SmartRent reports revenue decline and increased net loss
Property

SmartRent (NYSE:SMRT), a prominent provider of smart community and smart operations solutions for the rental housing sector, today announced its financial results for the first quarter ended March 31, 2025.
The company reported total revenue of $41.3 million for the first quarter of 2025, an 18% decrease compared to the same period in the prior year.
Despite the overall revenue decline, SmartRent's Software as a Service (SaaS) revenue showed strong growth, increasing by 17% year over year to $14 million.
SmartRent's net loss for the quarter significantly widened to $40.2 million, up from $7.7 million in the prior year.
This increase includes a non-cash goodwill impairment charge of $24.9 million recognized during the quarter.
Adjusted EBITDA for the first quarter was $6.4 million, a decrease from the positive adjusted EBITDA of $0.4 million reported in the same quarter of the previous year.
In the first quarter, SmartRent repurchased 1 million shares of its common stock at an aggregate cost of $1.2 million.
As of March 31, 2025, SmartRent maintained a solid balance sheet with $125.6 million in cash, cash equivalents, and restricted cash.