CoStar Group is acquiring Matterport, but shares of the lidar technology company trade significantly below its expected buyout price. CoStar Group (CSGP 0.28%), the parent company of Apartments.com and Homes.com, announced its intention to acquire Matterport (MTTR), a virtual tour software platform, for an enterprise value of $1.6 billion. CoStar management believes the deal will go through before the end of 2024, but it still needs to pass shareholder and regulatory hurdles. As a result, the proposed acqui ...

Amid rampant market hype, many high-profile companies with solid growth rates are seeing strong uptake from investors. But that's not to say all growth stocks are seeing the same sort of enthusiasm from investors. There are plenty of overlooked growth stocks with robust fundamentals that go unnoticed, presenting lucrative investment prospects across various sectors. Zoom Video (ZM) As the pandemic's ultimate star in the video conferencing space, Zoom Video (NASDAQ:ZM) has certainly become a hot name in the ...

SUNNYVALE, Calif., May 15, 2024 (GLOBE NEWSWIRE) -- Matterport, Inc. (NASDAQ:MTTR), announced the launch of avoided emissions reporting for select enterprise customers, measuring the emissions savings associated with the use of Matterport's digital twin platform. Developed with independent carbon accounting experts, the reports enable enterprise customers to understand the impact of emissions avoided by collaborating remotely instead of traveling to inspect facilities onsite. There has been a growing expect ...

Business Growth and Market Opportunity - As of March 31, 2024, Matterport has approximately 12.3 million spaces under management, up from 9.9 million in the same period of 2023, representing a growth of about 24.2% year-over-year[124] - Matterport estimates its total addressable market to be more than $240 billion, with potential expansion beyond $1 trillion as the spatial data platform grows[102] - The global property market, valued at approximately $327 trillion, remains largely undigitized, with less than 0.1% currently penetrated, presenting a significant market opportunity exceeding $240 billion[131] - As of March 31, 2024, approximately 43% of subscription revenues were generated from subscribers outside the United States, highlighting the company's international expansion efforts[141] Revenue Breakdown - Subscription revenue accounted for approximately 60% of total revenue for the three months ended March 31, 2024, compared to 52% for the same period in 2023[114] - Product revenue accounted for approximately 17% of total revenue for the three months ended March 31, 2024, down from 25% in the same period of 2023[121] - Services revenue, which includes Matterport Capture Services, accounted for approximately 23% of total revenue for the three months ended March 31, 2024, consistent with the same period in 2023[116] Subscriber Growth - As of March 31, 2024, the total number of subscribers reached 1,005,000, an increase from 771,000 in the same period of 2023, representing a growth of 30%[127] - The number of free subscribers increased to 931,000 in Q1 2024 from 704,000 in Q1 2023, while paid subscribers rose to 74,000 from 67,000, indicating a growth of 32% and 10% respectively[127] - The net dollar expansion rate improved to 107% for the three months ended March 31, 2024, compared to 103% for the same period in 2023, reflecting strong retention and revenue growth from existing subscribers[129] Financial Performance - Total revenue rose by $1.9 million, or 5%, to $39.9 million during the three months ended March 31, 2024, from $38.0 million in the same period of 2023, driven primarily by subscription and services revenue[164] - Subscription revenue increased by $4.1 million, or 21%, to $24.0 million for the three months ended March 31, 2024, compared to $19.9 million in the same period of 2023[163] - Gross profit increased by $3.2 million, or 19%, to $19.6 million for the three months ended March 31, 2024, with a gross margin of 49%, up from 43% in the same period of 2023[171] - Net loss improved by $17.7 million, or 33%, to $36.1 million for the three months ended March 31, 2024, from a net loss of $53.8 million in the same period of 2023[163] Cost Management - Total cost of revenue decreased by $1.3 million, or 6%, to $20.3 million for the three months ended March 31, 2024, from $21.6 million in the same period of 2023, primarily due to a decrease in product revenue costs[168] - Operating expenses decreased by $12.8 million, or 18%, to $60.4 million for the three months ended March 31, 2024, compared to $73.2 million in the same period of 2023[163] - Research and development expenses decreased by $3.4 million, or 18%, to $14.9 million for the three months ended March 31, 2024, from $18.3 million in the same period of 2023[172] - Selling, general and administrative expenses decreased by $9.5 million, or 17%, to $45.5 million for the three months ended March 31, 2024, from $54.9 million for the same period in 2023[173] Strategic Initiatives - The merger with CoStar Group, announced on April 21, 2024, involves Matterport becoming a wholly owned subsidiary of CoStar, with each Matterport share converting into $2.75 in cash plus CoStar shares[106] - The company is focused on scaling execution across various growth vectors, including international expansion and increased R&D investment[104] - The launch of Digital Pro in February 2023 provided a comprehensive marketing solution for real estate agents, combining Matterport's 3D technology with integrated marketing services[142] - A partnership with a leading global provider of construction management software was announced in September 2023, enhancing Matterport's platform for design and construction management[135] - The company aims to expand its partner integrations and third-party developer platform to drive subscriber growth and enhance the value of its offerings[145] - The introduction of the Matterport CAD file add-on in November 2023 allows for the creation of CAD files directly from digital twins, streamlining design workflows[144] Economic and Market Conditions - Macroeconomic conditions, including inflation and geopolitical tensions, are impacting demand for Matterport's products and services[109] - Inflation has not had a material effect on the company's business or financial condition, but significant inflationary pressures could harm operating results if costs cannot be offset by price increases[201] Cash Flow and Investments - Free cash flow was a negative $6.1 million for the three months ended March 31, 2024, compared to a negative $23.1 million for the same period in 2023[183] - As of March 31, 2024, the company had cash, cash equivalents, and investments totaling approximately $418.8 million[184] - Net cash used in operating activities was $3.8 million for the three months ended March 31, 2024, compared to $20.4 million for the same period in 2023[189] - Net cash provided by investing activities was $0.3 million for the three months ended March 31, 2024, compared to a net cash used of $46.9 million for the same period in 2023[191] Foreign Currency and Risk Management - The company is primarily exposed to foreign currency exchange risk, with revenue mainly generated in U.S. dollars and expenses in local currencies of operations such as the U.K., Japan, and Singapore[200] - A hypothetical 10% change in foreign currency exchange rates would not have a material impact on the company's consolidated financial statements as of March 31, 2024[200] - The company has not engaged in any hedging strategies to mitigate foreign currency risk, but will reassess its approach as international operations grow[200]

