Financial Performance - Total revenue for the three months ended September 30, 2021, was $35,132,000, representing a 112% increase from $16,588,000 in the same period of 2020[17]. - Net loss for the nine months ended September 30, 2021, was $46,003,000, compared to a net loss of $26,421,000 for the same period in 2020, indicating a 74% increase in losses[17]. - The company reported a comprehensive loss of $26,754,000 for the three months ended September 30, 2021, compared to a comprehensive loss of $8,597,000 for the same period in 2020[17]. - For the nine months ended September 30, 2021, the net loss was $26.7 million, reflecting an increase from a net loss of $10.1 million in the previous quarter[20]. - The company reported a comprehensive loss of $69,000 for the period ending September 30, 2021[21]. - The company recorded a net loss of $26.7 million for the three months ended September 30, 2021, which is a 207% increase from a net loss of $8.7 million in the same period of 2020[211]. Revenue Breakdown - Hardware revenue for the three months ended September 30, 2021, was $22,025,000, up 125% from $9,782,000 in the same period of 2020[17]. - Revenue from the United States for the three months ended September 30, 2021, was $34,247,000, up 120% from $15,568,000 in 2020[90]. - Professional services revenue for the three months ended September 30, 2021, was $8,180,000, up 73% from $4,717,000 in the same period of 2020[90]. - Total revenue for the nine months ended September 30, 2021, increased by $37.0 million, or 95%, to $76.0 million compared to $38.9 million for the same period in 2020[212]. - The increase in revenue for both periods was primarily due to an increase in New Units Deployed and the number of cumulative active subscriptions for hosted services[212]. Assets and Liabilities - Cash and cash equivalents increased significantly to $472,502,000 as of September 30, 2021, up from $38,618,000 at the end of 2020[15]. - Total current assets rose to $557,357,000, a substantial increase from $87,655,000 at the end of 2020[15]. - Total liabilities increased to $110,413,000 from $70,667,000 at the end of 2020, reflecting a 56% rise[15]. - Total stockholders' equity increased to $472,421,000 as of September 30, 2021, from a deficit of $78,250,000 at the end of 2020[15]. - The balance of accumulated deficit as of September 30, 2021, was $128.6 million, indicating a significant increase from $91.9 million at the end of the previous quarter[20]. Stock and Financing - The company issued 16.4 million shares of Series C Convertible Preferred Stock, raising approximately $34.8 million[20]. - Stock-based compensation for the nine months ended September 30, 2021, totaled $4.3 million[20]. - The company raised $500,628 thousand from a business combination and private offering, significantly boosting its financial position[25]. - The Company received gross proceeds of $500,628 from the Business Combination and PIPE Investment, with net proceeds amounting to $444,984 after transaction costs of $55,859[40]. - The total original issuance price per share of the Company's preferred stock as of August 24, 2021, was $146,076 million[117]. Business Combination - The Business Combination was completed in August 2021, resulting in the merger of Legacy SmartRent and Fifth Wall Acquisition Corp. I, with the new name "SmartRent Technologies, Inc." and trading symbol "SMRT" on NYSE[31]. - Each share of Legacy SmartRent was converted into approximately 4.8846 shares of the Company's Class A common stock as part of the Business Combination[33]. - The Company incurred direct and incremental costs of approximately $55,859 related to the Business Combination, primarily for investment banking, legal, and accounting fees[37]. - The Business Combination is treated as a reverse recapitalization, with Legacy SmartRent deemed the accounting acquirer[38][49]. Operational Metrics - SmartRent's cash used in operating activities was $41,745 thousand for the nine months ended September 30, 2021, slightly lower than the $42,311 thousand used in the same period of 2020[25]. - New Units Deployed during the three months ended September 30, 2021, were 59,347, an increase of 31,157 units, or 111%, compared to 28,190 units in the same period in 2020[213]. - New Units Deployed during the nine months ended September 30, 2021, were 115,667, an increase of 62,594 units, or 118%, compared to 53,073 units in the same period in 2020[213]. - The aggregate number of Units Deployed was 270,772 at September 30, 2021, compared to 124,885 at September 30, 2020[213]. - As of September 30, 2021, SmartRent's customers owned approximately 4.1 million rental units, representing about 10% of the U.S. market for institutionally owned multifamily rental units and single-family rental homes[163]. Expenses - Research and development expenses for the three months ended September 30, 2021, were $6,881,000, a 61% increase from $2,637,000 in the same period of 2020[17]. - Operating expenses increased by 145% to $19.7 million for the three months ended September 30, 2021, compared to $8.1 million in the same period of 2020[211]. - The company expects costs of revenue to increase in absolute dollars in future periods, reflecting ongoing investments in product development and market expansion[197][203]. Market and Growth Potential - The U.S. market for residential real estate is estimated to have around 43 million institutionally owned multifamily rental units and single-family rental homes, indicating significant growth potential for SmartRent[164]. - SmartRent's open-architecture system is projected to provide property owners and operators with a 50% return on investment after installation[165]. - SmartRent aims to expand its market presence internationally, with pilot programs and partnerships initiated in the UK, Canada, the Netherlands, and Ireland[164]. - SmartRent's future growth is dependent on consumer adoption of its products and the ability to enhance the resident experience while providing additional revenue opportunities for property owners[182].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39991 FIFTH WALL ACQUISITION CORP. I (Exact name of registrant as specified in its charter) Delaware 85-4218526 (State or ...

Financial Performance - As of March 31, 2021, the company reported a net loss of approximately $253,000, primarily due to general and administrative expenses of approximately $217,000 [90]. - The company has not generated any operating revenues to date, only non-operating income from interest on the Trust Account [89]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on February 9, 2021, raising approximately $345.0 million from the sale of 34,500,000 shares at $10.00 per share [79]. - The underwriters of the IPO received an underwriting discount of $0.20 per Public Share, totaling approximately $6.9 million, with an additional deferred fee of approximately $12.1 million payable upon completion of a Business Combination [93]. Trust Account and Investments - The company has placed $345.0 million from the IPO and Private Placement in a Trust Account, which will be invested in U.S. government treasury obligations or money market funds until a Business Combination is completed [81]. - The net proceeds from the Initial Public Offering will be invested in U.S. government securities with a maturity of 185 days or less [104]. - The company believes there will be no associated material exposure to interest rate risk due to the short-term nature of its investments [104]. Business Combination - The company entered into a merger agreement with SmartRent.com, Inc. on April 21, 2021, which will constitute a Business Combination [84]. - The company must complete a Business Combination within 24 months from the IPO closing date, or it will cease operations and redeem Public Shares [83]. Financial Position - The company had approximately $1.6 million in its operating bank account and working capital of approximately $2.5 million as of March 31, 2021 [85]. - As of March 31, 2021, the company had no off-balance sheet arrangements [100]. Risk Management - As of March 31, 2021, the company was not subject to any market or interest rate risk [104]. - The company has not engaged in any hedging activities since its inception [105]. - The company does not expect to engage in any hedging activities regarding the market risk it is exposed to [105]. Regulatory Classification - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards [102].