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LATCH INC (symbol: LTCH) is dedicated to innovating access solutions for modern buildings. With a unique blend of decades worth of expertise in creating highly reliable locks and the experience in designing iconic technology products, Latch has developed a product line that stands out for its strength, simplicity, and aesthetic appeal.
The company's core business revolves around creating a secure and seamless access experience for residents and property managers alike. Their flagship products include smart locks, intercom systems, and access control software tailored for residential and commercial buildings. This integration of hardware and software ensures that properties are secure while offering convenience and modern appeal.
Recently, Latch has been focusing on expanding its presence in the real estate technology market by forging strategic partnerships with leading property developers and management companies. The company's innovative solutions have been widely adopted across various urban centers, further solidifying its position as a key player in the industry.
In terms of financial condition, Latch has shown a steady growth trajectory, bolstered by increasing market demand for smart building solutions. Their ongoing projects include developing new product lines that enhance building security and user convenience, as well as optimizing their existing technology for better performance and reliability.
LATCH INC continues to push the boundaries of what is possible in building access technology, aiming to make access easier, safer, and more intuitive for everyone.
Latch Inc. (LTCH) has completed its previously announced restatement and filed its 2022 Annual Report, along with quarterly reports for Q2 and Q3 2022. The restatement was necessary after an audit committee investigation revealed errors in financial statements from 2019-2022, affecting revenue recognition, expenses, and stock-based compensation.
Key 2022 metrics show software revenue of $13.02M and total revenue of $42.96M, with a net loss of $162.34M. The restatement impact increased previously reported net losses by $2.6M for Q1 2022, $827K for 2021, and $1.43M for 2020. The company expects to file 2023 reports in Q1 2025 and is working on 2024 filings.
Latch Inc. announced at ISC East 2024 the launch of DOOR Bug, a $39 AI-powered sensor designed to detect water-related issues in buildings. The device monitors running toilets, sink leaks, and other household problems, alerting property managers before they become costly emergencies. The product aims to address water damage issues that typically cost between $1,300 to $5,600 to restore. DOOR Bug integrates with Latch's existing smart sensor lineup and is expected to be available in 2025. Through future software updates, the device will be capable of monitoring additional property systems, including noise disturbances and building plant failures.
Latch (LTCH) announced that Chief Strategy Officer Jamie Siminoff will transition to an advisory role as Doorman in 2025. The company, soon to be rebranded as DOOR, has established its headquarters in St. Louis with a 62,000+ square foot facility employing over 50 team members. Key developments include launching the DOOR app for residential living management, introducing new hardware products like the M3 Retrofit Lock and smart sensors, acquiring HelloTech for installation services, and launching DOOR Property Management through The Broadway Company acquisition. The St. Louis-based leadership team will continue executing the company's strategy focusing on operational efficiency and customer value.
Latch, Inc., soon to be DOOR, has announced refreshed designs for DOOR Link, a QR code-powered intercom that provides interconnected benefits without requiring a power source. The company also introduced the DOOR Property Management Solar Sign to increase brand awareness for managed properties.
Key points:
- DOOR Link is available for $99.99 in various custom colors
- It allows residents to see visitors and grant access via smartphone
- The Solar Sign is easy to install and serves as a reminder of property management
- Both products aim to modernize facilities cost-effectively
- A future version of the Solar Sign incorporating the Link QR code is in development
Latch, Inc. (soon to be DOOR) has unveiled its new R2 Retrofit Kit, designed to quickly replace outdated door access readers with the modern, mobile-enabled Latch R2. This innovative solution allows property managers to upgrade their buildings with smart access control that is easy to install, aesthetically pleasing, and cost-effective. The kit enables seamless integration with existing infrastructure, enhances security with smart access capabilities, and offers a scalable, budget-friendly option for property upgrades.
Key features of the R2 Retrofit Kit include:
- Easy installation without drilling or major alterations
- Compatibility with most existing building management systems
- Advanced security features like remote access and digital audit trails
- Cost efficiency for retrofits rather than complete system replacements
- Scalability for gradual property-wide upgrades
The R2 Retrofit Kit is available for $999, with installation and bulk pricing options.
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