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    Matterport Announces Record Third Quarter 2024 Financial Results

    11/12/24 5:08:40 PM ET
    $MTTR
    Computer Software: Prepackaged Software
    Technology
    Get the next $MTTR alert in real time by email
    • Record total revenue of $43.8 million, up 8% year-over-year
    • Q3 annualized recurring revenue crosses $100 million milestone, up 11% year-over-year
    • Net loss improved 14% year-over-year; Non-GAAP net loss improved 80% year-over-year
    • Total subscribers grew to 1.1 million, up 25% year-over-year
    • Square feet under management reached 47.3 billion, up 34% from prior year

    SUNNYVALE, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Matterport, Inc. (NASDAQ:MTTR) ("Matterport" or the "Company"), the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter ended September 30, 2024.

    "I'm pleased to share our third-quarter 2024 results, highlighting our continued success driving efficient growth," said RJ Pittman, Chairman and CEO of Matterport. "Total square feet managed reached 47.3 billion, up 34% year-over-year, with annual recurring revenue hitting a record $101.5 million, an 11% increase year-over-year," Pittman added. "Our Fall 2024 Release introduced groundbreaking AI-powered tools designed to elevate digital twin applications and real estate listings. With one-click defurnishing and automated property descriptions from a Matterport digital twin, customers save time, streamline workflows, and enhance their listings. Features like 3D model merge, field tags, and bill-back processing bring unmatched speed, efficiency, and precision to managing spaces at scale for agents, contractors, and enterprise teams alike."

    "We believe our innovation pipeline is the strongest it's ever been, and with customers raving about our Fall 2024 Release, we're setting the stage for more bold, product-led growth in 2025," Pittman concluded.

    "Our strong third quarter performance propelled the company to a new record for total revenue, $43.8 million, up 8% year-over-year," said JD Fay, Chief Financial Officer of Matterport. "Further, our continued focus on operating expense discipline helped deliver near break-even results, yielding a non-GAAP loss per share of just $0.01. These results demonstrate that customers continue to adopt Matterport while underscoring our commitment to growth and profitability."

    Third Quarter 2024 Financial Highlights

    • Square feet under management reached 47.3 billion, up 34% year-over-year
    • Spaces under management reached 13.6 million, up 22% year-over-year
    • Total subscribers reached 1.1 million, up 25% year-over-year
    • Subscription revenue of $25.4 million, up 11% year-over-year
    • Annualized Recurring Revenue (ARR) was $101.5 million
    • Total revenue was $43.8 million
    • Net loss of $0.12 per share; Non-GAAP net loss of $0.01 per share, which is a 75% improvement year-over-year
    • Cash used in operating activities was $18.6 million for the first nine months of 2024, a 61% improvement year-over-year

    Recent Business Highlights

    • Announced the Fall 2024 Release, a groundbreaking suite of new tools designed to reshape the way professionals design, build, and market properties. Through the power of generative AI, Matterport users can now easily reimagine the potential of any space, transforming digital twins from static replicas into dynamic canvases for creativity.
    • Announced that Matterport is contributing to the promotion of digital twin use by Tokyu Construction Co., Ltd., an advanced digital utilization company in civil engineering and infrastructure construction. Matterport's digital twin solutions are used in a wide range of phases of construction projects, including current status surveys, completed form management, streamlining and enhancing the scanning of point cloud data, and facilitating consensus building and communication among construction-related parties.
    • In August, Matterport released its third Environmental, Social, and Governance Report which sets ambitious targets for the Company's top ESG priorities, including reducing emissions and fostering gender equality in the workplace. The new Report also showcases the Company's success helping its more than one million subscribers reduce their own carbon emissions by using Matterport's digital twins to reduce travel to the more than 13 million spaces that are on the Matterport digital twin platform.

    Transaction with CoStar Group, Inc.

    Given the pending acquisition of Matterport by CoStar Group, Inc. that was announced on April 22, 2024, Matterport will not be holding a conference call or live webcast to discuss quarterly financial results. Also, in light of the pending transaction, the Company had previously suspended its financial guidance for the full fiscal year 2024 and will not be providing financial guidance for the upcoming fiscal quarter. At a special meeting of stockholders held on July 26, 2024, Matterport stockholders approved the transaction with CoStar Group, Inc. The completion of the transaction remains subject to the expiration or termination of the waiting period imposed by the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction or waiver of the other closing conditions specified in Matterport's agreement with CoStar Group, Inc. The transaction is expected to close in the fourth quarter of 2024 or the first quarter of 2025.

    Non-GAAP Financial Information

    Matterport has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to Matterport's financial condition and results of operations.

    The presentation of these non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below.

