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Our platform can lower operating costs, increase revenues, mitigate operational friction and protect assets for owners and operators, while providing a differentiated, elevated living experience for residents.
−Removed: Through a central connected device ("Hub Device"), we enable the integration of our platform with third-party smart devices, our own hardware devices and other technology interfaces.
+Added: Through centrally connected devices ("Hub Devices"), which integrate our enterprise software with third party smart devices, we enable the integration of our platform with third-party smart devices, our own hardware devices and other technology interfaces.
We use an open-architecture, brand-agnostic approach that allows owners, operators, and residents to manage their smart home systems through a single connected interface.
−Removed: Our Smart Community solutions include software and devices that power (i) smart apartments and homes, (ii) access control for buildings, common areas, and rental units, (iii) community and resident WiFi, and other solutions such as asset protection and monitoring, parking management and self-guided tours.
+Added: Our Smart Community solutions include software and devices that power (i) smart apartments and homes, (ii) access control for buildings, common areas, and rental units, (iii) community and resident WiFi, and other solutions such as asset protection and monitoring and self-guided tours.
Our Smart Operations solutions include work order management, the automation of leasing and resident call handling, audit management, and the automation of the inspection process.
−Removed: We also have a professional services team that provides customers and residents with training, installation, and support services.
+Added: We also have a professional services team that provides customers with training, installation, and support services.
We have designed our smart home operating platform to enable our customers to more efficiently and effectively manage their properties and interface with their residents.
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Incremental Revenue Generation.
−Removed: We believe that rental owners may be able to increase, or maintain higher, rental rates (depending on the rental market and solutions offered) due to the differentiated resident experience and strong demand for smart communities.
+Added: We believe that rental owners may be able to increase, or maintain higher, rental rates due to the differentiated resident experience and strong demand for smart communities.
Additionally, we believe our solutions can increase resident retention, accelerate leasing and re-leasing activities, and provide ancillary monetization opportunities.
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We believe SmartRent is a category leader in the enterprise smart home solutions industry.
−Removed: As of December 31, 2024, we had 809,497 Units Deployed and over 650 customers, including many of the largest multifamily residential owners in the United States (the "U.S.").
+Added: As of December 31, 2025, we had 890,870 Units Deployed and approximately 600 customers, including many of the largest multifamily residential owners in the United States (the "U.S.").
For more information about our “Units Deployed” and other metrics, refer to the section of this Report titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
−Removed: As of December 31, 2024, our customers own or operate an aggregate of approximately 7.4 million rental units.
+Added: As of December 31, 2025, we believe our customers own or operate an aggregate of approximately 6.6 million rental units.
This represents approximately 13% of the U.S.
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Our revenue is generated from:
−Removed: (1) the direct sale to our customers of hosted services from monthly subscription fees collected from customers to provide access to one or more of our software applications (“Hosted Services”) including access controls, asset monitoring, WiFi, and related services;
+Added: (1) the direct sale to our customers of hosted services from subscription fees collected from customers to provide access to services including access controls, asset monitoring, WiFi, and related services ("Hosted Services");
(2) the sale and delivery of smart home devices, which generally consist of a Hub Device, door-locks, thermostats, sensors, and light switches;
and (3) installation and implementation of smart home devices that enable our Hosted Services.
−Removed: During the year ended December 31, 2024, to further focus and align our efforts, we defined four strategic pillars:
−Removed: Sustainable Annual Recurring Revenue ("ARR") Growth, Platform Superiority, Operational Excellence and Collaborative Innovation.
−Removed: With a solid strategy in place and a clear focus on enhancing our competitive strengths, we believe SmartRent is positioned to capitalize on significant market opportunities, deliver high return on investment to our customers and create sustainable long-term value for our shareholders.
Our Industry, Competition and Market Opportunity
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This unified platform raises the standard of living and working by optimizing daily operations for greater efficiency and responsiveness to user needs.
−Removed: Offerings under the Smart Communities Solutions umbrella include Smart Apartments, Access Control, Self-Guided Tours, Community WiFi, Package Management and Parking Management.
+Added: Offerings under the Smart Communities Solutions umbrella include Smart Apartments, Access Control, Self-Guided Tours, and Package Management.
