Smartrent, Inc. (SMRT)
NYSE:SMRT
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SmartRent
(NYSE:SMRT)
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Rating:48Neutral
Price Target:
$1.00
▼(-36.31% Downside)
Action:Reiterated
Date:05/14/26
The score is held back primarily by weak financial performance (recent revenue contraction, ongoing losses, and negative operating/free cash flow) and bearish technicals (below key moving averages with negative MACD). The main offset is improving operating discipline and profitability trajectory cited on the earnings call (margin expansion, opex cuts, positive adjusted EBITDA and guidance for full-year adjusted-EBITDA profitability and free-cash-flow positivity), but near-term revenue/bookings softness keeps the overall rating below average.
Positive Factors
Balance Sheet Strength
A strong cash balance with no debt and an available credit facility provides durable financial flexibility to fund go-to-market investments, absorb execution delays, and support the multi‑quarter sales ramp without immediate financing needs, reducing liquidity and refinancing risk over the medium term.
Negative Factors
Negative Operating and Free Cash Flow
Persistent negative operating and free cash flow across multiple years indicates the company still burns cash from operations despite margin improvements. Continued cash outflows can erode the balance sheet, limit reinvestment or require financing if positive free cash flow is not sustained within months.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
A strong cash balance with no debt and an available credit facility provides durable financial flexibility to fund go-to-market investments, absorb execution delays, and support the multi‑quarter sales ramp without immediate financing needs, reducing liquidity and refinancing risk over the medium term.
Read all positive factors
SmartRent Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down SmartRent's income across different business areas, highlighting which segments drive growth and profitability.
Breaks down SmartRent's income across different business areas, highlighting which segments drive growth and profitability.
Data provided by:
The Fly
The FlySmartRent (SMRT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$219.84M
Dividend YieldN/A
Average Volume (3M)971.77K
Price to Earnings (P/E)―
Beta (1Y)1.40
Revenue Growth-9.70%
EPS Growth61.30%
CountryUS
Employees494
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.13
Shares Outstanding192,838,070
10 Day Avg. Volume1,639,426
30 Day Avg. Volume971,772
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)1.65
Price to Sales (P/S)2.52
P/FCF Ratio-15.25
Enterprise Value/Market Cap0.65
Enterprise Value/Revenue0.96
Enterprise Value/Gross Profit2.80
Enterprise Value/Ebitda-3.60
Forecast
1Y Price Target
$1.45Price Target Upside-7.64% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-0.07
Revenue Forecast (FY)$161.42M
SmartRent Business Overview & Revenue Model
Company Description
SmartRent, Inc., an enterprise software company, provides an integrated smart home operating system to residential property owners and operators, homebuilders, institutional home buyers, developers, and residents in the United States. Its solution...
How the Company Makes Money
SmartRent makes money primarily by selling and deploying smart building hardware and by charging recurring software and services fees tied to its platform. Key revenue streams generally include: (1) Product (hardware) revenue from the sale of devi...
SmartRent Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful operational and financial improvement: margin expansion (+630 bps), a 32% reduction in operating expenses, positive adjusted EBITDA for the second consecutive quarter, improved net loss versus prior year, and a strong cash position with no debt. These positives were balanced against near-term top-line pressure: total revenue down 6% YoY, hardware revenue down 18%, bookings down 9%, and headwinds from declining non-cash hub amortization and Smart Operations churn. Management emphasized that many headwinds are timing/ramp related (sales hires, contract renewals, hardware refresh planning) and reiterated medium-term targets (double-digit IoT growth, March-to-1M, ARR expansion, full-year adjusted EBITDA and free cash flow positivity). Overall, operational recovery and margin gains outweigh the near-term revenue and bookings softness, with the caveat that execution on sales ramp and VAR contributions will be critical.Positive Updates
IoT Footprint Growth
Installed IoT units grew 10% year over year to over 911,000 units (deployed across ~3,500 properties and 3M devices). Company reiterated target to eclipse 1,000,000 units in 2027 and emphasized large white-space opportunity within existing customers (only ~15% penetration of ~6M addressable units).
Negative Updates
Total Revenue Decline
Reported total revenue declined ~6% year over year to $38.7 million, driven primarily by a $2.6 million decline in non-cash hub amortization and a tough hardware comparision to an unusually large prior-year quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
IoT Footprint Growth
Installed IoT units grew 10% year over year to over 911,000 units (deployed across ~3,500 properties and 3M devices). Company reiterated target to eclipse 1,000,000 units in 2027 and emphasized large white-space opportunity within existing customers (only ~15% penetration of ~6M addressable units).
