SmartRent Inc-A 2025年度报告

The March to a Million Dear Stockholders, Over the past year, SmartRent moved through an important period of transition while continuing to deliver value for customers. I joinedthe company as President and CEO mid-year energized by the opportunities ahead and the potential SmartRent has to create shareholdervalue by deploying technology across the rental housing industry. At its core, our focus is on helping customers operate more efficiently andimprove property performance in ways that increase net operating income. Even amid change, the team remained committed to servingcustomers, reinforcing the business and preparing SmartRent for sustained growth. The company enters this next phase supported by itsscale, close relationships with leading operators and industry partners and ongoing investment in innovation. In many respects, 2025 was a year of two halves. During the second half, we worked to stabilize the business, reinforce operating disciplineand realign the cost structure. Those efforts produced tangible results. During the fourth quarter, we returned to year-over-year revenuegrowth, achieved positive Adjusted EBITDA and reached cashflow neutrality on a run-rate basis while maintaining more than $100 million incash. We also completed an internal cost-reduction program, delivering more than $30 million in annualized savings. By year end, SmartRentwas operating with greater consistency, improvedfinancial rigor and a clearer path forward. That momentum is evident in the breadth, adoption and confidence we see across our platform. SmartRent is the scaled industry leader insmart IoT and operations technology for rental housing, with a presence that stands apart in the market. Today, our IoT technology is deployedacross more than 890,000 units in approximately 3,700 communities and supporting well over 3 million connected devices. Additionally, ourmaintenance and leasing operations solutions support more than 1.2 million units. As we approach one million installed units, this footprintprovides a meaningful advantage, enabling continued product investment, platform innovation and a more durable operating model. We also made targeted investments to enhance leadership depth, generate sales momentum and prepare the organization for growth in2026. This included strengthening our go-to-market organization through expanded resources and improved tools, along with increasingdirect engagement with customers through top-to-top meetings and deeper collaboration. The formation of our Product Advisory Councilestablished an ongoing forum for customer input that helps inform and validate our innovation priorities. Alongside these efforts, we worked to improve the operational backbone of the business. We advanced key processes across installations,quote-to-cash, vendor management and procurement, and refined our product portfolio by confirming core platform offerings and exitinglower-value solution sets. These actions simplified the organization, improved execution quality and enhanced our ability to scale efficiently. The progress made over the past year was essential to reinforcing SmartRent’s foundation and preparing the company for its next phaseof growth. While the organization is operating from a stronger position today, important work remains. As we move into 2026, our focus ison revenue expansion, improving operational performance and advancing sustainable profitability, informed by the actions taken over thepast year. In thefirst quarter of 2026, we introduced Vision 2028, a focused three-year strategy that outlines how we will extend our market leadershipand create long-term value for our stakeholders. Our vision is clear: delivering AI-enabled smart home and property solutions that elevateresident living, optimize operations and boost property performance. We are focused on two priorities: accelerating growth by reinforcingour competitive moat and expanding profitability through a more leverageable operating model. These priorities are anchored byfive pillarsthat will guide our efforts: •Grow our installed footprint at a compounded annual growth rate•Scale a world-class go-to-market organization•Unify our platform with deeper use of data, analytics and AI•Simplify hardware architecture while expanding software offerings•Strengthen operating rigor through scalable internal processes I am confident in SmartRent’s position as the leading platform for smart rental housing operations and in our ability to generate durablevalue for stakeholders. The company is uniquely positioned to power smarter living and working across the multifamily industry throughour scale, innovative mindset and growing emphasis on execution. We have a clear strategy that we believe will extend our leadership,support continued growth and improve profitability as we serve existing and new customers and help them achieve their goals. On behalfof our leadership team and Board of Directors, I want to thank our stockholders, customers and