Door (LTCH) Q1 2025 earnings summary

Executive summary

• Achieved a 31% year-over-year increase in total revenue for Q1 2025, reaching $15.8 million, with software revenue up 2% to $5.2 million.

• Net loss improved by 18% year-over-year to $(11.3) million, and operating expenses were reduced by 9%.

• Adjusted EBITDA was $(7.4) million, a 22% year-over-year decrease.

• Continued progress toward regaining current SEC reporting status, with ongoing efforts to complete remaining 2025 filings.

Financial highlights

• Total revenue for Q1 2025 was $15.8 million, up from $12.0 million in Q1 2024.

• Software revenue increased to $5.2 million from $5.0 million year-over-year.

• Net loss narrowed to $(11.3) million from $(13.6) million year-over-year.

• Adjusted EBITDA was $(7.4) million, compared to $(6.1) million in Q1 2024 (restated for legal fees).

Outlook and guidance

• Anticipates meaningfully lower cash outflows from operating and non-recurring activities in 2026 compared to 2025.

• Focus remains on completing 2025 SEC filings and advancing the platform for long-term value creation.