Core Insights - Tech CU has appointed Jean Barbagelata to its Board of Directors, where she will serve on the Compensation Committee and the Nominating and Governance Committee [1] - Jean Barbagelata has over 30 years of experience in senior leadership roles, particularly in scaling technology companies and fostering inclusive cultures [1][3] - Her previous role as Chief People Officer at Matterport, Inc. saw the company grow revenue by 400% and successfully navigate its IPO in 2021 [2] Company Overview - Tech CU is a $4.7 billion credit union based in the Bay Area, serving over 200,000 members across the United States [4] - The organization is a federally insured not-for-profit, focusing on delivering superior rates, lower fees, and outstanding member benefits for over 60 years [4] - Tech CU offers a range of financial products, including personal banking, wealth management, private banking, commercial lending, and business banking [4]

Core Insights - The 2025/2026 State of the Network study indicates that 79% of enterprise organizations are expected to increase their reliance on packet capture to enhance mean times to detection (MTTD) and resolution (MTTR) this year [1][8]. Group 1: Study Findings - The study, conducted with insights from 750 global professionals, reveals a shift towards deeper network observability and increased reliance on packet capture due to hybrid infrastructure and cloud complexity [2][9]. - Organizations with strong packet capture capabilities reported double the improvement in MTTD compared to those without, and were four times more likely to resolve issues in under an hour [3][9]. - The research highlights a 125% increase in collaborative monitoring models driven by the shift towards multi-cloud environments [9]. Group 2: Industry Trends - 42% of organizations implementing NetSecOps models reported enhanced security benefits, indicating a growing trend towards operational alignment between network and security operations [9]. - Despite challenges, 92% of organizations reported having sufficient budgets for their needs, although 78% acknowledged the necessity for more support to address rising network security threats [9]. - Investment in IT solutions is set to increase across all examined categories, reflecting a positive outlook for organizations aiming to improve uptime and operational efficiency [6].

Core Insights - Matterport, Inc. reported a quarterly loss of $0.02 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.01, marking an earnings surprise of -100% [1] - The company generated revenues of $43.82 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 2.52% and showing an increase from $39.55 million year-over-year [2] - Matterport's stock has increased by approximately 13.9% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is breakeven on revenues of $43.39 million, while for the current fiscal year, it is $0.02 on revenues of $183.4 million [7] - The estimate revisions trend for Matterport is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Technology Services industry, to which Matterport belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Another company in the same industry, Viant Technology, is expected to report quarterly earnings of $0.23 per share, reflecting a year-over-year increase of 64.3% [9]