    Non-GAAP Net Loss and Non-GAAP Net Loss Per Share, Basic and Diluted. Matterport defines non-GAAP net loss as net loss, adjusted to exclude stock-based compensation-related charges (including share-based payroll tax expense), fair value change of warrants liability, amortization of acquired intangible assets, litigation expense, and acquisition-related transaction costs, in order to provide investors and management with greater visibility to the underlying performance of Matterport's recurring core business operations. We define non-GAAP net loss per share, as non-GAAP net loss divided by the weighted-average shares outstanding, which includes the dilutive effect of potentially diluted common stock equivalents outstanding during the period if any.

    About Matterport

    Matterport, Inc. (NASDAQ:MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.

    ©2024 Matterport, Inc. All rights reserved. Matterport is a registered trademark and the Matterport logo is a trademark of Matterport, Inc. All other marks are the property of their respective owners.

    Investor Contact:

    [email protected]

    Media Contact:

    [email protected]

    Forward-Looking Statements

    This communication contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the proposed transaction, the products and services offered by Matterport and the markets in which Matterport operates, business strategies, debt levels, industry environment including the global supply chain, potential growth opportunities, and the effects of regulations and Matterport's projected future results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "forecast," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions (including the negative versions of such words or expressions).

    Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including the inability to consummate the proposed transaction with CoStar Group, Inc. (the "proposed transaction") within the anticipated time period, or at all, due to any reason, including the failure to obtain required regulatory approvals, or to satisfy the other conditions to the consummation of the proposed transaction; the risk that the proposed transaction disrupts Matterport's current plans and operations or diverts management's attention from its ongoing business; the effects of the proposed transaction on Matterport's business, operating results, and ability to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom Matterport does business; the risk that Matterport's stock price may decline significantly if the proposed transaction is not consummated; the nature, cost and outcome of any legal proceedings related to the proposed transaction; Matterport's ability to grow market share in existing markets or any new markets Matterport may enter; Matterport's ability to respond to general economic conditions; supply chain disruptions; Matterport's ability to manage growth effectively; Matterport's success in retaining or recruiting officers, key employees or directors, or changes required in the retention or recruitment of officers, key employees or directors; the impact of restructuring plans; the impact of the regulatory environment and complexities with compliance related to such environment; factors relating to Matterport's business, operations and financial performance, including the impact of infectious diseases, health epidemics and pandemics; Matterport's ability to maintain an effective system of internal controls over financial reporting; Matterport's ability to achieve and maintain profitability in the future; Matterport's ability to access sources of capital; Matterport's ability to maintain and enhance Matterport's products and brand, and to attract customers; Matterport's ability to manage, develop and refine Matterport's technology platform; the success of Matterport's strategic relationships with third parties; Matterport's history of losses and whether Matterport will continue to incur continuing losses for the foreseeable future; Matterport's ability to protect and enforce Matterport's intellectual property rights; Matterport's success in defending or appealing any pending or future litigation, claims or demands; Matterport's ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; Matterport's ability to attract and retain new subscribers; the size of the total addressable market for Matterport's products and services; the continued adoption of spatial data; any inability to complete acquisitions and integrate acquired businesses; general economic uncertainty and the effect of general economic conditions in Matterport's industry; environmental uncertainties and risks related to adverse weather conditions and natural disasters; the volatility of the market price and liquidity of Matterport's Class A common stock and other securities; the increasingly competitive environment in which Matterport operates; and other factors detailed under the section entitled "Risk Factors" in Matterport's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.

    MATTERPORT, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share data)

    (Unaudited)
     
      
     Three Months Ended September

    30,
     Nine Months Ended September

    30,


     
     2024 2023 2024 2023 
    Revenue:                
    Subscription$25,365  $22,878  $73,535  $63,647  
    Services 11,085   9,936   31,069   29,324  
    Product 7,343   7,828   21,277   25,232  
    Total revenue 43,793   40,642   125,881   118,203  
    Costs of revenue:                
    Subscription 8,236   7,379   24,124   21,576  
    Services 7,445   6,725   21,748   20,978  
    Product 6,412   6,641   19,337   23,377  
    Total costs of revenue 22,093   20,745   65,209   65,931  
    Gross profit 21,700   19,897   60,672   52,272  
    Operating expenses:                
    Research and development 15,261   15,577   45,521   52,711  
    Selling, general, and administrative 50,464   53,719   150,069   164,660  
    Litigation expense —   —   95,000   —  
    Total operating expenses 65,725   69,296   290,590   217,371  
    Loss from operations (44,025)  (49,399)  (229,918)  (165,099) 
    Other income (expense):                
    Interest income 3,211   1,573   8,098   4,525  
    Change in fair value of warrants liability 169   513   (895)  564  
    Other income 2,311   2,669   6,762   5,075  
    Total other income 5,691   4,755   13,965   10,164  
    Loss before provision for income taxes (38,334)  (44,644)  (215,953)  (154,935) 
    Provision for income taxes 67   110   162   197  
    Net loss$(38,401) $(44,754) $(216,115) $(155,132) 
    Net loss per share, basic and diluted$(0.12) $(0.15) $(0.68) $(0.52) 
    Weighted-average shares used in per share calculation, basic and

    diluted
     321,151   303,432   317,002   298,226  
      



    MATTERPORT INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands)

