LATCH(US:LTCH)2025-11-05 19:41Financial Performance - Software revenue for Q1 2024 was $5,037,000, an increase of 26.8% from $3,973,000 in Q1 2023[232] - Total revenue for Q1 2024 reached $12,035,000, up 7.9% from $11,150,000 in Q1 2023[232] - The net loss for Q1 2024 was $13,637,000, a significant improvement of 58.6% compared to a net loss of $32,924,000 in Q1 2023[232] - Adjusted EBITDA for Q1 2024 was $(7,395,000), a 69.7% improvement from $(24,444,000) in Q1 2023[232] - Total revenue for Q1 2024 was $12,035 million, a 7.9% increase from $11,150 million in Q1 2023, driven by a $1,064 million increase in software revenue and a $523 million increase in professional services revenue[257][258] - Hardware revenue decreased by $702 million, or 13.1%, to $4,643 million in Q1 2024 compared to Q1 2023[257][258] - Total cost of revenue decreased by $8,060 million, or 59.1%, to $5,581 million in Q1 2024, primarily due to an $8,564 million decrease in hardware-related costs[257][261] - Operating expenses decreased by $10,191 million, or 33.3%, to $20,445 million in Q1 2024, with significant reductions in research and development, sales and marketing, and general and administrative expenses[257][262][263][264] Cash Flow and Financial Position - The company had approximately $147.3 million in unrestricted cash and cash equivalents as of March 31, 2024[268] - The company repaid $22.0 million in unsecured promissory notes related to the HDW Acquisition on April 26, 2024[272][276] - Future capital requirements will depend on business plans, revenue levels, and market acceptance of products[273] - The company expects to fund operational cash requirements for at least 12 months using current cash and available-for-sale securities[274] - Net cash used in operating activities increased by $5.4 million to $(31,100) thousand for the three months ended March 31, 2024, compared to $(25,731) thousand in 2023[277] - Net cash provided by investing activities increased by $12.6 million to $45,162 thousand for the three months ended March 31, 2024, compared to $32,597 thousand in 2023[278] - The increase in cash from investing activities was primarily due to a $7.5 million increase in proceeds from sales and maturities of available-for-sale and trading securities[278] Business Developments - The company launched its property management division, Door Property Management, LLC, following the acquisition of The Broadway Company's property management business[230] - The company is expanding its DOOR Platform to include broader smart home solutions, integrating devices such as sensors, thermostats, and lighting[225] - Professional services revenue is generated through project-based hardware installation and property management services[240] Accounting and Compliance - There were no off-balance sheet arrangements as of March 31, 2024, that would materially affect the company's financial condition[279] - No material changes were reported in critical accounting estimates since the 2023 Annual Report[280] - The company did not disclose any recent accounting pronouncements that would impact financial reporting[281] - As a smaller reporting company, the company is not required to provide detailed market risk disclosures[282] Interest Income - Interest income increased to $2,002 million in Q1 2024 from $1,506 million in Q1 2023, resulting in a net interest income of $446 million, up 65.8% year-over-year[253][257][266]