Latch (LTCH) Q4 2023 earnings summary

Executive summary

• Filed 2023 Annual and Quarterly SEC reports, progressing toward current filing status and OTC Markets quotation.

• Overcame significant business disruption in 2023, including a full sales team replacement and large-scale reorganization.

• Focus remains on operational excellence, innovation, and fulfilling SEC obligations.

Financial highlights

• Software revenue reached $17.8 million, up 37% year-over-year.

• Total revenue was $45.0 million, a 5% increase year-over-year.

• Net loss improved to $(107.5) million, a 34% year-over-year reduction.

• Adjusted EBITDA (non-GAAP) improved by 42% to $(68.5) million.

Outlook and guidance

• Anticipates lower cash outflows in 2025 for operating and non-ordinary activities compared to 2024.

• Aims to generate positive cash flow from operations in 2026, excluding non-ordinary events.