Matterport, Inc. (Nasdaq: MTTR), a leading spatial data company, announced unaudited financial results for the quarter ending December 31, 2021.
“2021 was a pivotal year for Matterport, delivering strong growth as we closed our merger with Gores Holdings VI, Inc. and became a public company on The Nasdaq, gaining industry visibility and balance sheet strength to execute our ambitious growth plans,” said RJ Pittman, chairman and chief executive officer of Matterport. “Our business model is well-proven and scaling as momentum increased across our key operating metrics. In 2021, we doubled our subscriber base, increased Spaces Under Management by 54%, and subscription revenue grew 47%, and total revenue was up 29% for the full year. Most importantly, we strengthened the management team with new world-class executives across the globe. Relentless innovation is the norm at Matterport, and with new products like Matterport Axis and Matterport for Android, we are racing to bring precision 3D capture and digital twins to everyone in the built world. Looking forward, the physical world is going digital. Every industry on every continent is embracing digitization, and I am more confident than ever about the company’s outlook for 2022 and the decade ahead.”
“In the fourth quarter we continued to make strong progress on the path of building our recurring subscription revenue business, which represented 61% of total revenue,” said JD Fay, chief financial officer of Matterport. “We also strengthened our balance sheet and reduced the complexity in our capital structure by announcing the redemption of our public warrants, which resulted in another $104 million of cash proceeds from the exercise of warrants prior to redemption. Proceeds from the warrant exercises, along with the $640 million in gross proceeds raised in the third quarter, together provide us tremendous flexibility in allocating capital to accelerate our growth in 2022 and beyond.”
Fourth Quarter 2021 Unaudited Financial Highlights
Matterport reported the following unaudited financial results:
- Total revenue was $27.1 million, up 15% compared to fourth quarter of 2020
- Subscription revenue was $16.5 million, up 32% compared to fourth quarter of 2020
- Annualized Recurring Revenue (ARR) of $66.1 million
- Total subscribers increased to 503,000, up 98% compared to fourth quarter of 2020
- Spaces Under Management (SUM) grew to 6.7 million, up 54% compared to fourth quarter of 2020
Recent Business Highlights
- Introduced Matterport Axis™, a new hands-free motor mount for precision 3D capture for smartphones
- Announced Matterport for Mobile, making 3D capture freely available to more than a billion Android mobile devices
- Announced industry partnerships with Amazon Web Services (AWS) and Autodesk
- Announced the availability of the Matterport platform in AWS Marketplace so that AWS customers will be able to access Matterport’s digital twin technology with AWS add-ons that increase the value of digitization
- Announced a new plugin for Autodesk Revit customers, allowing them to upload the Matterport Scan-to-BIM file into Revit and start creating and managing information on a construction or design project across its different stages
- Introduced Matterport Scan-to-BIM file, a new add-on service that dramatically decreases the time and costs of Building Information Modeling (BIM) for the Architecture, Engineering, and Construction industry
- Announced the acquisition of Enview, Inc., a pioneer in the scalable, artificial intelligence (AI) for 3D spatial data, which was completed in January 2022
- Continued expansion of Capture Services™ On-Demand to seven countries and 152 cities
- Announced the redemption of our public warrants, resulting in approximately $104 million in cash proceeds from the warrants prior to redemption, which is additive to the $640 million of gross proceeds raised in the closing of the merger in July 2021
- Won two Comparably Awards, including Best Company Culture and Best Company for Women
- Strengthened executive team
Full Year and First Quarter 2022 Outlook
Matterport is providing the following guidance for the full year ending December 31, 2022 and the first quarter.
The company’s progress in 2021 has set the stage for even broader adoption of Matterport across the global real estate asset class. With the recent releases of Matterport for Android and Matterport Axis, the company has democratized digital capture of any physical space using just a smartphone and a free subscription. Additionally, in 2021 the company significantly strengthened its balance sheet and staff to create a powerful foundation for future growth. Combining its ongoing development efforts with the technology and talent from the acquisition of Enview, in 2022 and beyond, Matterport looks forward to even greater property digitization, as well as beginning to deliver data and insights across millions of digitized spaces to the even larger datafication market for real estate.
Accordingly, the company expects continued growth in 2022, with total revenue between $125 and $135 million. Recurring subscription revenue is expected to be between $80 and $82 million, translating to 31% to 34% year-over-year growth.
For the first quarter, the company expects total revenue to be between $25.5 and $27.5 million. Recurring subscription revenue is expected to be between $17.1 and $17.4 million, translating to 24% to 26% year-over-year growth.
Matterport, Inc. (Nasdaq: MTTR) is behind a spatial computing platform that turns buildings into data, making every space more valuable and accessible. Millions of buildings in 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.