Total revenue increased to $42.2 million in the second quarter of 2024 from $39.6 million the previous year, as the company worked to increase market share.
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Spatial data company Matterport is working to expand market share, with total revenue increasing to $42.2 million in the second quarter of 2024 from $39.6 million the previous year.
The financial report released on Tuesday showed that subscription revenue accounted for $24.2 million in total revenue, a 16% increase from the same period last year.
Services accounted for approximately $10.9 million of total revenue, and products accounted for approximately $7.2 million of total revenue.
At the same time, the company’s net loss per share was US$0.45, of which non-GAAP net loss was US$0.02 per share, an improvement of 71% from the previous year.
Matterport’s gross profit reached approximately $19.4 million, up from $15.9 million the year before.
“I am pleased to announce second quarter 2024 results that underscore our continued success in driving efficient growth,” Matterport Chairman and CEO RJ Pittman said in a statement.
“Subscription revenue increased 16% year over year to a record $24.2 million and now represents more than 57% of our total revenue. This growth highlights our strategic focus on growing recurring subscription revenue within the business.
“Quarter 2 will be characterized by bold product innovation as we continue to develop new products and deliver exceptional value to our customers. Our latest artificial intelligence initiative, Project Genesis, as well as our spatial data-driven efforts such as the winter launch of Q1 Real Estate Intelligence) has been well received by customers and partners. We are actively developing the future of digital twins and look forward to unveiling more breakthroughs in our fall releases later this year.
The company’s total number of subscribers grew 28% from the same period last year to 1.06 million. The management area increased by 33% year-on-year to 33 billion, and the management space increased by 24% year-on-year to 13 million.
In the first half of 2024, the company’s cash from operating activities increased 64% year-on-year to $11.8 million.
“Our second quarter results represent continued revenue growth and year-over-year improvement in non-GAAP net loss per share,” Chief Financial Officer J.D. Fay said. “Solid subscription revenue growth, gross margin expansion and continued operating expense control This reduced our non-GAAP loss per share to $0.02, an improvement of 71% from the prior year period. These results underscore our strong commitment to profitability and highlight the significant progress we are making as we transform our industry. Continuing to drive adoption of digital twins at Matterport, we are not only growing, we are shaping a future where digital transformation will empower our customers and redefine the world of construction.
Unlike many public companies, Matterport did not hold a conference call with investors, which is typically done to provide context on reported earnings and give investors a chance to ask questions to executives.
Last quarter, the spatial data company’s net loss fell 36% year over year.
In the first quarter of 2024, CoStar announced that it would acquire Matterport for $1.6 billion. The acquisition will add a wealth of residential and commercial data to CoStar’s reservoir.
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 approximately $2.1 billion and an enterprise value of approximately $1.6 billion based on the closing price of CoStar’s common stock on April 19, 2024 .
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