Matterport Q3 Results Out—Record Revenues, Subscriptions Looking Good

CEO RJ Pittman says Matterport "delivered outstanding third quarter results" last week, as the digital-twin expert released its latest interim financial results.

Highlights include:

• Total revenue hits record $38.0 million, above Company guidance
• Record subscription revenue at $19.0 million
• Record services revenue at  $10.0 million (up 204% YOY)
• Subscribers up to 657,000 (up 50% YOY)
• Services revenue rose to a record $10.0 million, up 204% YOY

Matterport reported a GAAP net loss of $58.2 million, down from $64.6 million for the same period last year.

The company highlighted its acquisition of real estate marketing company VHT Studios in July, and also said the launch of its Matterport Pro3 Camera, with major software and hardware updates to its 3D capture technology, was a noteworthy achievement.

Co-founder and CEO RJ Pittmann said:

"We delivered outstanding third quarter results, with record total revenue, demonstrating that our strategy is working.

"We successfully launched our new Enterprise Essentials subscription suite as well as our new, high speed, LiDAR-enabled, Pro3 camera, which began shipping in the third quarter. We also completed the acquisition of VHT Studios, which brings together an industry-leading real estate marketing platform with Matterport’s immersive digital twin technologies.

"Further, customer demand remained robust in the quarter as enterprises leveraged the deflationary power of Matterport digital twins to improve operating efficiency and productivity, resulting in strong revenue growth across our target markets."

JD Fay, Chief Financial Officer at Matterport:

"We saw strength across all of our revenue lines in the quarter, and combined with our focus on operating efficiency, we delivered financial results that exceeded our expectations on both the top and bottom lines.

"Subscription revenue grew to a record $19.0 million and services revenue grew 204% year-over-year, to a record $10.0 million. In addition, we were able to ship through our product order backlog during the third quarter. Finally, our focus on operational efficiency began yielding savings a quarter earlier than planned, and with our strong revenue growth, enabled non-GAAP net loss to improve by 24% sequentially, resulting in a narrower loss relative to our guidance range."