olivLaw · US equity research
SmartRent, Inc. SMRT
Services-Computer Integrated Systems Design · SIC 7373 · Vertical: Services-Computer Integrated Systems Design (SIC 7373)
SmartRent is an real estate technology company that provides software platforms and smart devices for owners and managers of rental housing in the United States. Core revenue grew 14% in the second quarter of 2026 while gross margin expanded, under a three-year plan called Vision 2028, which makes the company relevant for investors following its shift toward profitability.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, SmartRent, Inc. (SMRT) stock was 1.62 USD (+18.25% on the day), with market capitalisation 310.4 m USD, beta 1.57, 52-week range 0.95–2.12 USD. Latest reported quarter (Q2 2026): revenue of 39.8 m USD (+4.0% YoY), net income of -5.6 m USD, diluted EPS -0.03 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 80.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 1.03 – 1.50
- above the upper band · %B 1.27 · band width 36.9%
- SMA 50 / 200
- 1.26 / 1.35
- mixed trend
- MACD (12, 26, 9)
- 0.06 / 0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +35.0% | −1.1% | +36.1 pp | — |
| 3 months | +24.6% | −0.5% | +25.1 pp | — |
| 6 months | +38.5% | +4.4% | +34.1 pp | — |
| Year to date | −19.8% | +12.3% | −32.1 pp | — |
| 1 year | +20.0% | +13.5% | +6.5 pp | −34.8% |
| 3 years | −39.1% | +76.4% | −115.5 pp | −15.9% |
| 5 years | −88.0% | +63.7% | −151.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40.5 m | 35.4 m | 41.3 m | 38.3 m | 36.2 m | 36.5 m | 38.7 m | 39.8 m |
| Cost of revenue | 27.1 m | 25.2 m | 27.8 m | 25.6 m | 26.6 m | 22.4 m | 23.6 m | 23.6 m |
| Research & development | 6.6 m | 6.9 m | 8.3 m | 6.5 m | 6.1 m | 5.4 m | 6.1 m | 5.6 m |
| Operating income | -11.7 m | -13.0 m | -41.3 m | -11.7 m | -7.0 m | -4.0 m | -5.1 m | -6.5 m |
| Depreciation & amortisation | 1.6 m ≈ | 1.8 m | 1.9 m | 2.1 m ≈ | 2.2 m ≈ | 2.2 m | 2.2 m | 2.3 m ≈ |
| Pre-tax income | -9.9 m | -11.3 m | -40.1 m | -10.9 m | -6.2 m | -3.3 m | -4.4 m | -5.8 m |
| Income tax | 18.0 k | 136.0 k | 108.0 k | -33.0 k | 56.0 k | -90.0 k | 40.0 k | -162.0 k |
| Net income | -9.9 m | -11.4 m | -40.2 m | -10.9 m | -6.3 m | -3.2 m | -4.4 m | -5.6 m |
| Diluted EPS | -0.05 | -0.06 ≈ | -0.21 | -0.06 | -0.03 | -0.02 ≈ | -0.02 | -0.03 |
| Operating cash flow | -3.7 m ≈ | -12.0 m | -12.2 m | -14.9 m ≈ | -2.1 m ≈ | 7.7 m | -4.5 m | -1.7 m ≈ |
| Capex | 249.0 k ≈ | 1.2 m | 2.2 m | 1.3 m ≈ | 90.0 k ≈ | 1.0 k | 30.0 k | 225.0 k ≈ |
| Share repurchases | 17.1 m ≈ | 5.1 m | 1.2 m | 3.7 m ≈ | 0 ≈ | -29.0 k | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 52.5 m | 110.6 m | 167.8 m | 236.8 m | 174.9 m | 152.3 m |
| Revenue YoY | unavailable | +110.6% | +51.7% | +41.1% | −26.2% | −12.9% |
| Net income | -37.1 m | -72.0 m | -96.3 m | -34.6 m | -33.6 m | -60.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -4.32 | -0.96 | -0.49 | -0.17 | -0.17 | -0.32 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -70.6% | -65.0% | -57.4% | -14.6% | -19.2% | -39.8% |
| Free cash flow | -28.8 m | -71.8 m | -78.9 m | 5.8 m | -34.7 m | -25.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 104.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 232.1 m USD
- Total assets
- 320.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.13x
- ROE
- -23.2%
- ROA
- -16.3%
- FCF margin
- -16.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 52.5 m | 110.6 m | 167.8 m | 236.8 m | 174.9 m | 152.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Cost of revenue | 56.8 m | 120.7 m | 166.5 m | 187.3 m | 114.5 m | 102.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Gross profit | -4.3 m ≈ | -10.1 m ≈ | 1.3 m ≈ | 49.5 m ≈ | 60.3 m ≈ | 49.9 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Research & development | 9.4 m | 21.6 m | 29.4 m | 28.8 m | 29.4 m | 26.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Operating income | -35.7 m | -71.7 m | -104.3 m | -43.2 m | -41.8 m | -64.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Depreciation & amortisation | 295.0 k | 463.0 k | 4.3 m | 5.5 m | 6.5 m | 8.4 m | SEC (XBRL)· 04 Mar 2026verified |