• Smart Apartment s.
−Removed: Smart Apartments is a solution that connects all the smart devices in a community to a single dashboard, enabling property managers to remotely monitor and control unit access, climate settings, and security while providing residents with a seamless, user-friendly experience that enhances convenience and efficiency.
+Added: Smart Apartments is a solution that connects all the smart devices in a community to a single dashboard, enabling property managers to remotely provide unit access, set guardrails for climate settings, and monitor and control building access while providing residents with a seamless, user-friendly experience that enhances convenience and efficiency.
It encompasses physical hardware components such as smart locks, thermostats, hub devices, and sensors, that enhance the convenience and efficiency of community living.
The platform utilizes a hardware-agnostic approach, allowing for seamless integration with leading third-party hardware providers such as Yale, Honeywell, and Salto, operating primarily on Z-Wave technology for reliable remote management and to enable centralization efforts.
−Removed: Additionally, hardware solutions such as smart locks, hubs, and sensors are manufactured in-house under the Alloy brand.
+Added: Additionally, hardware solutions such as smart locks, Hub Devices, and sensors are manufactured in-house under the Alloy brand.
These devices serve as the backbone for our ongoing software innovations, helping accelerate growth and advance initiatives focused on optimizing site team and resident experiences.
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It integrates with major property management, customer relationship management, and third-party proptech platforms, enabling centralized management of residents, prospects, access control, and automation.
−Removed: When a resident moves out, the automated move-out feature immediately locks the apartment door, resets interior thermostats to the “Vacant Mode” temperature, and revokes resident access to their unit, common areas, Community WiFi, parking, and the SmartRent app — all with the click of a button.
+Added: When a resident moves out, the automated move-out feature immediately locks the apartment door, resets interior thermostats to the “Vacant Mode” temperature, and revokes resident access to their unit, common areas, parking, and the SmartRent Resident App — all with the click of a button.
Communities can create “Vacant Mode” automations to increase efficiencies, such as work orders for unit turns and activating energy-saving mode.
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Self-Guided Tours integrates with many popular property management and customer relationship management systems, and other third-party software products, which enables owners and operators to manage all prospect and other actionable data from one platform.
−Removed: • Community WiFi .
−Removed: Community WiFi delivers secure, wireless, high-speed internet across an entire property.
−Removed: A network of strategically placed access points ensures seamless coverage, reliable connectivity and a device-dedicated WiFi network to power Hubs and other in-home smart devices.
−Removed: While Hubs have built-in cellular connectivity, in markets where cell coverage is not available or poor, communities can add Community WiFi to help maintain a consistent connection.
−Removed: With a Community WiFi system, owners, operators, and residents will have access to a dedicated and secure network.
−Removed: Residents can set up Community WiFi in seconds through their Resident App, without the need for a technician.
−Removed: Upon move-out, access is automatically deactivated.
−Removed: Community WiFi can be installed in any property type, including new construction or retrofitting existing structures, and perform site surveys to customize the equipment best suited to each property and provide full technical support 24 hours a day, 365 days a year.
• Package Management .
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Smart Package Room complements SmartRent’s smart home line, expands the Company’s product offerings and solves a long-standing pain point for rental housing operators.
−Removed: • Parking Management .
−Removed: Parking Management alleviates resident and guest parking issues faced by multifamily residential properties.
−Removed: This solution provides an integrated software system and single-source database that allows owners and operators to automatically assign and re-assign parking spaces, review interactive maps for live parking space availability (based on parking sensors for real-time occupancy), implement a proactive enforcement process, monitor parking management with resident parking decals, and install custom parking signs to monetize guest parking.
−Removed: Through a Parking Management portal, residents can add or remove vehicles, edit vehicle details, review assigned parking decals, and provide guests with parking access.
−Removed: Parking Management integrates with many popular property management systems, which enables owners and operators to manage all parking-related actions from one platform.
−Removed: Parking Management is available to communities as a stand-alone product or as part of our fully integrated smart home operating system.
Smart Operations Solutions.
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We partner with third-parties to offer a selection of Z-Wave or Bluetooth-enabled smart locks and lock boxes offer customers options for keyless entry and simplified guest access.
