Matterport Announces Record Quarterly Financial Results
Q1 Financial and Operational Highlights:
- Total revenue was
$26.9 million , up 108% year over year - Subscriber revenue of
$13.8 million , up 84% year over year - Annual Recurring Revenue (ARR) of
$55.2 million - Spaces Under Management (SUM) grew to 4.9 million, up 88% from a year ago, surpassing 5 million in April
- Subscribers increased to 331,000, up 531% year over year
- Broadened market reach with the release of Matterport Capture app on Android
- Added LiDAR Support to
Matterport for iPhone to capitalize on Apple's new depth sensor and increase the fidelity and accuracy ofMatterport digital twins - Increased the capabilities of Capture Services™, our online services platform that delivers a convenient turnkey solution for enterprises seeking to rapidly scale the digitization of their global real estate assets
- Expanded into
South Africa and theMiddle East by establishing relationships with key value added resellers - Invested for growth by increasing total headcount by more than 20% from a year ago. Recent key leadership hires include VP of Solutions Engineering, VP of Customer Operations, VP of Investor Relations, and VP of International Marketing.
- In February, announced a definitive agreement to enter into a business combination with
Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW) and in April,Gores Holdings VI filed a Registration Statement on Form S-4 relating to the transaction
"We are pleased to report another record quarter, with revenue more than doubling from the same period a year ago. As demand to digitize the built world continues to rise, our subscriber base has increased exponentially, bolstered by big advances across our iPhone, Android, and Enterprise platform and service offerings," said RJ Pittman, Chief Executive Officer of
"Our Q1 financial results show continued positive momentum in our business, as we delivered records in total revenue, subscription revenue and annual recurring revenue," said JD Fay, CFO of
For additional details regarding
About
©2021
Investor Contact:
VP, Investor Relations
ir@matterport.com
Media Contact:
Global Communications Manager
press@matterport.com
+44 203 874 6664
Forward-Looking Statements
This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed business combination between
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 but not limited to: (i) the risk that the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of Gores' securities; (ii) the risk that the proposed business combination may not be completed by Gores' business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Gores; (iii) the failure to satisfy the conditions to the consummation of the proposed business combination, including the approval of the proposed business combination by Gores' stockholders, the satisfaction of the minimum trust account amount following redemptions by Gores' public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the effect of the announcement or pendency of the proposed business combination on
Additional Information and Where to Find It
In connection with the proposed business combination, Gores has filed a registration statement on Form S-4 that includes a proxy statement of Gores, an information statement of
Investors and security holders will be able to obtain free copies of the proxy statement/information statement/prospectus and all other relevant documents filed or that will be filed with the
Participants in Solicitation
Gores and
Disclaimer
This document relates to a proposed business combination between Gores and
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
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FOR THREE MONTHS ENDED (unaudited) |
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(In thousands, except share and per share data) |
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Three Months Ended |
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2021 |
2020 |
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Revenue: |
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Subscription |
$ 13,800 |
$ 7,516 |
|
License |
2,260 |
- |
|
Services |
2,689 |
925 |
|
Product |
8,180 |
4,499 |
|
Total revenue |
26,929 |
12,940 |
|
Costs of revenue: |
|||
Subscription |
3,251 |
2,413 |
|
License |
- |
- |
|
Services |
2,035 |
927 |
|
Product |
4,915 |
3,068 |
|
Total costs of revenue |
10,201 |
6,408 |
|
Gross profit |
16,728 |
6,532 |
|
Operating expenses: |
|||
Research and development |
6,025 |
4,605 |
|
Selling, general, and administrative |
13,058 |
9,797 |
|
Total operating expenses |
19,083 |
14,402 |
|
Loss from operations |
(2,355) |
(7,870) |
|
Other income (expense): |
|||
Interest income |
8 |
9 |
|
Interest expense |
(308) |
(387) |
|
Other (expense) income, net |
(198) |
154 |
|
Total other income (expense) |
(498) |
(224) |
|
Loss before provision for income taxes |
(2,853) |
(8,094) |
|
Provision for income taxes |
19 |
14 |
|
Net loss |
(2,872) |
(8,108) |
|
Net loss per share attributable to common stockholders, basic |
$ (0.30) |
$ (1.04) |
|
Weighted-average shares used in computing net loss per |
9,621,163 |
7,800,411 |
|
Other comprehensive loss, net of tax: |
|||
Foreign currency translation loss |
(67) |
(98) |
|
Unrealized gain on available-for-sale securities, net of tax |
40 |
- |
|
Comprehensive loss |
$ (2,899) |
$ (8,206) |
|
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