Matterport, Inc./DE false 0001819394 0001819394 2021-08-11 2021-08-11 0001819394 us-gaap:CommonClassAMember 2021-08-11 2021-08-11 0001819394 us-gaap:WarrantMember 2021-08-11 2021-08-11





Washington, D.C. 20549







Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 11, 2021




(Exact name of registrant as specified in its charter)




Delaware   001-39790   85-1695048

(State or other jurisdiction

of incorporation)



File Number)


(IRS Employer

Identification No.)

352 East Java Drive

Sunnyvale, CA 94089

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (650) 641-2241


(Former name or former address, if changed since last report.)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class





Name of each exchange

on which registered

Class A Common Stock, par value of $0.0001 per share   MTTR   The Nasdaq Stock Market LLC
Warrants, each exercisable for one share of Class A Common Stock for $11.50 per share   MTTRW   The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 2.02.

Results of Operations and Financial Condition.

On August 11, 2021, Matterport, Inc. (the “Company”) issued a press release announcing its financial and operational results for the second quarter of 2021. A copy of the press release is furnished as Exhibit 99.1 hereto.

The information furnished pursuant to this Item 2.02 and Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.


Item 7.01.

Regulation FD Disclosure.

The information set forth under Item 2.02 is incorporated herein by reference.


Item 9.01.

Financial Statement and Exhibits.

(d) List of Exhibits.




99.1    Press release dated August 11, 2021 of Matterport, Inc.
104    Cover Page Interactive Data File (formatted as Inline XBRL).


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


    Matterport, Inc.
Date: August 11, 2021     By:  

/s/ James D. Fay

    Name:  James D. Fay
    Title:   Chief Financial Officer

Exhibit 99.1

Matterport Announces Record Second Quarter 2021 Financial Results



Matterport reports record revenue of $30 million, 10% sequential increase



Subscription revenue jumps 53% to $15 million from year-ago period



Total subscribers increased 158% to 404,000 from year-ago period

SUNNYVALE, Calif. — Matterport, Inc. (Nasdaq: MTTR), the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter ended June 30, 2021.

“We are thrilled to report another record quarter with strong subscriber and subscription revenue pushing revenue up 10% sequentially, demonstrating our continued momentum,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “It was another quarter of strong execution across all vectors as we announced significant industry partnerships, expanded our service offerings, and strengthened our management team with world-class leaders to continue to scale our business. We are now ready to accelerate our innovation and customer growth, and being public will give us the visibility and financial resources to achieve our ambition of digitizing the built world.”

“We continued to expand our business with enterprise customers, which drove our net dollar expansion rate to a record 132% in the quarter, above the 129% that we achieved in Q1,” said JD Fay, Chief Financial Officer of Matterport. “We are still relatively early in our penetration with top enterprise customers and expect additional growth with new and existing enterprise customers.”

Second Quarter 2021 Financial Highlights:



Total revenue was $29.5 million, up 21% compared to second quarter of 2020



Subscription revenue of $15.3 million, up 53% compared to second quarter of 2020



Annual Recurring Revenue (ARR) of $61.1 million



Spaces Under Management (SUM) grew to 5.6 million, up 75% compared to second quarter of 2020



Subscribers increased to 404,000, up 158% compared to second quarter of 2020

Recent Business Highlights:



Became a public company and raised $640 million in gross proceeds by successfully completing a business combination with Gores Holdings VI, Inc.



Announced significant industry partnerships with Facebook, PTC, Apex, and SIMLAB



Announced a collaboration with Facebook AI Research (FAIR) through which we made the largest-ever dataset of 3D indoor spaces available to teach robots and virtual AI assistants to understand and interact with the complexities of the physical world



Announced platform integration with the PTC Vuforia Engine and Vuforia Studio augmented reality (AR) software offerings



Announced a partnership with Apex to enable retail brands across the U.S. and Canada to access, collect and evaluate building data and information from all of their stores in one place



Announced strategic partnership and investment in SIMLAB, a technology company that specializes in the digitization of buildings throughout the design and construction phases


Continued expansion of Capture Services On-Demand to another 14 cities, making the service available to customers in a total of 26 cities across the United States



Strengthened executive team



Preethy Vaidyanathan, Head of Product



Brandt Kucharski, Chief Accounting Officer



Paul Thompson, Vice President of Solutions Engineering



Vivian Weiying Pan, Vice President of International Marketing



Vinatha Kutagula, Vice President of Customer Operations



Soohwan Kim, Vice President of Investor Relations

Conference Call Information

Matterport will host a conference call for analysts and investors to discuss its financial results for the second quarter of fiscal 2021 today at 2:00 p.m. Pacific time (5:00 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 investors.matterport.com.


Date:    August 11, 2021
Time:    2:00 p.m. Pacific time (5:00 p.m. Eastern time)
Webcast:    investors.matterport.com

About Matterport

Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial computing platform turns buildings into data making every space more valuable and accessible. Millions of buildings in more than 150 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 matterport.com and browse a gallery of digital twins.

©2021 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.

Investor Contact:

Soohwan Kim, CFA

VP, Investor Relations


Media Contact:

Naomi Little

Global Communications Manager


+44 203 874 6664

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws. 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 in this press release generally relate to Matterport’s potential and future performance, including its strategic focus, development of new services, adoption or success of new technologies and applications, and anticipated results. 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. 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.




