Core Viewpoint - DOOR, formerly known as Latch, Inc., is making progress towards regaining its current SEC reporting status, with the filing of its Q2 2025 report and plans to file its Q3 2025 report in early 2026 [1][3]. Financial Performance - The company reported a total revenue of $19.1 million for Q2 2025, reflecting a 47% year-over-year increase from $12.9 million in Q2 2024 [5][7]. - Operating expenses decreased by 34% to $15.8 million in Q2 2025, down from $23.6 million in Q2 2024 [5][7]. - The net loss improved by 54%, amounting to $(7.8) million in Q2 2025 compared to $(16.9) million in Q2 2024 [5][7]. - Adjusted EBITDA for Q2 2025 was $(5.7) million, a 24% improvement from $(7.5) million in Q2 2024 [5][7]. Business Metrics - Software revenue for Q2 2025 was $5.2 million, a 4% increase from $5.0 million in Q2 2024 [6][7]. - For the first half of 2025, total revenue reached $34.8 million, a 39% increase from $25.0 million in the first half of 2024 [6][7]. - The company continues to focus on efficiency and disciplined execution to enhance its financial performance [5]. Company Overview - DOOR is positioned as a Building Intelligence company, integrating hardware, software, and automated services to improve building operations [8]. - The company is headquartered in St. Louis and serves various stakeholders in residential portfolios and purpose-built communities [8]. - The transition to the new brand is ongoing, with shares currently trading under the symbol "LTCH" [2][8].

Core Insights - DOOR, formerly known as Latch, Inc., has filed its 2024 Annual Report and Quarterly Reports with the SEC, marking a significant step towards regaining current SEC reporting status [1][2][3] Financial Performance - In 2024, DOOR achieved a total revenue of $56.6 million, representing a 26% year-over-year increase, while software revenue reached $20.3 million, a 14% increase from the previous year [4][5] - The company reduced operating expenses by $38.2 million, a 31% improvement year-over-year, leading to a net loss of $(57.6) million, which is a 46% improvement compared to the previous year's loss [5][6] - Adjusted EBITDA for 2024 was $(40.7) million, reflecting a 41% year-over-year improvement [5][6] Preliminary 2025 Estimates - For the nine months ending September 30, 2025, DOOR estimates a preliminary revenue increase of at least 20% compared to the same period in 2024, indicating strong business model maturity and demand for its platform [3][6] - As of September 30, 2025, DOOR's preliminary cash and cash equivalents are estimated at approximately $44.1 million, with net inventory around $29.2 million [6][8] Liabilities and Cash Flow - DOOR has current and non-current liabilities, including a $6.0 million term loan maturing in 2029, but the total liabilities will be clarified once the company is current with its SEC filings [7][8] - Liquid Assets decreased by approximately $31.3 million from December 31, 2024, to September 30, 2025, primarily due to legal fees and restructuring costs [8][9] Business Strategy and Outlook - The company is focused on innovation, operational excellence, and sustainable growth as it transitions to the DOOR brand [3][13] - DOOR anticipates that total cash outflows from operating and non-recurring activities will be significantly lower in 2025 compared to 2024, despite ongoing elevated expenses related to litigation and SEC investigations [8][9]