Matterport Reports Record Q3 Financial Results

By Bobby Samwell • Wednesday, November 13 06:02 • Permanent Link

Matterport, Inc. has announced record-breaking third quarter financial results for 2024, showcasing its continued success in driving efficient growth. The company reported a total revenue of $43.8 million, marking an 8% increase year-over-year. The annualized recurring revenue (ARR) also crossed the $100 million milestone, reflecting an 11% increase compared to the previous year.

Furthermore, the company's net loss improved by 14% year-over-year, and its non-GAAP net loss improved by a significant 80% year-over-year. The total subscribers grew to 1.1 million, representing a substantial 25% increase from the previous year. Additionally, Matterport saw impressive growth in the square footage under management, reaching 47.3 billion, which is a substantial 34% increase from the prior year.

In terms of financial metrics, the subscription revenue climbed to $25.4 million, up by 11% year-over-year. The company also highlighted that its cash used in operating activities for the first nine months of 2024 improved by 61% year-over-year, demonstrating a strong focus on operational efficiency.

Matterport's recent business highlights included the announcement of the Fall 2024 release, introducing a suite of new tools aimed at reshaping the way professionals design, build, and market properties. The company also disclosed its contribution to the promotion of digital twin use by Tokyo Construction Co., Ltd., in addition to releasing its third environmental, social, and governance (ESG) report.

The press release also noted that Matterport's pending acquisition by CoStar Group, Inc. would impact the company's future reporting and guidance. As a result, the company will not be holding a conference call or live webcast to discuss quarterly financial results. The completion of the transaction is anticipated to occur in the fourth quarter of 2024 or the first quarter of 2025.

Matterport's Chairman and CEO, RJ Pittman, expressed confidence in the company's innovation pipeline, emphasizing that the Fall 2024 release received positive feedback from customers, setting the stage for further product-led growth in 2025.

Following these announcements, the company's shares moved -0.6%, and are now trading at a price of $4.83. Check out the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.