−Removed: With various keyless entry options, including deadbolts, interconnected locks, lever locks, and patio locks, these products can be customized to meet each property’s needs.
+Added: With various keyless entry options, including deadbolts, interconnected locks, lever locks, and patio locks, these products can be customized to meet most property’s needs.
• Smart Thermostats, Sensors, Plugs, Switches, Dimmers, and Readers.
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Our digital marketing strategy encompasses several channels, including search engine optimization (SEO), Google Ads campaigns, programmatic display advertising and an active presence across professional social media platforms.
−Removed: We engage our audience through organic content, targeted advertising and a comprehensive content marketing program that includes a recurring newsletter, product updates and educational materials.
−Removed: We primarily sell our solutions through our internal sales organization to diverse customers, including single-family rental homeowners, homebuilders and iBuyers, across our operating markets.
+Added: We engage our audience through organic content, targeted advertising and content marketing efforts that include product updates and educational materials.
+Added: We primarily sell our solutions through our internal sales organization to diverse customers, predominately in multifamily but also including single-family rental homeowners, homebuilders and iBuyers, across our operating markets.
Our sales team engages prospects through telephone and email communication, while our visibility is further enhanced through publications in recognized industry magazines and online media outlets.
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Human Capital Management
−Removed: Our employees are critical to our success.
−Removed: As of December 31, 2024, we had 494 total employees worldwide, all of which are full-time employees.
−Removed: We also engage consultants and contractors to supplement our workforce.
−Removed: A majority of our employees are engaged in engineering, software and product development, sales, and related functions.
−Removed: As of December 31, 2024, we have not experienced any work stoppages and consider our relationship with our employees to be in good standing.
−Removed: None of our domestic or international employees are subject to a collective bargaining agreement or represented by a labor union.
−Removed: We seek to foster a welcoming, inclusive work environment where employees can be themselves and do meaningful work that positively impacts our customers and communities.
−Removed: Our culture is supportive, engaging, and fast paced and facilitates partnerships among coworkers with diverse backgrounds and experiences.
−Removed: Our employees have opportunities to get involved in resource groups and give back to the community.
−Removed: We engage with our employees to gather insight, feedback, and data about their workplace experiences, and manager effectiveness.
−Removed: This data informs and supports our action plans, with the goal of enhancing workplace satisfaction and overall employee well-being and effectiveness.
−Removed: We attract and retain talent through market-based compensation, our employer brand initiatives, employee referral programs, and through internal career growth.
−Removed: Employee growth and development comes from receiving real-time, informal feedback, a formal performance review, career path transparency, and ongoing role-specific training.
−Removed: The structure of our compensation programs endeavors to give employees peace of mind when it comes to health and financial benefits so that they can focus on doing their best work.
−Removed: Our total rewards program enables us to retain talent, reward high-performing employees at all levels and incentivize and motivate exceptional performance.
−Removed: In addition to competitive base pay, we have an annual bonus program for employees at all levels, stock-based compensation for certain employees, and a comprehensive variable compensation program specific to our revenue organization.
−Removed: Both the bonus and variable compensation plans are tied directly to individual and company performance.
−Removed: Our competitive benefits program includes a 100% employer paid medical option for employees and dependents.
−Removed: Additionally, we provide dental, and vision for employees and their dependents, life insurance, flexible time off, paid parental leave, employee stock purchase plan and a 401(k) plan with a company match.
+Added: Our employees are fundamental to our success.
+Added: As of December 31, 2025, we had 418 total employees worldwide.
+Added: We also utilize consultants and contractors to supplement our workforce as necessary.
+Added: The majority of our employees are engaged in engineering, software and product development, sales, and related functions.
+Added: As of December 31, 2025, we have maintained strong employee relations with no work stoppages.
+Added: None of our domestic or international employees are represented by a labor union or subject to a collective bargaining agreement.
+Added: We strive to cultivate a welcoming and inclusive work environment where employees are empowered to be authentic and contribute to meaningful work that positively impacts our customers and communities.
+Added: Our culture is supportive, engaging, and fast-paced, fostering strong partnerships among coworkers with diverse backgrounds and experiences.
+Added: We promote employee involvement through resource groups and community give-back opportunities.
