311. Matterport Announces Second Quarter 2024 Financial Results | #MTTR #CSGP

Matterport Announces Second Quarter 2024 Financial Results

1. Annualized Recurring Revenue hits record $96.6 million, up 16% year-over-year
2. Cash used in operating activities for the first half of 2024 improved 64% year-over-year
3. Total subscribers grew to 1.06 million, up 28% year-over-year
4. Square feet under management reached 44.0 billion, up 33% from prior year

SUNNYVALE, California, August 6, 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 growth," said RJ Pittman, Chairman and CEO of Matterport. "Subscription revenue increased by 16% year-over-year, reaching a record $24.2 million, and now accounts for over 57% of our total revenue. This growth highlights our strategic focus on expanding the recurring subscription revenue within our business," Pittman added. “Q2 was marked by bold product innovation as we continue to develop new products and deliver exceptional value to our customers. Our latest AI initiative, Project Genesis, along with our spatial data-driven efforts like Property Intelligence from our Q1 Winter Release, have been well received by customers and partners. We are actively developing the future of the digital twin and look forward to unveiling more breakthroughs in our Fall Release later this year.”

“Our second quarter results represent continued revenue growth and improvements in Non-GAAP net loss per share year-over-year. Steady subscription revenue growth, gross margin expansion, and continued operating expense discipline drove our non-GAAP loss per share to $0.02, which is a 71% year-on-year improvement. These results underscore our steadfast commitment to profitability and highlight the significant progress we are making in transforming the industry. As we continue to drive the adoption of Matterport digital twins, we are not just experiencing growth; we are shaping a future where digital transformation empowers our customers and redefines the built world,” said JD Fay, Chief Financial Officer of Matterport.

Also today, Matterport released the company’s third Environmental, Social, and Governance report assessing the impact of Matterport’s products and programs toward driving sustainable and equitable outcomes. More information can be found on the company’s website at: www.Matterport.com/esg

Second Quarter 2024 Financial Highlights

1. Square feet under management hit 44.0 billion, up 33% year-over-year
2. Spaces under management reached 13.0 million, up 24% year-over-year
3. Total subscribers reached 1.06 million, up 28% year-over-year
4. Subscription revenue of $24.2 million, up 16% year-over-year
5. Annualized Recurring Revenue (ARR) was $96.6 million
6. Total revenue was $42.2 million
7. Net loss of $0.45 per share, and Non-GAAP net loss of $0.02 per share, which is a 71% improvement year-over-year
8. Cash used in operating activities was $11.8 million for the first half of 2024, a 64% improvement year-over-year

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Matterport media release continues in the We Get Around Network Forum:

https://www.wegetaroundnetwork.com/topic/20123/page/1/matterport-announces-second-quarter-2024-financial-results/