In the first nine months of the year, Matterport pulled in $125.8 million. Much of that comes from emerging services and subscriptions.
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Matterport lost $38.4 million in the third quarter of this year as it continues to shift its focus from selling its home scanning cameras to subscriptions and services while strengthening its position as the largest 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 state of high growth as it invested millions in sales and management roles to grow into an international leader among companies that create the so-called digital twins of real estate.
Matterport is focused on increasing revenue and reducing operating costs while increasing the size of its business. Camera sales have decreased while subscription fees and services have increased.
More than 1 million users have now signed up for services from Matterport, and the company reports that it scans more than 47 billion square feet from 13.6 million real estate and other properties under its management.
In the first nine months of the year, Matterport pulled in total revenue of $125.8 million, about 6 percent more than the same period in 2023. More than $100 million of that comes from subscriptions and services, which are recurring revenue streams. .
Meanwhile, its net loss so far this year is $216.1 million, up 39 percent from the same period last year. Much of that total loss comes from litigation costs, as the company was ordered to do so paid 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 under review by federal antitrust regulators.
Matterport said the sale is expected to close by the end of this year or early next year.
Pittman highlighted the recent release of new software that allows users to automatically transform images created by its twin digital cameras.
“With one click of automated property descriptions from Matterport’s digital twins, clients save time, streamline workflow, and improve their listings,” Pittman said. “Features such as 3D modeling integration, field tags, and bill-back processing bring unmatched speed, efficiency, and accuracy to space management at scale for agents, contractors, and business teams alike.”
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