SmartRent, Inc. SMRT
We are an enterprise real estate technology company that provides a comprehensive management platform designed for property owners, managers and residents. Our suite of products and services, which includes cloud-based software-as-a-service ("SaaS") solutions many of which are enabled by smart building hardware, provide seamless visibility and control over real estate assets. Our platform can lower operating costs, increase revenues, mitigate operational friction and protect assets for owners and operators, while providing a differentiated, elevated living experience for residents.
Through centrally connected devices ("Hub Devices"), which integrate our enterprise software with third party smart devices, we enable the integration of our platform with third-party smart devices, our own hardware devices and other technology interfaces. We use an open-architecture, brand-agnostic approach that allows owners, operators, and residents to manage their smart home systems through a single connected interface. Our Smart Community solutions include software and devices that power (i) smart apartments and homes, (ii) access control for buildings, common areas, and rental units, (iii) community and resident WiFi, and other solutions such as asset protection and monitoring and self-guided tours. Our Smart Operations solutions include work order management, the automation of leasing and resident call handling, audit management, and the automation of the inspection process. We also have a professional services team that provides customers with training, installation, and support services.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $152.3M | $174.9M | $236.8M | $167.8M | $110.6M | $52.5M | — |
| Cost of revenue | $102.5M | $114.5M | $187.3M | $166.5M | $120.7M | $56.8M | — |
| Gross profit | $49.9M | $60.3M | $49.5M | $1.3M | -$10.1M | -$4.3M | — |
| R&D | $26.2M | $29.4M | $28.8M | $29.4M | $21.6M | $9.4M | — |
| SG&A | $43.2M | $54.3M | $44.7M | $55.3M | $26.0M | $16.6M | — |
| Total operating expenses | $88.9M | $102.1M | $92.7M | $105.6M | $61.6M | $31.4M | — |
| Operating income | -$64.0M | -$41.8M | -$43.2M | -$104.3M | -$71.7M | -$35.7M | — |
| Interest expense | — | $8.2M | $8.6M | $1.9M | $249.0K | $559.0K | — |
| Pre-tax income | -$60.5M | -$33.4M | -$34.7M | -$101.7M | -$71.8M | -$37.0M | — |
| Income tax | $41.0K | $267.0K | $108.0K | $5.4M | $115.0K | $149.0K | — |
| Net income | -$60.6M | -$33.6M | -$34.6M | -$96.3M | -$72.0M | -$37.1M | — |
| EPS, basic | -0.32 | -0.17 | -0.17 | -0.49 | -0.96 | -4.32 | — |
| EPS, diluted | -0.32 | -0.17 | -0.17 | -0.49 | -0.96 | -4.32 | — |
| Shares, diluted (wtd. avg.) | $189.7M | $199.2M | $200.7M | $195.6M | $74.7M | $8.6K | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $104.5M | $142.5M | $215.2M | $210.4M | $430.8M | $38.6M | — |
| Receivables | $47.4M | $59.3M | $61.9M | $62.4M | $45.5M | $20.8M | — |
| Inventory | $26.7M | $35.3M | $41.6M | $75.7M | $33.2M | $17.6M | — |
| Total current assets | $187.9M | $257.6M | $340.3M | $378.4M | $536.0M | $87.7M | — |
| Property, plant and equipment | $5.1M | $2.5M | $1.4M | $2.1M | $1.9M | $847.0K | — |
| Goodwill | $92.3M | $117.3M | $117.3M | $117.3M | $0 | $4.2M | — |
| Other intangibles | $19.5M | $23.4M | $27.2M | $31.1M | $0 | — | — |
| Total assets | $320.9M | $420.2M | $509.8M | $560.8M | $579.7M | $103.8M | — |
| Accounts payable | $13.0M | $8.7M | $15.1M | $18.4M | $6.1M | $2.3M | — |
| Short-term debt | — | — | — | — | — | $1.7M | — |
| Total current liabilities | $60.0M | $71.0M | $117.3M | $132.8M | $70.6M | $32.8M | — |
| Total liabilities | $88.8M | $130.7M | $167.3M | $196.6M | $130.2M | $70.7M | — |
| Retained earnings | -$413.3M | -$347.8M | -$285.5M | -$250.9M | -$154.6M | -$82.6M | — |
| Total equity | $232.1M | $289.4M | $342.4M | $364.2M | $449.5M | -$78.2M | -$44.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$21.6M | -$32.9M | $6.0M | -$77.8M | -$70.4M | -$28.5M | — |
| Depreciation and amortisation | $8.4M | $6.5M | $5.5M | $4.3M | $463.0K | $295.0K | — |
| Stock-based compensation | $8.8M | $12.1M | $13.2M | $12.9M | $7.3M | $1.1M | — |
| Capital expenditure | $3.6M | $1.8M | $147.0K | $1.1M | $1.5M | $298.0K | — |
| Investing cash flow | -$8.6M | -$7.6M | -$6.0M | -$134.0M | -$9.4M | -$2.7M | — |
| Financing cash flow | -$7.4M | -$33.0M | -$1.9M | -$2.8M | $473.9M | $48.2M | — |
| Buybacks | $4.9M | $28.6M | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-089953.
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