| EBITDA | -35.4 m ≈ | -71.2 m ≈ | -100.0 m ≈ | -37.6 m ≈ | -35.3 m ≈ | -55.5 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Pre-tax income | -37.0 m | -71.8 m | -101.7 m | -34.7 m | -33.4 m | -60.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Income tax | 149.0 k | 115.0 k | -5.4 m | -108.0 k | 267.0 k | 41.0 k | SEC (XBRL)· 04 Mar 2026verified |
| Net income | -37.1 m | -72.0 m | -96.3 m | -34.6 m | -33.6 m | -60.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Diluted EPS | -4.32 | -0.96 | -0.49 | -0.17 | -0.17 | -0.32 | SEC (XBRL)· 04 Mar 2026verified |
| Weighted average diluted shares | 8.6 k | 74.7 m | 195.6 m | 200.7 m | 199.2 m | 189.7 m | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 38.6 m | 430.8 m | 210.4 m | 215.2 m | 142.5 m | 104.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Receivables | 20.8 m | 45.5 m | 62.4 m | 61.9 m | 59.3 m | 47.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Inventories | 17.6 m | 33.2 m | 75.7 m | 41.6 m | 35.3 m | 26.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Current assets | 87.7 m | 536.0 m | 378.4 m | 340.3 m | 257.7 m | 187.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Property, plant & equipment, net | 847.0 k | 1.9 m | 2.1 m | 1.4 m | 2.5 m | 5.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Goodwill | 4.2 m | 12.7 m | 117.3 m | 117.3 m | 117.3 m | 92.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 3.6 m | 31.1 m | 27.2 m | 23.4 m | 19.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Total assets | 103.8 m | 579.7 m | 560.8 m | 509.8 m | 420.2 m | 320.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Accounts payable | 2.3 m | 6.1 m | 18.4 m | 15.1 m | 8.7 m | 13.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Short-term debt | 1.7 m | — | — | — | — | — | SEC (XBRL)· 10 Nov 2021verified |
| Current liabilities | 32.8 m | 70.6 m | 132.8 m | 117.3 m | 71.0 m | 60.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Total liabilities | 70.7 m | 130.2 m | 196.6 m | 167.3 m | 130.7 m | 88.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Equity | -78.3 m † | 449.5 m † | 364.2 m † | 342.4 m † | 289.4 m † | 232.1 m † | SEC (XBRL)· 04 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -28.5 m | -70.4 m | -77.8 m | 6.0 m | -32.9 m | -21.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Capex | 298.0 k | 1.5 m | 1.1 m | 147.0 k | 1.8 m | 3.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Free cash flow | -28.8 m ≈ | -71.8 m ≈ | -78.9 m ≈ | 5.8 m ≈ | -34.7 m ≈ | -25.1 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Investing cash flow | -2.7 m | -9.4 m | -134.0 m | -6.0 m | -7.6 m | -8.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Financing cash flow | 48.2 m | 473.9 m | -2.8 m | -1.9 m | -33.0 m | -7.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Share repurchases | — | — | — | — | 28.6 m | 4.9 m | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 310.4 m USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 36.4% | 0 (on a fixed band) | 14% |
| EBIT margin · Quality | -14.9% | 44 (vs peers) | 11% |
| FCF margin · Quality | -0.7% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -3.2% | 0 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | -12.9% | 14 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.8x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.3% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 1.1% | 51 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth5/100 · 2/2 factors with a value
- Quality14/100 · 3/3 factors with a value
- Returns51/100 · 1/1 factors with a value
- Valuation· partial0/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SMARTRENT, INC. (SMRT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 152.3 m USD in 2025; YoY growth -12.9%; net margin -13.0%; ROE -8.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.8x
What contradicts it
- Gross margin: 36.4%
- FCF margin: -0.7%
- Revenue CAGR 3Y: -3.2%
- Revenue growth (YoY): -12.9%
- FCF yield: -0.3%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Computer Integrated Systems Design (SIC 7373) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LDOSLeidos Holdings, Inc. | 16.6 bn | 12.2 | 28.2% | 8.0% | +3.1% | −29% / +26% |
