SmartRent, Inc.

For the period ended Jun 30, 2025. Filed Aug 6, 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.

Jun 30, 2025 · Filed Aug 6, 2025

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

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Contents

PART I - Financial Information

	As of
	June 30, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$105,044	$142,482
Accounts receivable, net	58,571	59,299
Inventory	33,352	35,261
Deferred cost of revenue, current portion	5,782	8,727
Prepaid expenses and other current assets	14,794	11,881
Total current assets	217,543	257,650
Property and equipment, net	5,583	2,451
Deferred cost of revenue	910	3,073
Goodwill	92,339	117,268
Intangible assets, net	21,438	23,375
Other long-term assets	16,156	16,359
Total assets	$353,969	$420,176
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$11,664	$8,716
Accrued expenses and other current liabilities	30,588	27,245
Deferred revenue, current portion	37,807	35,071
Total current liabilities	80,059	71,032
Deferred revenue	28,550	52,588
Other long-term liabilities	6,511	7,121
Total liabilities	115,120	130,741
Commitments and contingencies (Note 12)
Convertible preferred stock, $0.0001 par value; 50,000 shares authorized as of June 30, 2025 and December 31, 2024; no shares of preferred stock issued and outstanding as of June 30, 2025 and December 31, 2024	-	-
Stockholders' equity
Class A common stock, $0.0001 par value; 500,000 shares authorized as of June 30, 2025 and December 31, 2024, respectively; 188,064 and 192,049 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	19	19
Additional paid-in capital	642,010	637,361
Accumulated deficit	(403,809)	(347,847)
Accumulated other comprehensive loss	629	(98)
Total stockholders' equity	238,849	289,435
Total liabilities, convertible preferred stock and stockholders' equity	$353,969	$420,176
See accompanying Notes to Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	For the three months ended June 30,		For the six months ended June 30,
	2025	2024	2025	2024
Revenue
Hardware	$15,143	$24,676	$33,973	$53,753
Professional services	4,327	5,816	8,220	9,274
Hosted services	18,838	18,026	37,459	35,980
Total revenue	38,308	48,518	79,652	99,007
Cost of revenue
Hardware	12,868	16,318	26,828	35,002
Professional services	6,237	8,869	13,530	15,317
Hosted services	6,535	6,026	13,064	11,960
Total cost of revenue	25,640	31,213	53,422	62,279
Operating expense
Research and development	6,465	7,484	14,723	15,846
Sales and marketing	6,375	4,716	11,145	9,270
General and administrative	11,513	12,023	28,407	28,689
Total operating expense	24,353	24,223	54,275	53,805
Impairment charge	-	-	24,929	-
Loss from operations	(11,685)	(6,918)	(52,974)	(17,077)
Interest income, net	1,012	2,290	2,212	4,699
Other income, net	(220)	91	(207)	194
Loss before income taxes	(10,893)	(4,537)	(50,969)	(12,184)
Income tax (benefit) expense	(33)	68	75	113
Net loss	$(10,860)	$(4,605)	$(51,044)	$(12,297)
Other comprehensive loss
Foreign currency translation adjustment	639	(11)	727	(5)
Comprehensive loss	$(10,221)	$(4,616)	$(50,317)	$(12,302)
Net loss per common share
Basic and diluted	$(0.06)	$(0.02)	$(0.27)	$(0.06)
Weighted-average number of shares used in computing net loss per share
Basic and diluted	188,755	201,986	190,577	202,735
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)
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
Stock-based compensation	-		-		-		-		2,161			-			-			2,161
Issuance of common stock upon vesting of equity awards	-		-		438		-		-			-			-			-
Tax withholdings related to net share settlement of equity awards	-		-		(57)		-		(45)			-			-			(45)
Repurchases of Class A common stock	-		-		(4,066)		-				(3,716)			-			(3,716)
Net loss	-		-		-		-		-			(10,860)			-			(10,860)
Other comprehensive loss	-		-		-		-		-			-			639			639
Balance, June 30, 2025	-	$	-		188,064		$19		$642,010			$(403,809)			$629			$238,849

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
Stock-based compensation	-		-		-		-		3,284		-		-		3,284
Issuance of common stock upon vesting of equity awards	-		-		568		-		-		-		-		-
Tax withholdings related to net share settlement of equity awards	-		-		(145)		-		(369)		-		-		(369)
Repurchases of Class A common stock	-		-		(765)		-		-		(2,003)		-		(2,003)
Net loss	-		-		-		-		-		(4,605)		-		(4,605)
Other comprehensive loss	-		-		-		-		-		-		(11)		(11)
Balance, June 30, 2024	-	$	-		202,169		$20		$633,793		$(304,209)		$(221)		$329,383
See accompanying Notes to Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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