Door (LTCH) Q1 2024 earnings summary

Executive summary

• Delivered integrated hardware, software, and services for the multifamily rental market, with a rebrand to DOOR in August 2025 while maintaining the legal name Latch, Inc.

• Launched Door Property Management in March 2024, expanding into property management services through acquisition.

• Completed the acquisition of Honest Day's Work in July 2023 and a property management business in January 2024.

• Operates in one reportable segment, primarily in North America.

Financial highlights

• Total revenue for Q1 2024 was $12.0 million, up 7.9% year-over-year; software revenue grew 26.8% to $5.0 million.

• Net loss narrowed to $13.6 million from $32.9 million in Q1 2023, a 58.6% improvement.

• Adjusted EBITDA loss improved to $7.4 million from $24.4 million year-over-year.

• Cost of revenue decreased 59.1% to $5.6 million, mainly due to lower hardware costs and reduced excess/obsolete inventory reserves.

• Operating expenses fell 33.3% to $20.4 million, driven by lower R&D, sales and marketing, and G&A costs.

Outlook and guidance

• Management expects current cash, cash equivalents, and available-for-sale securities to fund operations for at least 12 months from the report date.

• No restructuring costs anticipated for the remainder of 2025.