Financial Performance - Total revenue increased by $12.0 million, or 8%, to $169.7 million for the year ended December 31, 2024, from $157.7 million for the year ended December 31, 2023[324]. - Subscription revenue grew by $12.2 million, or 14%, to $99.6 million in 2024, compared to $87.3 million in 2023[324]. - Services revenue increased by $3.6 million, or 10%, to $41.3 million in 2024, up from $37.6 million in 2023[324]. - Product revenue decreased by $3.9 million, or 12%, to $28.8 million in 2024, down from $32.8 million in 2023[324]. - Gross profit rose by $12.4 million, or 18%, to $82.9 million in 2024, with a gross margin of 49% compared to 45% in 2023[324]. - Loss from operations widened by $59.6 million, or 28%, to $273.9 million in 2024, compared to a loss of $214.2 million in 2023[324]. - Net loss for 2024 was $256.6 million, an increase of $57.5 million, or 29%, from a net loss of $199.1 million in 2023[324]. - Total revenue for 2024 increased to $169.699 million, up 7.3% from $157.748 million in 2023[408]. - Subscription revenue rose to $99.590 million, a 14.3% increase from $87.348 million in 2023[408]. - The net loss for the year ended December 31, 2024, was $256.6 million, compared to a net loss of $199.1 million in 2023, reflecting an increase of 29%[416]. Revenue Composition - Subscription revenue accounted for approximately 59%, 55%, and 54% of total revenue for the years ended December 31, 2024, 2023, and 2022, respectively[274]. - Services revenue represented approximately 24%, 24%, and 20% of total revenue for the years ended December 31, 2024, 2023, and 2022, respectively[276]. - Product revenue accounted for approximately 26% of total revenue in 2022, 21% in 2023, and 17% in 2024, indicating a declining trend in product revenue contribution[281]. Market and Growth Potential - The company estimates its total addressable market to exceed $240 billion, with potential expansion beyond $1 trillion as digitization efforts grow[258][259]. - The company estimates a market opportunity exceeding $240 billion in property digitization and datafication, with potential growth to over $1 trillion as the spatial data library expands[291]. - Subscribers outside the United States accounted for approximately 43% of subscription revenues for the year ended December 31, 2024, highlighting the company's international market penetration[299]. Operational Changes and Strategy - The 2023 restructuring plan resulted in a workforce reduction of approximately 30% and was completed by December 31, 2023, with total restructuring charges of $4.296 million in 2023[268][269]. - The company is focused on scaling execution across various growth vectors, including international expansion and increased R&D investment[260]. - The company aims to enhance sales efficiency and recurring revenue growth from large enterprises while serving customers of all sizes[272]. - The company is focused on expanding its AI-powered spatial data platform globally, with significant partnerships established in Latin America and the Middle East[299]. - The company aims to deepen market penetration by leveraging its comprehensive solutions across various industries, including real estate, facilities management, and travel[298]. Cash Flow and Financial Position - Free cash flow improved to $(30.9) million for the year ended December 31, 2024, compared to $(68.6) million in 2023[347]. - Total cash, cash equivalents, and investments decreased from $423.0 million in 2023 to $304.2 million in 2024, a decline of approximately 28.1%[349]. - Net cash used in operating activities improved from $58.7 million in 2023 to $21.3 million in 2024, a reduction of approximately 63.7%[354][355]. - Net cash provided by investing activities increased significantly from $19.5 million in 2023 to $89.8 million in 2024, an increase of approximately 359.5%[356][357]. - Cash provided by financing activities decreased from $4.8 million in 2023 to $2.6 million in 2024, a decline of approximately 45.8%[358][359]. - The company reported a significant increase in cash, cash equivalents, and restricted cash at the end of the period, totaling $153.6 million, up from $82.9 million in 2023[416]. Merger and Acquisition Activity - Matterport entered into a merger agreement with CoStar Group, with each Matterport share to be converted into $2.75 in cash plus shares of CoStar Group common stock[261][262]. - The merger is expected to be completed in the first quarter of 2025, pending regulatory approvals and other closing conditions[264]. - Transaction costs related to the CoStar Group Merger were approximately $15.9 million for the year ended December 31, 2024, primarily included in selling, general, and administrative expenses[428]. Risks and Challenges - Macroeconomic and geopolitical conditions, including inflation and supply chain challenges, are impacting demand for Matterport's products[267]. - The company is subject to market risk primarily related to potential losses from adverse changes in foreign currency exchange rates[384]. - The strengthening of the U.S. dollar may decrease revenue, particularly for prices fixed in foreign currencies[385]. - The company has not engaged in any hedging strategies to manage foreign currency risk[385]. - Inflation has not had a material effect on the company's business or financial condition[386]. - A material weakness in internal control over financial reporting was identified as of December 31, 2024[392]. Research and Development - Research and development expenses decreased by $6.4 million, or 9%, to $60.9 million for the year ended December 31, 2024, primarily due to a decrease in salary and stock-based compensation expenses[335]. - The company plans to focus on in-house innovation while considering opportunistic acquisitions to enhance platform functionality[301].

