Stein Mart Stock Earnings Reports

SmartRent reported clear progress in Q3 2025 as it shifts toward a higher-quality, SaaS-driven model while aggressively cutting costs. Key operational metrics: installed base grew to >870,000 units (up 11% YoY) with 22k units deployed in the quarter; ARR reached $56.9M (up 7% YoY); SaaS revenue grew 7% YoY and now represents 39% of total revenue. Financials: total revenue was $36.2M (down 11% YoY) as hardware sales declined following a strategic pullback from bulk hardware; gross margin was 26% (impacted by nonrecurring inventory charges). Profitability and liquidity: the company completed a $30M annualized cost-reduction program, narrowing adjusted EBITDA loss to $2.9M (improved sequentially) and net loss to $6.3M; cash on hand was $100M with no debt and $75M undrawn on the credit facility. Management expects run-rate adjusted EBITDA and cash flow neutrality exiting 2025, plans selective reinvestment (sales, account management, product/AI capabilities) to drive growth in 2026, and highlights professional services turning roughly to breakeven. Key investor takeaways: disciplined cost realignment has materially reduced cash burn and improved profitability metrics, SaaS mix is increasing and recurring revenue is growing, but total revenue is temporarily depressed by the strategic exit from bulk hardware sales and one-time inventory impacts. Management signals optimism about scaling unit deployments beyond current ~22k quarterly installs and will provide a 3-year strategic framework on the next call.