Matterport 2024: Losses of $256 Million Despite 14% Revenue Increase

Matterport recorded net losses of $256.6 million in 2024 while total revenues rose 8% to $169.7 million, according to filings submitted this week. Highlights include:

• Q4 revenues hold steady at $43.8 million quarter-on-quarter and increased 10.8% year-on-year.
• Subscription revenues in Q4 were $26.1 million, a 10.1% increase YoY.
• Full-year subscription revenues increase 14% to $99.5 million.
• Net losses for Q4 were $40.5 million, a 12% increase YoY.
• Full-year net losses hit $256 million, a 29% increase on 2023's net loss of $199 million.
• Total subscribers grew to 1.2 million, up 23% year-over-year.

Matterport is one of the leading technology developers and providers for 'digital twin' copies of properties. Despite its reputation as an innovator and groundbreaker for the real estate industry, the business has consistently struggled for profitability and 2024 was no different as the company refocused its revenue streams.

RJ Pittman, CEO at Matterport, said:

"Total square feet digitized and managed reached a significant company milestone of 50.7 billion, up 33% year-over-year, with annual recurring revenue continuing to grow to a record $104.2 million.

"With the launch of Matterport Marketing Cloud, agents now have an all-in-one platform that simplifies every step of the property marketing process. Customers are raving about our one-click defurnish tool, now available to all users, making listings cleaner and more market-ready in an instant. New features like tag management and Model Merge are unlocking new efficiencies for customers tackling large or complex projects."

Matterport has historically made money by selling cameras and other similar equipment, but this year has shifted its attention to subscription revenue—built on a strong userbase of over one million subscribers.

The business is most of the way through a $1.6 billion acquisition by CoStar Group—and CEO Andy Florance told Online Marketplaces last year that his vision for Matterport is to "expose the capabilities of Matterport more broadly to the world. Matterport is a real implementation of AI." The acquisition by CoStar is expected to close this quarter, said Matterport.

Meanwhile, Matterport also suffered a significant court ruling and other litigation costs worth $95 million which contributed to inflated losses.