Matterport Inc (NASDAQ:MTTR) has announced its financial results for the third quarter of 2023, exceeding expectations and showing a surge in revenue. The company’s Q3 performance showcased remarkable growth, with both revenue and loss per share surpassing the high end of guidance.
One of the main drivers behind this outstanding performance was the strong demand from enterprises and SMBs, which led to a total revenue of $40.6 million for the quarter. The trust in Matterport’s platform was further highlighted by a 20% year-over-year increase in subscription revenue, reaching a record high of $22.9 million.
The third quarter of 2023 also brought several financial highlights for Matterport Inc. The total number of subscribers increased by 35% year-over-year to 887,000, while the number of spaces under management grew by 28% to 11.1 million. The company’s total revenue saw a 7% increase year-over-year, amounting to $40.6 million, and the subscription revenue rose by 20% to $22.9 million. The Annualized Recurring Revenue (ARR) at the end of the third quarter reached $91.4 million.
Matterport Inc didn’t just impress with its financial results, but also made significant business strides. The company introduced the next generation of intelligent digital twins, featuring enhanced capabilities driven by advancements in AI and data science. Furthermore, Matterport announced collaborations with Procore Technologies Inc. and Equinox Technologies, expanding its platform ecosystem support and reaching new markets.
Looking ahead, Matterport Inc’s Q4 and full-year 2023 guidance shows an optimistic outlook. The company has raised its revenue and Non-GAAP loss per share expectations due to strong demand for digital twins, solid gross margins, and continued operational discipline. For Q4 2023, Matterport expects total revenue to be between $39 million and $41 million, and for the full year, between $157 million and $159 million. The subscription revenue is projected to range from $23.0 million to $23.3 million in Q4 2023, and from $86.5 million to $86.8 million for the full year. The Non-GAAP loss per share is expected to be between $(0.05) and $(0.03) in Q4 2023, and between $(0.23) and $(0.21) for the full year.
Matterport Inc’s Q3 2023 results demonstrate the company’s impressive growth trajectory, driven by strong revenue surges and record-breaking subscription revenue. With the introduction of innovative technologies and strategic collaborations, Matterport continues to solidify its position as a leading provider of digital twin solutions in various industries.
