SmartRent, Inc. (SMRT) · Nov 4, 2026 · Earnings

SmartRent earnings beat revenue estimates as margins surge

Beat — Revenue $41.6M vs ~$40.1M consensus; EPS -$0.02 in line

SmartRent earnings beat revenue expectations as core growth, margins and cash flow improve, though SaaS growth remains more measured.

SmartRent is scaling a smart-home and property-intelligence platform for rental housing toward one million installed units, while using its Vision 2028 plan to push deeper into software, data and AI. Its second-quarter update showed improving core growth and 929,487 deployed units, while the company had already identified platform expansion and operating leverage as the central story.

The quarter beat the published revenue bar and materially improved profitability. Revenue of $41.6 million exceeded the roughly $40.1 million consensus, while adjusted EPS of $(0.02) was essentially in line. The more important operating signal was the jump to positive adjusted EBITDA, alongside a much smaller GAAP loss.

MetricQ3 2026Q3 2025Consensus
Revenue (Results Summary)$41.6M (+15%)$36.2M$40.1M
Core revenue (Non-GAAP reconciliation)$40.7M (+24%)$32.8M
Gross margin (Results Summary)41.2%26.4%
Adjusted EBITDA (Non-GAAP reconciliation)$1.1M$(2.9M)
Net loss (Income Statement)$(3.9M)$(6.3M)

The margin improvement is the strongest part of the release. Gross margin expanded 1,470 basis points to 41.2%, marking the fourth consecutive quarter of expansion, while SaaS gross margin reached 74.6%. That gives the company more evidence that cost reductions and a larger recurring-revenue base can convert growth into operating leverage. 〔0〕

Demand indicators strengthened, but the growth mix is not uniformly recurring. Core revenue rose 24%, access-control revenue increased 171%, trailing twelve-month units booked rose 44% to 122,510, and deployed units reached 941,977—putting the one-million-unit target within sight. However, hardware revenue rose 61% while SaaS revenue grew 11%, professional services declined 8%, and booked SaaS ARPU fell 18% year over year. The filing therefore supports stronger execution, but not yet a clean acceleration in the highest-quality recurring metrics. 〔1〕

Cash generation improved enough to support continued investment, without making the company self-funding yet. SmartRent generated positive operating cash flow in the quarter and reduced nine-month operating cash use to $3.4 million from $29.2 million a year earlier, but cash still declined to $89.2 million from $104.6 million at year-end after investment and share repurchases.

The fourth-quarter outlook keeps the improving trajectory intact, but is not a clear guidance surprise. SmartRent projected 15%–20% total-revenue growth, 20%–25% core-revenue growth and 450%–650% adjusted-EBITDA growth for Q4. Because the filing does not provide a prior Q4 guide or a comparable published consensus for these outlook ranges, the guidance is best read as reinforcement of the existing turnaround rather than a demonstrated forecast beat.

Bottom line: This was a modestly better-than-expected quarter, led by an unusually large margin improvement and better cash discipline. It advances SmartRent’s operating-leverage story, but the slower SaaS growth and hardware-heavy mix keep it from fully rewriting the company’s trajectory.

What to watch next

Q4 2026 results and early-2027 installed-unit update

Original filing on SEC EDGAR

SmartRent earnings beat revenue estimates as margins surge | SMRT Stock News
AllSight

Breaking down Wall Street's
information edge.

A buy-side analyst on every ticker — it reads every public company's filing the instant it drops and decodes it into plain English.

—
8-K events this week
—
filings analyzed in total
live · updated 30s ago
Live events · whole market · · --:--:-- ET
AllSight read
Straight from the 8-K
Verbatim from the filing AllSight decoded — highlighted above. Open on SEC EDGAR ↗
Limited-time offerFree 14-day Pro trial
AllSight

Sign in to AllSight

  • Follow any company — we email you the moment it files, free!
  • Your watchlist saved to your account, on every device — free!

by Signing in NOW, claim your FREE 14-day Pro trial!

No password. We email you a 6-digit code. By continuing you agree to our Terms & Privacy.
AllSight · Live plain-English 8-K decodes across the whole US market · Not investment advice.