The flat Core Revenue and declining hardware/bookings suggest the top-line transition is still underway, but the sustained Adjusted EBITDA profitability and SaaS growth are incremental positives. Watch for Q2 guidance on the earnings call — if management guides for full-year positive cash flow as hinted, it could support the stock. The 32% bookings decline is a near-term headwind for future revenue recognition.
Price Chart
Executive Summary
SmartRent reported Q1 2026 revenue of $38.7M, down 6% YoY, with GAAP EPS of -$0.02, in line with the -$0.02 consensus. Core Revenue (ex-hub amortization) was flat YoY at $36.6M. The company delivered a second consecutive quarter of positive Adjusted EBITDA ($0.4M vs -$6.4M YoY) and reduced net loss by $35.8M to $4.4M, driven by cost cuts and the absence of a prior-year goodwill impairment. However, total revenue declined, hardware revenue fell 18%, and bookings dropped 32%, signaling ongoing top-line challenges.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue $38.7M, down 6% YoY from $41.3M
- Core Revenue (ex-hub amortization) $36.6M, essentially flat YoY
- GAAP EPS -$0.02, in line with consensus of -$0.02
- Adjusted EBITDA positive for second straight quarter at $0.4M vs -$6.4M YoY
- SaaS revenue grew 9% YoY to $15.2M; ARR increased 9% to $60.9M
- Hardware revenue fell 18% YoY to $15.4M; hardware units shipped down 23%
- Bookings (contract value) dropped 32% YoY to $18.5M; units booked down 9%
- Total gross margin expanded ~630bps to 39.1%; SaaS gross margin 74.5%
- Operating expenses down 32% YoY to $20.2M
- Cash balance $98.8M, down $5.7M from Q4 2025; no debt; $75M undrawn credit facility
- Units Deployed reached 911,244, up 10% YoY; New Units Deployed up 14%
Financial Impact
Revenue miss of ~$0.1M vs $36.8M consensus; EPS in line at -$0.02. Core Revenue flat YoY. Adjusted EBITDA improved $6.8M YoY to positive $0.4M.
Risk Factors
- Total revenue declined 6% YoY; hardware revenue down 18%
- Bookings dropped 32% YoY, signaling weaker future pipeline
- Cash burn of $5.7M in the quarter; cash reserves declining
- No formal guidance provided; forward-looking statements are qualitative only
- Analyst consensus is 0% bullish (4 Hold, 3 Sell/Strong Sell)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-207626 |
| Document: smrt-20260506.htm | 0001193125-26-207626 |
| Document: 0001193125-26-207626-index-headers.html | 0001193125-26-207626 |
| Document: 0001193125-26-207626-index.html | 0001193125-26-207626 |
| Document: 0001193125-26-207626.txt | 0001193125-26-207626 |
| 8-K Data (Synthetic) | 0001193125-26-207626 |
Track record builds as more directional reports settle.
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| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | SC 13G/A | $1.21 | awaiting T+20 | — | $1.30 (+7.85%) |
Aug 12, 2026 10w ago | Insider Cluster | $1.44 $1.16 | ▼ −19.44% | ▼ −17.70% | $1.30 (−9.38%) |
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