Door (LTCH) investor relations material

Executive summary

• Total revenue was $15.7 million for Q1 2026, nearly flat year-over-year, with software and hardware gains offsetting lower professional services revenue.

• Net loss narrowed to $5.9 million, a 47.2% year-over-year improvement, reflecting cost reductions and improved operating efficiency.

• Adjusted EBITDA loss narrowed to $3.9 million, down 45.7% year-over-year.

• Company rebranded as DOOR in August 2025, focusing on smart access and home technology for multifamily and student housing markets.

• Cash usage improved by $18.6 million year-over-year, with $28.5 million in cash and investments at quarter end.

Financial highlights

• Software revenue grew 19.1% year-over-year to $6.1 million, driven by subscription growth.

• Hardware revenue increased 8% year-over-year to $4.4 million on higher unit shipments.

• Professional services revenue declined 21% to $5.2 million, mainly due to lower installation activity.

• Gross profit rose $0.7 million year-over-year to $8.2 million, with gross margin expanding to 52.3% from 47.4%.

• Operating expenses fell 26% to $13.8 million, with significant reductions in R&D and G&A expenses.

Outlook and guidance

• Management expects to fund operational cash requirements for at least 12 months beyond the filing date, but highlights ongoing risks related to legal, regulatory, and liquidity challenges.

• Plans to continue cost discipline and may seek additional outside capital if needed.

• Focus remains on revenue growth by adding new buildings, disciplined expense management, and progress toward profitability and positive operating cash flow.

• Refinancing is expected to reduce 2026 debt service cash outflows by approximately $0.9 million.