• Google Nest for apartment buildings.
• Amazon Ring for property managers.

• Smart Home Hardware: Provides a suite of IoT devices including smart locks, thermostats, leak sensors, and lighting controls designed for multifamily properties.
• Enterprise Smart Home Platform (SaaS): Offers a centralized software platform for property managers to remotely control units, automate operations, manage access, and derive insights from connected devices.
• Resident Mobile App: Delivers a mobile application enabling residents to control their in-unit smart devices, manage guest access, and communicate with property management.
• Professional Services: Includes installation, configuration, and ongoing support for their smart home hardware and software solutions.

SmartRent (SMRT) primarily sells its smart home technology and operating solutions to other companies, specifically owners, operators, and developers of multifamily residential properties (e.g., apartment communities).

According to SmartRent's SEC filings, the company does not have any single customer that accounts for 10% or more of its revenue. Their customer base is diversified across a large number of multifamily real estate entities, including many of the largest owners and operators in the United States.

While SmartRent does not publicly disclose individual "major customers" in terms of revenue concentration, their client base consists of prominent companies within the multifamily sector. Examples of the types of large, publicly traded companies that are representative of SmartRent's target customers, and with whom they may partner, include:

• Equity Residential (EQR)
• AvalonBay Communities (AVB)
• UDR, Inc. (UDR)

These companies are among the largest publicly traded multifamily REITs in the U.S. and exemplify the institutional clients SmartRent serves to deploy smart home and property management solutions across their portfolios.

Major suppliers for SmartRent (SMRT) include:

• AT&T (Symbol: T)

• Allegion PLC (Symbol: ALLE)

• Alphabet Inc. (Symbol: GOOGL) - for Google Nest products

• Honeywell International Inc. (Symbol: HON) - for Honeywell Home products

Frank Martell, President and Chief Executive Officer

Frank Martell was appointed President and CEO of SmartRent in June 2025. He brings over 30 years of executive leadership experience to the role. Prior to joining SmartRent, Martell served as President and CEO of loanDepot, Inc., where he spearheaded the Vision 2025 strategic program. He also spent more than a decade at CoreLogic, holding positions as CFO, COO, and ultimately CEO, transforming it into a leading global platform for digital residential property data and analytics.

Daryl Stemm, Chief Financial Officer

Daryl Stemm was appointed Chief Financial Officer of SmartRent in November 2023. He joined the company in 2020 and served as Senior Vice President of Finance since 2021. Stemm possesses four decades of experience in finance, accounting, treasury, and risk management, including 20 years as a CFO. His previous roles include senior finance positions at Best Western Hotels and Invitation Homes, and he also served as CFO at Home Director, Inc. and Catalyst Semiconductor, Inc. Throughout his career, he has completed four IPOs and more than 10 mergers and acquisitions.

Lucas Haldeman, Co-Founder

Lucas Haldeman co-founded SmartRent in 2016/2017. He previously served as the Chief Technology and Marketing Officer of Colony Starwood Homes (NYSE: SFR), where he developed a custom platform to manage over 40,000 single-family homes. Haldeman has over two decades of experience developing web-based technologies in the real estate sector, including being an early employee at AllApartments.com and working with Homestore.com (now Move, Inc.) through its successful IPO. He also founded Nexus Property Management, Inc. in 2006.

Mitchell Karren, Co-Founder & Chief Product Officer

Mitchell Karren is the Co-Founder and Chief Product Officer of SmartRent. He is described as a proptech executive and real estate enthusiast, with a background in building, managing, and selling real estate. Karren is driven by a mission to make properties smarter, more efficient, and better places to live, work, and play.

Natalie Cariola, Chief Revenue Officer

Natalie Cariola serves as the Chief Revenue Officer at SmartRent.

Major property management software (PMS) providers (e.g., Yardi, RealPage) developing and aggressively promoting their own in-house integrated smart apartment solutions.

Addressable Markets for SmartRent's Products and Services

Smart Home/Smart Apartment Solutions (including Access Control, Self-Guided Tours, Community WiFi, Parking Management, and other IoT devices for multifamily/rental properties)

