Door (LTCH) Q3 2025 earnings summary

Executive summary

• Rebranded as DOOR in August 2025, focusing on integrated hardware, software, and services for multifamily buildings, with expansion into smart home and property management solutions.

• Achieved current SEC reporting status for the first time since mid-2022 after completing restatements and timely filings for 2023–2025.

• Operates as a single reportable segment, with all revenue and performance metrics consolidated.

• Shares currently trade on OTC Markets; plans underway to move to OTC Pink Limited Market and apply to OTCID Market.

Financial highlights

• Total revenue for Q3 2025 was $17.4M, up 17% year-over-year; nine-month revenue was $52.3M, up 31%.

• Net loss for Q3 2025 was $6.6M, a 61% improvement year-over-year; nine-month net loss was $25.7M, a 46% improvement.

• Adjusted EBITDA for Q3 2025 was $(4.6)M, a 62% improvement; nine-month Adjusted EBITDA was $(17.6)M, a 31% improvement.

• Hardware revenue grew 42.5% in Q3 2025; professional services revenue up 10.5%; software revenue up 6%.

• Operating expenses dropped to $14.0M, a 40% year-over-year reduction.

Outlook and guidance

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

• Focused on completing the 2025 Annual Report and evaluating options for future trading or listing on higher-tier markets.

• Ongoing focus on cost discipline, inventory management, and liquidity preservation.