Smartrent Inc Financials
Smartrent Inc (SMRT) reported $152.3M in revenue for fiscal year 2025, down 12.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
After a gross-margin repair, SmartRent remains a subscale business whose overhead outruns declining sales and keeps cash moving out.
The business shifted from a product-economics problem to a scale problem: gross margin improved from0.8% in FY2022 to32.7% in FY2025. But after revenue peaked in FY2023, operating margin slid back to-42.0% , meaning better direct profitability still could not absorb a cost base built for more volume.
In FY2025, cash burn was milder than the accounting loss: net income was
FY2023’s
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Smartrent Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Smartrent Inc, and counted as zero in the overall score.
Smartrent Inc scores 0.24, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($258.7M) relative to total liabilities ($88.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Smartrent Inc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Smartrent Inc reported a net loss of $60.6M while operations used $21.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Smartrent Inc reported an operating loss of $64.0M against $378K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Smartrent Inc generated $152.3M in revenue in fiscal year 2025. This represents a decrease of 12.9% from the prior year.
Smartrent Inc's EBITDA was -$55.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 57.5% from the prior year.
Smartrent Inc reported -$60.6M in net income in fiscal year 2025. This represents a decrease of 80.0% from the prior year.
Smartrent Inc earned -$0.32 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 88.2% from the prior year.
Cash & Balance Sheet
Smartrent Inc recorded an outflow of $25.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 27.5% from the prior year.
Smartrent Inc held $104.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Smartrent Inc's gross margin was 32.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.8 percentage points from the prior year.
Smartrent Inc's operating margin was -42.0% in fiscal year 2025, reflecting core business profitability. This is down 18.1 percentage points from the prior year.
Smartrent Inc's net profit margin was -39.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 20.5 percentage points from the prior year.
Smartrent Inc's ROE was -26.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 14.5 percentage points from the prior year.
Capital Allocation
Smartrent Inc invested $26.2M in research and development in fiscal year 2025. This represents a decrease of 10.7% from the prior year.
Smartrent Inc spent $4.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 82.9% from the prior year.
Smartrent Inc invested $3.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 101.1% from the prior year.
SMRT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $151.2M | $152.3M-12.9% | $174.9M-26.2% | $236.8M+41.1% | $167.8M+51.7% | $110.6M+110.6% | $52.5M |
| Cost of Revenue | $96.2M | $102.5M-10.6% | $114.5M-38.8% | $187.3M+12.5% | $166.5M+37.9% | $120.7M+112.4% | $56.8M |
| Gross Profit | $55.0M | $49.9M-17.4% | $60.3M+21.8% | $49.5M+3574.3% | $1.3M+113.4% | -$10.1M-134.4% | -$4.3M |
| R&D Expenses | $23.2M | $26.2M-10.7% | $29.4M+2.0% | $28.8M-2.1% | $29.4M+36.4% | $21.6M+129.3% | $9.4M |
| SG&A Expenses | $36.3M | $43.2M-20.4% | $54.3M+21.5% | $44.7M-19.2% | $55.3M+112.8% | $26.0M+56.7% | $16.6M |
| Operating Income | -$22.6M | -$64.0M-53.2% | -$41.8M+3.2% | -$43.2M+58.6% | -$104.3M-45.5% | -$71.7M-100.6% | -$35.7M |
| Interest Expense | $374K | $378K-5.5% | $400K+0.8% | $397K-79.6% | $1.9M+881.5% | -$249K+55.5% | -$559K |
| Income Tax | -$156K | $41K-84.6% | $267K+347.2% | -$108K+98.0% | -$5.4M-4785.2% | $115K-22.8% | $149K |
| Net Income | -$19.6M | -$60.6M-80.0% | -$33.6M+2.7% | -$34.6M+64.1% | -$96.3M-33.9% | -$72.0M-93.9% | -$37.1M |
| EPS (Diluted) | — | -$0.32-88.2% | -$0.170.0% | -$0.17+65.3% | -$0.49 | -$0.96 | -$4.32 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SMRT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $320.9M-23.6% | $420.2M-17.6% | $509.8M-9.1% | $560.8M-3.2% | $579.7M+458.2% | $103.8M |
| Current Assets | $187.9M-27.1% | $257.6M-24.3% | $340.3M-10.0% | $378.4M-29.4% | $536.0M+511.5% | $87.7M |
| Cash & Equivalents | $104.5M-26.6% | $142.5M-33.8% | $215.2M+2.3% | $210.4M-51.2% | $430.8M+1015.6% | $38.6M |
| Inventory | $26.7M-24.4% | $35.3M-15.2% | $41.6M-45.1% | $75.7M+128.0% | $33.2M+88.4% | $17.6M |
| Accounts Receivable | $47.4M-20.1% | $59.3M-4.2% | $61.9M-0.9% | $62.4M+37.3% | $45.5M+118.8% | $20.8M |
| Goodwill | $92.3M-21.3% | $117.3M0.0% | $117.3M0.0% | $117.3M+825.8% | $12.7M+204.3% | $4.2M |
| Total Liabilities | $88.8M-32.1% | $130.7M-21.9% | $167.3M-14.9% | $196.6M+51.1% | $130.2M-28.5% | $182.1M |
| Current Liabilities | $60.0M-15.5% | $71.0M-39.4% | $117.3M-11.6% | $132.8M+88.2% | $70.6M+115.0% | $32.8M |
| Total Equity | $232.1M-19.8% | $289.4M-15.5% | $342.4M-6.0% | $364.2M-19.0% | $449.5M+674.4% | -$78.3M |
| Retained Earnings | -$413.3M-18.8% | -$347.8M-21.8% | -$285.5M-13.8% | -$250.9M-62.3% | -$154.6M-87.1% | -$82.6M |
Not reported in any period shown, so not listed: Long-Term Debt.
