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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 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.
Matterport, Inc. (Nasdaq: MTTR) announced that California-based construction firm Swinerton utilizes its platform to significantly reduce project costs and delays. By employing digital twins, Swinerton has lowered the need for onsite visits by up to 50%, resulting in increased efficiency and reduced safety risks. The technology allows for remote project oversight and precise measurements, streamlining communication and reducing travel expenses for clients. Swinerton reports substantial time savings, completing projects faster while enhancing collaboration and planning accuracy.
Matterport, Inc. (MTTR) announced a significant achievement with Cushman & Wakefield, realizing 53% cost savings by adopting Matterport Capture Services. The collaboration enabled the digitization of over 1,000 commercial properties globally within 12 months, enhancing marketing efforts across 21 countries. Agents now benefit from access to Matterport’s Capture Technician ecosystem, allowing clients to virtually tour properties 24/7. This integration exemplifies how Matterport is transforming the commercial real estate sector and improving customer engagement.
Matterport, Inc. (MTTR) has announced the expansion of its Capture Services On-Demand, adding 13 U.S. cities to meet rising demand since its launch in May 2021. This service allows businesses to quickly digitize properties through an online ordering system, with coverage now extending to 80 U.S. cities and four in the U.K. The 3D digital twins offer significant benefits, including faster listing closures and increased conversions in vacation rentals. The company cites strong customer reliance, with many placing repeat orders as they leverage these services for marketing and operational efficiency.
Matterport (Nasdaq: MTTR) announced that Vacasa, a leading vacation rental platform, has integrated Matterport's digital twins into 89% of its listings. This digital transformation has led to a nearly 12% increase in booking conversions on Vacasa.com. By providing immersive and realistic virtual property tours, guests engage with listings for three times longer. Since 2015, Vacasa has utilized Matterport's technology to digitize over 64 million square feet of property, enhancing the vacation rental experience and customer service efficiency.
Matterport, Inc. (Nasdaq: MTTR) announced the appointment of Pranab Sinha as the new Chief Information Officer, bringing over 20 years of IT and security experience. His role focuses on enhancing operational effectiveness to support the company's rapid global growth. Pranab previously served as CIO at Genesys and has substantial background in infrastructure and SaaS execution. His hiring aims to drive new revenue opportunities and bolster Matterport's leadership in digitizing the built world, leveraging his expertise to expand into new markets.
Matterport, Inc. (MTTR) has appointed Jon Maron as Vice President of Growth to enhance its marketing and revenue strategies. With over 20 years of experience in marketing and growth, Maron aims to drive global adoption of Matterport's spatial data technology. His previous roles include leadership positions at major global companies, focusing on brand development and operational excellence. CEO RJ Pittman emphasizes the importance of marketing in accelerating growth and customer value. This leadership change marks a significant step in Matterport's journey toward digitizing the built world.
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