer | Grant | 0 | — |
| May 20, 2026 | Cariola Natalieofficer: Chief Revenue Officer | Tax | 23,356 | $1.15 |
| May 13, 2026 | Bohjalian Thomas Ndirector | Grant | 131,578 | — |
| May 13, 2026 | Martell Frankdirector, officer: Chief Executive Officer | Buy | 100,000 | $1.18 |
| May 13, 2026 | DORMAN JOHN Cdirector | Grant | 131,578 | — |
| May 13, 2026 | Bohjalian Thomas Ndirector | Option | 146,062 | $0.00 |
| May 13, 2026 | Dean Alisondirector | Grant | 131,578 | — |
| May 13, 2026 | Martell Frankdirector, officer: Chief Executive Officer | Option | 182,926 | $0.00 |
Source: SMRT SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full SMRT insider & 13F page →SmartRent, Inc. company profile
Overview
SmartRent, Inc. (NYSE:SMRT) is an enterprise software company founded in 2017 and headquartered in Scottsdale, Arizona. The company went public in August 2021 and operates as a provider of integrated smart home operating systems for the residential property management industry. SmartRent has deployed over 800,000 units across the United States and serves property owners, operators, homebuilders, and institutional home buyers. The company is currently undergoing a strategic transformation from a hardware-centric model to a software-as-a-service (SaaS) focused business, with new CEO Shane Paladin leading this transition after a period of leadership changes in 2024.
Business
SmartRent operates in the property technology (PropTech) sector, specifically focusing on smart home solutions for rental properties. The company provides an integrated operating system that transforms traditional rental units into connected, intelligent living spaces. The company's core offering is a comprehensive smart home platform that includes several key components. The SmartRent Hub serves as the central control device that connects various smart home devices within each rental unit. This hub enables property managers to remotely monitor and control apartment features while giving residents convenient access to their home's systems through a mobile app. SmartRent's business operates through multiple revenue streams: 1. Hardware Sales (approximately 30-45% of revenue): Physical devices including smart hubs, thermostats, locks, sensors, and other Internet of Things (IoT) equipment that get installed in rental units. 2. Software-as-a-Service (SaaS) (approximately 35-40% of revenue): Monthly recurring revenue from software subscriptions that provide ongoing smart home functionality, data analytics, and operational insights to property managers. 3. Hosted Services (approximately 30-35% of revenue): Internet connectivity services, including the company's Community WiFi solution that provides managed internet access to residents. 4. Professional Services (approximately 5-10% of revenue): Installation, training, and ongoing support services for property managers and residents. The platform addresses key pain points in rental property management by providing features such as remote access control, energy management, predictive maintenance alerts, self-guided tours for prospective tenants, and enhanced security monitoring. For residents, the system offers convenient control over their living environment through smartphone apps, while property managers gain operational efficiencies and cost savings through automated systems and data-driven insights.
Revenue model
SmartRent generates revenue through a hybrid model combining hardware sales, recurring software subscriptions, and service fees. The company sells smart home devices and equipment to property owners and operators, then charges ongoing monthly fees for the software platform that operates these devices. Additionally, SmartRent provides internet services and professional installation and support services. The primary customers are commercial real estate entities including multifamily property owners, institutional investors, property management companies, and homebuilders. These customers pay for SmartRent's solutions to reduce operational costs, increase property values, attract tenants, and generate additional revenue streams. The company's Annual Recurring Revenue (ARR) reached $54.4 million in 2024, with SaaS revenue growing 17% year-over-year despite overall revenue declining due to reduced hardware sales. Several factors influence SmartRent's profitability margins. Positive margin drivers include the shift toward higher-margin SaaS revenue, economies of scale as more units are deployed, cross-selling additional services to existing customers, and operational efficiency improvements. The company's SaaS gross margin is approximately 71%, significantly higher than hardware margins. Negative margin pressures come from supply chain costs and potential tariff impacts on imported hardware components, competitive pricing pressure in the PropTech space, customer concentration risk, and the significant upfront investment required for hardware deployment before recurring revenue begins. The company faces seasonal deployment patterns and sensitivity to interest rates, as higher borrowing costs can delay property development and technology investments by real estate customers. Market conditions in the broader real estate sector, including occupancy rates and rental demand, also directly impact customer willingness to invest in smart home technology upgrades.
