Revenue of $39.8M in 2026Q2 grew just 4.0% year-over-year, still far below the 2024Q1 base of $50.5M, but gross margin recovered to a series-high 40.7%, though a 21% sequential jump in SG&A to $17.1M widened the operating loss to $6.5M (-16.2% operating margin).
SmartRent, Inc. (SMRT) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 156.56M | 152.33M | 174.88M | 236.84M | 167.82M | 110.64M | 52.53M | 36.23M |
| Revenue Growth % | 3.53% | -12.9% | -26.16% | 41.13% | 51.69% | 110.6% | 44.99% | - |
| Cost of Goods Sold | 94.05M | 102.46M | 114.55M | 187.31M | 166.47M | 120.71M | 56.83M | 37.29M |
| COGS % of Revenue | - | 67.26% | 65.5% | 79.09% | 99.2% | 109.1% | 108.18% | 102.92% |
| Gross Profit | 62.52M | 49.87M | 60.34M | 49.53M | 1.35M | -10.07M | -4.3M | -1.06M |
| Gross Margin % | 39.93% | 32.74% | 34.5% | 20.91% | 0.8% | -9.1% | -8.18% | -2.92% |
| Gross Profit Growth % | - | -17.35% | 21.82% | 3574.26% | 113.38% | -134.42% | -306.14% | - |
| Operating Expenses | 82.86M | 87.55M | 102.11M | 92.69M | 105.6M | 61.58M | 31.42M | 29.05M |
| OpEx % of Revenue | - | 57.47% | 58.39% | 39.14% | 62.92% | 55.66% | 59.81% | 80.16% |
| Selling, General & Admin | 60.3M | 62.69M | 72.74M | 63.88M | 76.18M | 40.01M | 22.01M | 15.64M |
| SG&A % of Revenue | - | 41.16% | 41.59% | 26.97% | 45.39% | 36.16% | 41.9% | 43.18% |
| Research & Development | 22.56M | 26.22M | 29.37M | 28.8M | 29.42M | 21.57M | 9.41M | 7.73M |
| R&D % of Revenue | - | 17.22% | 16.79% | 12.16% | 17.53% | 19.5% | 17.9% | 21.34% |
| Other Operating Expenses | 0 | -1.37M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -20.34M | -37.68M | -41.77M | -43.16M | -104.25M | -71.65M | -35.72M | -24.43M |
| Operating Margin % | -12.99% | -24.74% | -23.89% | -18.22% | -62.12% | -64.76% | -67.99% | -67.44% |
| Operating Income Growth % | - | 9.8% | 3.21% | 58.6% | -45.5% | -100.62% | -46.17% | - |
| EBITDA | -12.8M | -29.25M | -35.28M | -37.63M | -99.99M | -71.19M | -35.42M | -24.38M |
| EBITDA Margin % | -8.18% | -19.2% | -20.17% | -15.89% | -59.58% | -64.34% | -67.42% | -67.27% |
| EBITDA Growth % | 80.3% | 17.08% | 6.24% | 62.37% | -40.46% | -100.98% | -45.32% | - |
| D&A (Non-Cash Add-back) | 6.73M | 8.43M | 6.5M | 5.53M | 4.26M | 463K | 295K | 59K |
| EBIT | -39.1M | -60.14M | -33.38M | -34.7M | -101.71M | -71.6M | -36.4M | -24.43M |
| Net Interest Income | 3.41M | 3.92M | 8.24M | 8.58M | 1.95M | -249K | -559K | 158K |
| Interest Income | 3.69M | 4.3M | 8.24M | 8.58M | 1.95M | 0 | 0 | 158K |
| Interest Expense | 272K | 378K | 0 | 0 | 0 | 249K | 559K | 0 |
| Other Income/Expense | 2.7M | -22.84M | 8.4M | 8.46M | 2.54M | -194K | -1.24M | -427K |
| Pretax Income | -17.64M | -60.52M | -33.38M | -34.7M | -101.71M | -71.85M | -36.96M | -30.26M |
| Pretax Margin % | -11.26% | -39.73% | -19.08% | -14.65% | -60.61% | -64.94% | -70.35% | -83.52% |
| Income Tax | -392K | 41K | 267K | -108K | -5.39M | 115K | 149K | 0 |
| Effective Tax Rate % | 2.22% | -0.07% | -0.8% | 0.31% | 5.3% | -0.16% | -0.4% | 0% |
| Net Income | -17.25M | -60.56M | -33.64M | -34.59M | -96.32M | -71.96M | -37.11M | -33.47M |
| Net Margin % | -11.01% | -39.76% | -19.24% | -14.6% | -57.4% | -65.04% | -70.64% | -92.37% |
| Net Income Growth % | 74.91% | -80% | 2.73% | 64.09% | -33.85% | -93.92% | -10.88% | - |
| Net Income (Continuing) | -17.25M | -60.56M | -33.64M | -34.59M | -96.32M | -71.96M | -37.11M | -30.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.09 | -0.32 | -0.17 | -0.17 | -0.49 | -0.37 | -3.58 | -36.34 |
| EPS Growth % | 75.72% | -88.24% | 0% | 65.31% | -32.43% | 89.66% | 90.15% | - |
| EPS (Basic) | - | -0.32 | -0.17 | -0.17 | -0.49 | -0.37 | -3.58 | -36.34 |
| Diluted Shares Outstanding | 190.92M | 189.68M | 199.18M | 200.7M | 195.57M | 193.86M | 10.38M | 921K |
| Basic Shares Outstanding | 190.92M | 189.68M | 199.18M | 200.7M | 195.57M | 193.86M | 10.38M | 921K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SMRT stock.
