Matterport Announces Record Third Quarter 2024 Financial Results

WGAN Forum Founder & WGAN-TV Podcast Host 31.2K Website Atlanta, Georgia Linked In Facebook Twitter YouTube TikTok Instragram Matterport Service Partner Google Street View Trusted Photographer Zillow Certified Photographer We Get Around Network Member	31.2K DanSmigrod private msg quote post Address this user	plus 1 plus 1 plus 1 3
	[b]VHT Studios[/b] (a division of Matterport) is a We Get Around Network Marketing Partner --- Matterport News Matterport Announces Record Third Quarter 2024 Financial Results 1. Record total revenue of $43.8 million, up 8% year-over-year 2. Q3 annualized recurring revenue crosses $100 million milestone, up 11% year-over-year 3. Net loss improved 14% year-over-year; Non-GAAP net loss improved 80% year-over-year 4. Total subscribers grew to 1.1 million, up 25% year-over-year 5. Square feet under management reached 47.3 billion, up 34% from prior year SUNNYVALE, Calif., Tuesday, November 12, 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 September 30, 2024. “I’m pleased to share our third-quarter 2024 results, highlighting our continued success driving efficient growth,” said RJ Pittman, Chairman and CEO of Matterport. “Total square feet managed reached 47.3 billion, up 34% year-over-year, with annual recurring revenue hitting a record $101.5 million, an 11% increase year-over-year,” Pittman added. “Our Fall 2024 Release introduced groundbreaking AI-powered tools designed to elevate digital twin applications and real estate listings. With one-click defurnishing and automated property descriptions from a Matterport digital twin, customers save time, streamline workflows, and enhance their listings. Features like 3D model merge, field tags, and bill-back processing bring unmatched speed, efficiency, and precision to managing spaces at scale for agents, contractors, and enterprise teams alike.” “We believe our innovation pipeline is the strongest it’s ever been, and with customers raving about our Fall 2024 Release, we’re setting the stage for more bold, product-led growth in 2025,” Pittman concluded. “Our strong third quarter performance propelled the company to a new record for total revenue, $43.8 million, up 8% year-over-year,” said JD Fay, Chief Financial Officer of Matterport. “Further, our continued focus on operating expense discipline helped deliver near break-even results, yielding a non-GAAP loss per share of just $0.01. These results demonstrate that customers continue to adopt Matterport while underscoring our commitment to growth and profitability.” Third Quarter 2024 Financial Highlights 1. Square feet under management reached 47.3 billion, up 34% year-over-year 2. Spaces under management reached 13.6 million, up 22% year-over-year 3. Total subscribers reached 1.1 million, up 25% year-over-year 4. Subscription revenue of $25.4 million, up 11% year-over-year 5. Annualized Recurring Revenue (ARR) was $101.5 million 6. Total revenue was $43.8 million 7. Net loss of $0.12 per share; Non-GAAP net loss of $0.01 per share, which is a 75% improvement year-over-year 8. Cash used in operating activities was $18.6 million for the first nine months of 2024, a 61% improvement year-over-year Recent Business Highlights Announced the Fall 2024 Release, a groundbreaking suite of new tools designed to reshape the way professionals design, build, and market properties. Through the power of generative AI, Matterport users can now easily reimagine the potential of any space, transforming digital twins from static replicas into dynamic canvases for creativity. Announced that Matterport is contributing to the promotion of digital twin use by Tokyu Construction Co., Ltd., an advanced digital utilization company in civil engineering and infrastructure construction. Matterport's digital twin solutions are used in a wide range of phases of construction projects, including current status surveys, completed form management, streamlining and enhancing the scanning of point cloud data, and facilitating consensus building and communication among construction-related parties. In August, Matterport released its third Environmental, Social, and Governance Report which sets ambitious targets for the Company’s top ESG priorities, including reducing emissions and fostering gender equality in the workplace. The new Report also showcases the Company’s success helping its more than one million subscribers reduce their own carbon emissions by using Matterport’s digital twins to reduce travel to the more than 13 million spaces that are on the Matterport digital twin platform. Transaction with CoStar Group, Inc. Given the pending acquisition of Matterport by CoStar Group, Inc. that was announced on April 22, 2024, Matterport will not be holding a conference call or live webcast to discuss quarterly financial results. Also, in light of the pending transaction, the Company had previously suspended its financial guidance for the full fiscal year 2024 and will not be providing financial guidance for the upcoming fiscal quarter. At a special meeting of stockholders held on July 26, 2024, Matterport stockholders approved the transaction with CoStar Group, Inc. The completion of the transaction remains subject to the expiration or termination of the waiting period imposed by the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction or waiver of the other closing conditions specified in Matterport’s agreement with CoStar Group, Inc. The transaction is expected to close in the fourth quarter of 2024 or the first quarter of 2025. 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. --- Source: Matterport via Globe Newswire
	6 days ago	Post 1 • IP flag post

@Meidansha Yes, absolutely true! I think they need to rethink their strategy of "competing with their customers". Less than 15.000.000 spaces under management is a shame. They obviously need more MSPs in the market. Every Matterport Service Provider is a sales agent for their platform. They need to support their customers, instead of competing with them. The Matterport Scan Services program competes with the local MSPs, scans the spaces and then leaves these customers alone with their product. This strategy obviously does not work, it does not deliver the business numbers that attract new customers for their platform. There is no "market pull" on Matterport.

