Shares of Matterport Inc. (NASDAQ:MTTR) traded lower during Wednesday’s after hours session following the release of the company’s mixed Q4 earnings results and Q1 guidance.
Management saw mixed fourth quarter earnings results as EPS slightly missed analyst estimates while sales beat estimates, noting a 15% year-over-year increase to $27.1 million. The company highlighted a 32% year-over-year surge in subscription revenue to $16.5 million as total subscribers increased 98% year-over-year to 503,000.
Matterport CFO JD Fay emphasized, “the strong progress on the path of building our recurring subscription revenue business, which represented 61% of total revenue.” In particular, the CFO believes proceeds from public warrant redemptions, “along with the $640 million in gross proceeds raised in the third quarter, together provide us tremendous flexibility in allocating capital to accelerate our growth in 2022 and beyond.”
Matterport Inc. is a spatial data company focused on digitizing and indexing the built world. It's all-in-one 3D data platform enables anyone to turn a space into an accurate and immersive digital twin which can be used to design, build, operate, promote, and understand any space.
At the time of publication, shares of Matterport were trading 11.20% lower during after hours at $7.03. The stock has a 52-week low of $7.50 (now broken) and a 52-week high of $37.60.