For fiscal year 2025, SmartRent, Inc. (SMRT) reported total revenue of $152.3M. This represents a 320.4% increase compared to $36.2M in 2019.
SmartRent, Inc. (SMRT) reported a net loss of $60.6M for the fiscal year ending 2025.
SmartRent, Inc. (SMRT) reported an operating income of $-37.7M, resulting in an operating profit margin of -24.7%. This margin reflects the operational efficiency of the business before interest and taxes.
SmartRent, Inc. (SMRT) generated $49.9M in gross profit for the year, representing a gross profit margin of 32.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent top-line contraction
Metrics are mathematically derived from official filings.
Revenue Bottoming Below 2024 Base
SmartRent's revenue fell from $50.5M in 2024Q1 to a trough of $36.2M in 2025Q3 before edging back to $39.8M in 2026Q2, and according to the company's quarterly statements, the year-over-year growth rate has swung between -41.3% and +4.0% across the ten-quarter window.
The trajectory appears less about cyclicality and more about a lower post-2024 run-rate: even the two most recent positive quarters (+3.1% and +4.0%) leave revenue roughly 21% below the 2024Q1 peak, so the stabilization should be read as decelerating decline rather than a return to growth. The string of improving but still modest growth prints suggests the contraction may be flattening, though investors should note that no quarter in the series shows durable double-digit expansion, which would be needed to restore operating leverage.
Gross Margin Recovery Without Volume
Gross margin recovered to 40.7% in 2026Q2, the highest level in the series, up from a 26.4% low in 2025Q3; as reported in SmartRent's income statements, that improvement lifted gross profit to $16.2M even though revenue remained below its 2024 levels.
The swing from 26.4% to 40.7% in three quarters, on roughly flat revenue, implies the movement is driven by cost-of-sales mix or product/service composition rather than pricing power tied to demand, which makes the durability of the recovery an open question. Notably, the 40.7% mark exceeds ARLO's 44.0%-adjacent peer territory only narrowly and sits well above REZI's 27.8%, suggesting SmartRent's unit economics are competitive when cost discipline holds, but the volatility around that level points to a business whose margin structure is not yet anchored.
Overhead Outpacing Gross Profit
Sequentially, 2026Q2 SG&A jumped 21% to $17.1M while revenue grew only 2.9%, so the operating loss widened to $6.5M from $5.1M; based on SmartRent's income statement, this suggests overhead discipline, not demand, is currently the binding constraint on margin.
Gross profit rose about $1.1M quarter-over-quarter but was fully absorbed and then some by the $3.0M SG&A increase, meaning the company is not yet converting incremental gross earnings into operating results — the opposite of the positive operating leverage model investors would expect from a software-application business. The 16.2% operating loss margin, while far improved from the -99.9% print in 2025Q1, has actually deteriorated from 2025Q4's -10.9%, so the narrowing-loss narrative depends heavily on where SG&A settles over the next two quarters.
One-Quarter Loss Distorts Cost Baseline
The clearest inflection came in 2025Q1, when operating loss ballooned to $41.3M, effectively 100% of revenue, before resetting to an $11.7M loss the following quarter; as reflected in SmartRent's reported figures, that spike defines the post-2024 cost baseline against which all improvement is measured.
Because 2025Q1's operating and net margins (-99.9% and -97.2%) are extreme outliers, subsequent quarters look like dramatic turnarounds on a percentage basis, but much of that optics improvement reflects the non-recurrence of whatever drove the quarter rather than a structural change in the P&L. The more meaningful inflection appears to be the SG&A run-rate reset: quarterly SG&A fell from the $17.9M-$21.7M range in early 2025 to $10.4M-$14.1M by late 2025, implying management's expense actions, not revenue recovery, did the heavy lifting on loss reduction.
Recovery Rests on Cost Cuts
A short-saver would flag the unusual -$7.1M stock-based compensation line in 2025Q4, which coincided with the series' smallest net loss of $3.2M; according to SmartRent's income statements, the apparent earnings recovery may owe something to non-cash items rather than operating improvement.
The strongest bearish framing is that nine of ten quarters show revenue below prior-year levels while losses persist, meaning the story so far is cost reduction rather than demand-driven turnaround, and the recent SG&A re-acceleration to $17.1M suggests that lever may already be exhausting. Additionally, R&D was cut from $8.4M in 2024Q1 to $5.6M in 2026Q2, a roughly 33% reduction that may support near-term margins but arguably degrades the product pipeline a software-application competitor relies on for future pricing power; investors should monitor whether gross margin gains persist if SG&A and R&D reflate together.