Matterport Announces Record Quarterly Financial Results

Matterport Reports Revenue of $27 Million, an Increase of 108% Year over Year, While Subscriber Growth Jumps 531% to 331,000

SUNNYVALE, Calif., May 26, 2021 — (PRNewswire) — Matterport, Inc., the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter ended March 31, 2021. In February 2021, Matterport announced that it has entered into a definitive agreement to enter into a business combination with Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, that will result in Matterport becoming a publicly listed company. Upon closing of the proposed business combination, the combined company will be named "Matterport, Inc." and intends to remain listed on NASDAQ under the ticker symbol "MTTR."

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 of Matterport 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 the Middle 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 Matterport. "This quarter once again reflects our enduring, strong execution – across product innovation, expanding service offerings, extended global reach, and most importantly, adding to our world-class talent base. We have also made excellent progress on our proposed merger with Gores Holdings VI, and the closing is on track for early in the third quarter. This transaction enables Matterport to more aggressively achieve significant global scale as a public company. Matterport has been digitizing the built world for a decade and we are very well positioned to capitalize on this enormous opportunity in front of us," Pittman added.

"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 Matterport. "Not only are we rapidly adding new subscribers, our existing subscribers are also increasing their spend with us and seeing more value as they expand the use of our products. Further, we believe our innovation in digitizing the built world will continue to support strong future growth."

For additional details regarding Matterport's results, please see the Earnings Presentation on the investor relations page of our website at: https://matterport.com/investors.

About Matterport
Matterport 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.

Investor Contact:
Soohwan Kim, CFA
VP, Investor Relations
Email Contact

Media Contact:
Naomi Little
Global Communications Manager
Email Contact
+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 Gores Holdings VI, Inc. ("Gores") and Matterport, Inc. ("Matterport"), including statements regarding the benefits of the proposed business combination, the anticipated timing of the proposed business combination, the services offered by Matterport and the markets in which Matterport operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Gores' or Matterport's projected future results. 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 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 Matterport's business relationships, performance, and business generally; (v) risks that the proposed business combination disrupts current plans of Matterport and potential difficulties in Matterport employee retention as a result of the proposed business combination; (vi) the outcome of any legal proceedings that may be instituted against Gores or Matterport related to the agreement and plan of merger or the proposed business combination; (vii) the ability to maintain the listing of Gores' securities on the NASDAQ; (viii) the price of Gores' securities, including volatility resulting from changes in the competitive and highly regulated industries in which Matterport plans to operate, variations in performance across competitors, changes in laws and regulations affecting Matterport's business and changes in the combined capital structure; and (ix) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, 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 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"). 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 Gores and Matterport assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Gores nor Matterport gives any assurance that either Gores or Matterport will achieve its expectations.

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