Door (LTCH) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 increased 47% year-over-year to $19.1 million, driven by professional services growth following the HelloTech merger and property management acquisitions.

• Net loss narrowed to $7.8 million from $16.9 million in Q2 2024, reflecting improved operating leverage and reduced legal and settlement costs.

• The company rebranded as DOOR in August 2025, with a continued focus on integrated hardware, software, and services for the multifamily rental market.

• Filed Q2 2025 report 10 days after Q1, showing progress toward regaining current SEC reporting status.

Financial highlights

• Q2 2025 software revenue grew 4% year-over-year to $5.2 million; professional services revenue rose 238% to $7.9 million.

• Total revenue for the first half of 2025 was $34.8 million, up 40% from the prior year period.

• Adjusted EBITDA loss improved to $5.7 million in Q2 2025 from $7.5 million in Q2 2024.

• Gross margin for Q2 2025 was 43%, down from 46% in Q2 2024, due to higher professional services mix.

• Operating expenses dropped to $15.8 million, a 34% year-over-year reduction for Q2 2025.

Outlook and guidance

• Management expects current liquidity to fund operational needs for at least 12 months.

• Ongoing focus on expanding the DOOR Platform and device integrations to drive future growth.

• Expects to regain current SEC reporting status with the Q3 2025 report, anticipated in Q1 2026.