+Added: We gather regular insights, feedback, and data about workplace experiences and manager effectiveness through our annual employee engagement survey.
+Added: This data directly informs our action plans, with the goal of enhancing workplace satisfaction, overall employee well-being, and effectiveness.
+Added: We attract and retain talent through a comprehensive strategy that includes market-based compensation, targeted employer brand initiatives, employee referral programs, and internal career growth paths.
+Added: Our commitment to employee development is supported by real-time, informal feedback, a formal annual performance review process, career path transparency, and ongoing, role-specific training.
+Added: Our total rewards program is designed to retain talent, reward high performance, and incentivize exceptional results across all levels.
+Added: In addition to competitive base pay, our compensation structure includes an annual bonus program for all employees, stock-based compensation for certain roles, and a comprehensive variable compensation plan for our revenue organization.
+Added: All bonus and variable compensation plans are directly linked to both individual and company performance.
+Added: Our highly competitive benefits program provides a 100% employer-paid medical option for employees and dependents, as well as dental, vision, life insurance, flexible time off, paid parental leave, an employee stock purchase plan, and a 401(k) plan with a company match.
Research and Development
−Removed: Our near-term product roadmap includes new leasing solutions (including an online application for the leasing process and other applications for lease signing and customer relationship management), resident experience solutions (including applications for marketplaces, amenity reservations, rent payments, and work orders), home IoT solutions (including hubless systems, smart appliances, and video and security systems), building IoT solutions (including energy, water, and air metering), and property operations solutions (including centralized maintenance management, IoT-triggered predictive maintenance alerts for HVAC and plumbing, asset portfolio planning, vendor performance tracking, and energy reporting with Environmental, Social, and Governance ("ESG") dashboards and predictive analytics).
−Removed: Generally, our hardware device suppliers maintain a stock of devices and key components to cover any minor supply chain disruptions.
−Removed: Where possible we utilize multiple sourcing methods to mitigate the risk of disruption from a single supplier.
−Removed: However, we also rely on a number of single source and limited source suppliers for components of our solutions.
−Removed: Replacing any single source or limited source suppliers could require the expenditure of significant resources and time to source these products.
−Removed: The majority of our hardware devices sold, both proprietary and third-party, are manufactured overseas.
+Added: Our research and development efforts are focused on advancing our platform and enhancing the capabilities of our Smart Communities and Smart Operations solutions.
+Added: We prioritize investments that support platform integration, expanded functionality across leasing and maintenance workflows, strengthened home and building IoT connectivity and improvements to operational tools and data visibility for owners and operators.
+Added: Our development strategy emphasizes interoperability across hardware and software components, scalability across large portfolios, continued refinement of automation and reporting capabilities, and the responsible use of artificial intelligence to enhance our solutions and improve internal development efficiency.
+Added: Our hardware device suppliers generally maintain inventories of finished goods and key components intended to mitigate minor supply chain disruptions.
+Added: Where practicable, we utilize multiple sourcing strategies to reduce the risk of disruption associated with reliance on a single supplier.
+Added: However, we continue to depend on a limited number of single-source and limited-source suppliers for certain components used in our solutions.
+Added: The loss of, or disruption at, any such supplier could require significant time and expense to identify, qualify, and transition to alternative sources, and may result in delays or increased costs.
+Added: In addition, a significant portion of the hardware devices we sell, including both proprietary and third-party products, are manufactured outside the United States, which subjects our supply chain to additional risks, including geopolitical, regulatory, and logistics-related disruptions.
Intellectual Property
We regard our intellectual property rights as critical to our success generally, with our trademarks, service marks, and domain names being especially critical to the continued development and awareness of our brands and marketing efforts.
−Removed: We protect our intellectual property rights through a combination of trademarks, trade dress, domain name registrations, trade secrets, and a patent, as well as through contractual restrictions and reliance on federal, state, and common law.
+Added: We protect our intellectual property rights through a combination of trademarks, trade dress, domain name registrations, trade secrets, and patents, as well as through contractual restrictions and reliance on federal, state, and common law.
We enter into confidentiality and proprietary rights agreements with employees, consultants, contractors, and business partners, which include invention assignment provisions for our employees and contractors.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.