Financial Performance - Total subscription revenue for 2024 was $99.6 million, representing a 14% increase from the prior year[5] - Q4 total revenue reached $43.8 million, with a non-GAAP net loss per share of $0.02, a 50% improvement year-over-year[8] - FY2024 total revenue was $169.7 million, an 8% increase from the prior year[8] - Annualized recurring revenue (ARR) grew to $104.2 million in Q4[7] - FY2024 net loss per share improved to $0.80, a 73% improvement year-over-year[8] - Net loss for the year ended December 31, 2024, was $256,621 thousand, compared to a net loss of $199,077 thousand in 2023, representing a 29% increase in losses[25] - Non-GAAP net loss for the year ended December 31, 2024, was $18,037 thousand, compared to $65,767 thousand in 2023, indicating a significant reduction in losses[27] Subscriber Growth - Total subscribers increased to 1.2 million, up 23% year-over-year[8] Assets and Liabilities - Total assets decreased from $577,155 thousand in 2023 to $543,668 thousand in 2024, a decline of approximately 5.8%[23] - Current liabilities increased significantly from $44,234 thousand in 2023 to $143,728 thousand in 2024, an increase of approximately 224%[23] - The company reported a total stockholders' equity of $397,143 thousand in 2024, down from $529,284 thousand in 2023, a decrease of approximately 25%[23] - The company’s total current assets decreased from $422,841 thousand in 2023 to $370,409 thousand in 2024, a decline of approximately 12.4%[23] Cash Flow - Cash, cash equivalents, and restricted cash at the end of the period increased to $153,558 thousand in 2024 from $82,902 thousand in 2023, a growth of approximately 85%[25] - The company had a net cash used in operating activities of $21,313 thousand in 2024, an improvement from $58,713 thousand in 2023[25] Stock and Compensation - Stock-based compensation expense for the year was $125,071 thousand in 2024, slightly down from $127,755 thousand in 2023[27] - The company reported a weighted-average shares used to compute net loss per share of 319,015 in 2024, compared to 300,697 in 2023, reflecting an increase in shares outstanding[27] Product Development - The company launched the 2025 Winter Release, introducing advanced automation and AI-driven capabilities[4] Acquisition - Matterport is in the process of being acquired by CoStar Group, with the transaction expected to close in Q1 2025[10] Digitization - Total square feet digitized and managed reached 50.7 billion, up 33% year-over-year[3]

Core Insights - Matterport, Inc. reported strong financial results for Q4 and full year 2024, achieving significant growth in digitized square footage and annual recurring revenue [2][4] - The company reached a milestone of 50.7 billion square feet digitized, representing a 33% increase year-over-year, with annual recurring revenue hitting a record $104.2 million [2][7] - The launch of the 2025 Winter Release introduced advanced automation and AI-driven capabilities, enhancing property marketing workflows [3][7] Financial Highlights - Total revenue for FY2024 was $169.7 million, an 8% increase from the previous year, with Q4 total revenue reaching $43.8 million [4][8] - Subscription revenue for FY2024 was $99.6 million, up 14% year-over-year, with total subscribers growing to 1.2 million, a 23% increase [7][8] - Non-GAAP net loss per share improved by 50% year-over-year to $0.02 in Q4, while the FY2024 net loss per share was $0.80, a 73% improvement from the prior year [4][8] Recent Business Developments - The Matterport Marketing Cloud was launched, providing a comprehensive platform for property marketing, integrating various media creation and analytics tools [3][7] - New features such as Model Merge and tag management were introduced to enhance efficiency for users managing complex projects [3][7] - The pending acquisition by CoStar Group, Inc. is expected to close in Q1 2025, with the company suspending financial guidance during this transition [10]

Core Insights - Matterport, Inc. has launched the Matterport Marketing Cloud, an all-in-one platform designed to streamline real estate marketing for agents and property marketers [1][2][4] - The platform integrates media creation, editing, distribution, and analytics, allowing agents to publish listings quickly and efficiently [2][3] - Matterport Marketing Cloud aims to enhance agent productivity and competitiveness in the real estate market by providing advanced marketing tools [4][6] Product Features - The Matterport Marketing Cloud offers a Digital Pro package that delivers a complete marketing package within 1 to 2 business days in major metropolitan areas [3] - Key features of the package include 3D virtual tours, high-resolution photos, polished videos, AI-generated property descriptions, and detailed floor plans [5] - The platform includes a defurnish tool that allows agents to present properties in a clutter-free manner, enhancing visual appeal [3][5] Market Positioning - The introduction of Matterport Marketing Cloud is part of the company's 2025 Winter Release, which includes new tools for various stakeholders in the real estate industry [6] - The platform is designed to help agents stand out in a competitive market by increasing engagement and conversion rates for listings that utilize Matterport 3D tours [4][6] - Matterport's technology is positioned as an "easy button" for real estate marketing, enabling agents to focus on business growth rather than manual tasks [6] Company Overview - Matterport, Inc. is a leader in digital twin technology and spatial data capture, transforming buildings into data to enhance their value and accessibility [8] - The company has created millions of digital twins across over 177 countries, impacting various stages of the building lifecycle from planning to marketing [8]

