On November 6, 2023, Matterport Inc (MTTR, Financial) announced its financial results for the third quarter of 2023. The company reported a standout performance with both revenue and loss per share surpassing the high end of guidance. The total revenue for the quarter grew to $40.6 million, driven by strong uptake from enterprises and SMBs. Subscription revenue jumped 20% year-over-year, to a record $22.9 million, underscoring the growing trust in the Matterport platform.
Financial Highlights
For the third quarter of 2023, Matterport Inc (MTTR, Financial) reported several financial highlights. The total number of subscribers increased to 887,000, a 35% increase YoY. Spaces under management increased to 11.1 million, up 28% YoY. The total revenue was $40.6 million, a 7% increase YoY, and subscription revenue was $22.9 million, a 20% increase YoY. The Annualized Recurring Revenue (ARR) exiting the third quarter was $91.4 million. The net loss was $0.15 per share, and the Non-GAAP net loss was $0.04 per share, a 56% improvement YoY. Cash used in operating activities was $15.5 million, an improvement of 62% YoY.
Business Highlights
Matterport Inc (MTTR, Financial) also announced several business highlights. The company introduced the next generation of intelligent digital twins with powerful new capabilities fueled by the company’s rapid advancements in AI and data science. The company also announced its latest collaboration with Procore Technologies Inc., a leading global provider of construction management software, expanding Matterport’s platform ecosystem support for design and construction management software services. Additionally, Matterport announced its partnership with Equinox Technologies, a distributor of global technologies and Managed Security Services to offer Matterport’s digital twin platform to Government, Enterprise, and Small-to-Medium sized customers out of its offices in the United Arab Emirates, India, Oman, Saudi Arabia, and South Africa.
Outlook for Q4 and Full Year 2023
For the fourth quarter and full year 2023, the company is raising its guidance for revenue and Non-GAAP loss per share driven by continued strong demand for digital twins, combined with robust gross margins and continued operating discipline. The company expects total revenue to be between $39 million and $41 million for Q4 2023 and between $157 million and $159 million for the full year 2023. The subscription revenue is expected to be between $23.0 million and $23.3 million for Q4 2023 and between $86.5 million and $86.8 million for the full year 2023. The Non-GAAP loss per share is expected to be between $(0.05) and $(0.03) for Q4 2023 and between $(0.23) and $(0.21) for the full year 2023.
Explore the complete 8-K earnings release (here) from Matterport Inc for further details.
