SmartRent, Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout 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.
Sep 30, 2025 · Filed Nov 5, 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 exhibitsContents
PART I - Financial Information
| As of | ||
|---|---|---|
| September 30, 2025 | December 31, 2024 | |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $100,022 | $142,482 |
| Accounts receivable, net | 52,195 | 59,299 |
| Inventory | 28,087 | 35,261 |
| Deferred cost of revenue, current portion | 4,356 | 8,727 |
| Prepaid expenses and other current assets | 16,805 | 11,881 |
| Total current assets | 201,465 | 257,650 |
| Property and equipment, net | 5,378 | 2,451 |
| Deferred cost of revenue | 374 | 3,073 |
| Goodwill | 92,339 | 117,268 |
| Intangible assets, net | 20,470 | 23,375 |
| Other long-term assets | 15,771 | 16,359 |
| Total assets | $335,797 | $420,176 |
| LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY | ||
| Current liabilities | ||
| Accounts payable | $10,811 | $8,716 |
| Accrued expenses and other current liabilities | 25,617 | 27,245 |
| Deferred revenue, current portion | 36,195 | 35,071 |
| Total current liabilities | 72,623 | 71,032 |
| Deferred revenue | 22,561 | 52,588 |
| Other long-term liabilities | 6,201 | 7,121 |
| Total liabilities | 101,385 | 130,741 |
| Commitments and contingencies (Note 12) | ||
| Convertible preferred stock, $0.0001 par value; 50,000 shares authorized as of September 30, 2025 and December 31, 2024; no shares of preferred stock issued and outstanding as of September 30, 2025 and December 31, 2024 | - | - |
| Stockholders' equity | ||
| Class A common stock, $0.0001 par value; 500,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 189,196 and 192,049 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 19 | 19 |
| Additional paid-in capital | 643,830 | 637,361 |
| Accumulated deficit | (410,060) | (347,847) |
| Accumulated other comprehensive loss | 623 | (98) |
| Total stockholders' equity | 234,412 | 289,435 |
| Total liabilities, convertible preferred stock and stockholders' equity | $335,797 | $420,176 |
| See accompanying Notes to Condensed Consolidated Financial Statements. | ||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| For the three months ended September 30, | For the nine months ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | ||||
| Hardware | $11,506 | $18,707 | $45,479 | $72,460 |
| Professional services | 7,035 | 3,308 | 15,255 | 12,582 |
| Hosted services | 17,661 | 18,495 | 55,120 | 54,475 |
| Total revenue | 36,202 | 40,510 | 115,854 | 139,517 |
| Cost of revenue | ||||
| Hardware | 13,836 | 13,843 | 40,664 | 48,845 |
| Professional services | 6,800 | 6,840 | 20,330 | 22,157 |
| Hosted services | 5,997 | 6,370 | 19,061 | 18,330 |
| Total cost of revenue | 26,633 | 27,053 | 80,055 | 89,332 |
| Operating expense | ||||
| Research and development | 6,149 | 6,596 | 20,872 | 22,442 |
| Sales and marketing | 4,354 | 4,444 | 15,499 | 13,714 |
| General and administrative | 6,093 | 14,154 | 34,500 | 42,843 |
| Total operating expense | 16,596 | 25,194 | 70,871 | 78,999 |
| Impairment charge | - | - | 24,929 | - |
| Loss from operations | (7,027) | (11,737) | (60,001) | (28,814) |
| Interest income, net | 891 | 2,019 | 3,103 | 6,718 |
| Other (expense) income, net | (78) | (187) | (285) | 7 |
| Loss before income taxes | (6,214) | (9,905) | (57,183) | (22,089) |
| Income tax expense | 56 | 18 | 131 | 131 |
| Net loss | $(6,270) | $(9,923) | $(57,314) | $(22,220) |
| Other comprehensive loss | ||||
| Foreign currency translation adjustment | (6) | 270 | 721 | 265 |
| Comprehensive loss | $(6,276) | $(9,653) | $(56,593) | $(21,955) |
| Net loss per common share | ||||
| Basic and diluted | $(0.03) | $(0.05) | $(0.30) | $(0.11) |
| Weighted-average number of shares used in computing net loss per share | ||||
| Basic and diluted | 188,376 | 198,731 | 189,835 | 201,391 |
| 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 | |||||||||
| Stock-based compensation | - | - | - | - | 2,084 | - | - | 2,084 | ||||||||||
| Issuance of common stock upon vesting of equity awards | - | - | 1,272 | - | - | - | - | - | ||||||||||
| Tax withholdings related to net share settlement of equity awards | - | - | (268) | - | (374) | - | - | (374) | ||||||||||
| Exercise of options | - | - | - | - | - | - | - | - | ||||||||||
| Net settlement related to exercise of options | - | - | - | - | - | - | - | - | ||||||||||
| ESPP purchases | - | - | 128 | - | 110 | - | - | 110 | ||||||||||
| Repurchases of Class A common stock | - | - | - | 19 | - | 19 | ||||||||||||
| Net Loss | - | - | - | - | - | (6,270) | - | (6,270) | ||||||||||
| Other comprehensive income | - | - | - | - | - | - | (6) | (6) | ||||||||||
| Balance, September 30, 2025 | - | $ | - | 189,196 | $19 | $643,830 | $(410,060) | $623 | $234,412 | |||||||||
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 | ||||||
| Stock-based compensation | - | - | - | - | 2,958 | - | - | 2,958 | |||||||
| Issuance of common stock upon vesting of equity awards | - | - | 669 | - | - | - | - | - | |||||||
| Tax withholdings related to net share settlement of equity awards | - | - | (259) | - | (582) | - | - | (582) | |||||||
| ESPP purchases | - | - | 159 | - | 249 | - | - | 249 | |||||||
| Repurchases of Class A common stock | (9,767) | (1) | - | (17,213) | - | (17,214) | |||||||||
| Net Loss | - | - | - | - | - | (9,923) | - | (9,923) | |||||||
| Other comprehensive income | - | - | - | - | - | - | 270 | 270 | |||||||
| Balance, September 30, 2024 | - | $ | - | 192,971 | $19 | $636,418 | $(331,345) | $49 | $305,141 | ||||||
| See accompanying Notes to Condensed Consolidated Financial Statements. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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