Read all positive updates
Company Guidance
Management guided to accelerate its installed‑IoT footprint toward a “March to 1 million” target (eclipsing 1.0M units in 2027) and to grow installed units at a compound double‑digit rate from 2026–2028, with continued ARR growth and the second half of 2026 expected to be stronger than the first; they forecast hub‑amortization revenue will be under $5.0M for the full year (Q1 was $2.1M), expect to be adjusted‑EBITDA profitable and free‑cash‑flow positive for the full year, and plan significant go‑to‑market investment—aiming to double the sales organization (adding ~25% headcount in the next three months) and to onboard 8–10 VAR partners over the next four quarters—while driving SaaS ARPU uplift of about $0.05 per unit per month from initial renewals that affect roughly one‑third (~300k) of the ~911k deployed units; the company finished Q1 with $99M cash, no debt, and an undrawn $75M credit facility.SmartRent Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
72
Positive
Cash Flow
29
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 149.66M | 152.33M | 174.88M | 236.84M | 167.82M | 110.64M |
| Gross Profit | 51.43M | 49.87M | 60.34M | 49.53M | 1.35M | -10.07M |
| EBITDA | -39.96M | -29.44M | -35.28M | -37.63M | -99.99M | -71.19M |
| Net Income | -24.82M | -60.56M | -33.64M | -34.59M | -96.32M | -71.96M |
Balance Sheet | ||||||
| Total Assets | 300.24M | 320.93M | 420.18M | 509.76M | 560.85M | 579.68M |
| Cash, Cash Equivalents and Short-Term Investments | 98.82M | 104.55M | 142.48M | 215.21M | 210.41M | 430.84M |
| Total Debt | 5.47M | 7.41M | 7.02M | 1.31M | 0.00 | 0.00 |
| Total Liabilities | 69.56M | 88.79M | 130.74M | 167.31M | 196.65M | 130.18M |
| Stockholders Equity | 230.67M | 232.14M | 289.44M | 342.45M | 364.20M | 449.50M |
Cash Flow | ||||||
| Free Cash Flow | -16.35M | -25.13M | -40.51M | 2.21M | -82.15M | -71.85M |
| Operating Cash Flow | -13.95M | -21.57M | -32.91M | 5.98M | -77.83M | -70.38M |
| Investing Cash Flow | -6.24M | -8.63M | -7.60M | -6.02M | -133.99M | -9.37M |
| Financing Cash Flow | -5.55M | -7.44M | -32.96M | -1.91M | -2.80M | 473.93M |
SmartRent Technical Analysis
Negative
1.57
Price Trends
1.42
Negative
1.58
Negative
1.56
Negative
Market Momentum
-0.08
Negative
45.37
Neutral
38.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SMRT, the sentiment is Negative. The current price of 1.57 is above the 20-day moving average (MA) of 1.25, above the 50-day MA of 1.42, and above the 200-day MA of 1.56, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 45.37 is Neutral, neither overbought nor oversold. The STOCH value of 38.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SMRT.
SmartRent Risk Analysis
SmartRent disclosed 53 risk factors in its most recent earnings report. SmartRent reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SmartRent Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $1.09B | -40.34 | 32.36% | ― | 13.03% | 7.07% | |
62 Neutral | $268.11M | -20.35 | -30.68% | 14.78% | -16.07% | -85.04% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
48 Neutral | $219.84M | -16.16 | -10.61% | ― | -9.70% | 61.30% |
* Technology Sector Average
SMRT
SmartRent
1.15
0.32
38.55%
PRCH
Porch Group
9.77
0.26
2.73%
MKTW
MarketWise
16.37
0.94
6.06%
SmartRent Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
SmartRent Shareholders Approve Expanded Equity Incentive Plan
Positive
May 13, 2026
On May 12, 2026, SmartRent, Inc. held its 2026 Annual Meeting of Stockholders, where investors approved an amended and restated 2021 Equity Incentive Plan that increases the pool of shares available for equity awards, reinforcing the company’...
Business Operations and StrategyFinancial Disclosures
SmartRent Posts Q1 Results, Advances Toward Profitability
Positive
May 6, 2026
On May 6, 2026, SmartRent reported first-quarter 2026 results showing a 6% year-over-year decline in total revenue to $38.7 million, largely due to tougher hardware and non-cash hub amortization comparisons, while core revenue held flat at $36.6 m...
Business Operations and StrategyFinancial Disclosures
SmartRent Returns to Growth With First Positive EBITDA
Positive
Mar 4, 2026
On March 4, 2026, SmartRent reported financial results for the fourth quarter and full year ended December 31, 2025, highlighting a return to year-over-year quarterly revenue growth and its first positive adjusted EBITDA in seven quarters. Fourth-...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.