SmartRent, Inc. reported its financial results for the first quarter of 2026, revealing a total revenue of $38.7 million, a decrease of 6% from $41.3 million in the same period last year. The decline was primarily attributed to an 18% drop in hardware revenue, which fell to $15.4 million from $18.8 million, alongside a 7% decrease in hosted services revenue to $17.3 million. However, professional services revenue saw a significant increase of 55%, rising to $6.0 million, driven by a 14% increase in New Units Deployed, which reached 20,662 units.
In terms of profitability, SmartRent reported a net loss of $4.4 million for the quarter, a substantial improvement compared to a net loss of $40.2 million in the prior year. This improvement was largely due to a reduction in operating expenses, which decreased by 32% to $20.2 million, primarily from lower general and administrative costs, including a significant reduction in legal fees. The company did not incur any goodwill impairment charges in the current quarter, contrasting with a $24.9 million charge recorded in the same period last year.
Operationally, SmartRent deployed a total of 911,244 units as of March 31, 2026, marking a 10% increase from 827,611 units a year earlier. The company also reported a decrease in Units Shipped, which fell by 23% to 33,466 units, reflecting challenges in the supply chain and a strong prior year comparison. Despite these challenges, the company maintained a focus on expanding its customer base, with approximately 600 active customers, including major multifamily residential owners in the U.S.
Looking ahead, SmartRent has introduced "Vision 2028," a strategic initiative aimed at enhancing market leadership and profitability. The plan emphasizes growth through an expanded installed footprint, improved operational efficiency, and the integration of advanced data analytics and AI into its platform. The company remains optimistic about its future performance, despite current market conditions, and anticipates that its strategic investments will yield positive results in the latter half of 2026.
About SmartRent, Inc.
SmartRent, Inc. is a provider of enterprise smart home technology for residential real estate, offering cloud-based software and hardware solutions that enable property owners and managers to automate operations, enhance security, and improve resident experiences. Its platform integrates with third-party devices and property management systems, serving multifamily, single-family rental, and commercial markets to reduce costs, increase revenue, and promote sustainability.
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