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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 $36.2 million, down 11% year-over-year, as the company shifted from hardware to SaaS-focused revenue, with SaaS now 39% of total revenue and ARR up 7% to $56.9 million.
Net loss improved by $3.6 million to $(6.3) million, and Adjusted EBITDA improved by $0.9 million to $(2.9) million, driven by a completed $30 million cost reduction program.
Units Deployed reached 870,230, up 11% year-over-year, with New Units Deployed up 49% to 22,644 in Q3 2025.
Maintained strong liquidity with $100 million in cash, no debt, and a $75 million undrawn credit facility, supporting reinvestment and growth.
Customer net revenue retention was 113%, property net revenue retention 104%, and churn remained low at 0.05%.
Financial highlights
SaaS revenue grew 7% year-over-year to $14.2 million, now 39% of total revenue; hardware revenue declined 38% to $11.5 million, and professional services revenue rose 113% to $7 million.
Gross margin was 26% (down from 33% year-over-year), impacted by non-recurring inventory charges and lower hardware margins.
Net loss improved 36% year-over-year to $6.3 million; adjusted EBITDA loss improved 23% to $2.9 million.
Net cash burn reduced by 79% year-over-year to $5 million.
Cash and cash equivalents were $100 million at quarter-end.
Outlook and guidance
On track to achieve adjusted EBITDA and cash flow neutrality on a run rate basis exiting 2025, leveraging SaaS margin strength and cost reductions.
Expect continued expansion of installed base and ARR, with investments in sales and platform capabilities.
Project hardware revenue and deployment volume to normalize as bulk hardware sales phase out.
Liquidity is expected to remain strong, supporting profitable growth and reinvestment.
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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