Three-dimensional camera and spatial data software company Matterport Inc. today reported an earnings beat in the fourth quarter driven by strong subscriber growth.
For the quarter that ended Dec. 31, Matterport reported a non-generally accepted accounting principles loss per share of nine cents on revenue of $41.1 million, up 52% year-over-year. Analysts had expected a loss of ten cents per share on revenue of $39.7 million.
Matterport’s total subscribers increased to 701,000 in the quarter, up 39% year-over-year, with Spaces Under Management increasing 37% to 9.2 million. Subscription revenue was up 17% to $19.3 million, product revenue 107% to $13.6 million and service revenue 122% to $8.3 million. As of the end of the quarter, the company’s annualized recurring revenue sat at $77.2 million.
Highlights in the quarter included Airbnb Inc. using Matterport’s Property Intelligence offering to analyze and verify a collection of Airbnb homes to ensure they met accessibility standards for guests with mobility needs. The company also landed John Deere & Co. as a client and assisted Design Miami in capturing and producing immersive digital twins to allow visitors to partake in the Design Miami Fair virtually.
“Enterprise demand remains robust as customers across many verticals, such as manufacturing, AEC [architecture, engineering and construction] and travel and hospitality, are increasingly turning to Matterport’s digital twins for remote facilities management, saving companies measurable travel time and money while boosting productivity,” RJ Pittman, chairman and chief executive officer of Matterport, said in a statement. “As our digital twin platform ecosystem continues to grow, customers investing in our powerful add-ons will gain more insights and value from their facilities, storefronts, real estate, and office spaces.”
For its first quarter of 2023, Matterport expects an earnings per share loss of nine cents to 11 cents on revenue of $34 million to $36 million. Analysts were expecting a loss of 10 cents per share on revenue of $39 million.
For the full year 2023, the company expected an EPS loss of 32 cents to 36 cents on revenue of $153 million to $169 million, versus a consensus of 35 cents and $168 million.