| GDDYGoDaddy Inc. | 14.3 bn | 16.2 | — | 18.6% | +8.3% | −7% / +18% |
| CACICACI International Inc | 14.0 bn | 25.9 | 12.5% | 5.5% | +10.9% | +2% / +97% |
| JKHYJack Henry & Associates, Inc. | 12.6 bn | 25.7 | 24.0% | 19.8% | +7.1% | +3% / +13% |
| IONQIonQ, Inc. | 11.3 bn | — | -60.8% | -553.3% | +201.9% | −40% / +142% |
| OTEXOpen Text Corp | 6.4 bn | 10.3 | 16.2% | 12.3% | +1.5% | −21% / −34% |
| SAICScience Applications International Corporation | 6.3 bn | 17.6 | 25.7% | 5.1% | −2.9% | +75% / +28% |
| WAYWaystar Holding Corp. | 5.7 bn | 42.9 | 3.7% | 10.7% | +16.5% | −20% / unavailable |
| PSNParsons Corporation | 5.5 bn | 38.2 | 5.7% | 2.3% | −5.7% | −38% / −16% |
| KDKyndryl Holdings, Inc. | 3.7 bn | 46.2 | 7.6% | 0.6% | +0.2% | −35% / −7% |
| AGYSAgilysys, Inc. | 3.5 bn | 78.5 | 13.6% | 12.9% | +15.9% | −0% / +42% |
| NTCTNetscout Systems Inc | 2.8 bn | 23.3 | 7.5% | 13.7% | +4.5% | +42% / +90% |
| AURAurora Innovation, Inc. | 2.6 bn | — | -45.7% | -13,328.6% | unavailable | −3% / +86% |
| PONYPony AI Inc. | 2.1 bn | — | -10.3% | -148.9% | +20.0% | −65% / unavailable |
| OSPNOneSpan Inc. | 872.9 m | 13.2 | 26.8% | 27.5% | +0.0% | +94% / +136% |
| TLSTelos Corporation | 378.2 m | — | -14.9% | -8.1% | +52.2% | −12% / +23% |
| SLPSimulations Plus, Inc. | 374.2 m | 46.7 | 6.2% | 9.9% | +13.1% | unavailable / unavailable |
| SMRTSmartrent, Inc. | 310.4 m | — | -8.4% | -13.0% | −12.9% | +20% / −39% |
| ASURAsure Software, Inc. | 293.6 m | — | -1.9% | — | +24.3% | +22% / +22% |
| VEEAVeea Inc. | 281.2 m | — | — | -2,491.9% | +56.6% | −55% / −98% |
| RBBNRibbon Communications Inc. | 275.9 m | 22.5 | 5.0% | 2.3% | +1.3% | −46% / −28% |
| KDKKodiak AI, Inc. | 220.7 m | — | — | -4,259.6% | −74.6% | −82% / unavailable |
| UISUnisys Corp | 171.4 m | — | — | -21.7% | −2.9% | −12% / −51% |
| AIOSAIOS Tech Inc. | 138.9 m | — | -208.9% | -4,359.1% | −98.5% | −87% / −86% |
| MRLNMerlin, Inc. | 91.5 m | — | — | — | unavailable | −92% / unavailable |
1- and 3-year price returns: for SMRT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
SmartRent is an real estate technology company that provides software platforms and smart devices for owners and managers of rental housing in the United States. Core revenue grew 14% in the second quarter of 2026 while gross margin expanded, under a three-year plan called Vision 2028, which makes the company relevant for investors following its shift toward profitability.
SWOT
Strengths
- A declared category leadership position in smart home solutions for rental housing, with a large installed base and large customers that make the customer base sticky 1.
- An open, hardware-agnostic architecture that allows integration with many property management systems 1.
- A balance sheet with no debt and cash on hand that gives flexibility during difficult periods 3.
Weaknesses
- A history of net losses every year since inception, and profitability is not yet stable 1.
- Dependence on a limited number of third-party suppliers and manufacturers, with limited control over quality and delivery 1.
- Hardware sales are declining, and revenue is sensitive to the volume of new installations 3.
Opportunities
- Expansion into other real estate segments such as single-family rentals, student housing and offices 1.
- Using data and analytics from the network of connected devices, through new partnerships with technology firms 3.
- Growth in access control and self-guided tour revenue, which is currently rising faster than the overall base 3.
Threats
Risks
- Persistent net losseshigh
The company has reported net losses every year and says it will keep investing, so profitability depends on revenue growth and cost control 1.
- Customer attritionhigh
Customers are not obliged to renew their contracts, and higher attrition or fewer subscribed units could affect results 1.
- Security and data privacyhigh
A security breach or unauthorised access to data could harm reputation and create significant liabilities, while legal obligations in this area are growing 1.
