• Total revenue rose to a record $38.0 million, above Company guidance
• Subscription revenue rose to a record $19.0 million, above Company guidance
• Services revenue rose to a record $10.0 million, up 204% year-over-year
• Q3 GAAP loss per share of $0.20
• Q3 Non-GAAP loss per share of $0.09, exceeding Company guidance
• Balance sheet remains strong with $495 million in cash and investments

SUNNYVALE, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) -- 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.

“We delivered outstanding third quarter results, with record total revenue, demonstrating that our strategy is working,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “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,” Pittman added.

“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,” said JD Fay, Chief Financial Officer of Matterport. “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.”

Third Quarter 2022 Financial Highlights

• Total subscribers increased to 657,000, up 50% compared to the third quarter of 2021
• Spaces Under Management (SUM) grew to 8.7 million, up 40% year-over-year
• Total revenue was $38.0 million, up 37% year-over-year
• Subscription revenue was $19.0 million, up 21% year-over-year
• Services revenue was $10.0 million, up 204% year-over-year
• Annualized Recurring Revenue (ARR) exiting the third quarter was $76.0 million
• Non-GAAP net loss was $0.09 per share

Recent Business Highlights

• Completed the acquisition of VHT, Inc., known as VHT Studios, a U.S.-based real estate marketing company that offers brokerages and agents digital solutions to promote and sell properties. This transaction brings together VHT Studios’ visual media services with the immersive Matterport 3D Digital Twin platform to elevate the buying experience for home buyers while simplifying the process of creating comprehensive marketing packages for brokers and agents.
• Launched the all-new Matterport Pro3 Camera, a breakthrough in 3D capture technology, along with major updates to its industry-leading digital twin cloud platform. The Matterport Pro3 Camera is one of the most advanced Matterport 3D capture devices with a powerful combination of sensors working in harmony to create stunning digital twins, both indoors and outdoors.
• Matterport expanded its presence in the North American market with a new relationship with TD SYNNEX, a leading distributor and IT solution aggregator, to integrate Matterport’s 3D digital twin platform across TD SYNNEX’s network of 150,000 resellers.
• Partnered with Burns & McDonnell, an engineering, construction and architecture firm providing services for critical infrastructure companies with more than 10,000 employees, to deliver the Matterport Digital Twin Platform, including software services and hardware, to optimize construction expansion and maintenance projects.
• Partnered with North Carolina Regional MLS, one of the largest Multiple Listing Services in North Carolina, covering more than half of the state and, representing nearly 12,000 realtors and appraisers, to integrate the Matterport Digital Twin Platform with its new listing management system, BrokerBay.
• Collaborated with Emmy Award-winning creative director David Korins and hyperrealist artist Robin Eley, to create an immersive 3D experience of their limited-run exhibition in New York City, Private Collection/Closed for Installation.

Fourth Quarter and Full Year 2022 Out look

Non-GAAP Financial Information

Matterport has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to Matterport’s financial condition and results of operations.