Matterport, Inc. (MTTR) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of a loss of $0.03. This compares to loss of $0.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 66.67%. A quarter ago, it was expected that this company would post a loss of $0.04 per share when it actually produced a loss of $0.04, delivering no surprise.Over the last four quarters, the company has surpassed consen ...

Exhibit 99.1 Matterport Announces First Quarter 2024 Financial Results SUNNYVALE, Calif. — May 6, 2024 — 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 March 31, 2024. "I'm pleased to announce our first quarter 2024 results, which reflect our continued success in driving efficient growth for the company," said RJ Pittman, Chairman and Chief Executi ...

The market expects Matterport, Inc. (MTTR) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 6, 2024, might help the stock move higher if these key numbers are ...

The most recent trading session ended with Matterport, Inc. (MTTR) standing at $4.72, reflecting a +0.85% shift from the previouse trading day's closing. The stock's change was less than the S&P 500's daily gain of 1.02%. Meanwhile, the Dow experienced a rise of 0.4%, and the technology-dominated Nasdaq saw an increase of 2.03%.Heading into today, shares of the company had gained 107.08% over the past month, outpacing the Business Services sector's loss of 5.04% and the S&P 500's loss of 3.15% in that time. ...

SUNNYVALE, Calif., April 26, 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 that it will no longer hold its first quarter results conference call originally scheduled for Monday, May 6, 2024 at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) due to the April 22, 2024 announcement that Matterport has entered into a definitive agreement to be acquired by CoStar Grou ...

The price of Matterport Inc (Nasdaq: MTTR) is up a whopping 175% today, to trade at a new high of $4.80 per share.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.On April 22nd, Matterport stock opened at a price of $4.05 – a quantum leap up from its Friday 19th closing price of $1.74. Then, the stock soared to a high of $4.99 yesterday, before closing at $4.80.And that’s not all. In total, Matterport Inc has gained over 160% in its stock price in the ...