Matterport Announces Second Quarter 2024 Financial Results

Core Insights - Matterport, Inc. reported a record Annualized Recurring Revenue (ARR) of $96.6 million, reflecting a 16% year-over-year increase [1][4] - The company achieved a 64% year-over-year improvement in cash used in operating activities for the first half of 2024, totaling $11.8 million [1][4] - Total subscribers reached 1.06 million, marking a 28% increase year-over-year [1][4] - Square feet under management grew to 44.0 billion, up 33% from the previous year [1][4] Financial Performance - Subscription revenue for Q2 2024 was $24.2 million, a 16% increase year-over-year, now constituting over 57% of total revenue [2][4] - Total revenue for Q2 2024 was $42.2 million, compared to $39.6 million in Q2 2023 [4][16] - Non-GAAP net loss per share improved to $0.02, a 71% year-over-year improvement, while GAAP net loss per share was $0.45 [4][19] - The company reported a net loss of $141.6 million for Q2 2024, compared to a net loss of $56.5 million in Q2 2023 [16][19] Business Developments - Matterport announced its acquisition by CoStar Group, valued at approximately $2.1 billion, with stockholders receiving $2.75 in cash and $2.75 in CoStar Group shares for each Matterport share [5][7] - The company launched avoided emissions reporting for enterprise customers, highlighting the environmental benefits of using its digital twin platform [5] - Partnerships were established with Crunch Fitness and BMO, enhancing brand consistency and operational efficiency through Matterport's digital twin technology [5][6] Strategic Initiatives - The company is focusing on product innovation, including the AI initiative Project Genesis and spatial data-driven efforts like Property Intelligence [2] - Matterport achieved AWS IoT Competency status, emphasizing its role in IoT technologies and cloud transformation [5] - The company is actively developing its digital twin technology to drive customer adoption and redefine the built world [2][5]