About Matterport
Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 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.
©2022 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 the federal securities laws, including statements regarding the services offered by Matterport, Inc. and the markets in which Matterport operates, business strategies, debt levels, industry environment including relating to the global supply chain, potential growth opportunities, the effects of regulations and Matterport’s projected future results. 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 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.
Investor Contact:
Soohwan Kim, CFA
VP, Investor Relations
ir@matterport.com
Media Contact:
Toru Levinson
press@matterport.com
MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenue: | |||||||||||||||
| Subscription | $ | 18,386 | $ | 15,281 | $ | 35,527 | $ | 29,081 | |||||||
| License | 26 | 2,099 | 49 | 4,359 | |||||||||||
| Services | 5,013 | 2,879 | 8,986 | 5,568 | |||||||||||
| Product | 5,056 | 9,244 | 12,429 | 17,424 | |||||||||||
| Total revenue | 28,481 | 29,503 | 56,991 | 56,432 | |||||||||||
| Costs of revenue: | |||||||||||||||
| Subscription | 6,109 | 3,384 | 11,371 | 6,635 | |||||||||||
| License | — | — | — | — | |||||||||||
| Services | 3,169 | 2,290 | 6,152 | 4,325 | |||||||||||
| Product | 7,490 | 6,015 | 15,846 | 10,930 | |||||||||||
| Total costs of revenue | 16,768 | 11,689 | 33,369 | 21,890 | |||||||||||
| Gross profit | 11,713 | 17,814 | 23,622 | 34,542 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 21,518 | 7,090 | 47,520 | 13,115 | |||||||||||
| Selling, general, and administrative | 59,385 | 16,501 | 130,234 | 29,559 | |||||||||||
| Total operating expenses | 80,903 | 23,591 | 177,754 | 42,674 | |||||||||||
| Loss from operations | (69,190 | ) | (5,777 | ) | (154,132 | ) | (8,132 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 1,484 | 14 | 2,779 | 22 | |||||||||||
| Interest expense | — | (277 | ) | — | (585 | ) | |||||||||
| Change in fair value of warrants liabilities | 4,714 | — | 26,147 | — | |||||||||||
| Change in fair value of contingent earn-out liability | — | — | 136,043 | — | |||||||||||
| Other expense, net | (1,353 | ) | (149 | ) | (2,674 | ) | (347 | ) | |||||||
| Total other income (expense) | 4,845 | (412 | ) | 162,295 | (910 | ) | |||||||||
| Income (loss) before provision for income taxes | (64,345 | ) | (6,189 | ) | 8,163 | (9,042 | ) | ||||||||
| Provision for income taxes | 289 | 20 | 893 | 39 | |||||||||||
| Net income (loss) | $ | (64,634 | ) | $ | (6,209 | ) | $ | 7,270 | $ | (9,081 | ) | ||||
| Net income (loss) per share attributable to common stockholders: | |||||||||||||||
| Basic | $ | (0.23 | ) | $ | (0.15 | ) | $ | 0.03 | $ | (0.22 | ) | ||||
| Diluted | $ | (0.23 | ) | $ | (0.15 | ) | $ | 0.02 | $ | (0.22 | ) | ||||
| Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: | |||||||||||||||
| Basic | 283,405 | 41,348 | 279,289 | 40,490 | |||||||||||
| Diluted | 283,405 | 41,348 | 313,834 | 40,490 | |||||||||||