I have attended a NavVis roadshow meeting yesterday here in Berlin. They have strong business growth, exceeding Matterports business numbers by far! Probably because NavVis is not competing with their customers.

NavVis scan prices in the market are about the same as Matterport scan prices ranging between 5 and 15 cent per square foot. And NavVis gives you full access to your data without additional fees.

Me as a producer will rethink, which platform I will promote.

WGAN Standard Member 742 Website Osaka, Japan Linked In Facebook Twitter YouTube Instragram Matterport Service Partner We Get Around Network Member	742 Meidansha private msg quote post Address this user	plus 1 plus 1 plus 1 6
	Revenue increase is very slow considering the large increase in subscribers and "square footage under management". I know they don't get upload fees like they used to with the Classic plans but with a 25% increase in new subscribers just 8% increase in revenue is surprisingly low.
	6 days ago	Post 2 • IP flag post

2.96K	2.96K MeshImages private msg quote post Address this user	plus 1 plus 1 plus 1 9
	@Meidansha Yes, absolutely true! I think they need to rethink their strategy of "competing with their customers". Less than 15.000.000 spaces under management is a shame. They obviously need more MSPs in the market. Every Matterport Service Provider is a sales agent for their platform. They need to support their customers, instead of competing with them. The Matterport Scan Services program competes with the local MSPs, scans the spaces and then leaves these customers alone with their product. This strategy obviously does not work, it does not deliver the business numbers that attract new customers for their platform. There is no "market pull" on Matterport. I have attended a NavVis roadshow meeting yesterday here in Berlin. They have strong business growth, exceeding Matterports business numbers by far! Probably because NavVis is not competing with their customers. NavVis scan prices in the market are about the same as Matterport scan prices ranging between 5 and 15 cent per square foot. And NavVis gives you full access to your data without additional fees. Me as a producer will rethink, which platform I will promote.
	6 days ago	Post 3 • IP flag post

WGAN Standard Member 742 Website Osaka, Japan Linked In Facebook Twitter YouTube Instragram Matterport Service Partner We Get Around Network Member	742 Meidansha private msg quote post Address this user	plus 1 plus 1 plus 1 6
	Thanks @DanSmigrod for the AI digest. It really is starting to sound pretty real (or perhaps a markets news channel is an easy one to copy!). @Meshimages, I think I agree with you in that my gut feeling is that Capture Services is probably holding back their bottom line. Still they are probably pushing it to get wider adoption of the platform. That might mean that after the new merger they will ditch or change the service to improve their figures. Last statement they rolled up all the costs associated with sales together while reporting the revenue for each sales area separately which makes it hard to make an objective analysis of the profitability of Capture Services. However, the bit I don't understand is not the sluggish road to profitability, but the slow revenue growth despite the large amount of new scanned spaces and new subscribers (I'm guessing the latter of these are new users attached to existing paying accounts such as collaborators or photographers without paying accounts that work with Capture Services and enterprise partners who just upload to a single paying account).
	6 days ago	Post 5 • IP flag post

WGAN Standard Member 742 Website Osaka, Japan Linked In Facebook Twitter YouTube Instragram Matterport Service Partner We Get Around Network Member	742 Meidansha private msg quote post Address this user	plus 1 plus 1 plus 1 6
	But as a positive, this quarter they can say with confidence that they have been taking the platform's improvement seriously. Outside of the hype they want to make about the AI features, I would point out that in the past you were able to see the edits made on other accounts by substituting "show" for "work" on matterport showcase URLs. That loophole has finally been closed! This was a must from a privacy perspective and its being overlooked for so long was leading me to think that no one at the company new the in and outs of the platform. But now at least I stand happily corrected.
	6 days ago	Post 6 • IP flag post

WGAN Standard Member 742 Website Osaka, Japan Linked In Facebook Twitter YouTube Instragram Matterport Service Partner We Get Around Network Member	742 Meidansha private msg quote post Address this user	plus 1 plus 1 plus 1 0
	Good night!
	6 days ago	Post 8 • IP flag post

Matterport Announces Record Third Quarter 2024 Financial Results20453