Matterport Announces Record Second Quarter 2021 Financial Results

  • Matterport reports record revenue of $30 million, 10% sequential increase
  • Subscription revenue jumps 53% to $15 million from year-ago period
  • Total subscribers increased 158% to 404,000 from year-ago period

SUNNYVALE, Calif., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR), the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter ended June 30, 2021.

"We are thrilled to report another record quarter with strong subscriber and subscription revenue pushing revenue up 10% sequentially, demonstrating our continued momentum,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “It was another quarter of strong execution across all vectors as we announced significant industry partnerships, expanded our service offerings, and strengthened our management team with world-class leaders to continue to scale our business. We are now ready to accelerate our innovation and customer growth, and being public will give us the visibility and financial resources to achieve our ambition of digitizing the built world.”

“We continued to expand our business with enterprise customers, which drove our net dollar expansion rate to a record 132% in the quarter, above the 129% that we achieved in Q1,” said JD Fay, Chief Financial Officer of Matterport. “We are still relatively early in our penetration with top enterprise customers and expect additional growth with new and existing enterprise customers.”

Second Quarter 2021 Financial Highlights:

  • Total revenue was $29.5 million, up 21% compared to second quarter of 2020
  • Subscription revenue of $15.3 million, up 53% compared to second quarter of 2020
  • Annual Recurring Revenue (ARR) of $61.1 million
  • Spaces Under Management (SUM) grew to 5.6 million, up 75% compared to second quarter of 2020
  • Subscribers increased to 404,000, up 158% compared to second quarter of 2020

Recent Business Highlights:

  • Became a public company and raised $640 million in gross proceeds by successfully completing a business combination with Gores Holdings VI, Inc.
  • Announced significant industry partnerships with Facebook, PTC, Apex, and SIMLAB
    • Announced a collaboration with Facebook AI Research (FAIR) through which we made the largest-ever dataset of 3D indoor spaces available to teach robots and virtual AI assistants to understand and interact with the complexities of the physical world
    • Announced platform integration with the PTC Vuforia Engine™ and Vuforia Studio™ augmented reality (AR) software offerings
    • Announced a partnership with Apex to enable retail brands across the U.S. and Canada to access, collect and evaluate building data and information from all of their stores in one place
    • Announced strategic partnership and investment in SIMLAB, a technology company that specializes in the digitization of buildings throughout the design and construction phases
  • Continued expansion of Capture Services™ On-Demand to another 14 cities, making the service available to customers in a total of 26 cities across the United States
  • Strengthened executive team

Conference Call Information

Matterport will host a conference call for analysts and investors to discuss its financial results for the second quarter of fiscal 2021 today at 2:00 p.m. Pacific time (5:00 p.m. Eastern time). A recorded webcast of the event will also be available following the call for one year on the Matterport’s Investor Relations website at investors.matterport.com.

Date: August 11, 2021
Time: 2:00 p.m. Pacific time (5:00 p.m. Eastern time)
Webcast:  investors.matterport.com
   

About Matterport
Matterport, Inc. (Nasdaq: MTTR) 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.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "forecast," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions (including the negative versions of such words or expressions). Forward-looking statements in this press release generally relate to Matterport’s potential and future performance, including its strategic focus, development of new services, adoption or success of new technologies and applications, and anticipated results. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including Matterport's ability to implement business plans, forecasts, and other expectations in the industry in which Matterport competes, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.

 
MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(In thousands, except share and per share data)
       
  Three Months Ended June 30,   Six Months Ended June 30,
  2021   2020   2021   2020
Revenue:              
Subscription $ 15,281     $ 9,999     $ 29,081     $ 17,515  
License   2,099       -       4,359       -  
Services   2,879       2,232       5,568       3,157  
Product   9,244       12,052       17,424       16,551  
Total revenue   29,503       24,283       56,432       37,223  
Costs of revenue:              
Subscription   3,384       2,905       6,635       5,318  
License   -       -       -       -  
Services   2,290       1,613       4,325       2,540  
Product   6,015       6,902       10,930       9,970  
Total costs of revenue   11,689       11,420       21,890       17,828  
Gross profit   17,814       12,863       34,542       19,395  
Operating expenses:              
Research and development   7,090       4,537       13,115       9,142  
Selling, general, and administrative   16,501       10,476       29,559       20,273  
Total operating expenses   23,591       15,013       42,674       29,415  
Loss from operations   (5,777 )     (2,150 )     (8,132 )     (10,020 )
Other income (expense):              
Interest income   14       4       22       13  
Interest expense   (277 )     (471 )     (585 )     (858 )
Other income (expense), net   (149 )     (1,053 )     (347 )     (899 )
Total other income (expense)   (412 )     (1,520 )     (910 )     (1,744 )
Loss before provision for income taxes   (6,189 )     (3,670 )     (9,042 )     (11,764 )
Provision for income taxes   20       20       39       34  
Net loss   (6,209 )     (3,690 )     (9,081 )     (11,798 )
Net loss per share attributable to common stockholders, basic and diluted $ (0.62 )   $ (0.47 )   $ (0.92 )   $ (1.51 )
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted   10,037,669       7,844,667       9,829,416       7,822,539  
               

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