SmartRent, Inc. reported first-quarter 2025 total revenue of $41.3 million, an 18% decrease year-over-year, primarily due to a 35% decline in hardware revenue to $18.8 million. Despite this, SaaS revenue grew 17% year-over-year to $14 million, with Annual Recurring Revenue (ARR) reaching $55.9 million, also up 17% year-over-year.
The company recorded a net loss of $40.2 million, significantly higher than the $7.7 million loss in Q1 2024, primarily due to a non-cash goodwill impairment charge of $24.9 million. This impairment was triggered by a sustained decline in stock price and market capitalization, leading to an interim quantitative impairment test.
Adjusted EBITDA declined to $(6.4) million, a $6.8 million decrease year-over-year, reflecting lower unit volumes. SmartRent, however, executed over $10 million in annualized cost savings and maintained a strong liquidity position with $125.6 million in cash, no debt, and an undrawn $75 million credit facility. The company also repurchased approximately 1 million shares for $0.2 million during the quarter.
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