Matterport Announces First Quarter 2022 Financial Results with Stronger-than-Expected Revenue
1. Total subscribers increased 70% to 562,000 from year-ago period
2. Subscription revenue rose 24% year-over-year
3. Q1 GAAP diluted earnings per share of $0.23, Non-GAAP loss per share of $0.10
4. Company reaffirms prior guidance for the full year
5. Balance sheet remains strong with $600 million cash and investments and no debt
SUNNYVALE, California, Tuesday, May 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 financial results for the quarter ended March 31, 2022.
“We are pleased to report another strong quarter, increasing our subscriber count by 70% to 562,000 subscribers for the period. We expanded Spaces Under Management by 49% to 7.3 million spaces — that’s 7.3 million Matterport digital twins of homes, offices, factories, hotels, and so much more,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “Real property is the largest asset class in the world, now valued at an estimated $327 trillion, reflecting a $100 trillion increase in value in recent years as more than 15,000 new buildings are completed every day. Matterport is leading the industry with over 7 million digital twins, and we’re creating thousands more each day, while 99% of the world's buildings have yet to be digitized. This enormous market opportunity is expanding, and we remain focused on efficiently scaling Matterport’s business to meet the rising global demand for software-driven property management.”
“In addition to strong adoption, we are excited to report our total revenue for the first quarter of 2022 was $28.5 million, $1 million above the high end of our guidance range. In addition, Non-GAAP loss per share of 10 cents for the quarter was three cents better than the top end of our guidance range,” said JD Fay, Chief Financial Officer of Matterport. “One of our key strategic levers is subscription revenue, which increased by 24% year-over-year, comprising over 60% of total revenue for the quarter, and which continues to provide high and stable gross margins. Today, we are re-affirming our prior 2022 revenue and EPS guidance. With $600 million of cash on our balance sheet, we have the financial strength to navigate the macro environment and comfortably achieve our long term business plan,” he added.
First Quarter 2022 Financial Highlights
1. Total revenue was $28.5 million, up 6% compared to first quarter of 2021
2. Subscription revenue was $17.1 million, up 24% compared to first quarter of 2021
3. Annualized Recurring Revenue (ARR) of $68.6 million
4. Total subscribers increased to 562,000, up 70% compared to first quarter of 2021
5. Spaces Under Management (SUM) grew to 7.3 million, up 49% compared to first quarter of 2021
Matterport media release continues in the We Get Around Network Forum (www.WGANForum.com).