SmartRent, Inc. (SMRT) Income Statement
SMRT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSMRT revenue and net income
Where SMRT's revenue goes
2025Each bar shows an amount and its share of revenue. SMRT kept −39.8% of revenue as net income.
SMRT profit margins
SMRT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −12.9% | −3.2% | +23.7% | — |
| Gross profit | −17.4% | +233.2% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SMRT quarterly EPS vs estimates
SmartRent beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.02).
SMRT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $152.3M | $174.9M | $236.8M | $167.8M | $110.6M | $52.5M | $36.2M | $1.27B | $1.33B | $1.36B |
| Cost of revenue | $102.5M | $114.5M | $187.3M | $166.5M | $120.7M | $56.8M | $37.3M | $919.8M | $987.7M | $1.00B |
| Gross profit | $49.9M | $60.3M | $49.5M | $1.3M | −$10.1M | −$4.3M | −$1.1M | $352.9M | $344.9M | $359.0M |
| Research & development | $26.2M | $29.4M | $28.8M | $29.4M | $21.6M | $9.4M | $7.7M | — | — | — |
| Sales, general & admin | $62.7M | $72.7M | $63.9M | $76.2M | $40.0M | $22.0M | $15.6M | $343.2M | $372.3M | $354.0M |
| Total operating expenses | $87.5M | $102.1M | $92.7M | $105.6M | $61.6M | $31.4M | $29.0M | $348.2M | $376.1M | $355.4M |
| Operating income | −$37.7M | −$41.8M | −$43.2M | −$104.3M | −$71.7M | −$35.7M | −$24.4M | $4.7M | −$31.2M | $3.6M |
| Interest income | $4.3M | $8.2M | $7.3M | $1.9M | — | — | — | — | — | — |
| Interest expense | $378,000 | $400,000 | $8.6M | $1.9M | $249,000 | $559,000 | $0 | $0 | $0 | $0 |
| Income before taxes | −$60.5M | −$33.4M | −$34.7M | −$101.7M | −$71.8M | −$37.0M | −$30.3M | −$6.2M | −$36.0M | −$318,000 |
| Income taxes | $41,000 | $267,000 | −$108,000 | −$5.4M | $115,000 | $149,000 | $3.2M | −$25,000 | −$11.7M | −$719,000 |
| Net income | −$60.6M | −$33.6M | −$34.6M | −$96.3M | −$72.0M | −$37.1M | −$33.5M | −$6.2M | −$24.3M | $401,000 |
| EBITDA | −$51.7M | −$26.9M | −$29.2M | −$97.4M | −$71.1M | −$35.6M | −$24.4M | $15.4M | −$8.5M | $28.4M |
| EPS (diluted) | −$0.16 | −$0.10 | −$0.17 | −$0.46 | −$5.46 | −$0.19 | — | — | — | $0.02 |
| Gross margin | 32.7% | 34.5% | 20.9% | 0.8% | −9.1% | −8.2% | −2.9% | 27.7% | 25.9% | 26.4% |
| Operating margin | −24.7% | −23.9% | −18.2% | −62.1% | −64.8% | −68.0% | −67.4% | 0.4% | −2.3% | 0.3% |
| Net margin | −39.8% | −19.2% | −14.6% | −57.4% | −65.0% | −70.6% | −92.4% | −0.5% | −1.8% | 0.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.8M | $38.7M | $36.5M | $36.2M | $38.3M | $41.3M | $35.4M | $40.5M | $48.5M | $50.5M | $60.3M | $58.1M |
| Cost of revenue | $23.6M | $23.6M | $22.4M | $26.6M | $25.6M | $27.8M | $25.2M | $27.1M | $31.2M | $31.1M | $43.3M | $44.6M |
| Gross profit | $16.2M | $15.1M | $14.1M | $9.6M | $12.7M | $13.6M | $10.2M | $13.5M | $17.3M | $19.4M | $17.0M | $13.5M |
| Research & development | $5.6M | $6.1M | $5.4M | $6.1M | $6.5M | $8.3M | $6.9M | $6.6M | $7.5M | $8.4M | $7.5M | $7.6M |
| Sales, general & admin | $17.1M | $14.1M | $12.7M | $10.4M | $17.9M | $21.7M | $16.2M | $18.6M | $16.7M | $21.2M | $15.4M | $15.9M |
| Total operating expenses | $22.7M | $20.2M | $18.0M | $16.6M | $24.4M | $54.9M | $23.1M | $25.2M | $24.2M | $29.6M | $22.8M | $23.5M |