• The U.S. smart home market size was estimated at approximately **USD 23.72 billion in 2024** and is projected to reach **USD 84.20 billion by 2030**, growing at a compound annual growth rate (CAGR) of 23.4% from 2025 to 2030. Other estimates for the U.S. smart home market size include USD 28.30 billion in 2024, growing to USD 99.40 billion by 2032, and USD 36.38 billion in 2024, projected to reach around USD 403.09 billion by 2034.
• The North American smart home market size was estimated at **USD 45.48 billion in 2024** and is expected to expand at a CAGR of 27.11% during the forecast period up to 2034.
• Globally, the smart home market size was estimated at **USD 127.67 billion in 2024** and is anticipated to reach approximately **USD 1,404.59 billion by 2034**, expanding at a CAGR of 27.10% from 2025 to 2034.
• Specifically for 'multi-family' IoT device sales, global annual revenue is expected to increase to **USD 35.6 billion by 2028**.
• SmartRent's own estimates for its addressable market opportunity indicate approximately **$200 billion for global expansion**. For the U.S. market, they identify approximately **$30 billion for existing residential stock**, **$80 billion for new products and other asset classes**, and **$0.03 billion for annual new developments**.

Property Management Software

• The U.S. Property Management Software Market was valued at approximately **USD 1.54 billion in 2023** and is expected to grow at a CAGR of 7.7% from 2024 to 2030. Other reports estimate the U.S. market at **USD 1.60 billion in 2024**, or **USD 2.02 billion in 2024** with an expectation to reach USD 4.35 billion by 2032.
• The global property management software market size was valued at **USD 6.13 billion in 2024** and is expected to reach **USD 13.20 billion by 2032**, growing at a CAGR of 10.14% from 2025 to 2032. Another source indicates a global market size of **USD 6.5 billion in 2023**, poised to grow to USD 14.83 billion by 2032.

Here are 3-5 expected drivers of future revenue growth for SmartRent (SMRT) over the next 2-3 years:

1. Growing SaaS Revenue and Annual Recurring Revenue (ARR): SmartRent is strategically shifting its focus towards a SaaS-centric model, moving away from a heavier reliance on hardware sales. This is evidenced by consistent year-over-year growth in SaaS revenue, which increased by 23% in Q3 2024 and 17% in Q1 2025. The company's Annual Recurring Revenue (ARR) reached a record $53 million in Q3 2024 and $56.9 million in Q3 2025, indicating a growing and more predictable revenue stream. This shift is also recognized by analysts as a factor boosting revenue and margins.
2. Expansion of Installed Unit Base and Strong Customer Retention: The continued expansion of SmartRent's deployed unit base signifies a growing customer footprint. As of September 30, 2024, units deployed reached over 787,000, a 15% increase year-over-year, further growing to over 870,000 units by Q3 2025. The company also maintains a strong customer retention rate, exceeding 99.9% over the past three years and with a net revenue retention rate above 100% in Q1 and Q2 2025. This expanding and loyal customer base provides a foundation for consistent recurring revenue.
3. Enhanced Platform Capabilities and New Product Development (Smart Operations, AI Integration): SmartRent is investing in its platform to introduce new features and functionalities, particularly within its Smart Operations Solutions (formerly SightPlan) and through the integration of AI. A $10 million investment program launched in December 2024 is specifically targeting innovation, new features, and AI workflow and preventive maintenance enhancements for Smart Operations throughout 2025. These advancements are expected to increase the value proposition for property owners and operators, driving further adoption and revenue growth.
4. Pricing Improvements and Increased Average Revenue Per Unit (ARPU): The company has demonstrated success in increasing its Average Revenue Per Unit (ARPU) for its SaaS offerings. SaaS ARPU increased by 5% year-over-year to $5.70 in Q3 2024 and to $5.69 in Q1 2025. Units Booked SaaS ARPU also saw a significant increase, up 44% year-over-year to $10.28 in Q1 2025. These improvements reflect disciplined pricing and enhanced value delivery, contributing directly to higher revenue from the existing and expanding customer base.

Share Repurchases

• SmartRent initiated a $50 million share repurchase program.
• During the second quarter of 2025, SmartRent repurchased approximately 4.1 million shares for $3.7 million.
• In the first quarter of 2025, the company repurchased approximately 1.0 million shares at an aggregate cost of $1.2 million.

Share Issuance

• SmartRent's initial public offering (IPO) in August 2021 generated approximately $450 million in gross proceeds.

Outbound Investments

• In 2022, SmartRent completed a $135 million all-cash acquisition of SightPlan, a SaaS provider of property management software solutions, aimed at significantly increasing its SaaS revenue.
• SmartRent also acquired iQuue, an open-architecture smart apartment company with a managed Wi-Fi offering, in 2021 to advance its product roadmap.

Capital Expenditures

• SmartRent made $10 million in strategic investments in the third quarter of 2024, intended to accelerate change and growth in 2025.
• The company has focused on investing in critical areas such as go-to-market capability, implementation efficiency, and post-sale engagement, while simultaneously implementing cost savings.