Competitive moat
SmartRent's competitive moat appears moderate but developing. The company benefits from several defensive characteristics, including high switching costs once its hardware is installed throughout a property, as replacing an entire smart home system represents significant expense and operational disruption for property managers. The company has achieved a 99.9% customer retention rate, indicating strong customer stickiness. The platform creates network effects as more units are deployed, generating valuable data insights that improve the software's predictive capabilities and operational efficiency features. SmartRent's integrated approach, combining hardware, software, and services in a single platform, creates operational complexity for competitors to replicate and provides customers with a unified solution rather than managing multiple vendors. However, the moat faces significant challenges. The PropTech industry has relatively low barriers to entry for new software competitors, and large technology companies like Amazon, Google, or established real estate software providers could potentially enter this market with substantial resources. The hardware component of the business is particularly vulnerable to commoditization, as smart home devices become increasingly standardized. The company's competitive position is also threatened by potential disintermediation - property management software companies could develop competing solutions, or hardware manufacturers could integrate similar software capabilities. Additionally, the fragmented nature of the real estate industry means SmartRent must continuously acquire new customers rather than benefiting from a dominant market position. The company's transformation toward a SaaS-focused model is partly an acknowledgment that hardware alone does not provide sufficient competitive protection.
Risks & safety
SmartRent maintains a strong financial safety margin with substantial cash reserves but faces ongoing profitability challenges. • Cash Position: $125.6 million in cash and short-term investments with no debt, providing significant runway • Current Ratio: 3.0x indicating strong short-term liquidity • Debt Level: Minimal debt-to-equity ratio of 0.027, very low leverage • Cash Burn: Negative free cash flow of $15.6 million in Q1 2025, though management expects improvement in second half of 2025 • Solvency Risk: Low given substantial cash reserves, but ongoing losses require monitoring • Valuation Metrics: - Price-to-book ratio of 0.93x suggests trading below book value - Negative P/E ratio due to losses - Enterprise value-to-EBITDA negative due to negative EBITDA • Other Considerations: Company is actively repurchasing shares and implementing $10 million in cost savings, but path to profitability remains uncertain despite management's confidence in achieving positive cash flow.
Recent development
SmartRent has undergone significant strategic and operational changes over the past two years. The most notable development has been a leadership transition, with founder and CEO Lucas Haldeman stepping down in mid-2024, followed by an interim management period, and the recent appointment of Shane Paladin as the new CEO in late 2024. The company has executed a strategic pivot from hardware-centric to SaaS-focused business model. This transformation involves de-emphasizing hardware sales in favor of recurring software revenue, with SaaS revenue growing from 19% to 38% of total revenue in 2024. Management has established four strategic pillars: sustainable ARR growth, platform superiority, operational excellence, and collaborative innovation. Operational restructuring has been extensive, including a $10 million cost reduction program, restructuring of sales and customer success organizations, and breaking down operational silos. The company has moved away from channel partner sales programs to focus on direct sales relationships, and has invested in rebuilding its go-to-market capabilities with new leadership including Chief Revenue Officer Natalie Cariola. Product development has centered on expanding the platform's capabilities beyond basic smart home controls. Key initiatives include the Community WiFi solution, which provides managed internet services to residents, and enhanced data analytics and operational insights for property managers. The company has also launched new hardware including the Alloy SmartHome Hub+ device and expanded its product suite through the acquisition of SightPlan. The company has maintained a strong balance sheet throughout this transition, with over $140 million in cash reserves and an active share repurchase program, having bought back 9.8 million shares for $17.1 million in Q3 2024 alone.
SMRT company profile · for informational purposes only — not investment advice.
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