Thursday Nov 10, 2022

154. Matterport Announces Record Third Quarter 2022 Financial Results

Matterport Announces Record Third Quarter 2022 Financial Results

1. Total revenue rose to a record $38.0 million, above Company guidance
2. Subscription revenue rose to a record $19.0 million, above Company guidance
3. Services revenue rose to a record $10.0 million, up 204% year-over-year
4. Q3 GAAP loss per share of $0.20
5. Q3 Non-GAAP loss per share of $0.09, exceeding Company guidance
6. Balance sheet remains strong with $495 million in cash and investments

SUNNYVALE, California, Thursday, November 10, 2022 -- (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 record financial results for the quarter ended September 30, 2022.

“We delivered outstanding third quarter results, with record total revenue, demonstrating that our strategy is working,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “We successfully launched our new Enterprise Essentials subscription suite as well as our new, high speed, LiDAR-enabled, Pro3 camera, which began shipping in the third quarter. We also completed the acquisition of VHT Studios, which brings together an industry-leading real estate marketing platform with Matterport’s immersive digital twin technologies. Further, customer demand remained robust in the quarter as enterprises leveraged the deflationary power of Matterport digital twins to improve operating efficiency and productivity, resulting in strong revenue growth across our target markets,” Pittman added.

“We saw strength across all of our revenue lines in the quarter, and combined with our focus on operating efficiency, we delivered financial results that exceeded our expectations on both the top and bottom lines,” said JD Fay, Chief Financial Officer of Matterport. “Subscription revenue grew to a record $19.0 million and services revenue grew 204% year-over-year, to a record $10.0 million. In addition, we were able to ship through our product order backlog during the third quarter. Finally, our focus on operational efficiency began yielding savings a quarter earlier than planned, and with our strong revenue growth, enabled non-GAAP net loss to improve by 24% sequentially, resulting in a narrower loss relative to our guidance range.”

Third Quarter 2022 Financial Highlights

1. Total subscribers increased to 657,000, up 50% compared to the third quarter of 2021
2. Spaces Under Management (SUM) grew to 8.7 million, up 40% year-over-year
3. Total revenue was $38.0 million, up 37% year-over-year
4. Subscription revenue was $19.0 million, up 21% year-over-year
5. Services revenue was $10.0 million, up 204% year-over-year
6. Annualized Recurring Revenue (ARR) exiting the third quarter was $76.0 million
7. Non-GAAP net loss was $0.09 per share


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