Wed, Feb 26, 9:27 PM (59 days ago)
**Matterport, Inc. (MTTR) Financial Summary - Year Ended December 31, 2024** Matterport, Inc. reported total revenue of $169.7 million for the fiscal year 2024, marking an 8% increase from $157.7 million in 2023. The growth was primarily driven by a 14% rise in subscription revenue to $99.6 million, and a 10% increase in services revenue to $41.3 million, despite a 12% decline in product revenue to $28.8 million. Net loss widened to $256.6 million from $199.1 million in 2023, attributed to a $95 million litigation expense related to a court ruling. Gross profit increased to $82.9 million, with gross margin improving to 49% from 45% due to cost efficiencies from restructuring efforts. Total operating expenses rose by 25% to $356.8 million, driven by litigation expenses and a focus on scaling operations. Matterport's total assets decreased to $543.7 million, with cash and cash equivalents at $57.2 million. The company anticipates ongoing losses but remains focused on expanding its subscriber base, particularly among enterprise customers, and enhancing its AI-driven platform. Key risks include ongoing litigation, market competition, and macroeconomic uncertainties. The company is navigating a merger agreement with CoStar Group, expected to close in Q1 2025, which may significantly impact its market position.