    (Unaudited)
     
      
      September 30,  December 31, 
     2024 2023 
    ASSETS        
    Current assets:        
    Cash and cash equivalents$63,358  $82,902  
    Restricted cash 95,182   —  
    Short-term investments 206,818   305,264  
    Accounts receivable, net 14,918   16,925  
    Inventories 7,582   9,115  
    Prepaid expenses and other current assets 9,145   8,635  
          Total current assets 397,003   422,841  
    Property and equipment, net 30,356   32,471  
    Operating lease right-of-use assets 226   625  
    Long-term investments 39,824   34,834  
    Goodwill 69,593   69,593  
    Intangible assets, net 7,792   9,120  
    Other assets 8,129   7,671  
          Total assets$552,923  $577,155  
    LIABILITIES AND STOCKHOLDERS' EQUITY        
    Current liabilities        
    Accounts payable$7,812  $7,586  
    Deferred revenue 26,885   23,294  
    Accrued expenses and other current liabilities 108,308   13,354  
          Total current liabilities 143,005   44,234  
    Warrants liability 1,185   290  
    Deferred revenue, non-current 1,969   3,141  
    Other long-term liabilities —   206  
          Total liabilities 146,159   47,871  
    Commitments and contingencies        
    Stockholders' equity:        
    Common stock 32   31  
    Additional paid-in capital 1,400,614   1,307,324  
    Accumulated other comprehensive income 707   403  
    Accumulated deficit (994,589)  (778,474) 
          Total stockholders' equity 406,764   529,284  
    Total liabilities and stockholders' equity$552,923  $577,155  
      



    MATTERPORT, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands, unaudited)
     
      
     Nine Months Ended September

    30,


     
     20242023 
    CASH FLOWS FROM OPERATING ACTIVITIES        
    Net loss$(216,115) $(155,132) 
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
    Depreciation and amortization 17,284   14,130  
    Accretion of discounts, net of amortization of investment premiums (7,049)  (5,511) 
    Stock-based compensation, net of amounts capitalized 84,821   90,674  
    Cease use of certain leased facilities —   123  
    Change in fair value of warrants liability 895   (564) 
    Deferred income taxes —   (185) 
    Allowance for doubtful accounts 525   150  
    Loss from excess inventory and purchase obligation —   1,592  
    Other (61)  (60) 
    Changes in operating assets and liabilities, net of effects of businesses acquired:        
          Accounts receivable 1,482   3,489  
          Inventories 1,532   (6,833) 
          Prepaid expenses and other assets 656   2,491  
          Accounts payable 226   263  
          Deferred revenue 2,419   6,527  
          Accrued expenses and other liabilities 94,750   529  
                Net cash used in operating activities (18,635)  (48,317) 
    CASH FLOWS FROM INVESTING ACTIVITIES:        
    Purchases of property and equipment (170)  (112) 
    Capitalized software and development costs (6,846)  (7,528) 
    Purchase of investments (157,522)  (368,119) 
    Maturities of investments 257,106   388,201  
    Business acquisitions, net of cash acquired —   (4,116) 
                Net cash provided by investing activities 92,568   8,326  
    CASH FLOW FROM FINANCING ACTIVITIES:        
    Proceeds from the sales of shares through employee equity incentive plans 1,644   3,309  
    Payments for taxes related to net settlement of equity awards —   (329) 
                Net cash provided by financing activities 1,644   2,980  
    Net change in cash, cash equivalents, and restricted cash 75,577   (37,011) 
    Effect of exchange rate changes on cash 61   25  
    Cash, cash equivalents, and restricted cash at beginning of year 82,902   117,128  
    Cash, cash equivalents, and restricted cash at end of period$158,540  $80,142  
      



    MATTERPORT, INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (In thousands, except per share amounts)

    (unaudited)
     
      
     Three Months Ended

    September 30,
     Nine Months Ended

    September 30,


     
     2024 2023 2024 2023 
    GAAP net loss$(38,401) $(44,754) $(216,115) $(155,132) 
    Stock-based compensation related charges (1) 31,445   29,721   93,793   97,281  
    Restructuring charges (2) —   3,147   —   3,147  
    Acquisition-related costs (3) 4,271   —   12,194   —  
    Amortization expense of acquired intangible assets 443   443   1,329   1,329  
    Change in fair value of warrants liability (4) (169)  (513)  895   (564) 
    Litigation expense (5) —   —   95,000   —  
    Non-GAAP net loss$(2,411) $(11,956) $(12,904) $(53,939) 
                     
    GAAP net loss per share attributable to common stockholders, basic and

    diluted
    $(0.12) $(0.15) $(0.68) $(0.52) 
    Non-GAAP net loss per share attributable to common stockholders, basic and

    diluted
    $(0.01) $(0.04) $(0.04) $(0.18) 
                     
    Weighted-average shares used to compute net loss per share, basic and diluted 321,151   303,432   317,002   298,226  
      
      
    (1) Consists primarily of non-cash share-based compensation expense related to our stock incentive plans, and the employer payroll

    taxes related to our stock options and restricted stock units.
     
