SmartRent, Inc. reported its financial results for the second quarter of 2026, revealing a total revenue of $39.8 million, a 4% increase from $38.3 million in the same period last year. The growth was primarily driven by a significant 100% increase in professional services revenue, which reached $8.6 million, up from $4.3 million. However, hardware revenue declined by 10% to $13.6 million, and hosted services revenue decreased by 7% to $17.6 million, reflecting challenges in unit shipments and hub amortization. For the first half of 2026, total revenue was $78.5 million, a slight decrease from $79.7 million in the prior year.
The company’s net loss for the second quarter narrowed to $5.6 million, compared to a loss of $10.9 million in the same quarter of 2025. This improvement was attributed to a reduction in operating expenses, which fell by 7% to $22.7 million, driven by lower research and development and sales and marketing costs. The total operating expenses for the first half of 2026 were $42.9 million, down 21% from $54.3 million in the previous year, largely due to cost-cutting measures implemented in late 2025.
SmartRent's operational metrics showed a 10% increase in Units Deployed, reaching 929,487 as of June 30, 2026, compared to 847,956 a year earlier. The company also reported 48,254 Units Booked in the second quarter, a substantial 98% increase from 24,319 in the same period last year. This growth in bookings indicates a strong demand for SmartRent's products and services, despite the challenges faced in hardware shipments.
In terms of strategic developments, SmartRent has been focusing on its Vision 2028 strategy, which aims to enhance market leadership and profitability through various initiatives, including expanding its product offerings and improving operational efficiencies. The company continues to invest in research and development, with a focus on enhancing its software solutions and integrating third-party products. As of June 30, 2026, SmartRent had cash and cash equivalents of $92.7 million, providing a solid liquidity position to support its ongoing operations and strategic initiatives.
Looking ahead, SmartRent anticipates continued growth in its SaaS revenue, driven by an increase in the number of deployed units and enhanced service offerings. The company remains optimistic about its ability to navigate market challenges and capitalize on opportunities in the smart home technology sector, although it acknowledges the potential impact of macroeconomic conditions and supply chain dynamics on its performance.
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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