SmartRent第二季虧損大幅收窄至564萬美元 專業服務收入倍增

10-Q
 
 
 
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 

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-39991
SMARTRENT, INC.
(Exact name of Registrant as specified in its charter)
 

 
 
 
 
 
 

 
 Delaware

  

 85-4218526

 

 
 (State or Other Jurisdiction of
Incorporation or Organization)

  

 (I.R.S. Employer Identification No.)

 

 
  

  

  

 

 
 6811 E. Mayo Blvd., 4th Floor
Phoenix, Arizona
(Address of Principal Executive Offices)

  

 85054
(Zip Code)

 

  
(844) 479-1555
(Registrant’s Telephone Number)
Securities registered pursuant to Section 12(b) of the Act:

 
 
 
 
 
 

 
 Title of each class 

 Trading Symbol(s)

 Name of each exchange on which registered

 

 
 Class A common stock, $0.0001 par value

 SMRT

 The New York Stock Exchange

 

  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 

 
 Large accelerated filer

 ☐

 

 Accelerated filer

 ☒

 

 
 Non-accelerated filer

 ☐

 

 Smaller reporting company

 ☐

 

 
 

 

 

 Emerging growth company

 ☒

 

 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

As of August 3, 2026, there were 191,611,799 shares of the registrant’s Class A common stock outstanding, par value $0.0001 per share.

  

 
  

 TABLE OF CONTENTS
 

 
 
 
 
 
 

 
  

  

 Page

 

 
  

  

  

 

 
 PART I - Financial Information

 3

 

 
  

 Item 1 - Financial Statements (unaudited)

 3

 

 
  

 Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025

 3

 

 
  

 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2026 and 2025

 4

 

 
  

 Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity for the three and six months ended June 30, 2026 and 2025

 5

 

 
  

 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025

 7

 

 
  

 Notes to the Condensed Consolidated Financial Statements (Unaudited)

 9

 

 
  

 Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations

 31

 

 
  

 Item 3 - Quantitative and Qualitative Disclosures About Market Risk

 49

 

 
  

 Item 4 - Controls and Procedures

 49

 

 
  

  

  

 

 
 PART II - Other Information

 49

 

 
  

 Item 1 - Legal Proceedings

 49

 

 
  

 Item 1A - Risk Factors

 49

 

 
  

 Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds

 50

 

 
  

 Item 3 - Defaults Upon Senior Securities

 50

 

 
  

 Item 4 - Mine Safety Disclosures

 50

 

 
  

 Item 5 - Other Information

 50

 

 
  

 Item 6 - Exhibits

 51

 

 
 Signatures

 52

 

  

  

 
  

 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
 
This Quarterly Report on Form 10-Q (“Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”) that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” Words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “potentially,” “preliminary,” “likely,” “aim” and similar expressions, and the negatives of these expressions, are intended to identify forward-looking statements. Forward-looking statements appear in a number of places throughout this Report and include statements regarding our intentions, beliefs, or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, and the markets in which we operate. Forward-looking statements contained in this Report include statements about: 
 
•our future financial performance, including our expectations regarding revenue, cost of revenue, operating expenses, capital expenditures, cash flows, and ability to achieve profitability;

•our future operational performance, including our expectations regarding our metrics, including, among others, Annual Recurring Revenue, Average Revenue per Unit, Customer Churn, Property Net Revenue Retention, Customer Net Revenue Retention, Bookings, the number of Units Deployed, New Units Deployed, Units Shipped, and Units Booked;

•the impact of macroeconomic conditions and geopolitical events on our business;

•our anticipated investments in sales and marketing and research and development;

•our ability to attract new customers, sell into new and existing markets, upsell customers, and develop new products;

•our ability to successfully expand in our existing markets and into new markets;

•our ability to manage our supply chain;

•our ability to effectively manage our growth and future expenses;

•our recent leadership changes;

•our ability to maintain our brand;

•our ability to successfully defend litigation brought against us;

•our ability to achieve or maintain profitability;

•the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs;

•our investment strategy, business strategy and growth strategy, including the use of acquisitions to grow our business;

•the impact of our acquisitions and our ability to successfully integrate acquired businesses;

