Here are 1-3 brief analogies for Alarm.com (ALRM):

• It's like the smart home evolution of ADT, offering app-controlled security and automation.
• It's like the Salesforce for professional smart home security dealers, providing the essential software platform.
• It's like a professionally installed and monitored version of a Ring or Nest system, but with a wider range of integrated smart home features.

• Smart Security Platform: A comprehensive cloud-based platform providing professional monitoring and proactive protection for homes and businesses through integrated security devices.
• Smart Home & Business Automation: Enables users to remotely control and automate connected devices like lights, locks, thermostats, and garage doors from a single application.
• Video Monitoring & Analytics: Offers live and recorded video surveillance, doorbell cameras, and intelligent video analytics to enhance security and provide visual insights.
• Access Control Solutions: Provides cloud-managed systems for businesses to control and monitor entry points, manage user permissions, and track activity.
• Energy Management: Integrates smart thermostats and other devices to help users monitor, control, and optimize energy consumption for cost savings and efficiency.
• Water Management: Features sensors and systems designed to detect water leaks and floods, providing alerts to help prevent property damage.

Alarm.com (ALRM) primarily sells its technology and services to other companies, specifically a network of authorized service providers. These providers, which include security dealers, alarm monitoring companies, and smart home integrators, then sell and install Alarm.com-powered solutions to residential and commercial end-users.

Due to Alarm.com's business model, which relies on a diversified network of thousands of such providers rather than a few dominant ones, the company does not publicly disclose the names of individual major customer companies. No single customer is reported to account for a significant portion of Alarm.com's revenue in its financial filings, making it impossible to list specific named customer companies and their symbols.

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Stephen Trundle Chief Executive Officer

Stephen Trundle has served as Chief Executive Officer of Alarm.com since May 2003 and as a member of its Board since October 2003. Prior to joining Alarm.com, Mr. Trundle held various positions with MicroStrategy Incorporated, including Vice President of Technology and Chief Technology Officer. Alarm.com was founded in 2000 as part of MicroStrategy's research and development unit. Under his leadership, Alarm.com was acquired by venture capital firm ABS Capital Partners in February 2009 for $27.7 million, and he then led the company through its initial public offering in 2015. He began his career with Bath Iron Works. Mr. Trundle holds an A.B. in Engineering and an A.B. in Government from Dartmouth College.

Kevin Bradley Chief Financial Officer

Kevin Bradley was promoted to Chief Financial Officer of Alarm.com in March 2025. He joined Alarm.com in May 2009 and has held various accounting and finance roles, including Director of Financial Planning from December 2013 to May 2017 and Vice President of Financial Planning and Analysis from May 2017 to March 2025. As Vice President of Financial Planning and Analysis, he contributed to corporate strategy development and operational decision-making. Before joining Alarm.com, Mr. Bradley worked at Morgan Stanley in New York City from 2007 to 2008. He holds a Bachelor of Business Administration from the University of Notre Dame and a Master of Science in Finance from American University.

Jeffrey Bedell President, Ventures Business and Corporate Strategy

Jeffrey Bedell joined Alarm.com in April 2013. He previously served as the company's Chief Strategy and Innovation Officer. Prior to Alarm.com, Mr. Bedell was the Chief Technology Officer at MicroStrategy Incorporated from 2001 to October 2012, and Executive Vice President of Technology from 2007 to March 2013. Mr. Bedell holds a B.A. in Religion from Dartmouth College.

Daniel Kerzner President, Platforms Business

Daniel Kerzner joined Alarm.com in December 2013, having previously served as Chief Product Officer. From April 2013 to December 2013, Mr. Kerzner was the Chief Executive Officer of Emotive Communications Inc., a software company. He also served as Senior Vice President and General Manager of Mobile at MicroStrategy Incorporated from March 2010 to April 2013, and as Vice President of Platform and Emerging Technologies at MicroStrategy. From July 2009 to February 2010, Mr. Kerzner was the Regional Director for PJM Interconnection at EnerNOC, Inc.

Daniel Ramos Chief Legal and Compliance Officer and Senior Vice President of Corporate Operations

Daniel Ramos joined Alarm.com in June 2010. Before his tenure at Alarm.com, he served as a senior transactional attorney with the law firm of Shaw Pittman LLP (now Pillsbury Winthrop Shaw Pittman LLP). Mr. Ramos holds an A.B. in Government from Harvard University and a J.D. from Stanford Law School.

