SmartRent Inc

For the period ended Mar 31, 2025. Filed May 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 7, 2025

SMRT$1.66+4.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

PART I - Financial Information

	As of
	March 31, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$125,600	$142,482
Accounts receivable, net	49,859	59,299
Inventory	33,189	35,261
Deferred cost of revenue, current portion	7,109	8,727
Prepaid expenses and other current assets	12,106	11,881
Total current assets	227,863	257,650
Property and equipment, net	5,305	2,451
Deferred cost of revenue	1,851	3,073
Goodwill	92,339	117,268
Intangible assets, net	22,406	23,375
Other long-term assets	16,301	16,359
Total assets	$366,065	$420,176
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$12,090	$8,716
Accrued expenses and other current liabilities	24,896	27,245
Deferred revenue, current portion	38,887	35,071
Total current liabilities	75,873	71,032
Deferred revenue	32,704	52,588
Other long-term liabilities	6,818	7,121
Total liabilities	115,395	130,741
Commitments and contingencies (Note 12)
Convertible preferred stock, $0.0001 par value; 50,000 shares authorized as of March 31, 2025 and December 31, 2024; no shares of preferred stock issued and outstanding as of March 31, 2025 and December 31, 2024	-	-
Stockholders' equity
Class A common stock, $0.0001 par value; 500,000 shares authorized as of March 31, 2025 and December 31, 2024, respectively; 191,749 and 192,049 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	19	19
Additional paid-in capital	639,894	637,361
Accumulated deficit	(389,233)	(347,847)
Accumulated other comprehensive loss	(10)	(98)
Total stockholders' equity	250,670	289,435
Total liabilities, convertible preferred stock and stockholders' equity	$366,065	$420,176
See accompanying Notes to Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	For the three months ended March 31,
	2025	2024
Revenue
Hardware	$18,830	$29,077
Professional services	3,893	3,458
Hosted services	18,621	17,954
Total revenue	41,344	50,489
Cost of revenue
Hardware	13,960	18,684
Professional services	7,293	6,448
Hosted services	6,529	5,934
Total cost of revenue	27,782	31,066
Operating expense
Research and development	8,258	8,362
Sales and marketing	4,770	4,554
General and administrative	16,894	16,666
Total operating expense	29,922	29,582
Impairment charge	24,929	-
Loss from operations	(41,289)	(10,159)
Interest income, net	1,200	2,409
Other income, net	13	103
Loss before income taxes	(40,076)	(7,647)
Income tax expense	108	45
Net loss	$(40,184)	$(7,692)
Other comprehensive loss
Foreign currency translation adjustment	88	6
Comprehensive loss	$(40,096)	$(7,686)
Net loss per common share
Basic and diluted	$(0.21)	$(0.04)
Weighted-average number of shares used in computing net loss per share
Basic and diluted	192,419	203,485
See accompanying Notes to Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

Convertible Preferred Stock · Class A Common Stock
Shares · Amount (Par Value $0.0001) · Shares · Amount (Par Value $0.0001) · Additional Paid In Capital · Accumulated Deficit · Accumulated other comprehensive (loss) income · Total Stockholders' Equity
Balance, December 31, 2024	-	$	-		192,049		$19		$637,361		$(347,847)		$(98)		$289,435
Stock-based compensation	-		-		-		-		2,836		-		-		2,836
Issuance of Class A common stock upon vesting of equity awards	-		-		906		-		-		-		-		-
Tax withholdings related to net share settlement of equity awards	-		-		(328)		-		(478)		-		-		(478)
Exercise of options	-		-		-		-		-		-		-		-
Net settlement related to exercise of options	-		-		-					-		-		-
ESPP purchases	-		-		140		-		175		-		-		175
Repurchases of Class A common stock				(1,018)		-		-		(1,202)		-		(1,202)
Net loss	-		-		-		-		-		(40,184)		-		(40,184)
Other comprehensive income	-		-								88		88
Balance, March 31, 2025	-	$	-		191,749		$19		$639,894		$(389,233)		$(10)		$250,670

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

Convertible Preferred Stock · Class A Common Stock
Shares · Amount (Par Value $0.0001) · Shares · Amount (Par Value $0.0001) · Additional Paid In Capital · Accumulated Deficit · Accumulated other comprehensive (loss) income · Total Stockholders' Equity
Balance, December 31, 2023	-	$	-		203,327		$20		$628,156		$(285,512)		$(216)		$342,448
Stock-based compensation	-		-		-		-		3,281		-		-		3,281
Issuance of Class A common stock upon vesting of equity awards	-		-		775		-		-		-		-		-
Tax withholdings related to net share settlement of equity awards	-		-		(291)		-		(898)		-		-		(898)
Exercise of options	-		-		192		-		2		-		-		2
Net settlement related to exercise of options	-		-		(31)					-		-		-
ESPP purchases	-		-		134		-		337		-		-		337
Repurchases of Class A common stock				(1,595)		-		-		(4,397)		-		(4,397)
Net loss	-		-		-		-		-		(7,692)		-		(7,692)
Other comprehensive income	-		-								6		6
Balance, March 31, 2024	-	$	-		202,511		$20		$630,878		$(297,601)		$(210)		$333,087
See accompanying Notes to Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.