Tuesday May 07, 2024

294. Matterport Announces First Quarter 2024 Financial Results | #mttr #csgp

Matterport Announces First Quarter 2024 Financial Results

1. Annualized Recurring Revenue hits record $96 million, up 21% year-over-year
2. Net loss improved 33% year-over-year; Non-GAAP net loss improved 80% year-over-year
3. Cash used in operating activities improved 81% year-over-year
4. Net Dollar Expansion rate of 107%
5. Total subscribers reach 1.0 million, up 30% year-over-year
6. Square feet under management reached 40.7 billion, up 35% from prior year

SUNNYVALE, Calif., May 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 March 31, 2024.

“I'm pleased to announce our first quarter 2024 results, which reflect our continued success in driving efficient growth for the company,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “Subscription revenue grew 21%, hitting a record $24 million for the period, and now represents more than 60% of our total revenue - emphasizing our focus to elevate the SaaS mix within our business,” Pittman added. “More recently, we announced that we entered into a definitive agreement to be acquired by CoStar Group. We are thrilled to join forces with CoStar, a long-standing customer and partner with a shared vision for transforming global real estate through technology and digitization. This transaction is another significant milestone that acknowledges the groundbreaking work Matterport has accomplished in 3D digital twin technology and AI-driven property intelligence. With CoStar Group's expansive reach and scale in property research and analytics and our joint commitment to innovation, we believe that this powerful combination will transform how properties are marketed, sold, and managed worldwide. Importantly, it offers Matterport's stockholders the opportunity to participate in the value creation and future growth prospects of our combined efforts.”

“Our first quarter results represent an excellent start to 2024. Subscription revenue growth, gross margin expansion, and continued operating expense discipline drove our non-GAAP loss per share to $0.01, which is an 86% year-on-year improvement. These results again demonstrate our commitment to profitability and the progress we’ve made toward achieving positive cash flow as we continue to drive adoption of Matterport digital twins,” said JD Fay, Chief Financial Officer of Matterport.

First Quarter 2024 Financial Highlights

1. Total subscribers reached 1.0 million, up 30% year-over-year
2. Square feet under management hit 40.7 billion, up 35% year-over-year
3. Spaces under management reached 12.3 million, up 24% year-over-year
4. Subscription revenue of $24.0 million, up 21% year-over-year
5. Annualized Recurring Revenue (ARR) was $96.0 million
6. Total revenue of $39.9 million
7. Net loss of $0.12 per share, a 33% improvement year-over-year
8. Non-GAAP net loss of $0.01 per share, an 86% improvement year-over-year
9. Cash used in operating activities was $3.8 million, an 81% improvement year-over-year
10. Net dollar expansion rate was 107%
11. Cash and investments of $419 million with no debt


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