Matterport (MTTR) Q4 2023 earnings summary

Executive summary

• Q4 revenue was $39.545M, within guidance; subscription revenue rose 23% YoY to $23.673M, and non-GAAP loss per share improved 56% to $0.04.

• FY2023 revenue increased 16% to $157.748M; subscribers rose 34% to 938,000 and ARR reached $94.7M, up 23%.

• Operating cash use improved 46% YoY in Q4, and operating cash-flow breakeven was targeted for 2H 2024.

Financial highlights

• Q4 revenue was $39.545M vs. $41.141M YoY; subscription revenue was $23.673M, services $8.297M and product $7.547M.

• FY2023 revenue was $157.748M vs. $136.125M in FY2022; subscription revenue was $87.238M vs. $73.789M.

• Q4 GAAP net loss was $43.945M vs. $60.350M; GAAP loss per share was $0.14 vs. $0.21, and non-GAAP loss per share was $0.04 vs. $0.09.

• Q4 gross profit was $18.2M vs. $11.8M; FY gross profit was $70.5M vs. $51.8M.

• Q4 operating cash use was $10.4M, down 46% YoY; FY operating cash use was $58.7M, down 50%.

Outlook and guidance

• Q1 2024 revenue guidance is $39M–$41M; subscription revenue is $24.0M–$24.2M, with 21%–22% YoY growth and non-GAAP loss per share of $0.04–$0.02.

• FY2024 revenue guidance is $173M–$183M; subscription revenue is $104M–$106M, with 19%–22% YoY growth and non-GAAP loss per share of $0.11–$0.07.

• Quarterly operating cash-flow breakeven was expected in 2H 2024, supported by subscription growth and operating discipline.

• Non-GAAP loss-per-share guidance cannot be reconciled to GAAP without unreasonable effort because exclusions are uncertain or not reasonably predictable.