Matterport's Annual ESG Report Highlights the Importance of its Digital Twin Technology in Reducing Carbon Footprint

Rhea-AI Summary

Matterport, Inc. (Nasdaq: MTTR) released its second Environmental, Social, and Governance (ESG) report, highlighting the significant impact of its digital twin technology on emission avoidance and supply chain sustainability. The report showcases a 37% increase in total greenhouse gas emissions, but also outlines the avoidance of 756,952 tonnes of carbon emissions since 2021, and the company's efforts to improve its supply chain and reduce electronic waste. Matterport's remote-first workplace model has led to reduced direct emissions and increased productivity, while also earning the company several awards for its strong company culture.

Positive

• Matterport's digital twin technology has helped customers avoid an estimated 756,952 tonnes of carbon emissions since 2021.
• The company's efforts to improve its supply chain have led to a 46% reduction in carbon emissions from its Pro3 camera compared to the Pro2.
• Matterport received several Comparably awards in 2022, recognizing its strong company culture and leadership.

Negative

• Total greenhouse gas emissions increased by 37% to 11,669 tonnes due to increased Scope 3 emissions, primarily accounted for on a spend-basis, with increases to outside services like advertising and consulting contributing to the overall increase.

Digital twin technology's role in emission avoidance and enhanced supply chain sustainability marks a new era in environmental responsibility

SUNNYVALE, Calif., Dec. 11, 2023 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR), today 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, based on 2022 data, builds on the company’s inaugural report last year as the company further establishes company-wide ESG goals and commitments.

In its second year of reporting the impact of Matterport’s digital twins on reducing carbon footprint, the findings continue to demonstrate Matterport’s technology is a highly effective alternative to completing tasks that historically required travel. The ability to interact and work within spaces such as construction sites, manufacturing facilities, or simply tour a home without having to physically travel to the location has enabled people globally to work smarter and more sustainably, reducing the need for business travel and easing the strain on the environment. This has helped Matterport’s customers avoid an estimated 756,952 tonnes of carbon emissions since the company began tracking the measure in 2021.

“We have made excellent progress on our agenda to deliver measurable sustainability benefits to our customers while improving our own operating efficiency through strong governance and execution ,” said RJ Pittman, Chairman and CEO, Matterport. “Matterport’s Digital Twin Platform has become a critical lever for our customers and their properties to operate more sustainably and efficiently from anywhere in the world, and our next generation of intelligent digital twins will further amplify the sustainable impact of our platform.”

The company has continued to embrace its remote first workplace model to create a flexible work environment while reducing its physical footprint and increasing productivity. This has led to steady reductions in direct emissions, and a shift in the company’s supply chain management, including improving the recyclability and reusability of its cameras components. The company’s total greenhouse gas emissions increased 37% to 11,669 tonnes as a result of increased Scope 3 emissions, which are primarily accounted for on a spend-basis, with increases to outside services like advertising and consulting contributing to the overall increase.

Matterport reported several updates to its Social track across Diversity, Equity and Inclusion (DEI), Employee Engagement, and Health, Benefits and Wellness, with highlights including results from the company’s first survey tracking employee sentiment of inclusion and belonging, as well as the first companywide week dedicated to community service, Matterport Cares.

Additional highlights from the report included:

• Carbon Emissions Avoided: Over 2.5 million Matterport digital twins were created in 2022, helping Matterport customers avoid an estimated 382,640 tonnes of carbon emissions– totaling 756,952 tonnes since the company began tracking the measure in 2021.
• Enterprise Carbon Calculator: In 2022, the company began working with an outside carbon accounting firm to develop an emissions calculator for enterprise customers, providing a personalized view of each customer’s aggregate digital twin usage to determine cost, time and emissions savings using the Matterport Digital Twin Platform. The calculator is expected to be available in beta for Tier-1 enterprise customers by Q1 2024.
• Supply Chain Improvements: In 2022, Matterport reassessed and changed its supply chain for the Pro3 camera and its manufacturing process. Previously assembled at the company’s headquarters from more than 100 components manufactured and shipped in by multiple suppliers, the modularized Pro3 camera is now manufactured by an experienced global partner, with key critical components created in the same region to minimize our logistics carbon footprint.
• 100% Electronic Waste Recycled: In 2022, 100% of Matterport’s electronic waste was sent to a certified specialist recycling firm.
• Significantly Reduced Product Footprint: Roughly 99% of Matterport’s camera components are recoverable and reusable, while the remaining 1% that is unrecoverable is responsibly recycled. Total emissions from the Pro3 are 46% less carbon intensive than the Pro2, on a per camera basis. This is due to several factors including the Pro3 weighing less than the Pro2 and our updated supply chain that minimizes the distance between component manufacturing and camera assembly.
• Business Leadership: In 2022, Matterport received Comparably awards in seven categories, which are provided annually to companies recognized by their employees as having a strong company culture. Awards included: Best Company Compensation, Happiest Employees, Best Career Growth, Best CEOs for Diversity, Best CEOs for Women, Best Places to Work in the Bay Area and Best Company Outlook.

To read Matterport’s full ESG report, visit: https://matterport.com/esg

About Matterport
Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking digital twin platform turns buildings into data to make 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 matterport.com and browse a gallery of digital twins.                                        

©2023 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.                

Media Contact:                                
press@matterport.com
                                                
Investor Contact:
ir@matterport.com                                

FAQ

What is the impact of Matterport's digital twin technology on emission avoidance and supply chain sustainability?

Matterport's digital twins have helped customers avoid an estimated 756,952 tonnes of carbon emissions since 2021, demonstrating a significant positive impact on emission avoidance and supply chain sustainability.

What is the ticker symbol for Matterport, Inc.?

The ticker symbol for Matterport, Inc. is MTTR.

What are some highlights from Matterport's second ESG report?

Some highlights from the report include the avoidance of 756,952 tonnes of carbon emissions, improvements in the supply chain, and several awards received by the company for its strong company culture.

How has Matterport's remote-first workplace model affected its emissions and productivity?

The remote-first workplace model has led to reduced direct emissions and increased productivity for Matterport.

What are some negative aspects of Matterport's ESG report?

Total greenhouse gas emissions increased by 37% to 11,669 tonnes due to increased Scope 3 emissions, primarily accounted for on a spend-basis, with increases to outside services like advertising and consulting contributing to the overall increase.