•our expectations about competition and our ability to compete effectively with new and existing competitors in new and existing markets and offerings;

•management’s plans, beliefs and objectives for future operations including Vision 2028 (defined below in Recent Developments);

•our ability to maintain the security and availability of our platform and products;

•potential harm caused by significant disruptions of service, or the actual or perceived failure of our products to prevent security incidents;

•our ability to prevent serious errors or defects across, and to otherwise maintain the uninterrupted operation of our network;

•our ability to maintain, protect and enhance our intellectual property;

•the impact of international trade restrictions, such as tariffs and other controls on imports or exports of goods, technology, or data;

•our expectations regarding our share repurchase program;

•our ability to satisfy certain New York Stock Exchange (“NYSE”) listing requirements;

•the impact of seasonal factors on our business;

 1

 
  

 •our expectations of the impact of, and our ability to comply with existing, modified or new laws and regulations applicable to our business; and

•our ability to correctly estimate our tax obligations.

 
The foregoing list may not contain all of the forward-looking statements made in this Report. 
 
You should not rely on forward-looking statements as predictions of future events. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations and business strategy. We cannot assure you that the events and circumstances reflected in the forward-looking statements will occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
 
These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in Part II, Item 1A "Risk Factors" of this Report and in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 4, 2026. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the effect of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this Report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.
 
The forward-looking statements made in this Report relate only to events as of the date on which the statements were made. Except as required by law, we undertake no obligation to update any forward-looking statements for any reason after the date of this Report or to conform these statements to actual results or to changes in our expectations. You should read this Report and the documents that we reference in this Report and have filed as exhibits to this Report with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.
 
Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (investors.smartrent.com), SEC filings, webcasts, press releases, and conference calls. We use these mediums to communicate with investors and the general public about our company, our products and services, and other issues. It is possible that the information that we make available may be deemed to be material information. We therefore encourage investors, the media and others interested in our company to review the information that we post on our investor relations website.
 
SmartRent, the SmartRent logo and other trade names, trademarks or service marks of SmartRent appearing in this Report are the property of SmartRent. Trade names, trademarks and service marks of other companies appearing in this Report are the property of their respective holders.
 
Unless the context indicates otherwise, the terms “SmartRent,” the “Company,” “we,” “us,” and “our” as used in this Report refer to SmartRent, Inc., a Delaware corporation, and its subsidiaries taken as a whole.

 2

 
 PART I. Financial Information
 
Item 1 - Financial Statements (Unaudited)
SMARTRENT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except per share amounts)

  

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 As of

  

 

 
  

  

 June 30, 2026

  

  

 December 31, 2025

  

 

 
 ASSETS

  

  

  

  

  

  

 

 
 Current assets

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 92,662

  

  

 $

 104,550

  

 

 
 Accounts receivable, net

  

  

 38,105

  

  

  

 47,401

  

 

 
 Inventory

  

  

 21,331

  

  

  

 26,670

  

 

 
 Deferred cost of revenue, current portion

  

  

 1,010

  

  

  

 3,068

  

 

 
 Prepaid expenses and other current assets

  

  

 9,291

  

  

  

 6,189

  

 

 
 Total current assets

  

  

 162,399

  

  

  

 187,878

  

 

 
 Property and equipment, net

  

  

 4,686

  

  

  

 5,121

  

 

 
 Deferred cost of revenue

  

  

 -

  

  

  

 121

  

 

 
 Goodwill

  

  

 92,339

  

  

  

 92,339

  

 

 
 Intangible assets, net

  

  

 17,564

  

  

  

 19,501

  

 

 
 Other long-term assets

  

  

 16,710

  

  

  

 15,965

  

 

 
 Total assets

  

 $

 293,698

  

  

 $

 320,925

  

 

 
  

  

  

  

  

  

  

 

 
 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY

  

  

  

  

  

  

 

 
 Current liabilities

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

 8,456

  

  

 $

 13,012

  

 

 
 Accrued expenses and other current liabilities

  

  

 15,206

  

  

  

 14,040

  

 

 
 Deferred revenue, current portion

  

  

 19,022

  

