Matterport Announces Fourth Quarter and Full Year 2023 Financial Results Demonstrating Strong Recurring Revenue Growth and Reaffirms 2024 Profitability Target
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MATTERPORT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands) | | | | | |
Year Ended December 31, | | |
2023 | |
2022 | | | (unaudited) | | | |
ASSETS | | | | | Current assets: | | | | | Cash and cash equivalents | $ | 82,902 | | | $ | 117,128 | | | Short-term investments | | 305,264 | | | | 355,815 | | | Accounts receivable, net | | 16,925 | | | | 20,844 | | | Inventories | | 9,115 | | | | 11,061 | | | Prepaid expenses and other current assets | | 8,635 | | | | 13,084 | | | Total current assets | | 422,841 | | | | 517,932 | | | Property and equipment, net | | 32,471 | | | | 30,559 | | | Operating lease right-of-use assets | | 625 | | | | 2,515 | | | Long-term investments | | 34,834 | | | | 3,959 | | | Goodwill | | 69,593 | | | | 69,593 | | | Intangible assets, net | | 9,120 | | | | 10,890 | | | Other assets | | 7,671 | | | | 4,947 | | | Total assets | $ | 577,155 | | | $ | 640,395 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | Current liabilities | | | | | Accounts payable | $ | 7,586 | | | $ | 8,331 | | | Deferred revenue | | 23,294 | | | | 16,731 | | | Accrued expenses and other current liabilities | | 13,354 | | | | 23,916 | | | Total current liabilities | | 44,234 | | | | 48,978 | | | Warrants liability | | 290 | | | | 803 | | | Deferred revenue, non-current | | 3,141 | | | | 1,201 | | | Other long-term liabilities | | 206 | | | | 5,502 | | | Total liabilities | | 47,871 | | | | 56,484 | | | Commitments and contingencies | | | | | Stockholders’ equity: | | | | | Common stock | | 31 | | | | 29 | | | Additional paid-in capital | | 1,307,324 | | | | 1,168,313 | | | Accumulated other comprehensive income (loss) | | 403 | | | | (5,034 | ) | | Accumulated deficit | | (778,474 | ) | | | (579,397 | ) | | Total stockholders’ equity | | 529,284 | | | | 583,911 | | | Total liabilities and stockholders’ equity | $ | 577,155 | | | $ | 640,395 | | | | | | | | | | |
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