News & Events

News & Events

Matterport Announces First Quarter 2022 Financial Results with Stronger-than-Expected Revenue

05/10/2022 at 4:05 PM EDT
  • Total subscribers increased 70% to 562,000 from year-ago period
  • Subscription revenue rose 24% year-over-year
  • Q1 GAAP diluted earnings per share of $0.23, Non-GAAP loss per share of $0.10
  • Company reaffirms prior guidance for the full year
  • Balance sheet remains strong with $600 million cash and investments and no debt

SUNNYVALE, Calif., May 10, 2022 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR) (“Matterport” or the “Company”), the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter ended March 31, 2022.

“We are pleased to report another strong quarter, increasing our subscriber count by 70% to 562,000 subscribers for the period. We expanded Spaces Under Management by 49% to 7.3 million spaces — that’s 7.3 million Matterport digital twins of homes, offices, factories, hotels, and so much more,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “Real property is the largest asset class in the world, now valued at an estimated $327 trillion, reflecting a $100 trillion increase in value in recent years as more than 15,000 new buildings are completed every day. Matterport is leading the industry with over 7 million digital twins, and we’re creating thousands more each day, while 99% of the world's buildings have yet to be digitized. This enormous market opportunity is expanding, and we remain focused on efficiently scaling Matterport’s business to meet the rising global demand for software-driven property management.”

“In addition to strong adoption, we are excited to report our total revenue for the first quarter of 2022 was $28.5 million, $1 million above the high end of our guidance range. In addition, Non-GAAP loss per share of 10 cents for the quarter was three cents better than the top end of our guidance range,” said JD Fay, Chief Financial Officer of Matterport. “One of our key strategic levers is subscription revenue, which increased by 24% year-over-year, comprising over 60% of total revenue for the quarter, and which continues to provide high and stable gross margins. Today, we are re-affirming our prior 2022 revenue and EPS guidance. With $600 million of cash on our balance sheet, we have the financial strength to navigate the macro environment and comfortably achieve our long term business plan,” he added.

First Quarter 2022 Financial Highlights

  • Total revenue was $28.5 million, up 6% compared to first quarter of 2021
  • Subscription revenue was $17.1 million, up 24% compared to first quarter of 2021
  • Annualized Recurring Revenue (ARR) of $68.6 million
  • Total subscribers increased to 562,000, up 70% compared to first quarter of 2021
  • Spaces Under Management (SUM) grew to 7.3 million, up 49% compared to first quarter of 2021

Recent Business Highlights

  • Matterport Axis™, a motorized mount for smartphones, is now available for purchase. Matterport Axis, which holds either an iOS or Android device, and can be used with the Matterport Capture app, creates 3D digital twins of any physical space with increased speed, precision, and consistency
  • Announced Midland Holdings, one of the largest residential real estate brokerages in the Greater China region, will become the first brokerage in the region to use Matterport digital twins to create virtual 3D experiences for its entire portfolio of properties
  • Expanded its presence in the Brazilian market via two strategic partners, Guandalini Posicionamento and PARS, to offer Matterport's spatial data platform to their enterprise customers in the architecture, engineering, and construction (AEC) markets.
  • Announced and completed the acquisition of Enview, Inc., a pioneer in the scalable, artificial intelligence (AI) for 3D spatial data
  • Announced the redemption of public warrants, resulting in approximately $104 million in cash proceeds from the warrants prior to redemption
  • Launched social impact program to support nonprofits and public education institutions by enabling equitable access to 3D spaces
  • Won two Comparably Awards, including Best Company Outlook among small/mid-sized companies and Best Places to Work in the San Francisco Bay Area
  • Strengthened Matterport’s executive team through the addition of the following executives:
    • Tom Klein, Chief Marketing Officer
    • Deepti Illa, Vice President, Global Integrated Marketing
    • Ali Jayson, Vice President, Product Marketing
    • Florence Shaffer, Vice President, Strategy & Operations, Chief of Staff to CEO
    • Ben Corser, Managing Director, Asia Pacific
    • Rob Hines, Managing Director, Americas

Full Year and Second Quarter 2022 Outlook

 Q2 2022 GuidanceFY 2022 Guidance
Revenue (in millions)$28.5 — $30.5$125 — $135
Subscription Revenue (in millions)$18.0 — $18.3$80 — $82
Year-over-year Subscription Revenue growth18% - 20%31% - 34%
Non-GAAP loss per share($0.13) - ($0.15)($0.47) - ($0.52)
Fully diluted shares outstanding (in millions)284285

Non-GAAP Financial Information

Matterport has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to Matterport’s financial condition and results of operations.

