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, 2022.
“We are pleased to report another strong quarter, increasing our subscriber count by 70% to 562,000 subscribers for the period. We expanded Spaces Under Management by 49% to 7.3 million spaces — that’s 7.3 million Matterport digital twins of homes, offices, factories, hotels, and so much more,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “Real property is the largest asset class in the world, now valued at an estimated $327 trillion, reflecting a $100 trillion increase in value in recent years as more than 15,000 new buildings are completed every day. Matterport is leading the industry with over 7 million digital twins, and we’re creating thousands more each day, while 99% of the world's buildings have yet to be digitized. This enormous market opportunity is expanding, and we remain focused on efficiently scaling Matterport’s business to meet the rising global demand for software-driven property management.”
“In addition to strong adoption, we are excited to report our total revenue for the first quarter of 2022 was $28.5 million, $1 million above the high end of our guidance range. In addition, Non-GAAP loss per share of 10 cents for the quarter was three cents better than the top end of our guidance range,” said JD Fay, Chief Financial Officer of Matterport. “One of our key strategic levers is subscription revenue, which increased by 24% year-over-year, comprising over 60% of total revenue for the quarter, and which continues to provide high and stable gross margins. Today, we are re-affirming our prior 2022 revenue and EPS guidance. With $600 million of cash on our balance sheet, we have the financial strength to navigate the macro environment and comfortably achieve our long term business plan,” he added.
First Quarter 2022 Financial Highlights
- Total revenue was $28.5 million, up 6% compared to first quarter of 2021
- Subscription revenue was $17.1 million, up 24% compared to first quarter of 2021
- Annualized Recurring Revenue (ARR) of $68.6 million
- Total subscribers increased to 562,000, up 70% compared to first quarter of 2021
- Spaces Under Management (SUM) grew to 7.3 million, up 49% compared to first quarter of 2021
Recent Business Highlights
- Matterport Axis™, a motorized mount for smartphones, is now available for purchase. Matterport Axis, which holds either an iOS or Android device, and can be used with the Matterport Capture app, creates 3D digital twins of any physical space with increased speed, precision, and consistency
- Announced Midland Holdings, one of the largest residential real estate brokerages in the Greater China region, will become the first brokerage in the region to use Matterport digital twins to create virtual 3D experiences for its entire portfolio of properties
- Expanded its presence in the Brazilian market via two strategic partners, Guandalini Posicionamento and PARS, to offer Matterport's spatial data platform to their enterprise customers in the architecture, engineering, and construction (AEC) markets.
- Announced and completed the acquisition of Enview, Inc., a pioneer in the scalable, artificial intelligence (AI) for 3D spatial data
- Announced the redemption of public warrants, resulting in approximately $104 million in cash proceeds from the warrants prior to redemption
- Launched social impact program to support nonprofits and public education institutions by enabling equitable access to 3D spaces
- Won two Comparably Awards, including Best Company Outlook among small/mid-sized companies and Best Places to Work in the San Francisco Bay Area
- Strengthened Matterport’s executive team through the addition of the following executives:
- Tom Klein, Chief Marketing Officer
- Deepti Illa, Vice President, Global Integrated Marketing
- Ali Jayson, Vice President, Product Marketing
- Florence Shaffer, Vice President, Strategy & Operations, Chief of Staff to CEO
- Ben Corser, Managing Director, Asia Pacific
- Rob Hines, Managing Director, Americas
Conference Call Information
Matterport will host a conference call for analysts and investors to discuss its financial results for the first quarter of fiscal 2022 today 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 the Matterport’s Investor Relations website at investors.matterport.com.
