LATCH(US:LTCH)2024-12-20 12:33Financial Performance - The company reported software revenue of $13,024,000 for 2022, a 76% increase from $7,402,000 in 2021[5] - Total revenue for 2022 was $42,955,000, up 55% from $27,613,000 in 2021[5] - The net loss for 2022 was $162,336,000, a slight improvement from a net loss of $167,146,000 in 2021[5] - Adjusted EBITDA for 2022 was $(118,573,000), compared to $(103,885,000) in 2021, indicating a decline in operational performance[5] Financial Reporting and Compliance - The company completed its restatement of financial statements for the years ended December 31, 2019, 2020, and 2021, which were found to contain errors related to revenue recognition and internal controls[6][8] - The company expects to file its outstanding SEC reports for the year ended December 31, 2023, in the first quarter of 2025[3] - The company is working towards obtaining quotation of its securities on the OTC Markets following the completion of its SEC filings[2] Strategic Initiatives - The company aims to redefine property management through AI and machine learning with the launch of the DOOR App, which integrates access control and IoT services[12] - The company identified significant financing components related to long-term software contracts, impacting interest income and expense[20] - Restructuring costs in 2022 were associated with reductions in force, reflecting the company's strategic adjustments[23]