Matterport Announces Record Quarterly Financial Results [1Q21]

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	Media Release --- Matterport Announces Record Quarterly Financial Results [1Q21] Matterport Reports Revenue of $27 Million, an Increase of 108% Year over Year, While Subscriber Growth Jumps 531% to 331,000 SUNNYVALE, Calif., May 26, 2021 /PRNewswire/ -- Matterport, Inc., the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter ended March 31, 2021. In February 2021, Matterport announced that it has entered into a definitive agreement to enter into a business combination with Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, that will result in Matterport becoming a publicly listed company. Upon closing of the proposed business combination, the combined company will be named "Matterport, Inc." and intends to remain listed on NASDAQ under the ticker symbol "MTTR." Q1 Financial and Operational Highlights ✓ Total revenue was $26.9 million, up 108% year over year ✓ Subscriber revenue of $13.8 million, up 84% year over year ✓ Annual Recurring Revenue (ARR) of $55.2 million ✓ Spaces Under Management (SUM) grew to 4.9 million, up 88% from a year ago, surpassing 5 million in April [2021] ✓ Subscribers increased to 331,000, up 531% year over year ✓ Broadened market reach with the release of Matterport Capture app on Android ✓ Added LiDAR Support to Matterport for iPhone to capitalize on Apple's new depth sensor and increase the fidelity and accuracy of Matterport digital twins ✓ Increased the capabilities of Capture Services™, our online services platform that delivers a convenient turnkey solution for enterprises seeking to rapidly scale the digitization of their global real estate assets ✓ Expanded into South Africa and the Middle East by establishing relationships with key value added resellers ✓ Invested for growth by increasing total headcount by more than 20% from a year ago. Recent key leadership hires include VP of Solutions Engineering, VP of Customer Operations, VP of Investor Relations, and VP of International Marketing. ✓ In February, announced a definitive agreement to enter into a business combination with Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW) and in April, Gores Holdings VI filed a Registration Statement on Form S-4 relating to the transaction "We are pleased to report another record quarter, with revenue more than doubling from the same period a year ago. As demand to digitize the built world continues to rise, our subscriber base has increased exponentially, bolstered by big advances across our iPhone, Android, and Enterprise platform and service offerings," said RJ Pittman, Chief Executive Officer of Matterport. "This quarter once again reflects our enduring, strong execution – across product innovation, expanding service offerings, extended global reach, and most importantly, adding to our world-class talent base. We have also made excellent progress on our proposed merger with Gores Holdings VI, and the closing is on track for early in the third quarter. This transaction enables Matterport to more aggressively achieve significant global scale as a public company. Matterport has been digitizing the built world for a decade and we are very well positioned to capitalize on this enormous opportunity in front of us," Pittman added. "Our Q1 financial results show continued positive momentum in our business, as we delivered records in total revenue, subscription revenue and annual recurring revenue," said JD Fay, CFO of Matterport. "Not only are we rapidly adding new subscribers, our existing subscribers are also increasing their spend with us and seeing more value as they expand the use of our products. Further, we believe our innovation in digitizing the built world will continue to support strong future growth." For additional details regarding Matterport's results, please see the Earnings Presentation on the investor relations page of our website at: https://matterport.com/investors. About Matterport Matterport is leading the digital transformation of the built world. Our groundbreaking spatial computing platform turns buildings into data making every space more valuable and accessible. Millions of buildings in more than 150 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. ©2021 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 PRNewswire
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Matterport Announces Record Quarterly Financial Results [1Q21]14986