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) is expanding its Capture Services On-Demand to 22 new cities across the U.S. and four in the U.K., totaling 51 U.S. cities. This service allows quick scheduling of trained technicians to create 3D digital twins of properties, enhancing workflow efficiency for various industries. Customers report significant benefits, including faster property listings and improved engagement. Pricing transparency and easy scheduling are key features, driving demand for the service.
Matterport, Inc. (Nasdaq: MTTR) has partnered with In-Q-Tel to develop a compliant Government Cloud (GovCloud) offering, targeting federal agencies such as the Department of Defense and FEMA. The partnership aims to enhance the adoption of Matterport's spatial data technology for applications across various government sectors, improving emergency response and infrastructure management. The company will utilize AWS GovCloud to ensure compliance with strict security standards, enabling federal agencies to digitize critical assets. This development opens up new use cases and strengthens Matterport’s position in the public sector.
Matterport, Inc. (Nasdaq: MTTR) announced a strategic partnership with In-Q-Tel to develop a compliant Government Cloud (GovCloud) offering aimed at federal agencies. This collaboration facilitates the adoption of Matterport's technology for diverse applications, enhancing the security and operational capabilities of agencies like the Department of Defense and FEMA. By digitizing assets such as infrastructure and critical facilities, Matterport aims to provide federal agencies with immersive 3D digital twins, improving emergency response and operational efficiency. The platform will comply with rigorous cybersecurity standards.
Matterport, Inc. (Nasdaq: MTTR) has launched an open beta for Notes, a real-time collaboration tool integrated into Matterport digital twins, designed to enhance productivity for teams. This innovative tool allows users to communicate, share files, and manage tasks directly within 3D spaces, benefiting various sectors, including residential and commercial real estate, architecture, and retail. The launch aims to streamline workflows and improve decision-making across remote locations, ultimately driving efficiency and collaboration among stakeholders.
Matterport, Inc. (Nasdaq: MTTR) has announced its participation in two virtual investor conferences. The Deutsche Bank Technology Conference is scheduled for September 9, 2021, at 3:50 p.m. EDT, while the Piper Sandler Global Technology Conference will take place on September 13, 2021. Both presentations will be webcast live and archived on Matterport's investor relations website. Matterport specializes in turning physical spaces into digital twins, enhancing the value and accessibility of buildings worldwide.
Matterport launched TruePlan for Xactimate, enabling insurance professionals to create editable 3D diagrams swiftly, enhancing operational efficiency. This integration allows users to order a TruePlan from 3D models with one click, streamlining claims processing. TruePlan has garnered recognition, winning the 2021 Contractor’s Choice Award for Product of the Year. The collaboration aims to improve customer satisfaction by reducing estimation time, costs, and increasing productivity, positioning Matterport favorably in the insurance and restoration sectors.
Matterport TruePlan for Xactimate enhances the efficiency of insurance claims by allowing property professionals to generate 3-D sketches with a single click. This integration with Verisk’s Xactimate enables immediate access to editable digital diagrams of loss sites, streamlining what was once a manual process. TruePlan won the 2021 Contractor’s Choice Award for Product of the Year. This collaboration not only reduces time-consuming tasks but also helps improve customer satisfaction ratings and operational costs, ultimately benefiting insurers and contractors alike.
Matterport reported a record revenue of $30 million for Q2 2021, reflecting a 10% sequential increase. Subscription revenue surged 53% to $15 million, with total subscribers rising 158% to 404,000. The company's Annual Recurring Revenue (ARR) reached $61.1 million, and the Spaces Under Management (SUM) grew 75% to 5.6 million. CEO RJ Pittman highlighted strong momentum and the impact of industry partnerships as key growth drivers. The company also completed a public listing, raising $640 million in gross proceeds.
Matterport, Inc. (NASDAQ: MTTR) will release its fiscal 2021 second quarter financial results on August 11, 2021, after market close. Management will conduct a conference call at 2:00 p.m. Pacific time to discuss the results, available via dial-in at (914) 987-7872, conference ID: 2670137. Investors can access the press release and a live webcast on the Matterport investors' website. The company specializes in digital transformation in the built world, having created detailed digital twins of millions of buildings worldwide.
Preethy Vaidyanathan has been appointed as the Head of Product for Matterport as the company progresses with its global expansion strategy. Her extensive experience includes her role as Chief Product Officer at Slice, where she facilitated sales of $1 billion in 2020, and a successful tenure at Tapad, achieving a 69% revenue increase. Vaidyanathan's expertise is expected to enhance Matterport's product strategy and accelerate its growth following its public market debut.
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