170-Matterport Announces Record Fourth Quarter And Full Year 2022 Financial Results

Matterport Announces Record Fourth Quarter And Full Year 2022 Financial Results

 

1. Q4 total revenue rose to a record $41.1 million, above Company guidance
2. Q4 subscription revenue rose to a record $19.3 million, above Company guidance
3. Q4 product revenue rose to a record $13.6 million, up 51% sequentially from the prior quarter
4. Q4 GAAP loss per share of $0.21 and Non-GAAP loss per share of $0.09, at the high end of the Company’s guidance range
5. 2022 annual revenue rose to a record $136.1 million, up 22% from 2021
6. Balance sheet remains strong with $477 million in cash and investments and no debt

 

SUNNYVALE, California, Wednesday, February. 22, 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 record financial results for the quarter and year ended December 31, 2022.

 

“We delivered record revenue again in the fourth quarter, as our subscriber base continued to grow and our spaces under management exceeded 9 million,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “Enterprise demand remains robust as customers across many verticals, such as manufacturing, AEC, and travel and hospitality, are increasingly turning to Matterport’s digital twins for remote facilities management, saving companies measurable travel time and money while boosting productivity. As our digital twin platform ecosystem continues to grow, customers investing in our powerful add-ons will gain more insights and value from their facilities, storefronts, real estate, and office spaces.“

 

“Our record total revenue for the fourth quarter and year, combined with the actions we have taken to control costs, are yielding significant benefits to our bottom line,” said JD Fay, Chief Financial Officer of Matterport. “Subscription revenue reached $19.3 million, a new record, and we demonstrated broad-based adoption of our solution with subscribers exceeding the 700,000 milestone. At the same time, our disciplined approach to managing operating expenses enabled us to deliver a non-GAAP loss per share of $0.09 in the fourth quarter, at the high-end of our guidance range. I believe the momentum we saw in the second half of 2022 is carrying through to 2023 and sets the stage for another record-breaking year.”

 

Fourth Quarter Financial Highlights

 

1. Total subscribers increased to 701,000, up 39% year-over-year
2. Spaces Under Management (SUM) increased to 9.2 million, up 37% year-over-year
3. Total revenue was $41.1 million, up 52% year-over-year
4. Subscription revenue was $19.3 million, up 17% year-over-year
5. Product revenue was $13.6 million, up 107% year-over-year
6. Services revenue was $8.3 million, up 122% year-over-year
7. Annualized Recurring Revenue (ARR) exiting the fourth quarter was $77.2 million
8. Non-GAAP net loss was $0.09 per share

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Matterport media release continues in the We Get Around Network Forum (www.WGANForum.com)

https://www.wegetaroundnetwork.com/topic/18321/page/1/matterport-announces-4q22-and-full-year-2022-results-today-feb-22-2023/