SmartRent Inc (NASDAQ: SMRT) is an enterprise smart home solutions company that sells hardware, software, and professional services to residential property owners and operators. It makes money through three streams: hardware sales (Hub Devices and third-party smart devices), recurring SaaS subscription fees tied to Units Deployed, and professional services fees for installation and support. SmartRent's platform uses an open-architecture, brand-agnostic approach that integrates with most existing property management systems, creating switching costs once deployed at scale. As of December 31, 2025, SmartRent had 890,870 Units Deployed and approximately 600 active customers, including many of the largest multifamily residential owners in the United States. Units Shipped declined from 226,722 in FY2023 to 169,476 in FY2024 to 110,011 in FY2025, reflecting customer capital expenditure deferrals and internal sales organization changes. Frank Martell was appointed President and CEO in June 2025. SmartRent does not pay dividends and has never declared one.

Revenue model

Three revenue streams: hardware sales priced per Hub Device (Hardware ARPU of $527 in FY2025), recurring SaaS subscription fees based on Units Deployed (SaaS ARPU disclosed separately), and professional services fees for installation and support (Professional Services ARPU of $413 per new unit deployed in FY2025, excluding self-installations). ARR related to Units Booked was $9,102 thousand in FY2025 and $8,410 thousand in FY2024.

Products and services

Smart Community solutions: smart apartment and home hardware, access control for buildings and rental units, community and resident WiFi, asset protection and monitoring, self-guided tours. Smart Operations solutions: work order management, leasing and resident call-handling automation, audit management, inspection automation. Hub Devices serve as the central hardware connecting enterprise software with third-party smart devices. Professional services include training, installation, and ongoing customer support.

Customers and end markets

Approximately 600 customers as of December 31, 2025, defined as having an active subscription or having purchased any SmartRent product in the prior twelve months. Primary end market is multifamily residential. Secondary customers include single-family rental homeowners, homebuilders, developers, and iBuyers. Customers include many of the largest multifamily residential owners in the United States per the FY2025 10-K.

Value-chain role

SmartRent sits between property management system vendors and hardware device manufacturers, acting as the software and integration layer that unifies third-party smart devices under a single operator-facing interface. It sells directly to residential property owners and operators through an internal sales organization.

Geographic exposure

Operations focused on the United States residential rental market. No specific international revenue breakdown supported by the filing excerpts provided.

Source: SEC 10-K, filed 2026-03-04

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