The presentation of these non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below.

Non-GAAP Net Loss and Non-GAAP Net Loss Per Share, Basic and Diluted. Matterport defines non-GAAP net loss as net income (loss), adjusted to exclude stock-based compensation expense, fair value change of warrants liabilities, fair value change of earn-out liabilities, payroll tax related to contingent earn-out share issuance, acquisition transaction costs, and amortization of acquired intangible assets, in order to provide investors and management with greater visibility to the underlying performance of Matterport’s recurring core business operations. In order to calculate non-GAAP net loss per share, basic and diluted, Matterport uses a non-GAAP weighted-average share count. Matterport defines non-GAAP weighted-average shares used to compute non-GAAP net loss per share, basic and diluted, as GAAP weighted average shares used to compute net income (loss) per share attributable to common stockholders, basic, adjusted to reflect the shares of Matterport’s Class A common stock exchanged for the previously issued and outstanding shares of redeemable convertible preferred stock and common stock warrants of Matterport, Inc. (now known as Matterport Operating, LLC) in connection with the recently completed merger, that are outstanding as of the end of the period as if they were outstanding as of the beginning of the period for comparability, and the potentially dilutive effect of the Company’s employee equity incentive plan awards.

Conference Call Information

Matterport will host a conference call for analysts and investors to discuss its financial results for the first quarter of fiscal 2022 today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). A recorded webcast of the event will also be available following the call for one year on the Matterport’s Investor Relations website at

About Matterport

Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at and browse a gallery of digital twins.

©2022 Matterport, Inc. All rights reserved. Matterport is a registered trademark and the Matterport logo is a trademark of Matterport, Inc. All other marks are the property of their respective owners.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Matterport, Inc. and the markets in which Matterport operates, business strategies, debt levels, industry environment including relating to the global supply chain, potential growth opportunities, the effects of regulations and Matterport’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including Matterport’s ability to implement business plans, forecasts, and other expectations in the industry in which Matterport competes, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. In addition, the financial results set forth in this press release are preliminary and unaudited, and are based on information currently available to the Company. While the Company believes these financial results are meaningful, they could differ from the audited results that the Company reports in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The Company assumes no obligation and does not intend to update these unaudited financial results prior to filing its Form 10-K for the fiscal year ended December 31, 2021. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.

Investor Contact:
Soohwan Kim, CFA
VP, Investor Relations 

Media Contact:
Tim McDowd
Director, Communications 
+1 (650) 273-6999

(In thousands, except per share data)

 Three Months Ended
March 31,
  2022   2021 
Subscription$17,141  $13,800 
License 23   2,260 
Services 3,973   2,689 
Product 7,373   8,180 
Total revenue 28,510   26,929 
Costs of revenue:   
Subscription 5,262   3,251 
Services 2,983   2,035 
Product 8,356   4,915 
Total costs of revenue 16,601   10,201 
Gross profit 11,909   16,728 
Operating expenses:   
Research and development 26,002   6,025 
Selling, general, and administrative 70,849   13,058 
Total operating expenses 96,851   19,083 
Loss from operations (84,942)  (2,355)
Other income (expense):   
Interest income 1,295   8 
Interest expense    (308)
Change in fair value of warrants liabilities 21,433    
Change in fair value of contingent earn-out liability 136,043    
Other expense, net (1,321)  (198)
Total other income (expense) 157,450   (498)
Income (loss) before provision for income taxes 72,508   (2,853)
Provision for income taxes 604   19 
Net income (loss)$71,904  $(2,872)
Net income (loss) per share attributable to common stockholders:   
Basic$0.26  $(0.07)
Diluted$0.23  $(0.07)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:   
Basic 275,199   39,632 
Diluted 312,432   39,632 

(In thousands)

 March 31, December 31,
  2022   2021 
Current assets:   
Cash and cash equivalents$92,996  $139,519 
Restricted cash    468 
Short-term investments 308,813   264,931 
Accounts receivable, net 15,088   10,879 
Inventories 5,166   5,593 
Prepaid expenses and other current assets 14,213   16,313 
Total current assets 436,276   437,703 
Property and equipment, net 21,946   14,118 
Operating lease right-of-use assets 3,369    
Long-term investments 198,178   263,659 
Goodwill 54,080    
Intangible assets, net 5,140    
Other assets 2,912   3,696 
Total assets$721,901  $719,176 
Current liabilities   
Accounts payable$13,089  $12,227 
Deferred revenue 14,270   11,074 
Accrued expenses and other current liabilities 21,763   10,026 
Total current liabilities 49,122   33,327 
Warrants liability 6,405   38,974 
Contingent earn-out liability    377,576 
Deferred revenue, non-current 288   874 
Other long-term liabilities 6,448   262 
Total liabilities 62,263   451,013 
Commitments and contingencies   
Redeemable convertible preferred stock$  $ 
Stockholders’ equity:   
Common stock 28   25 
Additional paid-in capital 1,061,938   737,735 
Accumulated other comprehensive loss (6,174)  (1,539)
Accumulated deficit (396,154)  (468,058)
Total stockholders’ equity 659,638   268,163 
Total liabilities and stockholders’ equity$721,901  $719,176 

