SMRT 8-K SEC Filing Analysis

Latest settled — T+20d

SMRT ▲ 0.00% at T+20d

NEUTRAL call ✗ call lost 0.00% · α vs SPY -2.78% · entry $1.17 → $1.17

Next anchor: T+60d in 7w

Currently $1.14 · -2.56% from $1.17 entry

Entry anchored
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$1.14

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$1.14

settled 4w ago

T+20d

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call 0.00% · α -2.78%

$1.17

settled 9d ago

T+60d

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Executive Summary

SmartRent reported Q1 2026 revenue of $38.7M, down 6% YoY, with GAAP EPS of -$0.02, in line with the -$0.02 consensus. Core Revenue (ex-hub amortization) was flat YoY at $36.6M. The company delivered a second consecutive quarter of positive Adjusted EBITDA ($0.4M vs -$6.4M YoY) and reduced net loss by $35.8M to $4.4M, driven by cost cuts and the absence of a prior-year goodwill impairment. However, total revenue declined, hardware revenue fell 18%, and bookings dropped 32%, signaling ongoing top-line challenges.

Key Financial Metrics

Gross Margin

39.1%

Actionable Insight

The flat Core Revenue and declining hardware/bookings suggest the top-line transition is still underway, but the sustained Adjusted EBITDA profitability and SaaS growth are incremental positives. Watch for Q2 guidance on the earnings call — if management guides for full-year positive cash flow as hinted, it could support the stock. The 32% bookings decline is a near-term headwind for future revenue recognition.

Key Facts

Q1 2026 total revenue $38.7M, down 6% YoY from $41.3M
Core Revenue (ex-hub amortization) $36.6M, essentially flat YoY
GAAP EPS -$0.02, in line with consensus of -$0.02
Adjusted EBITDA positive for second straight quarter at $0.4M vs -$6.4M YoY
SaaS revenue grew 9% YoY to $15.2M; ARR increased 9% to $60.9M
Hardware revenue fell 18% YoY to $15.4M; hardware units shipped down 23%
Bookings (contract value) dropped 32% YoY to $18.5M; units booked down 9%
Total gross margin expanded ~630bps to 39.1%; SaaS gross margin 74.5%
Operating expenses down 32% YoY to $20.2M
Cash balance $98.8M, down $5.7M from Q4 2025; no debt; $75M undrawn credit facility
Units Deployed reached 911,244, up 10% YoY; New Units Deployed up 14%

Financial Impact

Revenue miss of ~$0.1M vs $36.8M consensus; EPS in line at -$0.02. Core Revenue flat YoY. Adjusted EBITDA improved $6.8M YoY to positive $0.4M.

revenueepsgross marginadjusted ebitdabookings

Risk Factors

Total revenue declined 6% YoY; hardware revenue down 18%
Bookings dropped 32% YoY, signaling weaker future pipeline
Cash burn of $5.7M in the quarter; cash reserves declining
No formal guidance provided; forward-looking statements are qualitative only
Analyst consensus is 0% bullish (4 Hold, 3 Sell/Strong Sell)

Market Snapshot

Exchange

NYSE

Sector

Services-Computer Integrated Systems Design

Analyst Consensus

0% bullish (7 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001193125-26-207626
Document: smrt-20260506.htm	0001193125-26-207626
Document: 0001193125-26-207626-index-headers.html	0001193125-26-207626
Document: 0001193125-26-207626-index.html	0001193125-26-207626
Document: 0001193125-26-207626.txt	0001193125-26-207626
8-K Data (Synthetic)	0001193125-26-207626

3 reports for SMRT

T+1T+5T+20T+60

Filters

Reports for SMRT — sortable, filterable
	Type				Now
May 13, 2026 4w ago	8-K NEUTRAL ★ 2/10	$1.11 $1.15	▲ +3.60%	▲ +4.76%	$1.14 (+2.70%)
May 6, 2026 5w ago	8-K MIXED ★ 5/10	$1.17 $1.14	▼ −2.56%	▼ −3.69%	$1.14 (−2.56%)
Apr 1, 2026 10w ago	DEFA14A NEUTRAL ★ 3/10	$1.49 $1.38	▼ −7.38%	▼ −11.15%	$1.14 (−23.49%)

US Market Status

Market Closed — Opens Mon (49h 38m)

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