  

  

 32,966

  

 

 
 Total current liabilities

  

  

 42,684

  

  

  

 60,018

  

 

 
 Deferred revenue

  

  

 20,647

  

  

  

 22,968

  

 

 
 Other long-term liabilities

  

  

 5,229

  

  

  

 5,800

  

 

 
 Total liabilities

  

  

 68,560

  

  

  

 88,786

  

 

 
  

  

  

  

  

  

  

 

 
 Commitments and contingencies (Note 11)

  

  

  

  

  

  

 

 
 Convertible preferred stock, $0.0001 par value; 50,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares of preferred stock issued and outstanding as of June 30, 2026 and December 31, 2025

  

  

 -

  

  

  

 -

  

 

 
  

  

  

  

  

  

  

 

 
 Stockholders' equity

  

  

  

  

  

  

 

 
 Class A common stock, $0.0001 par value; 500,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 191,611 and 189,677 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

  

  

 19

  

  

  

 19

  

 

 
 Additional paid-in capital

  

  

 651,619

  

  

  

 645,051

  

 

 
 Accumulated deficit

  

  

 (426,783

 )

  

  

 (413,294

 )

 

 
 Accumulated other comprehensive loss

  

  

 283

  

  

  

 363

  

 

 
 Total stockholders' equity

  

  

 225,138

  

  

  

 232,139

  

 

 
 Total liabilities, convertible preferred stock and stockholders' equity

  

 $

 293,698

  

  

 $

 320,925

  

 

 
  

  

  

  

  

  

  

 

 
 See accompanying Notes to Condensed Consolidated Financial Statements.

  

 

  

 3

 
 SMARTRENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(in thousands, except per share amounts)
 
 

  
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the three months ended June 30,

  

  

 For the six months ended June 30,

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

  

 

 
 Revenue

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Hardware

  

 $

 13,624

  

  

 $

 15,143

  

  

 $

 29,005

  

  

 $

 33,973

  

  

 

 
 Professional services

  

  

 8,636

  

  

  

 4,327

  

  

  

 14,669

  

  

  

 8,220

  

  

 

 
 Hosted services

  

  

 17,584

  

  

  

 18,838

  

  

  

 34,853

  

  

  

 37,459

  

  

 

 
 Total revenue

  

  

 39,844

  

  

  

 38,308

  

  

  

 78,527

  

  

  

 79,652

  

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Cost of revenue

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Hardware

  

  

 11,914

  

  

  

 12,868

  

  

  

 24,490

  

  

  

 26,828

  

  

 

 
 Professional services

  

  

 6,860

  

  

  

 6,237

  

  

  

 12,758

  

  

  

 13,530

  

  

 

 
 Hosted services

  

  

 4,850

  

  

  

 6,535

  

  

  

 9,938

  

  

  

 13,064

  

  

 

 
 Total cost of revenue

  

  

 23,624

  

  

  

 25,640

  

  

  

 47,186

  

  

  

 53,422

  

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Operating expense

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Research and development

  

  

 5,582

  

  

  

 6,465

  

  

  

 11,728

  

  

  

 14,723

  

  

 

 
 Sales and marketing

  

  

 5,225

  

  

  

 6,375

  

  

  

 9,671

  

  

  

 11,145

  

  

 

 
 General and administrative

  

  

 11,874

  

  

  

 11,513

  

  

  

 21,497

  

  

  

 28,407

  

  

 

 
 Total operating expense

  

  

 22,681

  

  

  

 24,353

  

  

  

 42,896

  

  

  

 54,275

  

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Impairment charge

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 24,929

  

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loss from operations

  

  

 (6,461

 )

  

  

 (11,685

 )

  

  

 (11,555

 )

  

  

 (52,974

 )

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest income

  

  

 815

  

  

  

 1,101

  

  

  

 1,675

  

  

  

 2,404

  

  

 

 
 Interest expense

  

  

 (89

 )

  

  

 (89

 )

  

  

 (188

 )

  

  

 (192

 )

  

 

 
 Other expense, net

  

  

 (68

 )

  

  

 (220

 )

  

  

 (143

 )

  

  

