05/09/2023. November 10, 2022 | Third Quarter 2022 Financial Results - Matterport Inc That's because it's hard to be confident a company will be sustainable if revenue growth is negligible, and it never makes a profit. *Annualized value of total revenue for quarter ended March 31, 2023. The last time I weighed in on Matterport (NASDAQ:MTTR) stock, I said, there is plenty to get excited about. This would have meant Matterport realizing a materially higher rate of gross profits during the quarter had paid subscriber growth increased at a similar pace to the free cohort. Subscribers, spaces under management, and square feet managed are updated as of March 31, 2023. 2023Matterport Inc. All rights reserved. Non-GAAP Net Loss and Non-GAAP Net Loss Per Share, Basic and Diluted. 5 Artificial Intelligence Stocks to Buy Before They Skyrocket, $48.2 billion digital twin market by 2026, This No-Name Street in San Francisco Is the Birthplace of the Next Big Megatrend, Louis Navellier and the InvestorPlace Research Staff, Miracle Psychedelics Could Save Lives and Mint Millions, The 3 Best Millionaire-Maker Stocks to Buy for June 2023, 3 Stocks to Make a Fortune in the Age of AI, The 3 Most Undervalued Value Stocks to Buy in June 2023, 3 Top Cryptocurrencies Just Waiting to Take Off, This Is Why Matterport Stock Should Be in All Portfolios. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. What's the outlook for the company after such a marked decline? 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 Matterport. Recent key leadership hires include VP of Solutions Engineering, VP of Customer Operations, VP of Investor Relations, and VP of International Marketing. Im also a bit frustrated by how poorly its performing, despite its growth. Have feedback on this article? In addition, Morgan Stanley analyst Elizabeth Porter just initiated coverage with an equal weight rating, with a price target of $9 a share, as noted by TheFly.com. 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). 1. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including Matterports ability to implement business plans, forecasts, and other expectations in the industry in which Matterport competes, and identify and realize additional opportunities. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. SUNNYVALE, Calif., -- Matterport, Inc. (Nasdaq: MTTR) (Matterport or the Company), the leading spatial data company driving the digital transformation of the built world, today announced record financial results for the quarter ended September 30, 2022. Critically, the company's annual recurring revenue as of the end of the first quarter at $79.4 million forms its distinct investment pitch in a crowded stock market of fallen tech companies hit hard by rising interest rates. That's because the company builds the cameras used for virtual and. (1) Consists primarily of non-cash share-based compensation related to the Company's stock incentive plans and earn-out arrangement. Matterport to Announce Fiscal 2022 Third Quarter Results on November 10, 2022. Circle Internet went public at a valuation of $9B in 2021 with this deck. Non-GAAP weighted-average shares used to compute net loss per share, Total revenue was $27.1 million, up 15% compared to fourth quarter of 2020, Subscription revenue was $16.5 million, up 32% compared to fourth quarter of 2020, Annualized Recurring Revenue (ARR) of $66.1 million, Total subscribers increased to 503,000, up 98% compared to fourth quarter of 2020, Spaces Under Management (SUM) grew to 6.7 million, up 54% compared to fourth quarter of 2020, Introduced Matterport Axis, a new hands-free motor mount for precision 3D capture for smartphones, Announced Matterport for Mobile, making 3D capture freely available to more than a billion Android mobile devices, Announced industry partnerships with Amazon Web Services (AWS) and Autodesk, Announced the availability of the Matterport platform in AWS Marketplace so that AWS customers will be able to access Matterports digital twin technology with AWS add-ons that increase the value of digitization, Announced a new plugin for Autodesk Revit customers, allowing them to upload the Matterport Scan-to-BIM file into Revit and start creating and managing information on a construction or design project across its different stages, Introduced Matterport Scan-to-BIM file, a new add-on service that dramatically decreases the time and costs of Building Information Modeling (BIM) for the Architecture, Engineering, and Construction industry, Announced the acquisition of Enview, Inc., a pioneer in the scalable, artificial intelligence (AI) for 3D spatial data, which was completed in January 2022, Continued expansion of Capture Services On-Demand to seven countries and 152 cities, Announced the redemption of our public warrants, resulting in approximately $104 million in cash proceeds from the warrants prior to redemption, which is additive to the $640 million of gross proceeds raised in the closing of the merger in July 2021, Won two Comparably Awards, including Best Company Culture and Best Company for Women. I am not receiving compensation for it (other than from Seeking Alpha). Mar 9, 2021 18 Dislike Share Save Time in the Market An analysis of the Matterport Investor Presentation. SUNNYVALE, Calif., Feb. 16, 2022 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR), the leading spatial data company driving the digital transformation of the built world, today announced unaudited financial results for the quarter ended December 31, 2021. (2) Consists of acquisition transaction costs. Matterport will host a conference call for analysts and investors to discuss its financial results for the fourth quarter of fiscal 2021 today at 2:00 p.m. Pacific time (5:00 p.m. Eastern time). You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in Gores final proxy statement/information statement/prospectus contained in the registration statement on Form S-4, including those under Risk Factors therein, and other documents filed by Gores from time to time with the U.S. Securities and Exchange Commission (the SEC). Matterport - Funding, Financials, Valuation & Investors - Crunchbase 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 Matterport and a prospectus of Gores. An audio webcast replay of the conference call will also be available for one year atinvestors.matterport.com. Matterport Fiscal 2023 First Quarter Presentation. Matterport now manages 9.9 million spaces spread across 30 billion square feet and is the clear market leader. 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. In order to calculate non-GAAP net loss per share, basic and diluted, Matterport uses a non-GAAP weighted-average share count. Two, Matterport could have massive exposure to a potential $829 billion metaverse market by 2028, according to Emergen Research. Learn how industries use Matterport to transform their business. 2023 Matterport, Inc. All rights reserved. | Source: Investor Contact:Soohwan Kim, CFAVP, Investor Relationsir@matterport.com, Media Contact:Naomi LittleGlobal Communications Managerpress@matterport.com+44 203 874 6664, 2:00 p.m. Pacific time (5:00 p.m. Eastern time), Net loss per share attributable to common stockholders, basic and diluted, Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted, Accounts receivable, net of allowance of $32 and $799, as of June 30, 2021 and December 31, 2020, respectively, Prepaid expenses and other current assets, Accrued expenses and other current liabilities. Forward-looking statements speak only as of the date they are made. 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. In addition, we were able to ship through our product order backlog during the third quarter. Matterport management will host a conference call that day at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) to discuss the third quarter financial results. I wrote this article myself, and it expresses my own opinions. Matterport's potential investability is boosted further by a cash and equivalents position of $456.2 million as of the end of the first quarter and what was essentially immaterial debt of $1.3 million. This growth was driven by service revenue that more than doubled from its year-ago comp. Matterport Q1 2023 Earnings Presentation. Matterport reported the following unaudited financial results: Total revenue was $27.1 million, up 15% compared to fourth quarter of 2020 . An audio webcast replay of the conference call will also be available for one year at investors.matterport.com. I would also like to receive discounts, future product information, and content from Matterport. 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. About the Matterport Pitch Deck Valuation: $2.9B Year: 2021 Stage: Public Investors: SPAC About Matterport Matterport is known for offering realistic immersive experiences by creating a "digital twin" of any physical space. Matterport to Participate in Upcoming Investor Conferences, Matterport Announces First Quarter 2023 Financial Results. I would also like to receive discounts, future product information, and content from Matterport. She also noted that MTTR is a first mover in the digital transformation of physical spaces.. 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. Matterport (NASDAQ:MTTR) shareholders are up 6.5% this past week, but
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