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Matterport lost $38.4 million in the third quarter of this year as it continued to shift its focus away from selling its home-scanning cameras toward subscriptions and services while cementing its status as the largest such company in the market.
The company pulled in $43.8 million in the quarter, which was up 8 percent from a year ago. But the company remained in a high-growth stance as it invested millions in sales and administrative roles to scale into an international leader among companies that create so-called digital twins of real estate.
Matterport has focused on scaling up revenue and trimming operating costs while scaling the size of its business. Camera sales slowed while subscription and services revenue have grown.
More than 1 million users now subscribe to receive services from Matterport, and the company reported scanning over 47 billion square feet from 13.6 million real estate and other spaces under its management.
For the first nine months of the year, Matterport pulled in a total of $125.8 million in revenue, about 6 percent more than the same time frame in 2023. More than $100 million of that is from subscriptions and services, which are recurring sources of revenue.
Meanwhile, its net losses so far this year are $216.1 million, up 39 percent from the same period last year. Much of that net loss comes from litigation expenses, as the company was ordered to pay its former CEO $79 million.
The company announced in April that it was being acquired by CoStar. Matterport shareholders voted to approve the sale in July. It is currently being reviewed by federal antitrust regulators.
Matterport said the sale was expected to close by the end of this year or early next year.
Pittman highlighted a recent release of new software that allows users to automatically alter images that were created by its digital twin cameras.
“With one-click defurnishing and automated property descriptions from a Matterport digital twin, customers save time, streamline workflows, and enhance their listings,” Pittman said. “Features like 3D model merge, field tags, and bill-back processing bring unmatched speed, efficiency, and precision to managing spaces at scale for agents, contractors, and enterprise teams alike.”
