SmartRent, Inc. reported a decline in financial performance for the third quarter of 2025, with total revenue decreasing by 11% to $36.2 million compared to $40.5 million in the same period last year. The decrease was primarily driven by a significant drop in hardware revenue, which fell 38% to $11.5 million, attributed to a 55% decrease in units shipped. In contrast, professional services revenue saw a substantial increase of 113%, reaching $7.0 million, while hosted services revenue decreased slightly by 5% to $17.7 million. For the nine months ended September 30, 2025, total revenue was $115.9 million, down 17% from $139.5 million in the prior year.
The company's operating expenses also saw a notable reduction, decreasing by 34% to $16.6 million for the third quarter, primarily due to a significant drop in general and administrative expenses, which fell by 57% to $6.1 million. This reduction was largely driven by decreased legal expenses and severance costs. Despite these cost-cutting measures, SmartRent reported a net loss of $6.3 million for the quarter, an improvement from the $9.9 million loss in the same quarter of 2024. For the nine-month period, the net loss was $57.3 million, compared to a loss of $22.2 million in the previous year.
Operationally, SmartRent reported a total of 870,230 units deployed as of September 30, 2025, reflecting an 11% increase from 787,038 units a year earlier. The company also recorded 22,644 new units deployed in the third quarter, a 49% increase compared to the same period in 2024. However, the total number of units shipped decreased significantly, with 20,047 units shipped in the third quarter of 2025, down from 44,763 units in the prior year. The decline in shipments was attributed to customers deferring capital expenditures amid broader macroeconomic conditions.
In terms of strategic developments, SmartRent has focused on enhancing its product offerings, including the introduction of an AI-powered intelligence layer and energy management tools. The company has also made leadership changes, appointing Frank Martell as President and CEO in June 2025. Looking ahead, SmartRent anticipates continued challenges in the market, particularly related to customer capital expenditure decisions and competition, but remains committed to expanding its customer base and enhancing its product suite. The company ended the quarter with cash and cash equivalents of $100.0 million, which it believes will be sufficient to fund operations for at least the next 12 months.
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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