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1Q2024CoStarMatterport NewsMTTRNews

Matterport First Quarter 2024 Financial Results19810

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Source: Matterport 1Q2024 Deck (Matterport)
Source: Matterport via Globe Newswire (Media Release)
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Matterport Media Release

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Matterport News

Video: Matterport Announces First Quarter 2024 Financial Results | Video courtesy of WGAN-TV YouTube Channel | 6 May 2024

WGAN Forum Podcast | Episode #294


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

Recent Business Highlights

1. Announced that Matterport has entered into a definitive agreement to be acquired by the CoStar Group.
2. Announced a partnership with Crunch Fitness, one of the largest fitness companies in North America, to use Matterport to ensure brand consistency across marketing materials for its U.S. franchise locations.
3. Announced reaching one million subscribers to its digital twin cloud platform. This significant milestone underscores Matterport's unwavering commitment to innovation and its strategic Capture Ubiquity initiative, which has propelled the company into a new era of growth and success.
4. Announced that Kikkoman Corporation, the world’s leading soy sauce producer, has adopted Matterport to create a digital twin of the company’s historic Goyogura soy sauce brewery.
5. Announced that ARTOGO, the largest virtual exhibition platform in Asia, is utilizing Matterport as its 3D technology of choice to revolutionize the arts sector.
6. Announced that Resi, the UK’s leading home extension company, has made Matterport’s Pro3 and Digital Twin Platform its technology of choice for surveying homes.
7. Announced a partnership with KnowHow to deliver comprehensive ‘just-in-time’ online system training for Matterport’s Digital Twin Platform to all KnowHow customers.

Transaction with CoStar Group, Inc.

Due to Matterport’s pending acquisition by CoStar Group, Inc., that was announced on April 22, 2024, Matterport will not be holding a conference call or live webcast to discuss Matterport’s first quarter 2024 financial results. In addition, the Company will not be providing financial guidance for the second quarter of fiscal year 2024 and is suspending its financial guidance for the full fiscal year 2024 in light of the pending transaction.

About Matterport

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 matterport.com and browse a gallery of digital twins.

©2024 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.

Important Additional Information Regarding the Proposed Transaction Will Be Filed with the SEC and Where to Find It

In connection with the proposed transaction among Matterport, CoStar and certain subsidiaries of CoStar (the “proposed transaction”), CoStar intends to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) to register the shares of CoStar’s common stock to be issued in connection with the proposed transaction. The Registration Statement will include a document that serves as a prospectus of CoStar and proxy statement of Matterport (the “proxy statement/prospectus”), and each party will file other documents regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, INCLUDING THE PROXY STATEMENT/PROSPECTUS, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY MATTERPORT AND COSTAR WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MATTERPORT AND COSTAR, THE PROPOSED TRANSACTION, THE RISKS RELATED THERETO AND RELATED MATTERS.

After the Registration Statement has been declared effective, a definitive proxy statement/prospectus will be mailed to stockholders of Matterport as of the record date. Investors will be able to obtain free copies of the Registration Statement and the proxy statement/prospectus, as each may be amended from time to time, and other relevant documents filed by Matterport and CoStar with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by Matterport, including the proxy statement/prospectus (when available), will be available free of charge from Matterport’s website at http://investors matterport.com. Copies of documents filed with the SEC by CoStar, including the proxy statement/prospectus (when available), will be available free of charge from CoStar’s website at http://investors.costargroup.com/.

Participants in the Solicitation

Matterport and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from Matterport’s stockholders with respect to the proposed transaction. Information about Matterport’s directors and executive officers is available in Matterport’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 27, 2024 and its definitive proxy statement for the 2024 annual meeting of stockholders filed with the SEC on April 24, 2024, and in the proxy statement/prospectus (when available). Other information regarding the participants in the solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Registration Statement, the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. Stockholders of Matterport, potential investors and other readers should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Source: Matterport via Globe Newswire

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