SmartRent’s Q1 2025: SaaS Growth Amid Revenue Shift

Smartrent, Inc. ( (SMRT) ) has released its Q1 earnings. Here is a breakdown of the information Smartrent, Inc. presented to its investors.

SmartRent, Inc. is a prominent provider of smart community and operations solutions tailored for the rental housing sector, offering a comprehensive ecosystem that enhances living and operational efficiency in rental properties. In its first-quarter earnings report for 2025, SmartRent highlighted a significant 17% year-over-year increase in its SaaS revenue, reaching $14 million, despite an overall revenue decline of 18% to $41.3 million. The company reported a net loss of $40.2 million, which included a substantial goodwill impairment charge of $24.9 million. The strategic shift from hardware-led growth to a SaaS-focused model was evident, with SaaS revenue now constituting 33.8% of total revenue, up from 24% the previous year. The company also maintained a robust balance sheet with $125.6 million in cash and no debt. Looking ahead, SmartRent’s management remains optimistic about its transition to a hardware-enabled SaaS model, emphasizing customer-centric operations and sustainable growth in an underpenetrated market. With a focus on recurring revenue streams and operational discipline, SmartRent aims to enhance its margin performance and cash flow generation over time.