Matterport 3Q23 Subscription Revenue $22.9 Million, up 20% Year-Over-Year19220
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|Matterport Media Release
Video: 239. Matterport 3Q23 Subscription Revenue $22.9 Million, up 20% Year-Over-Year | Video courtesy of WGAN-TV YouTube Channel | 6 November 2023
WGAN Forum Podcast | Episode #239
Matterport Announces Third Quarter 2023 Financial Results Above Guidance, Raises 2023 Outlook
1. Q3 subscription revenue reached record $22.9 million, up 20% year-over-year
2. Q3 total revenue of $40.6 million, above high end of guidance range
3. Q3 GAAP loss per share of $0.15 and Non-GAAP loss per share of $0.04, above high end of guidance range
4. Q3 cash used in operations improved 62% year-over-year
5. Company raises 2023 revenue and Non-GAAP loss per share guidance
Matterport Slide Deck | 3Q23 Financial Results
SUNNYVALE, California, Monday, November 6, 2023 (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, 2023.
“I’m pleased to report standout third quarter results with both revenue and loss per share surpassing the high end of guidance. Total revenue for the quarter grew to $40.6 million, fueled by strong uptake from enterprises and SMBs. Subscription revenue jumped 20% year-over-year, to a record $22.9 million, underscoring the growing trust in our platform to boost productivity and cut operational costs,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “As our business continues to grow we are succeeding in generating economies of scale that drive steady improvements in our bottom line, as reflected in our strong earnings beat this quarter. We aim to compound this trend with our recently announced AI-powered property reports and insights currently in Beta,” Pittman added.
“Revenue growth, combined with an 800 basis point increase in gross margin and a 15% improvement in operating expense, drove our Non-GAAP loss per share to $0.04, above the high end of our guidance range and a 56% year-over-year improvement,” said JD Fay, Chief Financial Officer of Matterport. “Along with a 62% reduction in cash used in operating activities, these results highlight that we are improving our operating efficiency while continuing to fund our innovation engine to drive top line growth. This strong quarter on the top and bottom lines confirms that we are firmly on our accelerated path to profitability, which we remain confident in achieving next year.”
Third Quarter 2023 Financial Highlights
1. Total subscribers increased to 887,000, up 35% year-over-year
2. Spaces under management increased to 11.1 million, up 28% year-over-year
3. Total revenue of $40.6 million, up 7% year-over-year
4. Subscription revenue of $22.9 million, up 20% year-over-year
5. Annualized Recurring Revenue (ARR) exiting the third quarter was $91.4 million
6. Net loss of $0.15 per share
7. Non-GAAP net loss of $0.04 per share, a 56% improvement year-over-year
8. Cash used in operating activities was $15.5 million, an improvement of 62% year-over-year
Recent Business Highlights
1. Introduced the next generation of intelligent digital twins with powerful new capabilities fueled by the company’s rapid advancements in AI and data science. Now in beta, customers can access automated measurements, layouts, editing, and reporting capabilities generated from their digital twins. Automation marks a significant breakthrough, saving customers time and resources by eliminating the need for manual measurements and reporting by automatically processing the millions of 3D data points captured with a Matterport digital twin.
2. Announced its latest collaboration with Procore Technologies Inc., a leading global provider of construction management software, expanding Matterport’s platform ecosystem support for design and construction management software services. Building on the companies’ original integration, Procore users can now use features such as Requests For Information, Observations, and Coordination Issues directly within Matterport’s photorealistic 3D digital twins, creating a visual system-of-record for site conditions that anyone on a project can track.
3. Announced it has become an Autodesk Premium Partner, deepening the relationship on digital twin collaboration for design & construction. Membership as an Autodesk Construction Cloud® Premium Partner helps bring Matterport’s 4K digital twins to even more construction professionals. Autodesk Construction Cloud is a portfolio of software services that combines advanced technology, a builders network and predictive insights for construction teams.
4. Highlighted case studies for Danone and Siemens. Using Matterport Pro3 cameras, Danone captured its facilities in rich 3D imagery in immersive digital twins. Once given access, authorized users can now virtually visit and walk around the production site using a standard computer or mobile device to view the digital twins. The result is reduced travel with a 50% decrease in in-person site visits by company personnel, saving hundreds of employee hours annually. Siemens has captured thousands of square meters of its manufacturing plants overseas. The high-resolution digital twins enable Siemens personnel to meet virtually with new and existing customers to discuss the company’s manufacturing capabilities in exquisite detail.
5. Announced its partnership with Equinox Technologies, a distributor of global technologies and Managed Security Services to offer Matterport’s digital twin platform to Government, Enterprise and Small-to-Medium sized customers out of its offices in the United Arab Emirates, India, Oman, Saudi Arabia, and South Africa. The Company also announced that it is significantly expanding its presence in Latin America, partnering with CompuSoluciones, one of the largest value-added distributors of technology in the region, as a key distributor of Matterport’s digital twin technologies in Mexico and Colombia.
6 Announced it has captured the restored Aso Shrine Gate and surrounding shrine area as part of an initiative to document and reproduce Japanese cultural assets and historical buildings as 3D digital twins.
Fourth Quarter and Full Year 2023 Outlook
The Company is providing the following financial guidance for the fourth quarter and full year 2023. The Company is raising its full year guidance for revenue and Non-GAAP loss per share driven by continued strong demand for digital twins, combined with robust gross margins and continued operating discipline. This guidance will be discussed in greater detail on today’s conference call.
Matterport is not able to provide a reconciliation of non-GAAP loss per share to GAAP loss per share because Matterport does not provide specific guidance for the various exclusions adjusted from net loss. These items have not yet occurred, are out of Matterport’s control and/or cannot be reasonably predicted. As a result, reconciliation of the non-GAAP guidance measures to GAAP is not available without unreasonable effort, and Matterport is unable to address the probable significance of the unavailable information.
Conference Call Information
Matterport will host a conference call for analysts and investors to discuss its financial results for the third quarter 2023 today, November 6, 2023, at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). A recorded webcast of the event will also be available following the call for one year on Matterport’s Investor Relations website at investors.matterport.com. The dial-in number will be (412) 902-4209, conference ID: 10182949.
The financial results press release and a live webcast of the conference call will be accessible from the Matterport website at investors.matterport.com. An audio webcast replay of the conference call will also be available for one year at: investors.matterport.com
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: www.Matterport.com
©2023 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.
Source: Matterport via Globe Newswire
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|Matterport SEC Form 10-Q Filing today (Tuesday, 7 November 2023)
You can find interesting disclosures (like this one) saying that Matterport expects it to cost $4 million related to letting 30 percent of its workforce by 31 December 2023.
Matterport SEC Form 10-Q Filing today (Tuesday, 7 November 2023)
What else did you find of interest?
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