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SmartRent (SMRT) investor relations material
SmartRent Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue was $36.2M, down 11% year-over-year, driven by a strategic shift from hardware to SaaS-focused revenue, with SaaS now 39% of total revenue and ARR up 7% to $56.9M.
Net loss improved to $6.3M, a $3.6M year-over-year improvement, and adjusted EBITDA loss improved to $2.9M, reflecting the impact of a $30M cost reduction program.
Units deployed reached 870,230, up 11% year-over-year, with professional services revenue up 113% and hardware revenue down 38%.
Cash position remains strong at $100M, with no debt and a $75M undrawn credit facility.
A $24.9M goodwill impairment and $1.8M inventory write-off impacted results, and a new CEO was appointed in June 2025.
Financial highlights
SaaS revenue grew 7% year-over-year to $14.2M, now 39% of total revenue; hardware revenue declined 38% to $11.5M, and professional services revenue increased 113% to $7M.
Gross margin was 26%, down from 33% year-over-year, impacted by nonrecurring inventory charges and lower hardware margins.
Operating expenses decreased 34% year-over-year to $16.6M.
Net cash burn improved 79% year-over-year to $5M.
Units Booked rose 30% to 22,080, and New Units Deployed increased 49% to 22,644 in Q3 2025.
Outlook and guidance
On track to achieve adjusted EBITDA and cash flow neutrality on a run rate basis exiting 2025, leveraging cost reductions and SaaS margin strength.
Expect continued expansion of installed base and SaaS revenue growth into 2026, supported by investments in sales, platform capabilities, and process automation.
Hardware revenue expected to normalize as bulk sales overhang is resolved by year-end.
Current cash and available credit are sufficient to fund operations for at least the next 12 months.
Ongoing investments in R&D and sales to support new product launches and market expansion.
Target SaaS revenue mix for 2026
Impact of parking solution sunset on future margins
Reasons for SaaS ARPU decline
Is the Q3 cash burn reduction sustainable?
Future unit deployment capacity
Elaborate on non-IoT SaaS ARPU adjustments
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Q4 20254 Mar, 2026
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Frequently asked questions
SmartRent Inc. is a technology company that provides smart home automation and property management solutions for residential real estate owners, operators, and residents. Its platform integrates smart devices such as locks, thermostats, lighting, and sensors, enabling centralized control and monitoring of properties. The company is headquartered in Scottsdale, Arizona, and its shares are listed on the NYSE.
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