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Matterport Announces Fourth Quarter and Full Year 2023 Financial Results Demonstrating Strong Recurring Revenue Growth and Reaffirms 2024 Profitability Target

  • Q4 Annualized Recurring Revenue hits record $94.7 million, up 23% year-over-year
  • Q4 net loss improved 27% year-over-year; Non-GAAP net loss improved 55% year-over-year
  • Q4 cash used in operating activities improved 46% year-over-year
  • Q4 Net Dollar Expansion rate of 109% reaches highest level in two years
  • FY2023 total subscribers up 34% from prior year
  • FY2023 square feet under management up 36% from prior year

SUNNYVALE, Calif., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR) (“Matterport” or the “Company”), the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter and year ended December 31, 2023.

“We closed 2023 on a high note with fourth quarter total revenue of $39.5 million, in line with our guidance range. Subscription revenue growth accelerated to 23% year-over-year, ahead of our expectations, driven by broad based strength across our global customer base. Our net dollar expansion rate expanded to 109%, the highest level in two years, as we helped customers work faster and more efficiently to improve business productivity and reduce operational costs,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “I’m incredibly excited about our 2024 Winter Release where we introduced Property Intelligence - a suite of AI-powered features and automations - along with new capabilities and add-ons that our customers are craving. This launch sets the stage for 2024 to be the year of the intelligent digital twin, fueling our AI-driven revenue growth and accelerating us towards our profitability goal,” Pittman added.

“We made excellent progress in 2023. We drove strong revenue growth, robust gross margin expansion, and significant operating expense reductions - all leading to a 46% year-over-year improvement in non-GAAP loss per share and 50% improvement in our cash used in operations,” said JD Fay, Chief Financial Officer of Matterport. “In 2024, our accelerating subscription revenue growth and continued focus on efficient investments are expected to drive rapid progress to cash flow from operations profitability later this year.”

Fourth Quarter and Full Year 2023 Financial Highlights

  • Q4 subscription revenue of $23.7 million, up 23% year-over-year
  • Q4 Annualized Recurring Revenue (ARR) was $94.7 million
  • Q4 total revenue of $39.5 million
  • Q4 net loss of $0.14 per share, a 33% improvement year-over-year
  • Q4 Non-GAAP net loss of $0.04 per share, a 56% improvement year-over-year
  • Q4 cash used in operating activities was $10.4 million, an improvement of 46% year-over-year
  • Q4 net dollar expansion rate was 109%, up from the prior quarter and the highest level in two years
  • Q4 cash and investments of $423 million with no debt
  • FY2023 total revenue of $157.7 million, up 16% from prior year
  • FY2023 cash used in operating activities improved to $58.7 million, a 50% improvement from the prior year
  • FY2023 total subscribers increased to 938,000, up 34% year-over-year
  • FY2023 spaces under management increased to 11.7 million, up 27% year-over-year
  • FY2023 square feet under management reached 38.0 billion, up 36% from prior year

Recent Business Highlights

  • Last week, launched the Matterport 2024 Winter Release - a suite of AI-powered features and new capabilities for the next generation intelligent digital twin - revolutionizing the way properties are analyzed by automating insightful property data and new customizations in Matterport spaces. This collection of breakthrough automations, plugins and add-ons bolster the company’s Property Marketing, Design and Construction, and Facilities Management solutions.
  • Announced a new multi-year partnership with Vacasa to leverage Matterport’s Digital Twin Platform and Capture Services. Vacasa will expand its use of Matterport’s Digital Twin Platform as an integral part of its home onboarding and guest service experiences for the tens of thousands of properties Vacasa manages.
  • Announced an agreement with Visiting Media, a global leader in immersive sales enablement and channel distribution solutions for the hospitality sector. Visiting Media serves tens of millions of users around the globe, supporting the world’s largest hospitality brands including Hilton, Hyatt, IHG Hotels and Resorts and more.
  • Announced a new partnership with Belden intended to deliver 3D digital twin-powered connectivity solutions for facilities management across industrial automation, smart buildings, broadband and more.
  • Matterport’s Property Intelligence, the company’s proprietary AI solution to analyze real estate properties at scale was named 2023’s Best SaaS Product For Real Estate & Property Management by the International SaaS Awards.
  • Announced its membership as an Autodesk Construction Cloud® Premium Partner, helping bring Matterport’s 4K digital twins to even more construction professionals. Autodesk Construction Cloud is a portfolio of software services that combines advanced technology, a builders network and predictive insights for construction teams.
  • Announced the University of Manchester implemented Matterport’s Digital Twin Platform for the renowned Martin Harris Centre for Music and Drama (MHC) to revolutionize the way students interact with the center, enhancing their understanding of the facilities on offer and improving their overall experience.
  • Announced new high density scanning capabilities for Matterport’s revolutionary 3D camera, Pro3. Available now in beta, high density scanning makes as-built modeling with Matterport even easier, helping streamline workflows, minimize errors, and accelerate project timelines. This widens Matterport’s leading position in high fidelity digital twin reconstruction.
  • Released the company’s second Environmental, Social, and Governance (ESG) report assessing the impact of Matterport’s products and programs toward driving sustainable and equitable outcomes. The report builds on the company’s inaugural report last year as the company further establishes company-wide ESG goals and commitments. The findings continue to demonstrate Matterport’s technology is a highly effective alternative to completing tasks that historically required travel.