Core Insights - Matterport, Inc. is launching its 2025 Winter Release, which includes AI-driven automation and workflow-enhancing tools aimed at transforming property marketing and management [1][3] - The new features are designed to improve productivity for real estate professionals, enabling them to work smarter and achieve better business results [2] Product Features - The Matterport Marketing Cloud allows real estate agents to receive a complete digital marketing package within approximately 1 to 2 business days, including a 3D virtual tour, high-resolution images, and AI-generated property descriptions [4] - Enhanced tagging tools enable users to copy annotations between digital twins and add field tags in real time, streamlining documentation and reducing the need for extra site visits [4] - The new Merge functionality allows multiple users to scan a property simultaneously, combining up to 2,000 scan points into a single digital twin, significantly reducing turnaround time for large or complex properties [10] User Experience Enhancements - The defurnish tool allows home sellers and agents to remove clutter and personal items from a space with a single click, enhancing the presentation of properties [10] - Users will soon be able to create highlight reels showcasing both furnished and defurnished views, providing a more versatile marketing approach [10]

Core Insights - Matterport, Inc. has been recognized as one of HousingWire's 2025 Tech100 Real Estate honorees, showcasing its commitment to innovation in the real estate industry [1][2] - The Tech100 awards program highlights organizations that are reshaping real estate operations, marketing, and client services, serving as a key resource for housing professionals [2][3] Company Innovations - Matterport is transforming the real estate sector by utilizing advanced digital twin technology to create interactive 3D models of real-world spaces, enhancing the buying, selling, and management processes [3][4] - The introduction of Property Intelligence, an AI feature included with every digital twin, provides critical data points like square footage and room dimensions rapidly, streamlining real estate transactions [3][4] - Recent advancements include features such as defurnish for digital decluttering, auto-measurements, property layouts, and AI-generated property descriptions, which are revolutionizing property marketing [4][6] Industry Impact - Matterport's technology enhances transparency, efficiency, and confidence throughout the property lifecycle, indicating a significant shift in how real estate professionals operate [4][6] - The company's spatial data platform is transforming millions of buildings into digital twins across over 177 countries, improving various aspects of the building lifecycle from planning to marketing [6]

Core Insights - Matterport, Inc. is sponsoring the 2025 Digital Twin Awards (DTAs), celebrating creativity and innovation in digital twin technology [1] - The DTAs provide a global platform for showcasing impactful Matterport digital twin projects from over 170 countries [2] - The awards aim to inspire future innovations in digital transformation and highlight the contributions of the global community [3] Award Details - The 2025 DTAs will accept submissions until February 28, 2025, with winners announced on April 4, 2025 [3] - Categories include Best Digital Twin of 2024, Best Digital Twin for Arts & Culture, Best Digital Twin for Education, Best Digital Twin for Real Estate, Most Unique Use of Matterport, Best Digital Twin for Historical Preservation, and a new category for Best Non Pro Series Device Scan [7] - Prizes for winners include Matterport hardware, accessories, and subscriptions, with a total prize pool of $28,000 USD [3] Company Overview - Matterport, Inc. is a leader in digital transformation of the built world, turning buildings into data to enhance their value and accessibility [5] - The company has transformed millions of buildings into immersive digital twins across more than 177 countries, improving various aspects of the building lifecycle [5]