(In thousands, unaudited)

 Three Months Ended March 31,
  2022   2021 
Net income (loss)$71,904  $(2,872)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:   
Depreciation and amortization 2,463   1,285 
Amortization of debt discount    67 
Amortization of investment premiums, net of accretion of discounts 954    
Stock-based compensation, net of amounts capitalized 55,277   658 
Change in fair value of warrants liabilities (21,433)   
Change in fair value of contingent earn-out liability (136,043)   
Deferred income taxes (227)   
Allowance for doubtful accounts 191   16 
Other 45   (53)
Changes in operating assets and liabilities, net of effects of businesses acquired:   
Accounts receivable (3,988)  (722)
Inventories 427   185 
Prepaid expenses and other assets (1,571)  (144)
Accounts payable 659   1,869 
Deferred revenue 2,610   1,787 
Accrued expenses and other liabilities 3,254   (1,020)
     Net cash provided by (used in) operating activities (25,478)  1,056 
Purchases of property and equipment (448)  (162)
Capitalized software and development costs (3,596)  (1,344)
Purchase of investments (30,378)   
Maturities of investments 46,200    
Investment in convertible notes    (1,000)
Business acquisitions, net of cash acquired (30,020)   
     Net cash used in investing activities (18,242)  (2,506)
Payment of transaction costs related to reverse recapitalization    (593)
Proceeds from exercise of stock options 2,191   789 
Payments for taxes related to net settlement of equity awards (33,337)   
Proceeds from exercise of warrants 27,844    
Repayment of debt    (1,099)
Other 76    
     Net cash used in financing activities (3,226)  (903)
Net change in cash, cash equivalents, and restricted cash (46,946)  (2,353)
Effect of exchange rate changes on cash (45)  (12)
Cash, cash equivalents, and restricted cash at beginning of year 139,987   52,250 
Cash, cash equivalents, and restricted cash at end of period$92,996  $49,885 

(In thousands, except per share amounts)

  Three Months Ended March 31,
   2022   2021 
GAAP net income/(loss) $71,904  $(2,872)
Stock-based compensation expense (1)  56,088   658 
Acquisition-related costs (2)  172    
Amortization expense of acquired intangible assets  260    
Change in fair value of warrants liabilities (3)  (21,433)   
Change in fair value of contingent earn-out liability (4)  (136,043)   
Payroll tax related to contingent earn-out share issuance (5)  1,164    
Non-GAAP net loss $(27,888) $(2,214)
GAAP net income (loss) per share attributable to common stockholders:    
Basic $0.26  $(0.07)
Diluted $0.23  $(0.07)
Non-GAAP net loss per share attributable to common stockholders, basic and diluted $(0.10) $(0.01)
GAAP weighted-average shares used to compute net income (loss) per share, basic  275,199   39,632 
Weighted-average effect of potentially dilutive securities (6)  37,233    
GAAP weighted-average shares used to compute net income (loss) per share, diluted  312,432   39,632 
Excluded anti-dilutive weighted-average potential shares of common stock in calculating non-GAAP loss per share  (37,233)   
Adjustment for common stock issued in connection with the merger (7)     127,499 
Non-GAAP weighted-average shares used to compute net loss per share, basic and diluted  275,199   167,131 

(1) Consists primarily of non-cash share-based compensation related to the Company's stock incentive plans and earn-out arrangement.

(2) Consists of acquisition transaction costs.

(3) Consists of the non-cash fair value measurement change for public and private warrants.

(4) Represents the non-cash fair-value measurement change related to our earn-out liability.

(5) Represents the payroll tax related to Earn-out shares issuance and release.

(6) Consists of the potentially dilutive effect of employee equity incentive plan awards.

(7) Consists of non-GAAP adjustment of unweighted average common stock issued and converted from Matterport, Inc.’s (now known as Matterport Operating, LLC) previously issued and outstanding shares of convertible preferred stock and common stock warrants prior to the completion of the merger.

A photo accompanying this announcement is available at 

A photo accompanying this announcement is available at