Total revenue grew to $42.2 million during the second quarter of 2024, up from $39.6 million the previous year, as the company worked to increase its market share.
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Spatial data company Matterport saw total revenue grow to $42.2 million during the second quarter of 2024, up from $39.6 million the previous year, as the company worked to increase its market share.
An earnings report released on Tuesday showed that subscription revenue accounted for $24.2 million of that total revenue, which was up 16 percent year over year.
Services made up about $10.9 million of total revenue and product made up about $7.2 million of total revenue.
Meanwhile, the company’s net loss was $0.45 per share with Non-GAAP net loss of $0.02 per share, a 71 percent improvement from the previous year.
Matterport’s gross profits hit about $19.4 million, up from $15.9 million the year before.
“I’m pleased to announced our second-quarter 2024 results, which underscore our ongoing success in driving efficient growth,” Matterport Chairman and CEO RJ Pittman said in a statement.
“Subscription revenue increased by 16 percent year over year, reaching a record $24.2 million, and now accounts for over 57 percent of our total revenue. This growth highlights our strategic focus on expanding the recurring subscription revenue within our business.
“Q2 was marked by bold product innovation as we continue to develop new products and deliver exceptional value to our customers. Our latest AI initiative, Project Genesis, along with our spatial data-driven efforts like Property Intelligence from our Q1 Winter Release, have been well received by customers and partners. We are actively developing the future of the digital twin and look forward to unveiling more breakthroughs in our Fall Release later this year.”
The company’s total subscribers grew by 28 percent year over year to 1.06 million. Square feet under management rose 33 percent year over year to 33 billion, and spaces under management increased 24 percent on an annual basis to 13 million.
During the first half of 2024, the company’s cash for operating activities improved by 64 percent year over year to $11.8 million.
“Our second quarter results represent continued revenue growth and improvements in Non-GAAP net loss per share year over year,” said Chief Financial Officer JD Fay. “Steady subscription revenue growth, gross margin expansion, and continued operating expense discipline drove our non-GAAP loss per share to $0.02, which is a 71 percent year-on-year improvement. These results underscore our steadfast commitment to profitability and highlight the significant progress we are making in transforming the industry. As we continue to drive the adoption of Matterport digital twins, we are not just experiencing growth; we are shaping a future where digital transformation empowers our customers and redefines the built world.”
Unlike many publicly traded companies, Matterport did not hold a call with investors, which typically serves to provide context to reported earnings and gives investors an opportunity to ask executives questions.
Last quarter, the spacial data company had trimmed net losses by 36 percent year over year.
During the first quarter of 2024, CoStar announced that it was acquiring Matterport for $1.6 billion. The acquisition is set to add a wealth of residential and commercial data to CoStar’s reservoirs.
CoStar will acquire all outstanding shares of Matterport in a cash and stock transaction valued at $5.50 per share, representing an equity value of about $2.1 billion and an enterprise value of about $1.6 billion, based on CoStar’s common stock closing price on April 19, 2024.