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Matterport reported a net loss of $256.6 million last year as it focused on growing its sources of ongoing revenue and growing in scale through the fourth quarter, the company reported this week.
The company, which has been shifting its revenue model away from selling its cameras and into a subscription model for ongoing revenue, reported earning $99.6 million in subscriptions for the year, up 14 percent from a year earlier.
Total revenue was $169.7 million, up 8 percent compared to a year earlier, boosted by its 1.2 million subscribers.
The year also saw an unfavorable court ruling and other litigation that cost Matterport $95 million. Without that payment, the company would have reported trimming its losses while growing revenue.
The company stopped holding calls with investors and the media to talk about its earnings and future plans after deals of the merger were announced last year.
“These accomplishments highlight our steadfast dedication to achieving strong revenue growth and profitability, which we believe positions Matterport for continued success in the future,” Matterport CFO JD Fay said in a statement.
The results were likely the last that will be shared before the company is acquired by CoStar. Both companies have recently reported that the sale was expected to close by the end of March.
Matterport CEO RJ Pittman highlighted a recent software update as a reason he believes the company will continue its growth moving forward. Matterport’s core offerings include its cameras that create so-called “digital twins” of buildings and spaces that allow for 3D walkthroughs, measurements, floorplans and other features.
The company grew quickly during COVID, as real estate shifted online and the need for giving agents new tools to highlight their listings grew.
In recent years, the company has leaned into artificial intelligence for showing what changes to a home could look like, as well as furnishing or removing furnishings.
“With the launch of Matterport Marketing Cloud, agents now have an all-in-one platform that simplifies every step of the property marketing process. Customers are raving about our one-click defurnish tool, now available to all users, making listings cleaner and more market-ready in an instant,” Pittman said. “New features like tag management and Model Merge are unlocking new efficiencies for customers tackling large or complex projects.”
Once focusing largely on helping residential agents sell homes faster and for more money, Matterport has expanded its scope to include creating digital twins of any asset or space, broadening its potential customer base.
In recent months, the company has highlighted its ability to help create efficiencies for businesses with large warehouse space across the world, and other sectors of the commercial real estate market.
