SmartRent Inc

smartrent.com

What Do They Do?

Provides smart-home software and connected devices, plus installation and support, to multifamily property owners and managers, rental-home owners, and homebuilders.

How Do They Make Money?

Property owners and managers buy devices and installation services, and subscribe to hosted software for access during the contracted term; contract payment terms generally range from due on receipt to net 30 days.

revenue

Segment	Share	How money arrives
Hardware Sold outright	38% FY2022: 52%	Sold outright
Professional Services Sold outright	14% FY2022: 19%	Sold outright
Hosted Services Recurring	48% FY2022: 29%	Recurring

Who Are Their Customers?

Multifamily property owners and managers are the main buyers; SmartRent also sells through its internal team to single-family rental owners and other housing companies, including homebuilders and iBuyers.

Do Revenues Turn Into Profits?

No. It lost $60.6M in FY2025.

Operating income, FY2025

−42% of revenue

▲ +53% (Loss) vs FY2024 (−$41.8M, −24%)

Net income, FY2025

−40% of revenue

▲ +80% (Loss) vs FY2024 (−$33.6M, −19%)

Free cash flow, FY2025

−16% of revenue

▼ −28% (Loss) vs FY2024 (−$34.7M, −20%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +4%; vs $38.3M in Q2 FY2025
Net income: ▼ −48% (Loss); vs −$10.9M in Q2 FY2025

Hosted Services share of revenue vs 49.2% in Q2 FY2025

Growing. Revenue grew 38% in 4 years, from $110.6M in FY2021 to $152.3M in FY2025, about 8% a year.

Package-room offering SmartRent describes a preferred-reseller package-room offering that expands its portfolio beyond the connected-home and property-management solutions described in the older report.

Revenue over time

Hardware Professional Services Hosted Services

$250M$125M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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