| Operating income | −$6.5M | −$5.1M | −$4.0M | −$7.0M | −$11.7M | −$41.3M | −$13.0M | −$11.7M | −$6.9M | −$10.2M | −$5.8M | −$9.9M |
| Interest income | $815,000 | $860,000 | $1.2M | $891,000 | $1.0M | $1.2M | $1.5M | $2.0M | $2.3M | $2.4M | — | $2.2M |
| Interest expense | $89,000 | $99,000 | $378,000 | — | $89,000 | $103,000 | — | — | — | — | $2.5M | — |
| Income before taxes | −$5.8M | −$4.4M | −$3.3M | −$6.2M | −$10.9M | −$40.1M | −$11.3M | −$9.9M | −$4.5M | −$7.6M | −$3.4M | −$7.8M |
| Income taxes | −$162,000 | $40,000 | −$90,000 | $56,000 | −$33,000 | $108,000 | $136,000 | $18,000 | $68,000 | $45,000 | −$86,000 | −$33,000 |
| Net income | −$5.6M | −$4.4M | −$3.2M | −$6.3M | −$10.9M | −$40.2M | −$11.4M | −$9.9M | −$4.6M | −$7.7M | −$3.3M | −$7.7M |
| EBITDA | −$3.4M | −$2.1M | −$22.8M | −$4.0M | −$8.8M | −$14.4M | −$9.5M | −$10.5M | −$3.0M | −$6.1M | −$1.8M | −$6.4M |
| EPS (diluted) | −$0.03 | −$0.02 | −$0.02 | −$0.03 | −$0.06 | −$0.05 | −$0.06 | −$0.02 | −$0.01 | −$0.01 | −$0.02 | −$0.04 |
| Gross margin | 40.7% | 39.1% | 38.6% | 26.4% | 33.1% | 32.8% | 28.7% | 33.2% | 35.7% | 38.5% | 28.2% | 23.3% |
| Operating margin | −16.2% | −13.2% | −10.9% | −19.4% | −30.5% | −99.9% | −36.6% | −29.0% | −14.3% | −20.1% | −9.7% | −17.1% |
| Net margin | −14.2% | −11.5% | −8.9% | −17.3% | −28.3% | −97.2% | −32.3% | −24.5% | −9.5% | −15.2% | −5.5% | −13.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SMRT's financial statements (latest annual report filed March 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SMRT financial results
In fiscal year 2025 (ended December 31, 2025), SmartRent reported revenue of $152.3 million, down 12.9% from the year before. It had a net loss of $60.6 million, a net profit margin of −39.8%. Diluted earnings per share came to −$0.16. Over five years revenue grew at an average rate of 23.7% a year.
See the SMRT stock overview for the latest quote and news, or the SMRT chart for price history and technical indicators.
SMRT income statement FAQ
What is SmartRent's annual revenue?
SmartRent reported total revenue of $152.3 million for fiscal year 2025, which ended on December 31, 2025. That was down 12.9% from $174.9 million the previous year.
Is SmartRent profitable?
No. SmartRent reported a net loss of $60.6 million in fiscal 2025, a net profit margin of −39.8%; its operating margin was −24.7%.
What is SmartRent's gross margin?
SmartRent's gross margin was 32.7% in fiscal 2025: for every $100 of revenue, SmartRent kept $33 after the direct cost of its products and services.
How much does SmartRent spend on research and development?
SmartRent spent $26.2 million on research and development in fiscal 2025, 17.2% of revenue.
How fast is SmartRent growing?
Revenue grew 23.7% a year on average over the last five fiscal years, from $52.5 million to $152.3 million.
What are SmartRent's earnings per share?
SmartRent earned $-0.16 per diluted share in fiscal 2025, compared with $-0.10 a year earlier.
When will SmartRent report its next earnings?
SmartRent is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 before the market opens.
When does SmartRent's fiscal year end?
SmartRent's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 4, 2026.