 (207

 )

  

 

 
 Loss before income taxes

  

  

 (5,803

 )

  

  

 (10,893

 )

  

  

 (10,211

 )

  

  

 (50,969

 )

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Income tax (benefit) expense

  

  

 (162

 )

  

  

 (33

 )

  

  

 (122

 )

  

  

 75

  

  

 

 
 Net loss

  

 $

 (5,641

 )

  

 $

 (10,860

 )

  

 $

 (10,089

 )

  

 $

 (51,044

 )

  

 

 
 Other comprehensive loss

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Foreign currency translation adjustment

  

  

 387

  

  

  

 639

  

  

  

 (80

 )

  

  

 727

  

  

 

 
 Comprehensive loss

  

 $

 (5,254

 )

  

 $

 (10,221

 )

  

 $

 (10,169

 )

  

 $

 (50,317

 )

  

 

 
 Net loss per common share

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic and diluted

  

 $

 (0.03

 )

  

 $

 (0.06

 )

  

 $

 (0.05

 )

  

 $

 (0.27

 )

  

 

 
 Weighted-average number of shares used in computing net loss per share

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic and diluted

  

  

 192,414

  

  

  

 188,755

  

  

  

 192,028

  

  

  

 190,577

  

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 See accompanying Notes to Condensed Consolidated Financial Statements.

 

  
 
 
 
 
 
 
 
 

 4

 
 SMARTRENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(in thousands)
 

  
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Convertible Preferred Stock

  

  

  

 Class A Common Stock

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

 Shares

  

  

 Amount (Par Value $0.0001)

  

  

  

 Shares

  

  

 Amount (Par Value $0.0001)

  

  

 Additional Paid In Capital

  

  

 Accumulated Deficit

  

  

 Accumulated other comprehensive income (loss)

  

  

 Total Stockholders' Equity

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance, December 31, 2025

  

  

 -

  

  

 $

 -

  

  

  

  

 189,677

  

  

 $

 19

  

  

 $

 645,051

  

  

 $

 (413,294

 )

  

 $

 363

  

  

 $

 232,139

  

 

 
 Stock-based compensation

  

  

 -

  

  

  

 -

  

  

  

  

 -

  

  

  

 -

  

  

  

 3,057

  

  

  

 -

  

  

  

 -

  

  

  

 3,057

  

 

 
 Issuance of Class A common stock upon vesting of equity awards

  

  

 -

  

  

  

 -

  

  

  

  

 1,974

  

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 -

  

 

 
 Tax withholdings related to net share settlement of equity awards

  

  

 -

  

  

  

 -

  

  

  

  

 (470

 )

  

  

 -

  

  

  

 (559

 )

  

  

 -

  

  

  

 -

  

  

  

 (559

 )

 

 
 ESPP purchases

  

  

 -

  

  

  

 -

  

  

  

  

 118

  

  

  

 -

  

  

  

 96

  

  

  

 -

  

  

  

 -

  

  

  

 96

  

 

 
 Exercise of options

  

  

  

  

  

  

  

  

  

 1,422

  

  

  

  

  

  

 856

  

  

  

  

  

  

  

  

  

 856

  

 

 
 Net loss

  

  

 -

  

  

  

 -

  

  

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 (4,448

 )

  

  

 -

  

  

  

 (4,448

 )

 

 
 Other comprehensive loss

  

  

 -

  

  

  

 -

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 (467

 )

  

  

 (467

 )

 

 
 Balance, March 31, 2026

  

  

 -

  

  

 $

 -

  

  

  

  

 192,721

  

  

 $

 19

  

  

 $

 648,501

  

  

 $

 (417,742

 )

  

 $

 (104

 )

  

 $

 230,674

  

 

 
 Stock-based compensation

  

  

 -

  

  

  

 -

  

  

  

  

 -

  

  

  

 -

  

  

  

 3,233

  

  

  

 -

  

  

  

 -

  

  

  

 3,233

  

 

 
 Issuance of common stock upon vesting of equity awards

  

  

 -

  

  

  

 -

  

  

  

  

 2,004

  

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 -

  

 

 
 Tax withholdings rel