SmartRent Announces CEO Resignation (Form 8-K)

SmartRent Announces CEO Resignation

Shane Paladin Steps Down as President and CEO and Resigns from Board

Chairman John Dorman Named Interim CEO

Scottsdale, Ariz., April 10, 2025 - SmartRent, Inc. (NYSE: SMRT) ("SmartRent" or the "Company"), the leading provider of smart communities and smart operations solutions for the rental housing industry, today announced that, at the request of the Board of Directors, Shane Paladin has stepped down from his positions as President and CEO, and resigned from the Board, effective immediately. John Dorman, Chairman of the Board, has been appointed interim CEO and Alison Dean has been appointed lead independent director. The Board has reinitiated its search with an executive search firm to assist in finding SmartRent's next CEO and is already in the process of identifying and evaluating candidates. Paladin will remain with the Company in an advisory role for three months to ensure a smooth transition.

"I am confident that our executive leadership team and our entire organization will execute well and continue advancing our strategy as we navigate this transition," said Dorman. "The Board continues to believe that SmartRent has a tremendous opportunity in front of us, underpinned by our leading market position and the quality of our products and services. We have made great strides in transforming our organization and operations to get us where we need to be, and the Board remains fully committed to SmartRent's continued success and growth opportunities. We appreciate Shane's cooperation in facilitating a smooth transition as we look for our next CEO."

Preliminary First Quarter 2025 Results

On a preliminary basis, the Company expects first quarter 2025 total revenue of $40.5-$41.5 million, a decrease of 18-20% from the same period last year.

About SmartRent

Founded in 2017, SmartRent, Inc. (NYSE: SMRT) is a leading provider of smart communities solutions and smart operations solutions to the rental housing industry. SmartRent's end-to-end ecosystem powers smarter living and working in rental housing by automating operations, protecting assets, reducing energy consumption and more. The company's differentiators - purpose-built software and hardware, and end-to-end implementation and support - create an exceptional experience, with 15 of the top 20 multifamily operators and millions of users leveraging SMRT solutions daily. For more information, please visit smartrent.com.