Door (LTCH) Q4 2025 earnings summary

Executive summary

• Total revenue reached $70.1 million in 2025, marking a 24% year-over-year increase.

• Software revenue grew 9% year-over-year to $22.1 million.

• Operating expenses decreased by 6% year-over-year to $79.6 million.

• Net loss improved by 7% year-over-year to $(53.7) million.

• Adjusted EBITDA improved by 25% year-over-year to $(27.1) million.

Financial highlights

• Excluding a $16.6 million goodwill impairment, operating expenses would have been $63.0 million, a 25% year-over-year improvement.

• Net loss was negatively impacted by $16.6 million in goodwill impairment and $4.9 million in inventory write-offs.

• Adjusted EBITDA excludes non-cash and non-recurring items such as impairments, legal fees, and stock-based compensation.

Segment performance

• Software revenue increased by $1.9 million year-over-year, representing 9% growth.