SmartRent Inc.: Is The Expansion of Recurring SaaS Revenue Expected To Last In These Tough Times? 

SmartRent is undergoing a strategic transformation toward a Software-as-a-Service (SaaS)-focused business model. This shift is reflected in the growth of the company’s recurring SaaS subscriptions, which increased to 38% of total revenue in the fourth quarter, up from 19% in the previous year. Annual recurring revenue (ARR) grew to $54.4 million, reflecting a year-over-year increase, and SaaS revenue showed a 17% increase during the same period. Despite these strategic advancements, the company reported a notable decrease in overall revenue, falling 41% in the fourth quarter and 26% for the full year, primarily attributed to reduced hardware shipments and the dismantling of a poorly performing channel partner sales program.