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SmartRent Announces Strategic Partnership with Hexaware Technologies
SmartRent announced a multi-year strategic partnership with Hexaware Technologies. The collaboration will drive an AI-native transformation of SmartRent's internal processes, increasing operating leverage while further elevating service quality for the Company's extensive customer base. This initiative aligns with SmartRent's Vision 2028 framework, further strengthening its platform that supports millions of users. By executing its strategic pillars to scale a world-class go-to-market organization and strengthen operating rigor, the Company is building an infrastructure capable of accelerating growth while reducing complexity, leading to improved operating leverage and profitability. The partnership targets three critical workstreams: Hexaware will augment SmartRent's existing support ecosystem through its global delivery infrastructure. By integrating AI-native tools and intelligent omnichannel orchestration across voice, email and chat, the partnership aims to streamline operations, accelerate query resolution and eliminate repetitive, high-volume tasks for internal teams. This enables SmartRent's support professionals to focus on high-value, complex customer needs. For SmartRent's customers, this ensures rapid, dependable support balanced with a vital human touch from dedicated experts at critical points in their journey. SmartRent is continuing to evolve its enterprise quoting and contracting lifecycles. By simplifying commercial processes, this initiative is expected to reduce transactional friction for clients, compress sales cycles and structurally accelerate higher-margin revenue realization. SmartRent will leverage Hexaware's adaptive suite of revenue operations solutions, utilizing automated cash application and specialized collection strike teams. These initiatives are targeted to optimize working capital while unlocking incremental cash flow. Additionally, SmartRent will provide operators with streamlined invoicing by standardizing and digitizing billing.
Hexaware Partners with SmartRent for Strategic AI Transformation
Hexaware Technologies announced a strategic partnership with SmartRent. The partnership will drive an AI native transformation of key business areas of the SmartRent program, spanning three connected workstreams: AI-native Customer Experience; A Bill-to-Cash Platform Driving Better DSO; Salesforce Revenue Cloud Advanced Implementation. "Enterprises today need speed and efficiency that produce best-in-class experiences, Contextual AI, streamlined SaaS, and an AI-native workforce that drives business outcomes and creates a competitive moat. Enterprises need an operating model in which AI, technology, processes, and the workforce are in harmony. That's what we're building with SmartRent," said Eravi Gopan, President & Global Head - Technology, Products, and Platforms, Hexaware.
SmartRent Appoints Pankaj Bansi as Chief Operating Officer
SmartRent announced the promotion of Pankaj Bansi to Chief Operating Officer. Bansi, who joined SmartRent in October 2025 as Chief Transformation Officer, will now oversee operations, field services, supply chain and analytics, while continuing to lead and accelerate the Company's AI-focused enterprise transformation strategy. "Pankaj has been a driving force behind our strategic evolution since joining the team," said Frank Martell, President and CEO of SmartRent. "His promotion to Chief Operating Officer is a natural progression that recognizes his success in driving increasing levels of operating leverage, including contributing to a 630-basis point year-over-year expansion in gross margins. I am particularly energized by our future trajectory. Pankaj is architecting an operational framework powered by artificial intelligence, designed to facilitate accelerated decision-making and automated workflows. As we march toward the milestone of one million installed IoT units, this sophisticated infrastructure will serve as the primary engine for our long-term objectives."
SmartRent Q1 Revenue at $38.7M, Down from $41.3M Last Year
Reports Q1 revenue $38.7M vs. $41.3M last year. "SmartRent delivered a strong first quarter building off the momentum of the second half of 2025. We significantly reduced our net loss and delivered our second straight quarter of positive Adjusted EBITDA, fueled by efficiency gains and higher levels of recurring revenue. The first quarter of 2026 represents the third straight quarter of delivering on our commitments to our stakeholders," commented Frank Martell, President and Chief Executive Officer of SmartRent. Martell added, "With over 600 property owners and operators utilizing SmartRent's industry leading platform and solutions, we are uniquely positioned to continue to expand our footprint and deliver strong ROI to our current and prospective customers. Over the next three quarters, we will remain laser focused on investing in our go-to-market organization as well as our technology platform and product solutions. Specifically, we are expanding our sales team, deepening account planning for key and targeted accounts, proactively renegotiating customer contracts that were designed for the Company's early-stage years and expanding our ability to address the small to medium segment of the rental housing market with our recently announced Value Added Reseller program."
CFO States Adjusted EBITDA Positive for Two Consecutive Quarters
Chief Financial Officer Daryl Stemm added, "Adjusted EBITDA was approximately $0.4 million, positive for the second consecutive quarter, and total gross margin expanded approximately 630 basis points year-over-year to 39.1%, primarily reflecting growth of ARR and the benefits of our ongoing cost productivity program. Our SaaS gross margin expanded to 74.5%, reflecting the operating leverage building within our recurring revenue model. We ended the first quarter with $99 million in cash, no debt and an undrawn $75 million credit facility. Despite a challenging market and macroeconomic environment, we remain confident in delivering Adjusted EBITDA profitability and positive cash flow on a full-year basis."
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