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Matterport Announces Record Second Quarter 2021 Financial Results

August 11, 2021 4:15 PM

SUNNYVALE, Calif., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR), the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter ended June 30, 2021.

"We are thrilled to report another record quarter with strong subscriber and subscription revenue pushing revenue up 10% sequentially, demonstrating our continued momentum,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “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. 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. “We are still relatively early in our penetration with top enterprise customers and expect additional growth with new and existing enterprise customers.”

Second Quarter 2021 Financial Highlights:

Recent Business Highlights:

Conference Call Information

Matterport will host a conference call for analysts and investors to discuss its financial results for the second quarter of fiscal 2021 today at 2:00 p.m. Pacific time (5:00 p.m. Eastern time). A recorded webcast of the event will also be available following the call for one year on the Matterport’s Investor Relations website at investors.matterport.com.

Date: August 11, 2021
Time: 2:00 p.m. Pacific time (5:00 p.m. Eastern time)
Webcast: investors.matterport.com

About MatterportMatterport, Inc. (Nasdaq: MTTR) 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.

©2021 Matterport, Inc. All rights reserved. Matterport is a registered trademark and the Matterport logo is a trademark of Matterport, Inc. All other marks are the property of their respective owners.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws. 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 in this press release generally relate to Matterport’s potential and future performance, including its strategic focus, development of new services, adoption or success of new technologies and applications, and anticipated results. 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 Matterport's ability to implement business plans, forecasts, and other expectations in the industry in which Matterport competes, 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 described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission. 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 Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.

MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(In thousands, except share and per share data)
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Revenue:
Subscription$15,281 $9,999 $29,081 $17,515
License 2,099 - 4,359 -
Services 2,879 2,232 5,568 3,157
Product 9,244 12,052 17,424 16,551
Total revenue 29,503 24,283 56,432 37,223
Costs of revenue:
Subscription 3,384 2,905 6,635 5,318
License - - - -
Services 2,290 1,613 4,325 2,540
Product 6,015 6,902 10,930 9,970
Total costs of revenue 11,689 11,420 21,890 17,828
Gross profit 17,814 12,863 34,542 19,395
Operating expenses:
Research and development 7,090 4,537 13,115 9,142
Selling, general, and administrative 16,501 10,476 29,559 20,273
Total operating expenses 23,591 15,013 42,674 29,415
Loss from operations (5,777) (2,150) (8,132) (10,020)
Other income (expense):
Interest income 14 4 22 13
Interest expense (277) (471) (585) (858)
Other income (expense), net (149) (1,053) (347) (899)
Total other income (expense) (412) (1,520) (910) (1,744)
Loss before provision for income taxes (6,189) (3,670) (9,042) (11,764)
Provision for income taxes 20 20 39 34
Net loss (6,209) (3,690) (9,081) (11,798)
Net loss per share attributable to common stockholders, basic and diluted$(0.62) $(0.47) $(0.92) $(1.51)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 10,037,669 7,844,667 9,829,416 7,822,539

MATTERPORT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020 (unaudited)
(In thousands, except share and per share data)
June 30, December 31,
2021 2020
ASSETS
Current assets:
Cash and cash equivalents$42,281 $51,850
Restricted cash 400 400
Accounts receivable, net of allowance of $32 and $799, as of June 30, 2021 and December 31, 2020, respectively 6,692 3,924
Inventories 2,622 3,646
Prepaid expenses and other current assets 3,810 2,453
Total current assets 55,805 62,273
Property and equipment, net 9,373 8,210
Other assets 6,352 1,369
Total assets$71,530 $71,852
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable$4,903 $3,434
Current portion of long-term debt 8,427 8,215
Deferred revenue 7,667 4,606
Accrued expenses and other current liabilities 10,739 6,995
Total current liabilities 31,736 23,250
Long-term debt 2,034 4,502
Deferred revenue, non-current 260 297
Other long-term liabilities 293 335
Total liabilities 34,323 28,384
Commitments and contingencies (Note 6)
Redeemable convertible preferred stock, $0.001 par value;
30,443,413 shares authorized as of June 30, 2021 and December 31, 2020; 30,340,098 shares issued and outstanding as of June 30, 2021 and December 31, 2020; and liquidation preference of $166,131 as of June 30, 2021 and December 31, 2020. 164,168 164,168
Stockholders’ deficit:
Common stock, $0.001 par value;
56,500,000 shares and 56,000,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; and 10,135,510 shares and 9,463,182 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively 10 10
Additional paid-in capital 11,948 9,153
Accumulated other comprehensive income 160 135
Accumulated deficit (139,079) (129,998)
Total stockholders’ deficit (126,961) (120,700)
Total liabilities, redeemable convertible preferred stock and stockholders' deficit$71,530 $71,852

MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(unaudited)(In thousands)
Six Months Ended June 30,
2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss$(9,081) $(11,798)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization 2,608 2,349
Amortization of debt discount 135 108
Stock-based compensation, net of amounts capitalized 1,259 1,164
Loss on extinguishment of debt and convertible notes - 954
Allowance for doubtful accounts 151 241
Loss on disposal of property, plant, and equipment 7 -
Other 43 9
Changes in operating assets and liabilities:
Accounts receivable (2,918) (4,421)
Inventories 1,024 248
Prepaid expenses and other assets (1,269) (673)
Accounts payable 1,466 2,980
Deferred revenue 3,024 3,054
Other liabilities 920 2,808
Net cash used in operating activities (2,631) (2,977)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (326) (20)
Capitalized software and development costs (3,256) (2,454)
Investment in convertible notes (1,000) -
Net cash used in investing activities (4,582) (2,474)
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs - 43,689
Proceeds from exercise of stock options 1,342 51
Proceeds from debt - 5,302
Proceeds from convertible notes, net of issuance costs - 8,457
Repayment of debt (2,390) (5,922)
Payment of deferred transaction costs (1,204) -
Other - (81)
Net cash (used in) provided by financing activities (2,252) 51,496
Net change in cash, cash equivalents, and restricted cash (9,465) 46,045
Effect of exchange rate changes on cash (104) (130)
Cash, cash equivalents, and restricted cash at beginning of year 52,250 10,152
Cash, cash equivalents, and restricted cash at end of period$42,681 $56,067

Investor Contact:Soohwan Kim, CFAVP, Investor Relations[email protected]

Media Contact:Naomi LittleGlobal Communications Manager[email protected]+44 203 874 6664

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Source: Matterport Inc

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