First Quarter and Full Year 2024 Outlook

The Company is providing the following financial guidance for the first quarter and full year 2024. This guidance will be discussed in greater detail on today’s conference call.

 Q1 2024
FY 2024
Total revenue (in millions)$39 — $41$173 — $183
Subscription revenue (in millions)$24.0 — $24.2$104 — $106
Year-over-year growth21% - 22%19% - 22%
Non-GAAP loss per share$(0.04) - $(0.02)$(0.11) - $(0.07)
Weighted average fully diluted shares outstanding (in millions)315322

Matterport is not able to provide a reconciliation of non-GAAP loss per share to GAAP loss per share because Matterport does not provide specific guidance for the various exclusions adjusted from net loss. These items have not yet occurred, are out of Matterport’s control and/or cannot be reasonably predicted. As a result, reconciliation of the non-GAAP guidance measures to GAAP is not available without unreasonable effort, and Matterport is unable to address the probable significance of the unavailable information.

Non-GAAP Financial Information

Matterport has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to Matterport’s financial condition and results of operations.

The presentation of these non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below.

Non-GAAP Net Loss and Non-GAAP Net Loss Per Share, Basic and Diluted. Matterport defines non-GAAP net loss as net loss, adjusted to exclude stock-based compensation-related charges (including share-based payroll tax expense), fair value change of warrants liability, fair value change of earn-out liabilities, payroll tax related to contingent earn-out share issuance, acquisition-related costs, and amortization of acquired intangible assets, in order to provide investors and management with greater visibility to the underlying performance of Matterport’s recurring core business operations. We define non-GAAP net loss per share, as non-GAAP net loss divided by the weighted-average shares outstanding, which includes the dilutive effect of potentially diluted common stock equivalents outstanding during the period if any.

Conference Call Information

Matterport will host a conference call for analysts and investors to discuss its financial results for the fourth quarter and full year 2023 today, February 20, 2024, at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). A recorded webcast of the event will also be available following the call for one year on Matterport’s Investor Relations website at The dial-in number will be (412) 902-4209, conference ID: 10185588.

The financial results press release and a live webcast of the conference call will be accessible from the Matterport website at An audio webcast replay of the conference call will also be available for one year at

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 and browse a gallery of digital twins.

©2024 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 our ability to grow market share in our existing markets or any new markets we may enter; our ability to respond to general economic conditions; supply chain disruptions; our ability to manage our growth effectively; our success in retaining or recruiting our officers, key employees or directors, or changes required in the retention or recruitment of our officers, key employees or directors; the impact of restructuring plans; the impact of the regulatory environment and complexities with compliance related to such environment; factors relating to our business, operations and financial performance, including: the impact of infectious diseases, health epidemics and pandemics; our ability to maintain an effective system of internal controls over financial reporting; our ability to achieve and maintain profitability in the future; our ability to access sources of capital; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform; the success of our strategic relationships with third parties; our history of losses and whether we will continue to incur continuing losses for the foreseeable future; our ability to protect and enforce our intellectual property rights; our ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; our ability to attract and retain new subscribers; the size of the total addressable market for our products and services; the continued adoption of spatial data; any inability to complete acquisitions and integrate acquired businesses; general economic uncertainty and the effect of general economic conditions in our industry; environmental uncertainties and risks related to adverse weather conditions and natural disasters; the volatility of the market price and liquidity of our Class A common stock and other securities; the increasingly competitive environment in which we operate; and other factors detailed under the section entitled “Risk Factors” in our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. 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:

Mike Knapp

Media Contact:

