Matterport, Inc. (“Matterport” or the “Company”), the leading spatial data company driving the digital transformation of the built world, announced financial results for the quarter ended March 31, 2023.
“We are off to a great start in 2023, with first quarter revenue of $38 million; $2 million above the high end of our guidance range, along with strong outperformance on the bottom line with a Non-GAAP net loss per share of $0.07, as we accelerate our path to profitability,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “We set new records across our key metrics with Spaces Under Management reaching 9.9 million by the end of the quarter, more than double the number of spaces we managed at the start of 2021, and we just crossed the 10 million spaces milestone last month,” Pittman added.
“Our subscriber base expanded to 771,000, buoyed by strong enterprise adoption and improving subscriber growth rates in small and medium businesses in the quarter,” said JD Fay, Chief Financial Officer of Matterport. “Subscription revenue reached $19.8 million, a new record that brings our annual recurring revenue up to $79.4 million. The strength in our business and our continued focus on operating efficiency also resulted in bottom line performance well above our guidance range for the quarter. As a result, we are raising our full year financial guidance for 2023.”
First Quarter 2023 Financial Highlights
- Total subscribers increased to 771,000, up 37% year-over-year
- Spaces under management increased to 9.9 million, up 36% year-over-year
- Total revenue was $38.0 million, up 33% year-over-year
- Subscription revenue was $19.8 million, up 16% year-over-year
- Annualized Recurring Revenue (ARR) exiting the first quarter was $79.4 million
- Services revenue was $8.7 million, up 119% year-over-year
- Net loss was $0.18 per share
- Non-GAAP net loss was $0.07 per share, a 30% improvement year-over-year
Recent Business Highlights
- Announced a new integration with Autodesk Construction Cloud – a portfolio of software and services that combines advanced technology, a builders network and predictive insights for construction teams – making it easier for project teams using Matterport and Autodesk Build® to collaborate within critical project management workflows.
- Announced the general availability of new integrations with AWS IoT TwinMaker, enabling enterprise customers to seamlessly connect real-time factory data into a Matterport digital twin. This new offering from Matterport supports enterprise digital transformation efforts by providing customers with an efficient and cost-effective solution to remotely optimize building operations, increase production output, improve equipment performance, and increase environmental health and safety at their facilities.
- Showcased our leading spatial data solutions at Hannover Messe 2023 alongside our partner, AWS. Hannover Messe, the world's largest trade fair for industrial technology, brings together key players in the industrial sector, fostering knowledge exchange, business development, and collaborations that can enable professionals to improve their factories, energy systems, and supply chains of the future.
- Announced Digital Pro, an all-in-one marketing solution for real estate agents. Digital Pro combines the innovation of Matterport’s 3D digital twin technology with integrated marketing and content production services to create the industry’s most affordable, comprehensive marketing package to help real estate professionals win more listings and sell homes faster.
Conference Call Information
Matterport will host a conference call for analysts and investors to discuss its financial results for the first quarter 2023 today, May 9, 2023, at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). A recorded webcast of the event will also be available following the call for one year on Matterport’s Investor Relations website at investors.matterport.com. The dial-in number will be (412) 902-4209, conference ID: 10176795.
The financial results press release and a live webcast of the conference call will be accessible from the Matterport website at investors.matterport.com. An audio webcast replay of the conference call will also be available for one year at investors.matterport.com.
