• Q4 total revenue rose to a record $41.1 million, above Company guidance
  
• Q4 subscription revenue rose to a record $19.3 million, above Company guidance
• Q4 product revenue rose to a record $13.6 million, up 51% sequentially from the prior quarter
• Q4 GAAP loss per share of $0.21 and Non-GAAP loss per share of $0.09, at the high end of the Company’s guidance range
• 2022 annual revenue rose to a record $136.1 million, up 22% from 2021
• Balance sheet remains strong with $477 million in cash and investments and no debt

SUNNYVALE, Calif., Feb. 22, 2023 (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 and year ended December 31, 2022.

“We delivered record revenue again in the fourth quarter, as our subscriber base continued to grow and our spaces under management exceeded 9 million,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “Enterprise demand remains robust as customers across many verticals, such as manufacturing, AEC, and travel and hospitality, are increasingly turning to Matterport’s digital twins for remote facilities management, saving companies measurable travel time and money while boosting productivity. As our digital twin platform ecosystem continues to grow, customers investing in our powerful add-ons will gain more insights and value from their facilities, storefronts, real estate, and office spaces.“

“Our record total revenue for the fourth quarter and year, combined with the actions we have taken to control costs, are yielding significant benefits to our bottom line,” said JD Fay, Chief Financial Officer of Matterport. “Subscription revenue reached $19.3 million, a new record, and we demonstrated broad-based adoption of our solution with subscribers exceeding the 700,000 milestone. At the same time, our disciplined approach to managing operating expenses enabled us to deliver a non-GAAP loss per share of $0.09 in the fourth quarter, at the high-end of our guidance range. I believe the momentum we saw in the second half of 2022 is carrying through to 2023 and sets the stage for another record-breaking year.”

Fourth Quarter Financial Highlights

• Total subscribers increased to 701,000, up 39% year-over-year
• Spaces Under Management (SUM) increased to 9.2 million, up 37% year-over-year
• Total revenue was $41.1 million, up 52% year-over-year
• Subscription revenue was $19.3 million, up 17% year-over-year
• Product revenue was $13.6 million, up 107% year-over-year
• Services revenue was $8.3 million, up 122% year-over-year
• Annualized Recurring Revenue (ARR) exiting the fourth quarter was $77.2 million
• Non-GAAP net loss was $0.09 per share

Recent Business Highlights

• Announced that Airbnb is using Matterport’s Property Intelligence offering to analyze and verify a collection of Airbnb homes to ensure they met accessibility standards for guests with mobility needs, as part of its “Adapted” short-term rental category. Property Intelligence, currently being piloted by select customers, opens a universe of new opportunities for customers to leverage analytics to grow their businesses with reliable and highly accurate insights
• Unveiled private beta integration with AWS IoT TwinMaker to enable enterprise customers to seamlessly connect IoT data into visually immersive and dimensionally accurate Matterport digital twins
• Announced that John Deere selected Matterport’s Digital Twin Platform and 3D capture technology to build a virtual Operations Center for remote management of over 60 facilities across North America, Europe and India
• Announced collaborations with two leading art and design organizations, Design Miami/ and the Miami Design District. Using the new Pro3 3D camera, Matterport captured and produced immersive digital twins that allow visitors to partake virtually in this year’s Design Miami/ fair and the Miami Design District’s Annual Neighborhood Commission

First Quarter and Full Year 2023 Outlook

The Company is providing the following financial guidance for the first quarter and full year 2023. The Company believes that 2023 can be another strong growth year while continuing to drive toward profitability. This guidance will be discussed in greater detail on today’s conference call.

Matterport is not able to provide a reconciliation of non-GAAP loss per share to GAAP loss per share because Matterport does not provide specific guidance for the various exclusions adjusted from net loss. These items have not yet occurred, are out of Matterport’s control and/or cannot be reasonably predicted. As a result, reconciliation of the non-GAAP guidance measures to GAAP is not available without unreasonable effort, and Matterport is unable to address the probable significance of the unavailable information.

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.

The presentation of these non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below.