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what it is
SmartRent sells software and connected devices that let apartment owners run locks, tours, Wi‑Fi, and smart units from one system.
how it gets paid
Last year Smartrent made $152M in revenue.
why growth slowed
Revenue fell 12.9% last year. The number that matters is -42.0% operating margin.
what just happened
Latest reported quarter revenue hit $116M, but EPS was still negative at -$0.30.
At a glance
B balance sheet — gets the job done, barely
-$0.17 fy2024 eps est
$175M fy2024 rev est
42.0% operating margin
1.35 beta
xvary composite: 47/100 — below average
What they do
SmartRent sells software and connected devices that let apartment owners run locks, tours, Wi‑Fi, and smart units from one system.
If you run apartments, one dashboard beats juggling five vendors. SmartRent ties locks, sensors, tours, parking, and Wi-Fi into one system through its SmartHub, so your staff can control a property from one screen. That matters because the company serves a market where switching tools means retraining teams, replacing hardware, and risking resident complaints, and it already has 494 employees building around that workflow.
How they make money
$152M
annual revenue · revenue declined -12.9% last year
total revenue
$152M
12.9%
The products that matter
enterprise property software
Smart Apartments Platform
~800,000 installed units
It connects devices and workflows into one dashboard. Management wants to push that installed base to 1 million units in the next 4–5 quarters, because installed units are what create future software revenue.
installed-base bet
recurring software subscriptions
Hosted Services
$77M · +17%
This is the part investors want to own. It generated $77M, grew 17%, and reached a 75.7% gross margin in Q4 2025, up 990 basis points from a year earlier.
75.7% gross margin
installation and device sales
Professional Services & Hardware
$75M · -13%
This segment still represents 49% of the mix shown here, but it fell 13%. That means the company is trying to become more software-like while a large piece of the business still moves the other way.
turnaround drag
Key numbers
-$0.17
fy2024 eps est
$175M
fy2024 rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $6M (2% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SMRT right now.
source: institutional data · return history unavailable
What just happened
still unprofitable
Latest reported quarter revenue hit $116M, but EPS was still negative at -$0.30.
The contrast is the whole story. Revenue was reported up 220% vs. prior year in the latest quarter, while annual revenue still fell 12.9% to $152 million and the business remained loss-making.
$116M
revenue
$0.30
eps
+220%
revenue vs. last year
the number that mattered
The number that matters is -42.0% operating margin, because fast revenue growth means very little if every dollar of sales still destroys money.
source: SEC filing data and quarterly history
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What could go wrong
The top threat is the software transition stalling while hardware still drives too much of the business.
med
Hosted Services is the good business. It is not the whole business.
Hosted Services generated $77M and grew 17%. Professional Services & Hardware still contributed $75M and fell 13%. You do not get a software multiple if nearly half your revenue is still shrinking installation and device work.
49% of the segment mix shown here still sits in the lower-margin side of the model.
med
A few big property owners can move the numbers fast
The current page flags top-customer exposure as a real issue. If a major customer leaves, the revenue hole matters more in a $321M company than it would in a billion-dollar one. Small-cap concentration risk gets large very quickly.
The page's existing risk work pegs potential revenue exposure at $23M–$38M.
med
A CEO reset does not fix the model by itself
Frank Martell took over in June 2025 after a resignation in April. New leadership can sharpen priorities, but it also introduces operating friction right when the company is trying to prove breakeven credibility.
The current page still points to breakeven no earlier than 2027.
Almost half the business mix shown here still comes from the segment that fell 13%, while the company remains loss-making on a -$0.17 EPS estimate.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that mattered
Hosted Services gross margin at 75.7%
This is the cleanest proof the software thesis is real. If that margin holds while revenue grows, the stock gets a much better argument than "trust the turnaround."
calendar
Q1 2026 earnings on May 6, 2026
Consensus calls for EPS of -$0.02 on $36.4M of revenue. You want to see software growth keep carrying more of the story.
installed base
The march from ~800,000 units to 1 million
Management's 4–5 quarter target matters because more installed units today should mean more recurring software revenue next.
turnaround risk
Whether hardware stops overwhelming the narrative
Professional Services & Hardware fell 13% and still represented $75M. Until that drag shrinks, every software win has to work harder.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for SMRT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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