Quarterly ResultMay 6, 2026, 08:12 AM
SmartRent Q1 Adj. EBITDA $0.4M; Net Loss Cut by $35.8M
AI Summary
SmartRent reported its first quarter 2026 financial results, achieving positive Adjusted EBITDA of $0.4 million, a significant improvement from a $6.4 million loss in the prior year. The company also substantially reduced its net loss by $35.8 million to $4.4 million. Annual Recurring Revenue (ARR) grew 9% to $60.9 million, and Units Deployed increased 10% year over year. SmartRent plans to invest in its go-to-market strategy and technology platform, aiming for full-year Adjusted EBITDA profitability and positive cash flow, despite a 6% decline in total revenue.
Key Highlights
- Adjusted EBITDA was $0.4 million, a $6.8 million improvement year over year.
- Net loss significantly reduced by $35.8 million to $4.4 million.
- Annual Recurring Revenue (ARR) increased 9% year over year to $60.9 million.
- Units Deployed grew 10% year over year, reaching 911,244 units.
- Total revenue was $38.7 million, a 6% decrease from the prior year.
- Total gross margin expanded approximately 630 basis points to 39.1%.
- Ended the quarter with $99 million in cash and an undrawn $75 million credit facility.
- Net cash used in operating activities improved to $4.5 million from $12.2 million in prior year.