Smartrent Inc Stock Price, News & Analysis

SmartRent (NYSE: SMRT) announced three new features in its Work Management solution as part of a $10 million investment in innovation: Teams, Smart Launch, and Triggers. The Teams feature enables group-level work assignments across properties, allowing for flexible maintenance team deployment through three approaches: property-specific teams, podded teams for multiple communities, or organization-wide teams.

Smart Launch, an AI-powered assistant, streamlines workflow searches and platform navigation using natural language processing, reducing onboarding time and improving user satisfaction. The Triggers enhancement automates move-out inspection task creation based on move-out dates, working in conjunction with SmartRent's Boards feature for an enhanced make-ready process.

These innovations aim to support the rental housing industry's shift toward centralization, enhancing coordination and automating key workflows for more efficient property management.

SmartRent (NYSE: SMRT) has announced inducement awards granted to their new President and CEO Michael Shane Paladin under the company's 2025 Inducement Equity Incentive Plan. The compensation package includes:

• 1,790,055 time-based restricted stock units (RSUs) of Class A common stock, vesting one-third annually over three years
• 2,320,441 performance stock units (PSUs) as target, with potential 200% maximum based on stock price performance over five years

The PSUs will vest based on company stock price achievements during a five-year performance period, with 50% vesting at four years and the remaining at five years, subject to continued employment. These awards were granted as material inducement for Paladin's employment in accordance with NYSE Listed Company Manual Rule 303A.08.

SmartRent (NYSE: SMRT) reported mixed Q4 and full-year 2024 results. Total revenue declined 41% YoY to $35.4M in Q4 and 26% to $174.9M for the full year. However, SaaS revenue showed positive growth, increasing 17% to $13.6M in Q4 and 26% to $51.6M annually.

The company's net loss widened to $(11.4M) in Q4 from $(3.3M) year-over-year, while full-year net loss improved slightly to $(33.6M) from $(34.6M). Annual Recurring Revenue (ARR) reached $54.4M, with Units Deployed growing 12% to 809,497.

Notable metrics include a strong cash position of $142.5M with no debt, an undrawn $75M credit facility, and the repurchase of 15.2M shares for $28.6M in 2024. The company's gross margin improved to 28.7% in Q4 and 34.5% for the full year, driven by cost management and increased SaaS revenue contribution.

SmartRent (NYSE: SMRT), the leading provider of smart communities solutions for the rental housing industry, has scheduled its fourth quarter and full-year 2024 financial results announcement for March 5, 2025. The results will be released before market opening, followed by a conference call at 11:30 a.m. ET.

The conference call will be led by Shane Paladin, the newly appointed President and CEO, and Daryl Stemm, CFO. They will discuss the company's performance, with supporting materials available on the company's Investor Relations website. Participants are encouraged to dial in 15 minutes before the scheduled start time to avoid delays.

SmartRent Inc. (NYSE: SMRT) has appointed Michael Shane Paladin as its new President and Chief Executive Officer, effective February 24. As a veteran in SaaS and enterprise software with over two decades of experience, Paladin will lead SmartRent's executive team in advancing its market share and strategic vision in smart home technology for the rental housing industry.

Paladin most recently served as CEO of Siteimprove, where he successfully led a turnaround driving profitable growth and expanding product offerings. Previously, at SAP SE, he served as President of Services, managing a 19,000-person team and driving digital transformation. The appointment comes as SmartRent announces a $10M innovation investment to maintain its position as a leader in property technology.

SmartRent (NYSE: SMRT) has launched a $10 million investment program focusing initially on enhancing its Smart Operations Solutions for the rental housing industry. The investment will drive innovation and new features throughout 2025, with emphasis on property efficiency and performance improvements.

The program will develop features for centralized property management, AI workflow, and preventive maintenance. Key upcoming enhancements include Teams functionality for cross-portfolio task management, increased assets visibility, and Smart Launch with AI capabilities. Recent improvements include enhanced dashboards for property performance insights and automated workflows.

SmartRent (NYSE: SMRT) has been awarded the 2024 Multi-Housing News Excellence Silver Award in the 'Best Technology' category, marking their second win following their 2020 recognition. The award acknowledges SmartRent's innovative contributions to the multifamily housing industry through their smart communities and operations solutions.

The company's platform integrates advanced features including automated maintenance workflows, smart access controls, and leak detection systems. Currently powering over 1.3 million rental homes with Smart Operations Solutions and serving 771,000 homes with Smart Communities Solutions, SmartRent has connected more than 2.9 million devices.

Key platform features include asset protection through leak detection, scalable technology solutions, energy efficiency through smart thermostats, consolidated device control via a single app, and enhanced security through smart locks and video systems.

SmartRent (NYSE: SMRT) has launched Alloy Deadbolt+, a smart lock designed for rental housing with Apple Wallet integration, debuting at a Starwood Capital Group property. The new technology allows residents to add their keys to Apple Wallet and access their apartments and common areas with just a tap of their iPhone or Apple Watch, eliminating the need for physical keys.

The system features Express Mode for quick access without unlocking the device, Power Reserve for use when iPhone needs charging, and a 90-minute fire rating. Property managers can securely manage access and grant temporary entry to visitors and service providers. The technology aims to reduce rekeying costs and enhance property value while complementing existing platforms like self-guided touring and mobile maintenance.

SmartRent (NYSE: SMRT) has been named to the 2024 Deloitte Technology Fast 500™ list, ranking 335th among North America's fastest-growing technology companies, up from 357th in 2023. The company, which provides smart communities and operations solutions for the rental housing industry, was recognized for its revenue growth between 2020 and 2023.

The Fast 500™ selection criteria include ownership of proprietary technology, minimum operating revenues of US $50,000 in the base year and US $5 million in the current year, and at least four years of business operations in North America. SmartRent's solutions focus on simplifying operations, automating workflows, protecting assets, and enhancing resident experiences in rental communities.