Matterport(MTTR) - 2024 Q2 - Quarterly Results

Financial Performance - Annualized Recurring Revenue (ARR) reached a record $96.6 million, up 16% year-over-year[1] - Total revenue for Q2 2024 was $42,216,000, a 6.7% increase from $39,567,000 in Q2 2023[11] - Subscription revenue increased by 16% year-over-year, totaling $24.2 million, which now accounts for over 57% of total revenue[2] - Subscription revenue increased to $24,155,000 in Q2 2024, up 15.5% from $20,895,000 in Q2 2023[11] - Gross profit for the first half of 2024 was $38,972,000, compared to $32,375,000 in the same period of 2023, reflecting a 20.4% increase[11] - Non-GAAP net loss per share improved to $0.02, a 71% year-over-year improvement[4] - Non-GAAP net loss for Q2 2024 was $6,422,000, an improvement from a non-GAAP net loss of $21,473,000 in Q2 2023[14] - Net loss for Q2 2024 was $141,586,000, compared to a net loss of $56,536,000 in Q2 2023, representing a 150.1% increase in losses[11] Subscriber Growth - Total subscribers grew to 1.06 million, representing a 28% increase year-over-year[1] Operational Metrics - Square feet under management hit 44.0 billion, up 33% from the prior year[4] - Cash used in operating activities for the first half of 2024 was $11.8 million, a 64% improvement year-over-year[4] - Cash and cash equivalents increased to $126,284,000 as of June 30, 2024, up from $82,902,000 at the end of 2023[12] - Total current liabilities rose to $145,673,000 as of June 30, 2024, compared to $44,234,000 at the end of 2023[12] Acquisition and Strategic Initiatives - Matterport announced its acquisition by CoStar Group, valued at approximately $2.1 billion[5] - The company launched avoided emissions reporting for select enterprise customers, measuring emissions savings from using its digital twin platform[5] - Matterport achieved AWS IoT Competency status, enhancing its role in IoT technologies[5] - The company suspended its financial guidance for the full fiscal year 2024 due to the pending acquisition[6] Expenses and Compensation - Operating expenses surged to $164,489,000 in Q2 2024, significantly higher than $74,869,000 in Q2 2023, primarily due to a litigation expense of $95,000,000[11] - The company reported a significant increase in stock-based compensation, totaling $31,621,000 in Q2 2024, compared to $34,449,000 in Q2 2023[14] - Weighted-average shares used to compute net loss per share increased to 316,801 in Q2 2024 from 298,096 in Q2 2023[14]