Door (LTCH) Q1 2025 earnings summary

Executive summary

• Revenue rose 31.1% year-over-year to $15.8 million for Q1 2025, driven by growth in professional services and software, following the HelloTech acquisition.

• Net loss narrowed to $11.3 million from $13.6 million year-over-year, reflecting improved operating leverage and lower legal and settlement costs.

• Adjusted EBITDA was $(7.4) million, down from $(6.1) million in Q1 2024, primarily due to higher operating expenses and increased professional services costs.

• The company rebranded as DOOR in August 2025, with legal and ticker updates pending, and a continued focus on expanding its SaaS platform and smart home integrations.

• 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 grew 2.4% year-over-year to $5.2 million; professional services revenue more than doubled to $6.6 million.

• Hardware revenue declined 13.1% to $4.0 million, mainly due to the impact of prior period restatements.

• Gross margin decreased as cost of revenue increased 48.6% year-over-year, driven by higher professional services costs and inventory reserves.

• Operating expenses fell 8.9% to $18.6 million, with a notable $3.9 million reduction in general and administrative expenses.

Outlook and guidance

• Management expects current cash and investments to fund operations for at least 12 months.

• 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.