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PHOENIX - SmartRent, Inc. (NYSE: SMRT), a provider of smart solutions for the rental housing industry trading at $0.92 per share, has unveiled a new artificial intelligence (AI) layer across its platform, aimed at streamlining data access and accelerating the delivery of property insights. According to InvestingPro analysis, the company maintains a strong liquidity position with a current ratio of 3.0, indicating robust short-term financial health despite recent market challenges. The upgrade, which includes advanced energy management tools, is designed to help operators reduce utility waste, cut costs, and support environmental, social, and governance (ESG) goals.
The AI addition, dubbed SMRT IQ, leverages live device data to offer real-time insights from connected hardware, facilitating quicker and more informed decision-making in property operations. SMRT IQ features a conversational AI interface that allows users to obtain instant property insights using natural language queries. This technological advancement comes as the company faces revenue headwinds, with InvestingPro data showing a 25% year-over-year revenue decline in the last twelve months.
SmartRent’s Chief Technology Officer, Isaiah DeRose-Wilson, highlighted the significance of the update, stating that SMRT IQ offers "constant, real-time IoT-device level data and visibility into all aspects of property performance," which was not possible before. The conversational AI component is designed to aid teams in making "smarter decisions faster" and improve business agility.
In addition to SMRT IQ, SmartRent has expanded its platform with enhanced energy management tools that utilize real-time thermostat and device data rather than static reports or estimates. These tools are also compatible with legacy HVAC systems, providing greater visibility into HVAC asset health and enabling portfolio-wide benchmarking for ESG reporting.
Key features of the energy management tools include energy dashboards, smart setpoint automation, temperature guardrails, live alerts for runtime anomalies, and detailed drilldowns at various levels of property analysis.
DeRose-Wilson emphasized SmartRent’s unique advantage in providing a direct connection to real-world device data, which grants operators a clear view of building events and the capability to take immediate action.
The advancement of the SmartRent platform follows the company’s recent $10 million investment in innovation, new features, and functionality. This investment is part of SmartRent’s commitment to setting the standard for property efficiency and performance in the rental housing industry.
SmartRent, founded in 2017, connects millions of devices across locks, thermostats, sensors, and workflows, offering real-time visibility and operational control to its customers. The company’s solutions are utilized daily by 15 of the top 20 multifamily operators and millions of users. With a market capitalization of $169 million and holding more cash than debt on its balance sheet, SmartRent shows potential despite current market volatility. Discover more detailed insights and Fair Value analysis through InvestingPro’s comprehensive research platform.
This report is based on a press release statement from SmartRent.
In other recent news, SmartRent Inc. reported its Q1 2025 financial results, revealing a significant earnings miss with an EPS of -$0.21, which fell short of the forecasted -$0.03. Revenue for the quarter was $41.3 million, marking an 18% decline year-over-year. Despite the earnings miss, SaaS revenue showed a positive trend, increasing by 17% year-over-year to $14 million. The company’s gross margin decreased to 32.8% from 38.5% in the previous year. Additionally, SmartRent’s shareholders approved key proposals at the recent Annual Meeting, including the election of Ann Sperling as a Class I director and the ratification of Deloitte & Touche LLP as the independent accounting firm. The company is undergoing a strategic shift towards software solutions, with an emphasis on sustainable ARR growth. SmartRent is also in the final stages of its CEO search, aiming to bring in a leader with a proven track record in recurring revenue businesses. The company has executed over $10 million in cost savings as part of its restructuring efforts.
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