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SmartRent
(NYSE:SMRT)
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Rating:55Neutral
Price Target:
$1.00
▲(5.26% Upside)
Action:Reiterated
Date:08/05/26
SMRT’s score is held back primarily by still-negative profitability and inconsistent cash generation despite major improvement in losses, with muted TTM revenue momentum. Offsetting this, the balance sheet is conservatively positioned (cash, no debt) and the latest earnings call outlined a strengthening operating trajectory (margin expansion, positive adjusted EBITDA, ARR and installed-base growth). Technically, the stock remains below key longer-term moving averages, and valuation is difficult to assess given negative earnings and no dividend yield provided.
Positive Factors
Installed base scale
A near‑million installed unit base creates durable scale: recurring unit fees, stronger cross‑sell of access control and services, and network effects for data products. Scale lowers incremental customer acquisition costs and supports long‑term ARR growth and platform stickiness.
Negative Factors
Inconsistent cash generation
Free cash flow remains negative and cash generation is volatile versus prior large burn reductions. Persistent or recurring negative FCF could force reliance on cash reserves or the credit facility, limiting organic reinvestment and raising execution risk as the company scales.
Read all positive and negative factors
Positive Factors
Negative Factors
Installed base scale
A near‑million installed unit base creates durable scale: recurring unit fees, stronger cross‑sell of access control and services, and network effects for data products. Scale lowers incremental customer acquisition costs and supports long‑term ARR growth and platform stickiness.
Read all positive factors
SmartRent Key Performance Indicators (KPIs)
Any
Units Deployed
Shows the number of SmartRent units actively installed, indicating market penetration and adoption rate of its smart home solutions.
Shows the number of SmartRent units actively installed, indicating market penetration and adoption rate of its smart home solutions.
Data provided by:
The Fly
The FlySmartRent (SMRT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$260.59M
Dividend YieldN/A
Average Volume (3M)2.48M
Price to Earnings (P/E)―
Beta (1Y)1.50
Revenue Growth-2.78%
EPS Growth72.47%
CountryUS
Employees418
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.10
Shares Outstanding191,611,800
10 Day Avg. Volume2,159,602
30 Day Avg. Volume2,475,422
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)1.65
Price to Sales (P/S)2.52
P/FCF Ratio-12.69
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$1.40Price Target Upside47.37% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.09
Revenue Forecast (FY)$161.37M
SmartRent Business Overview & Revenue Model
Company Description
SmartRent, Inc. is an enterprise software company that furnishes a unified smart home platform throughout the United States. This system serves a wide array of clients, including residential property management companies and operators, home builde...
How the Company Makes Money
SmartRent generates revenue primarily by selling and deploying smart apartment hardware and by charging recurring fees for software/platform access and related services used by property owners and managers. A key revenue stream is product revenue ...
SmartRent Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized accelerating core growth, strong ARR expansion, meaningful installed-base momentum (nearing 1M units), substantial margin improvement (+760 bps) and improving profitability metrics (third straight quarter of positive adjusted EBITDA). Key positives include SaaS mix growth, large improvement in professional services margins, a strong balance sheet, share repurchases, and strategic partnerships to build a data and analytics business. Near-term headwinds include modest headline revenue growth (+4%), a decline in hardware revenue and hardware margins, bookings timing variability and lower ARPU from an IoT-heavy quarter, and execution/timing risk as management invests in the data/analytics practice. Overall, the highlights — especially improving margins, ARR, installed base acceleration, and balance sheet strength — outweigh the lowlights, though execution and mix volatility remain areas to monitor.Positive Updates
Core Revenue Strong Double-Digit Growth
Core revenue (excludes noncash hub amortization) grew 14% year-over-year to $38 million in Q2 2026, the highest quarterly core growth rate in over two years.
Negative Updates
Modest Total Revenue Growth
While core revenue rose 14%, reported total revenue increased only 4% year-over-year to $40 million, indicating non-core items and mix still temper headline growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Core Revenue Strong Double-Digit Growth
Core revenue (excludes noncash hub amortization) grew 14% year-over-year to $38 million in Q2 2026, the highest quarterly core growth rate in over two years.
