Matterport Announces Second Quarter 2023 Financial Results1. Q2 total revenue of $39.6 million, up 39% year-over-year, at high end of guidance range2. Q2 subscription revenue reached record $20.9 million, at high end of guidance range3. Q2 GAAP loss per share of $0.19 and Non-GAAP loss per share of $0.07, at high end of guidance range4. Company raises 2023 Non-GAAP loss per share guidance5. Accelerates operational cash flow profitability target to 2024
Matterport Announces Second Quarter 2023 Financial Results
1. Q2 total revenue of $39.6 million, up 39% year-over-year, at high end of guidance range
2. Q2 subscription revenue reached record $20.9 million, at high end of guidance range
3. Q2 GAAP loss per share of $0.19 and Non-GAAP loss per share of $0.07, at high end of guidance range
4. Company raises 2023 Non-GAAP loss per share guidance
5. Accelerates operational cash flow profitability target to 2024
Sunnyvale, California, Tuesday, August 8, 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 June 30, 2023.
“The second quarter execution was pivotal for the company this year. We delivered record subscription and services revenue while doubling-down on our efficiency initiatives to deliver step function productivity gains in the second half of 2023. Total revenue for the quarter grew to nearly $40 million, fueled by strong enterprise adoption and steady improvements with our small and medium-sized businesses,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “Our strategic partnerships continue to drive pipeline, connect us to large industry ecosystems, open new technology distribution channels, and critically enhance our platform's functionality for customers. Our unmatched digital twin platform equips customers with crucial tools for managing and marketing their properties and facilities. By harnessing our extensive spatial data library, we expect our new AI solutions will generate breakthrough customer value and bolster our subscription revenue per account,” Pittman added.
“Our continued growth in total and subscription revenue as well as commitment to streamlining operations have propelled us to another quarter of exceptional bottom-line outperformance, delivering Non-GAAP loss per share toward the top end of guidance,” said JD Fay, Chief Financial Officer of Matterport. “Looking forward, our recent restructuring aims to fast-track our path to operational cash flow profitability to 2024, a full year ahead of our previous plan. These difficult and decisive steps reflect our dedication to constructing a sustainable business emphasizing long-term growth and profitability.”
Second Quarter 2023 Financial Highlights
1. Total subscribers increased to 827,000, up 34% year-over-year
2. Spaces under management increased to 10.5 million, up 31% year-over-year
3. Total revenue of $39.6 million, up 39% year-over-year
4. Subscription revenue of $20.9 million, up 13% year-over-year
5. Annualized Recurring Revenue (ARR) exiting the second quarter was $83.5 million
6. Services revenue of $10.7 million, up 113% year-over-year
7. Net loss of $0.19 per share
8. Non-GAAP net loss of $0.07 per share, a 42% improvement year-over-year
9. Cash used in operating activities was $12.4 million, and improvement of 62% year-over-year
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Matterport media release continues in the We Get Around Network Forum (www.WGANForum.com).
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