- Dependence on suppliersmedium
Delays or quality problems at third-party suppliers and manufacturers could lead to lost market share 1.
- Leadership transitionmedium
The change of president and chief executive in 2025 could affect execution of the strategy and sales, a risk the company acknowledges 1.
Investment thesis
What would need to be true (bull case)
- Growth in core revenue, ARR and units booked, together with rising gross margin, could indicate that the Vision 2028 strategy is working 32.
- A debt-free balance sheet and available cash give the company room to invest and buy back shares if results keep improving 3.
- A leading position in a fragmented market, with large customers and a growing installed base, could support long-term growth in recurring revenue 1.
What would break the thesis
- The company still reports net losses, and profitability depends on revenue growth that could slow if installation demand falls 1.
- Hardware sales have declined, and the market faces competitive pressure from software and hardware firms that could reduce prices 31.
- Tariffs and supply problems could raise costs and delay installations if supply chain conditions deteriorate again 2.
What to watch
- Pace of installed units and progress toward the one million unit goal2027
- Development of ARR and core revenue compared with the second quarter of 2026Q3 2026
- Development of gross margin and net lossQ3 2026
- Execution of the share repurchase program of up to 25 million dollarsnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
SmartRent is an enterprise real estate technology company that provides a management platform for property owners, managers and residents, built on cloud-based SaaS software and smart devices called Hub Devices that connect third-party equipment 1. Revenue comes from three sources: subscriptions for hosted services, sales of smart home devices, and installation 1. The company reported 890,870 Units Deployed and approximately 600 customers as of December 31, 2025, including many of the largest multifamily residential owners in the United States 1.
Segments
Smart Communities Solutions
This line includes smart apartments, access control, self-guided tours and package management, with software and devices that connect all of a property's smart devices in one dashboard 1. According to the August 2026 release, access control and self-guided tours are the main drivers of SaaS subscription growth 3.
Smart Operations Solutions
This line brings together work management, answer automation for leasing and resident calls, and audit and inspection management on a single platform 1. The aim is to raise the efficiency of on-site teams, and the company integrates these tools with existing property management systems 1.
Market context
The company estimates that its customers owned approximately 6.8 million rental units as of June 30, 2026, which it says represents about 14% of the US market for institutionally owned rental housing 2. Demand for smart home technology in rental housing is described by the company as driven by network effects, with residents increasingly seeing it as a necessity 1.
The market remains fragmented, with point solutions and closed-architecture devices that do not integrate with one another, forcing owners to work with several vendors 1. The company also notes seasonality: installation demand is higher in spring and summer and lower in late fall and winter 1.
Trends
- Supply chain recoverymixed
A global semiconductor shortage, including Z-wave chips used in Hub Devices, delayed installations in the past, and the company says conditions have improved, with fewer backlogged units for access control and made-to-order locks 2. US tariffs announced in 2025 could nonetheless raise costs and strain the supply chain 2. The effect is mixed.
- Growth in recurring revenuetailwind
Subscription revenue grows with the installed base, and annual recurring revenue rose 13% in the second quarter of 2026 3. For the company, the recurring component is the core of its business model and supports revenue stability.
- Margin recoverytailwind
Gross margin has expanded for three consecutive quarters, which the company attributes to structural cost reductions in the second half of 2025 and a higher share of SaaS revenue 3. If this pace holds, it could reduce net losses.
- Lower hardware salesheadwind
Hardware revenue fell 10% in the second quarter of 2026, and installation demand was weaker in the past as customers deferred capital expenditure 32. This trend could persist if property owners' investment remains cautious.
Competitive position
The company says its primary competitors are software firms that have traditionally offered point solutions for new developments, and hardware firms with closed architectures 1. It believes these firms do not provide a comprehensive solution for owners' enterprise management and security needs, and competition could intensify as the market matures 1.
Its stated advantages are an integrated solution, compatibility with many device brands, an open architecture that connects to many property management systems, and in-house professional services 1. On this basis the company describes itself as a category leader 1.
- Point-solution software providers for new developments
Firms that have traditionally sold single solutions for new properties and use third-party installation services 1.
- Closed-architecture hardware manufacturers
Firms whose devices do not integrate easily with other products and which, in the company's view, do not offer a complete solution 1.
- Property management system platforms
Systems with which SmartRent integrates but which may compete through their own automation features 1.
- Access control system providers
Makers of locks and building access systems with which the company competes in the access control segment 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report13 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement01 Apr 2026
- Annual report04 Mar 2026
- Current report04 Mar 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / SmartRent, Inc. · 04 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / SmartRent, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / SmartRent, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.