    (2) Consists of severance and other employee separation costs, and cease use charges for operating lease right-of-use assets due to

    reduction of leased office spaces.
     
    (3) Consists of acquisition transaction costs incurred for the proposed transaction with CoStar Group, Inc. 
    (4) Consists of the non-cash fair value measurement change for private warrants. 
    (5) Represents charges associated with our litigation for the nine months ended September 30, 2024. 
      

    This press release was published by a CLEAR® Verified individual.



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    • BTIG Research initiated coverage on Matterport

      BTIG Research initiated coverage of Matterport with a rating of Neutral

      1/19/24 8:07:39 AM ET
      $MTTR
      Computer Software: Prepackaged Software
      Technology
    • Matterport downgraded by Piper Sandler with a new price target

      Piper Sandler downgraded Matterport from Overweight to Neutral and set a new price target of $2.00 from $4.00 previously

      10/23/23 7:30:47 AM ET
      $MTTR
      Computer Software: Prepackaged Software
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    $MTTR
    Insider Trading

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    • Director Hebert Peter returned 279,793 shares to the company, closing all direct ownership in the company (SEC Form 4)

      4 - Matterport, Inc./DE (0001819394) (Issuer)

      3/3/25 4:12:30 PM ET
      $MTTR
      Computer Software: Prepackaged Software
      Technology
    • Chief Accounting Officer Presunka Peter returned 137,417 shares to the company, closing all direct ownership in the company (SEC Form 4)

      4 - Matterport, Inc./DE (0001819394) (Issuer)

      3/3/25 4:11:22 PM ET
      $MTTR
      Computer Software: Prepackaged Software
      Technology
    • Director Repo Susan returned 112,962 shares to the company, closing all direct ownership in the company (SEC Form 4)

      4 - Matterport, Inc./DE (0001819394) (Issuer)

      3/3/25 4:10:27 PM ET
      $MTTR
      Computer Software: Prepackaged Software
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    $MTTR
    Financials

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    • Matterport Announces Fourth Quarter 2024 Financial Results, with Over 50 Billion in Square Feet Under Management, up 33%, and Total Subscription Revenue up 14%, Year-over-Year

      Record full year subscription revenue of $99.6 million, up 14% year-over-yearQ4 annualized recurring revenue (ARR) grows to $104.2 millionRecord full year total revenue of $169.7 millionTotal subscribers grew to 1.2 million, up 23% year-over-year SUNNYVALE, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) -- Matterport, Inc. (NASDAQ:MTTR) ("Matterport" or the "Company"), the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter and year ended December 31, 2024. "I'm pleased to share our fourth quarter and full year 2024 results, highlighting our continued success driving efficient growth while doubling down on innovat

      2/26/25 4:05:44 PM ET
      $MTTR
      Computer Software: Prepackaged Software
      Technology
    • Matterport Announces Record Third Quarter 2024 Financial Results

      Record total revenue of $43.8 million, up 8% year-over-year Q3 annualized recurring revenue crosses $100 million milestone, up 11% year-over-year Net loss improved 14% year-over-year; Non-GAAP net loss improved 80% year-over-year Total subscribers grew to 1.1 million, up 25% year-over-year Square feet under management reached 47.3 billion, up 34% from prior year SUNNYVALE, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Matterport, Inc. (NASDAQ:MTTR) ("Matterport" or the "Company"), the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter ended September 30, 2024.

      11/12/24 5:08:40 PM ET
      $MTTR
      Computer Software: Prepackaged Software
      Technology
    • Matterport Announces Second Quarter 2024 Financial Results

      Annualized Recurring Revenue hits record $96.6 million, up 16% year-over-year Cash used in operating activities for the first half of 2024 improved 64% year-over-yearTotal subscribers grew to 1.06 million, up 28% year-over-yearSquare feet under management reached 44.0 billion, up 33% from prior year SUNNYVALE, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Matterport, Inc. (NASDAQ:MTTR) ("Matterport" or the "Company"), the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter ended June 30, 2024. "I'm pleased to announce our second-quarter 2024 results, which underscore our ongoing success in driving efficient gr

      8/6/24 4:05:52 PM ET
      $MTTR
      Computer Software: Prepackaged Software
      Technology