(In thousands, except share and per share data)


     Three Months Ended June 30,     Six Months Ended June 30,  
     2021     2020     2021     2020  




   $ 15,281     $ 9,999     $ 29,081     $ 17,515  


     2,099       —         4,359       —    


     2,879       2,232       5,568       3,157  


     9,244       12,052       17,424       16,551  













Total revenue

     29,503       24,283       56,432       37,223  

Costs of revenue:



     3,384       2,905       6,635       5,318  


     —         —         —         —    


     2,290       1,613       4,325       2,540  


     6,015       6,902       10,930       9,970  













Total costs of revenue

     11,689       11,420       21,890       17,828  













Gross profit

     17,814       12,863       34,542       19,395  

Operating expenses:


Research and development

     7,090       4,537       13,115       9,142  

Selling, general, and administrative

     16,501       10,476       29,559       20,273  













Total operating expenses

     23,591       15,013       42,674       29,415  













Loss from operations

     (5,777     (2,150     (8,132     (10,020

Other income (expense):


Interest income

     14       4       22       13  

Interest expense

     (277     (471     (585     (858

Other income (expense), net

     (149     (1,053     (347     (899













Total other income (expense)

     (412     (1,520     (910     (1,744













Loss before provision for income taxes

     (6,189     (3,670     (9,042     (11,764

Provision for income taxes

     20       20       39       34  













Net loss

     (6,209     (3,690     (9,081     (11,798













Net loss per share attributable to common stockholders, basic and diluted

   $ (0.62   $ (0.47   $ (0.92   $ (1.51













Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

     10,037,669     7,844,667       9,829,416     7,822,539  















AS OF JUNE 30, 2021 AND DECEMBER 31, 2020


(In thousands, except share and per share data)


     June 30,     December 31,  
     2021     2020  



Current assets:


Cash and cash equivalents

   $ 42,281     $ 51,850  

Restricted cash

     400       400  

Accounts receivable, net of allowance of $32 and $799, as of June 30, 2021 and December 31, 2020, respectively

     6,692       3,924  


     2,622       3,646  

Prepaid expenses and other current assets

     3,810       2,453  







Total current assets

     55,805       62,273  

Property and equipment, net

     9,373       8,210  

Other assets

     6,352       1,369  







Total assets

   $ 71,530     $ 71,852  









Current liabilities


Accounts payable

   $ 4,903     $ 3,434  

Current portion of long-term debt

     8,427       8,215  

Deferred revenue

     7,667       4,606  

Accrued expenses and other current liabilities

     10,739       6,995  







Total current liabilities

     31,736       23,250  

Long-term debt

     2,034       4,502  

Deferred revenue, non-current

     260       297  

Other long-term liabilities

     293       335  







Total liabilities

     34,323       28,384  







Commitments and contingencies (Note 6)


Redeemable convertible preferred stock, $0.001 par value; 30,443,413 shares authorized as of June 30, 2021 and December 31, 2020; 30,340,098 shares issued and outstanding as of June 30, 2021 and December 31, 2020; and liquidation preference of $166,131 as of June 30, 2021 and December 31, 2020.

     164,168       164,168  

Stockholders’ deficit:


Common stock, $0.001 par value; 56,500,000 shares and 56,000,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; and 10,135,510 shares and 9,463,182 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively

     10       10  

Additional paid-in capital

     11,948       9,153  

Accumulated other comprehensive income

     160       135  

Accumulated deficit

     (139,079     (129,998







Total stockholders’ deficit

     (126,961     (120,700







Total liabilities, redeemable convertible preferred stock and stockholders’ deficit

   $ 71,530     $ 71,852  











(In thousands)


     Six Months Ended June 30,  
     2021     2020  



Net Loss

   $ (9,081   $ (11,798

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:


Depreciation and amortization

     2,608       2,349  

Amortization of debt discount

     135       108  

Stock-based compensation, net of amounts capitalized

     1,259       1,164  

Loss on extinguishment of debt and convertible notes

     —         954  

Allowance for doubtful accounts

     151       241  

Loss on disposal of property, plant, and equipment

     7       —    


     43       9  

Changes in operating assets and liabilities:


Accounts receivable

     (2,918     (4,421


     1,024       248  

Prepaid expenses and other assets

     (1,269     (673

Accounts payable

     1,466       2,980  

Deferred revenue

     3,024       3,054  

Other liabilities

     920       2,808  







Net cash used in operating activities

     (2,631     (2,977









Purchases of property and equipment

     (326     (20

Capitalized software and development costs

     (3,256     (2,454

Investment in convertible notes

     (1,000     —    







Net cash used in investing activities

     (4,582     (2,474









Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs

     —         43,689  

Proceeds from exercise of stock options

     1,342       51  

Proceeds from debt

     —         5,302  

Proceeds from convertible notes, net of issuance costs

     —         8,457  

Repayment of debt

     (2,390     (5,922

Payment of deferred transaction costs

     (1,204     —    


     —         (81







Net cash (used in) provided by financing activities

     (2,252     51,496  







Net change in cash, cash equivalents, and restricted cash

     (9,465     46,045  

Effect of exchange rate changes on cash

     (104     (130

Cash, cash equivalents, and restricted cash at beginning of year

     52,250       10,152  







Cash, cash equivalents, and restricted cash at end of period

   $ 42,681     $ 56,067  







Investor Contact:

Soohwan Kim, CFA

VP, Investor Relations


Media Contact:

Naomi Little

Global Communications Manager


+44 203 874 6664