Read all positive updates
Company Guidance
Management provided directional guidance that second-half 2026 revenue, profitability and cash flow should be stronger than the first half, supported by a near‑term installed base inflection (installed IoT units up 10% in Q2 to nearly 930,000 with trailing‑12‑month units booked accelerating to ~112,000 from 80,000 and >48,000 units booked in Q2), and they expect to exceed 1 million installed units in early 2027; they backed this with current metrics of $40M total revenue ($38M core, +14% YoY), $16M SaaS (+13%, >40% of revenue) and ARR of ~$65M, improving margins (total gross margin 41%, +760 bps; SaaS gross margin 75%), third consecutive quarter of positive adjusted EBITDA ($0.7M), a $93M cash balance with no debt and an undrawn $75M credit facility, and incremental levers including renewal pricing (~$0.05/unit/month, ≈$50k/month run‑rate benefit), hardware refreshes, and partnerships (Hexaware, Databricks) expected to drive further margin expansion and monetization from data & analytics.SmartRent Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
70
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 151.20M | 152.33M | 174.88M | 236.84M | 167.82M | 110.64M |
| Gross Profit | 54.98M | 49.87M | 60.34M | 49.53M | 1.35M | -10.07M |
| EBITDA | -33.04M | -51.90M | -26.88M | -29.16M | -97.45M | -71.13M |
| Net Income | -19.60M | -60.56M | -33.64M | -34.59M | -96.32M | -71.96M |
Balance Sheet | ||||||
| Total Assets | 293.70M | 320.93M | 420.18M | 509.76M | 560.85M | 579.68M |
| Cash, Cash Equivalents and Short-Term Investments | 92.66M | 104.55M | 142.48M | 215.21M | 210.41M | 430.84M |
| Total Debt | 5.23M | 7.41M | 7.02M | 1.31M | 0.00 | 0.00 |
| Total Liabilities | 68.56M | 88.79M | 130.74M | 167.31M | 196.65M | 130.18M |
| Stockholders Equity | 225.14M | 232.14M | 289.44M | 342.45M | 364.20M | 449.50M |
Cash Flow | ||||||
| Free Cash Flow | -3.11M | -30.20M | -40.51M | 2.21M | -82.15M | -71.85M |
| Operating Cash Flow | -706.00K | -21.57M | -32.91M | 5.98M | -77.83M | -70.38M |
| Investing Cash Flow | -5.72M | -8.63M | -7.60M | -6.02M | -133.99M | -9.37M |
| Financing Cash Flow | -5.30M | -7.44M | -32.96M | -1.91M | -2.80M | 473.93M |
SmartRent Technical Analysis
Positive
0.95
Price Trends
1.10
Positive
1.24
Positive
1.48
Negative
Market Momentum
0.06
Negative
72.78
Negative
92.74
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SMRT, the sentiment is Positive. The current price of 0.95 is below the 20-day moving average (MA) of 1.06, below the 50-day MA of 1.10, and below the 200-day MA of 1.48, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 72.78 is Negative, neither overbought nor oversold. The STOCH value of 92.74 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $1.75B | -128.55 | 25.17% | ― | 15.79% | -125.94% | |
69 Neutral | $309.39M | 19.69 | -0.30% | 4.51% | -11.34% | -91.73% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $260.59M | -14.04 | -8.50% | ― | -2.78% | 72.47% |
* Technology Sector Average
SMRT
SmartRent
1.41
0.05
3.68%
PRCH
Porch Group
15.76
0.26
1.68%
MKTW
MarketWise
18.90
1.18
6.66%
SmartRent Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
SmartRent posts Q2 revenue growth and margin expansion
Positive
Aug 5, 2026
SmartRent reported second-quarter 2026 results on August 5, 2026, showing total revenue of $39.8 million, up 4% year over year, and core revenue of $38.4 million, up 14%, driven by higher bookings and expansion of its installed IoT base in rental ...
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...
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.