Steve Lombardi

(In thousands, except per share data)
 Three Months Ended December 31,
 Year Ended December 31,
Subscription$23,673  $19,281  $87,238  $73,789 
License28  27  110  97 
Services8,297  8,267  37,621  27,268 
Product7,547  13,566  32,779  34,971 
Total revenue39,545  41,141  157,748  136,125 
Costs of revenue:           
Subscription7,431  6,296  29,007  24,259 
Services5,665  6,287  26,643  18,992 
Product8,231  16,725  31,608  41,028 
Total costs of revenue21,327  29,308  87,258  84,279 
Gross profit18,218  11,833  70,490  51,846 
Operating expenses:           
Research and development14,594  18,421  67,305  85,025 
Selling, general, and administrative52,764  55,779  217,424  242,306 
Total operating expenses67,358  74,200  284,729  327,331 
Loss from operations(49,140) (62,367) (214,239) (275,485)
Other income (expense):           
Interest income1,881  1,810  6,406  6,280 
Change in fair value of warrants liability(51) 888  513  27,035 
Change in fair value of contingent earn-out liability      136,043 
Other income (expense), net3,352  (314) 8,427  (3,969)
Total other income5,182  2,384  15,346  165,389 
Loss before provision (benefit) for income taxes(43,958) (59,983) (198,893) (110,096)
Provision (benefit) for income taxes(13) 367  184  1,243 
Net loss(43,945) (60,350) (199,077) (111,339)
Net loss per share, basic and diluted$(0.14) $(0.21) $(0.66) $(0.39)
Weighted-average shares used in per share calculation, basic and diluted308,030  289,164  300,697  283,585 

(In thousands)
 Year Ended December 31,
 2023 2022
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 
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 

(In thousands, unaudited)
 Year Ended December 31,
 2023 2022
Net Loss$(199,077) $(111,339)
Adjustments to reconcile net loss to net cash used in operating activities:   
Depreciation and amortization 19,437   13,297 
Amortization of investment premiums, net of accretion of discounts (8,919)  2,924 
Investment impairment    1,093 
Stock-based compensation, net of amounts capitalized 118,775   148,490 
Cease use of certain leased facilities 961    
Change in fair value of warrants liability (513)  (27,035)
Change in fair value of contingent earn-out liability    (136,043)
Deferred income taxes (121)  51 
Allowance for doubtful accounts 601   1,245 
Loss of excess inventory and purchase obligation 1,821   5,007 
Other (185)  (195)
Changes in operating assets and liabilities, net of effects of businesses acquired:   
Accounts receivable 3,318   (9,609)
Inventories (3,830)  (6,484)
Prepaid expenses and other assets 3,036   (1,991)
Accounts payable (745)  (5,240)
Deferred revenue 8,503   5,985 
Accrued expenses and other liabilities (1,775)  1,282 
Net cash used in operating activities (58,713)  (118,562)
Purchases of property and equipment (139)  (1,730)
Capitalized software and development costs (9,765)  (12,590)
Purchase of investments (444,695)  (137,631)
Maturities of investments 478,253   299,002 
Business acquisitions, net of cash acquired (4,116)  (51,874)
Net cash provided by investing activities 19,538   95,177 
Proceeds from sales of shares through employee equity incentive plans 5,124   6,781 
Payments for taxes related to net settlement of equity awards (329)  (34,424)
Proceeds from exercise of warrants    27,844 
Other    76 
Net cash provided by financing activities 4,795   277 
Net change in cash, cash equivalents, and restricted cash (34,380)  (23,108)
Effect of exchange rate changes on cash 154   249 
Cash, cash equivalents, and restricted cash at beginning of year 117,128   139,987 
Cash, cash equivalents, and restricted cash at end of period$82,902  $117,128 

(In thousands, except per share amounts)
  Three Months Ended December 31, Year Ended December 31,
  2023 2022 2023 2022
GAAP net loss $(43,945) $(60,350) $(199,077) $(111,339)
Stock-based compensation expense(1)  30,474   33,140   127,755   152,788 
Restructuring charges(2)  1,149      4,296    
Acquisition-related costs(3)           1,294 
Amortization expense of acquired intangible assets  443   443   1,772   1,411 
Change in fair value of warrants liabilities(4)  51   (888)  (513)  (27,035)
Change in fair value of contingent earn-out liability(5)           (136,043)
Investment impairment     1,093      1,093 
Payroll tax related to contingent earn-out share issuance(6)           1,164 
Non-GAAP net loss $(11,828) $(26,562) $(65,767) $(116,667)
GAAP net loss per share attributable to common stockholders, basic and diluted $(0.14) $(0.21) $(0.66) $(0.39)
Non-GAAP net loss per share attributable to common stockholders, basic and diluted $(0.04) $(0.09) $(0.22) $(0.41)
Weighted-average shares used to compute net loss per share, basic and diluted  308,030   289,164   300,697   283,585 

(1) Consists primarily of non-cash share-based compensation expense related to our stock incentive plans and earn-out arrangement, and the employer payroll taxes related to our stock options and restricted stock units.

(2) Consists of severance and other employee separation costs, and cease use charges for operating lease right-of-use assets due to reduction of leased office spaces.

(3) Consists of acquisition transaction costs.

(4) Consists of the non-cash fair value measurement change for public and private warrants.

(5) Represents the non-cash fair-value measurement change related to our earn-out liability.

(6) Represents the payroll tax related to earn-out shares issuance and release in 2022.

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