Welcome to our dedicated page for Matterport news (Ticker: MTTR), a resource for investors and traders seeking the latest updates and insights on Matterport stock.
Matterport, Inc. (Nasdaq: MTTR) is a leading spatial data company dedicated to digitizing and indexing the built world. Leveraging its innovative 3D media platform, Matterport enables users to create accurate and immersive digital twins of physical spaces. This groundbreaking technology can be utilized across various stages of a building's lifecycle, including design, construction, operation, and marketing.
With its proprietary technology, Matterport has revolutionized the industry by introducing affordable subscription tiers and supporting a wide range of capture devices, including the advanced Pro3 camera. This strategy has democratized 3D capture technology, resulting in a remarkable 75x growth in subscribers over five years, reaching over one million users today. This success underscores Matterport's leadership in the 3D capture and digital twin market.
The company primarily generates revenue through subscription fees, comprising 60% of its total revenue. Matterport’s SaaS-driven approach has significantly enhanced user engagement and adoption rates, fostering revenue growth through renewals, upsells, and new services like Property Intelligence. The company's commitment to innovation and community engagement has cultivated a vibrant user base that leverages the platform for various applications, from property marketing to facilities management, and beyond.
Matterport continues to drive growth and expansion with AI-powered offerings. The Winter 2024 Release introduced automated features that transform data extraction from properties, laying the groundwork for future advancements in property insights. Upcoming generative AI solutions promise to further innovate by allowing users to reimagine and redesign spaces within their digital twins.
Recent achievements include collaborations with major entities like Crunch Fitness and BMO, enhancing brand uniformity and operational efficiencies through Matterport’s digital twin platform. These partnerships exemplify Matterport's ability to provide scalable and precise solutions for diverse industries.
Founded in 2011, Matterport remains at the forefront of the digital transformation of the built world. The company continues to pioneer advancements in 3D capture technology, making it an indispensable tool for millions of buildings across 177 countries. For more information about Matterport and its services, visit matterport.com.
Matterport, Inc. (Nasdaq: MTTR) has announced its platform is now available on AWS Marketplace, enabling enterprises to leverage Matterport's digital twin technology. This partnership enhances digitization efforts, allowing businesses to utilize AWS integrations for various solutions. Key offerings include the AWS IoT TwinMaker, which simplifies the creation of digital twins, enhances real-time monitoring, and facilitates data integration for improved operational insights.
Matterport, Inc. (Nasdaq: MTTR) has launched the Matterport BIM file, a new service designed to streamline Building Information Modeling (BIM) for the Architecture, Engineering, and Construction (AEC) industries. This innovative tool reduces modeling costs by 70% and significantly shortens project timelines. With an added plugin for Autodesk Revit, users can effortlessly integrate BIM files into their workflows. By replacing traditional manual processes, Matterport aims to boost productivity and provide substantial cost savings for clients, enhancing the efficiency of digital transformations in building projects.
Matterport, Inc. (Nasdaq: MTTR) has expanded its Capture Services On-Demand to include 16 new U.S. cities and 20 in Great Britain, increasing its service coverage by 55%. This service allows businesses to quickly schedule certified technicians to create immersive 3D digital twins of their spaces. As a result, properties digitized through Matterport can now close real estate listings 31% faster and improve rental conversions by up to 12%. The enhanced user experience facilitates quick online appointments, meeting the growing demand for digital twin technology.
Matterport (Nasdaq: MTTR) announced the successful completion of a SOC 2 Type II audit, conducted by Frank, Rimerman + Co. LLP, ensuring compliance in security and privacy for its spatial data platform. This independent audit confirms Matterport's commitment to maintaining effective operational controls and data management for its over 430,000 subscribers worldwide. As Matterport expands its enterprise services, it continues to invest in security infrastructure to support and enhance customer trust in its digital solutions.
Matterport (Nasdaq: MTTR) announced that ATI Restoration has achieved a remarkable 500% productivity increase and a 400% acceleration in insurance claims estimation by utilizing the TruePlan service in conjunction with its 3D scanning technology. This advancement has resulted in over $100,000 annual labor savings per estimator. TruePlan generates 99% accurate sketches from digital twins, effectively eliminating manual sketching. The technology streamlines processes not only for ATI but also enhances the overall claims experience for insurance carriers.
Matterport, Inc. (Nasdaq: MTTR) announced its participation in four upcoming investor conferences scheduled over the next month. The events include the Berenberg US CEO Conference on November 9, J.P. Morgan Digital Twin Seminar on November 10, Credit Suisse 25th Annual Technology Conference on November 30 in Scottsdale, AZ, and Wells Fargo 5th Annual TMT Summit on December 1. All presentations will be webcast live and archived on the investor relations website.
Matterport reported its Q3 2021 financial results, showcasing a 116% increase in total subscribers to 439,000 and a 36% rise in subscription revenue to $16 million year-over-year. Total revenue reached $27.7 million, a 10% increase compared to Q3 2020, with annual recurring revenue now at $63 million. Despite these gains, the company reported a GAAP loss per share of $0.86 and a non-GAAP loss of $0.06. The launch of Matterport for Android is expected to enhance user engagement and overall market reach.
Matterport for Mobile now allows Android users globally to create accurate 3D digital twins of any space using just their smartphones. Available in 175 countries, this app aims to enhance productivity in various sectors. The free subscription enables users to digitize one space for free, while the app supports multiple camera options for detailed capture. The introduction of this app marks a significant step in Matterport's international expansion, particularly in regions with high Android market share.
Matterport, Inc. (Nasdaq: MTTR) has partnered with Horizon Yachts to enhance sales of luxury yachts through immersive digital twins. This innovative approach allows clients to explore yachts virtually, aiding in faster sales and improved customer experience. Over the past 18 months, Horizon has successfully sold high-end yachts sight unseen by utilizing Matterport's 3D technology. The collaboration exemplifies Matterport's growing influence beyond real estate, providing unique selling tools that accelerate transactions and broaden market reach.
Matterport, Inc. (Nasdaq: MTTR) will release its fiscal 2021 third quarter financial results on November 3, 2021, after market close. A conference call is scheduled for the same day at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results, which can be accessed at investors.matterport.com. Matterport leads the digital transformation of the built world, offering a spatial data platform that enhances building lifecycle processes. The company's services have been adopted in over 150 countries, transforming millions of buildings into immersive digital twins.
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