LATCH(US:LTCH)2025-11-05 22:14Financial Performance - Total revenue for 2024 increased by 26% year-over-year to $56.6 million, with software revenue reaching $20.3 million, a 14% increase[5] - Operating expenses were reduced by $38.2 million, representing a 31% year-over-year improvement, contributing to a 41% improvement in Adjusted EBITDA[4] - Net loss for 2024 improved by $49.9 million, or 46%, to $(57.6) million compared to the previous year[5] - Adjusted EBITDA for 2024 was $(40.7) million, a $27.7 million improvement or 41% year-over-year[5] - For the nine months ended September 30, 2025, preliminary revenues are estimated to have increased by at least 20% compared to the same period in 2024[6] Cash and Inventory - As of September 30, 2025, total preliminary cash and cash equivalents were approximately $44.1 million, a decrease of $31.3 million from December 31, 2024[7] - The company had approximately $29.2 million in net inventory as of September 30, 2025, after accounting for excess and obsolete inventory reserves of $11.6 million[7] Legal and Compliance - Legal fees and settlements related to ongoing stockholder litigation and SEC investigation contributed to cash outflows of approximately $15.6 million[8] - The company continues to work on becoming current with its SEC filing obligations, with the 2024 Reports marking a key milestone[2] Risks and Uncertainties - The Company emphasizes the importance of considering various risks and uncertainties that could impact revenue forecasts, including unexpected delays and expenditures[26] - Forward-looking statements are made with caution, and the Company does not guarantee that it will meet its expectations[26] - The Company will not update or revise forward-looking statements unless required by law, highlighting the inherent uncertainties in financial projections[26] - The Company advises readers to avoid placing undue reliance on forward-looking statements due to potential variances from actual results[26] - The risks and uncertainties are detailed in the "Risk Factors" section of the 2024 Annual Report and other SEC filings[26] - The Company acknowledges that actual events and results may differ materially from those projected in forward-looking statements[26] - The Company does not assume any obligation to update forward-looking statements based on new information or future events[26] - The Company highlights that the list of factors affecting performance is not exhaustive, indicating a complex operating environment[26] - The Company is subject to various external factors that could influence its financial performance[26] - The Company encourages stakeholders to review its SEC filings for a comprehensive understanding of potential risks[26] Brand Transition - The transition to the new brand, DOOR, is well underway, focusing on innovation and operational excellence[4]