SmartRent Inc. Reports Q1 2025 Results: Revenue Falls 18% YoY to $41.3M, Net Loss Widens to $40.2M with $24.9M Goodwill Impairment, Adjusted EBITDA Declines to $(6.4) M
SmartRent Inc. reported Q1 2025 results with an 18% revenue decline to $41.3M and a widened net loss of $40.2M, including a $24.9M goodwill impairment. SaaS revenue increased by 17% to $14.0M, representing 33.8% of total revenue. Adjusted EBITDA fell to $(6.4) M from a positive $0.4M last year. The company repurchased 1.0M shares for $1.2M, with $20.4M remaining in its buyback program. SmartRent ended the quarter with $126M in cash and emphasized its focus on recurring revenue and long-term growth in the smart home IoT market.
SmartRent Inc. (NYSE: SMRT) announced its financial results for the first quarter of 2025, showing significant changes in its financial performance. The company reported a total revenue of $41.3 million, marking an 18% decrease compared to the same period last year. However, the SaaS revenue saw a 17% increase year over year, reaching $14.0 million and representing approximately 33.8% of the total revenue, up from 24% in the previous year. The net loss for SmartRent increased substantially to $40.2 million, including a $24.9 million goodwill impairment, compared to a $7.7 million loss in the same quarter of the prior year. Adjusted EBITDA was reported at a loss of $6.4 million, down from a positive $0.4 million in the previous year. In terms of business operations, SmartRent repurchased approximately 1.0 million shares at a total cost of $1.2 million, leaving around $20.4 million available for future repurchases under its authorized $50 million share repurchase program. The company ended the quarter with a cash balance of approximately $126 million. SmartRent continues to prioritize recurring revenue, customer value, and long-term profitable growth, with an annual recurring revenue for the first quarter of 2025 standing at $55.9 million. The company highlighted its strong balance sheet and disciplined cost controls as foundations for future growth and success in the smart home IoT platform market. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. SmartRent Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20250507757872) on May 07, 2025, and is solely responsible for the information contained therein. © Copyright 2025 - Public Technologies (PUBT)