SMRT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$706K | -$21.6M+34.4% | -$32.9M-650.3% | $6.0M+107.7% | -$77.8M-10.6% | -$70.4M-147.0% | -$28.5M |
| Capital Expenditures | $346K | $3.6M+101.1% | $1.8M+1102.0% | $147K-86.8% | $1.1M-24.3% | $1.5M+393.6% | $298K |
| Free Cash Flow | -$1.1M | -$25.1M+27.5% | -$34.7M-694.4% | $5.8M+107.4% | -$78.9M-9.9% | -$71.8M-149.6% | -$28.8M |
| Investing Cash Flow | -$5.7M | -$8.6M-13.5% | -$7.6M-26.2% | -$6.0M+95.5% | -$134.0M-1329.6% | -$9.4M-249.7% | -$2.7M |
| Financing Cash Flow | -$5.3M | -$7.4M+77.4% | -$33.0M-1630.3% | -$1.9M+32.0% | -$2.8M-100.6% | $473.9M+882.8% | $48.2M |
| Share Buybacks | N/A | $4.9M-82.9% | $28.6M | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SMRT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 32.7%-1.8pp | 34.5%+13.6pp | 20.9%+20.1pp | 0.8%+9.9pp | -9.1%-0.9pp | -8.2% |
| Operating Margin | -42.0%-18.1pp | -23.9%-5.7pp | -18.2%+43.9pp | -62.1%+2.6pp | -64.8%+3.2pp | -68.0% |
| Net Margin | -39.8%-20.5pp | -19.2%-4.6pp | -14.6%+42.8pp | -57.4%+7.6pp | -65.0%+5.6pp | -70.6% |
| Return on Equity | -26.1%-14.5pp | -11.6%-1.5pp | -10.1%+16.4pp | -26.5%-10.4pp | -16.0% | N/A |
| Return on Assets | -18.9%-10.9pp | -8.0%-1.2pp | -6.8%+10.4pp | -17.2%-4.8pp | -12.4%+23.3pp | -35.7% |
| Current Ratio | 3.13-0.5x | 3.63+0.7x | 2.90+0.1x | 2.85-4.7x | 7.60+4.9x | 2.67 |
| Debt-to-Equity | 0.38-0.1x | 0.450.0x | 0.49-0.1x | 0.54+0.3x | 0.29 | N/A |
| FCF Margin | -16.5%+3.3pp | -19.8%-22.3pp | 2.5%+49.5pp | -47.0%+17.9pp | -64.9%-10.1pp | -54.8% |
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Where Smartrent Inc Ranks
Frequently Asked Questions
What is Smartrent Inc's annual revenue?
Smartrent Inc (SMRT) reported $152.3M in total revenue for fiscal year 2025. This represents a -12.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Smartrent Inc's revenue growing?
Smartrent Inc (SMRT) revenue declined by 12.9% year-over-year, from $174.9M to $152.3M in fiscal year 2025.
Is Smartrent Inc profitable?
No, Smartrent Inc (SMRT) reported a net income of -$60.6M in fiscal year 2025, with a net profit margin of -39.8%.
What is Smartrent Inc's EBITDA?
Smartrent Inc (SMRT) had EBITDA of -$55.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Smartrent Inc's gross margin?
Smartrent Inc (SMRT) had a gross margin of 32.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Smartrent Inc's operating margin?
Smartrent Inc (SMRT) had an operating margin of -42.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Smartrent Inc's net profit margin?
Smartrent Inc (SMRT) had a net profit margin of -39.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Smartrent Inc's return on equity (ROE)?
Smartrent Inc (SMRT) has a return on equity of -26.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Smartrent Inc's free cash flow?
Smartrent Inc (SMRT) recorded an outflow of $25.1M in free cash flow during fiscal year 2025. This represents a 27.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Smartrent Inc's operating cash flow?
Smartrent Inc (SMRT) recorded an outflow of $21.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Smartrent Inc's total assets?
Smartrent Inc (SMRT) had $320.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Smartrent Inc's capital expenditures?
Smartrent Inc (SMRT) invested $3.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Smartrent Inc spend on research and development?
Smartrent Inc (SMRT) invested $26.2M in research and development during fiscal year 2025.
What is Smartrent Inc's current ratio?
Smartrent Inc (SMRT) had a current ratio of 3.13 as of fiscal year 2025, which is generally considered healthy.
What is Smartrent Inc's debt-to-equity ratio?
Smartrent Inc (SMRT) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Smartrent Inc's return on assets (ROA)?
Smartrent Inc (SMRT) had a return on assets of -18.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Smartrent Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Smartrent Inc (SMRT) held $104.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $21.6M over that year. Dividing the one by the other, the reported balance equals about 58 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Smartrent Inc's Altman Z-Score?
Smartrent Inc (SMRT) has an Altman Z-Score of 0.24, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Smartrent Inc's Piotroski F-Score?
Smartrent Inc (SMRT) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Smartrent Inc's earnings high quality?
Smartrent Inc (SMRT) reported a net loss of $60.6M while operations used $21.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Smartrent Inc cover its interest payments?
Smartrent Inc (SMRT) reported an operating loss of $64.0M against $378K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Smartrent Inc?
Smartrent Inc (SMRT) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.