The increasing market penetration and technological sophistication of direct-to-consumer (DIY) smart home security and automation systems, primarily offered by tech giants such as Amazon (Ring), Google (Nest), and Apple (HomeKit). These companies leverage vast customer bases, extensive marketing budgets, and deep integration into broader consumer technology ecosystems (e.g., voice assistants, smart displays). Their offerings provide increasingly comprehensive security, monitoring, and home automation functionalities at lower price points and with easier self-installation, directly challenging Alarm.com's reliance on a professional dealer network and recurring monitoring service model. This trend threatens to capture a significant portion of the residential and small business security market, potentially commoditizing or diminishing the perceived value of Alarm.com's professionally installed and monitored platform.

Alarm.com (ALRM) primarily offers cloud-based services for remote control, home automation, and alarm monitoring for both residential and commercial properties, including interactive security, video monitoring, and energy management.

Based on company estimates, the total addressable market (TAM) for Alarm.com's security solutions in the U.S. is approximately $52 billion per year.

• For the residential market in the U.S., the addressable market is estimated at approximately $24 billion per year.
• For the commercial market in the U.S., the addressable market is estimated at approximately $28 billion per year.

More broadly, various market research reports provide the following global and regional market sizes for categories relevant to Alarm.com's offerings:

• The global residential security market was valued at approximately USD 54.2 billion in 2024 and is projected to reach USD 116.5 billion by 2035.
• The global commercial security system market was valued at approximately USD 204.23 billion in 2024 and is projected to grow to USD 381.66 billion by 2030.
• The North America smart home security market accounted for over 37% of the global share in 2024, with the U.S. alone representing over 80% of the North American market.
• The global video surveillance market was valued at approximately USD 54.42 billion in 2024 and is projected to grow to USD 88.71 billion by 2030. The North America video surveillance market is expected to reach USD 35 billion by 2032.

• SaaS and License Revenue Growth: Alarm.com consistently identifies its Software-as-a-Service (SaaS) and license revenue as a primary growth driver. The company projects sustained increases in this segment, with an outlook of $722 million to $724 million for SaaS and license revenue in 2026. This growth is fueled by expanding its cloud-based platform and Internet of Things (IoT) solutions across residential and commercial markets.
• Expansion into New Markets: Alarm.com is actively pursuing growth by expanding into new and adjacent markets. This includes a significant focus on the commercial sector, where the company is enhancing its solutions portfolio. The acquisition of CHeKT and OpenEye further bolsters its capabilities in proactive and remote video monitoring for these markets. Additionally, Alarm.com is expanding its Energy Hub platform, acquiring Bridge to Renewables to strengthen its managed charging solutions for electric vehicles. International expansion, particularly in Latin America and Europe, is also contributing to growth at a faster rate than in the U.S. The launch of the EPX500 Fire Communicator signifies an entry into the commercial fire category.
• Launch of New AI-Driven Products and Services: Product innovation, especially in artificial intelligence, is a key driver. Alarm.com has launched new AI-driven offerings such as AI Deterrence (AID), an automated audio response service designed to prevent crime, and intelligent video monitoring tools. These innovations aim to expand the addressable market and provide differentiated services through their provider partners. The company also introduced the V730 outdoor Wi-Fi spotlight camera to enhance outdoor surveillance capabilities.
• Growth of Recently Launched Products and Platform Expansion: The scaling and increased adoption of recently introduced products and services, particularly those integrated into its platform, will contribute to revenue growth. The acquisition and integration of companies like CHeKT have expanded subscription-based remote video monitoring services. Alarm.com's strategy involves leveraging its existing software ecosystem to scale operations without significant new investments, which helps to drive profitable growth.

Capital Allocation Decisions for Alarm.com (ALRM) over the Last 3-5 Years

Share Repurchases

• Alarm.com authorized a share repurchase program in February 2023 to buy back up to $100 million of its common stock, valid until February 23, 2025.
• During the year ended December 31, 2023, the company repurchased 487,918 shares for $27.3 million at an average price of $55.95 per share.
• In May 2024, Alarm.com expected to use approximately $75.0 million from the net proceeds of a convertible senior notes offering to repurchase common stock.

Share Issuance

• As of November 2025, Alarm.com had 49.91 million shares outstanding, which increased by 8.66% in one year.
• As of June 30, 2025, institutional investors held approximately 59.54 million shares of Alarm.com.

Outbound Investments

• Alarm.com has made a total of 8 acquisitions, with activity peaking in 2023 (2 acquisitions) and 2025 (1 acquisition).
• The company acquired chekt.com in February 2025, a U.S.-based provider of video security systems integrating AI with alarm monitoring.
• Other acquisitions within the last few years include EBS (Poland) in May 2023, Vintra in April 2023, and Noonlight in October 2022.

Capital Expenditures

• In the last 12 months as of November 2025, capital expenditures were approximately $15.74 million.
• Alarm.com projects capital expenditures to be $24 million for 2025, increasing to $31 million by 2029, consistently representing about 2% of its revenue.
• The company continues to invest in innovation to build for the future and expand its market opportunities.