Strong Customer Retention
SmartRent reported a net customer revenue retention rate of 108% and a churn rate of less than 0.1%, indicating strong customer loyalty and satisfaction.
SaaS Revenue Growth
SaaS revenue reached $14.2 million, comprising 37% of SmartRent's total revenue, up from 34% in Q1 and 26% from the prior year quarter. SaaS ARPU increased to $5.66, with booked SaaS ARPU at $8.21.
Successful Cost Reduction Initiatives
SmartRent implemented cost reduction initiatives resulting in $30 million in savings, which are expected to benefit financial results over the remaining months of 2025.
High Cash Balance and No Debt
The company maintains a strong cash balance of $105 million with no debt and $75 million in undrawn credit, providing financial flexibility.
Increase in Units Deployed
SmartRent has approximately 850,000 units deployed, an increase of 3% sequentially and 10% year-over-year.