Matterport, Inc. - MTTR STOCK NEWS

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.

Matterport, Inc. (NASDAQ: MTTR) announced a strategic partnership with SIMLAB, focusing on digitizing buildings throughout design and construction phases. This investment aims to enhance product offerings that integrate Matterport's digital twins with Building Information Modeling (BIM) and smart home IoT technologies. The collaboration will streamline AEC processes, enabling remote inspections and multi-user support, reducing travel costs by 50%. The partnership is set to accelerate innovation in spatial computing for the global construction industry, impacting project management and execution timelines.

Matterport, Inc. (Nasdaq: MTTR) announced a partnership with Apex on July 27, 2021, to provide retail brands in the U.S. and Canada with enhanced access to building data through ApexView powered by Matterport. This solution will enable retailers to efficiently manage store information, reducing data collection time and costs. Clients including Starbucks and Home Depot will benefit from a customized dashboard and AI search engine to optimize store management. The collaboration aims to digitize and index the built world, enhancing insights and accelerating decision-making for retailers.

Matterport (Nasdaq: MTTR), a leader in spatial data, will present at Canaccord Genuity's 41st Annual Growth Conference on August 12, 2021, at 2:30 p.m. EDT. The event will be available via a live webcast on Matterport's Investor Relations website. Management will also hold one-on-one meetings during the conference for investors. Matterport transforms physical spaces into digital twins, enhancing accessibility and value across various industries in over 150 countries.

Matterport has partnered with FocalAgent, the largest supplier of real estate photography in the UK, to enhance property sales through Matterport's 3D technology. This collaboration has resulted in up to a 15% increase in sales prices for properties. As the UK real estate market rebounds, demand for immersive viewing experiences is rising. FocalAgent has utilized Matterport's tools to enhance efficiency and engagement for estate agents. This partnership aims to set a new standard in property listings, making 3D digital twins essential for agents looking to gain market share.