SUNNYVALE, Calif., May 26, 2021 /PRNewswire/ -- Matterport, Inc.,
the leading spatial data company driving the digital transformation
of the built world, today announced financial results for the
quarter ended March 31, 2021. In
February 2021, Matterport announced
that it has entered into a definitive agreement to enter into a
business combination with Gores Holdings VI (NASDAQ: GHVI, GHVIU,
and GHVIW), a special purpose acquisition company sponsored by an
affiliate of The Gores Group, LLC, that will result in Matterport
becoming a publicly listed company. Upon closing of the proposed
business combination, the combined company will be named
"Matterport, Inc." and intends to remain listed on NASDAQ under the
ticker symbol "MTTR."
Q1 Financial and Operational Highlights:
- Total revenue was $26.9 million,
up 108% year over year
- Subscriber revenue of $13.8
million, up 84% year over year
- Annual Recurring Revenue (ARR) of $55.2
million
- Spaces Under Management (SUM) grew to 4.9 million, up 88% from
a year ago, surpassing 5 million in April
- Subscribers increased to 331,000, up 531% year over year
- Broadened market reach with the release of Matterport Capture
app on Android
- Added LiDAR Support to Matterport for iPhone to capitalize on
Apple's new depth sensor and increase the fidelity and accuracy of
Matterport digital twins
- Increased the capabilities of Capture Services™, our online
services platform that delivers a convenient turnkey solution for
enterprises seeking to rapidly scale the digitization of their
global real estate assets
- Expanded into South Africa and
the Middle East by establishing
relationships with key value added resellers
- Invested for growth by increasing total headcount by more than
20% from a year ago. Recent key leadership hires include VP of
Solutions Engineering, VP of Customer Operations, VP of Investor
Relations, and VP of International Marketing.
- In February, announced a definitive agreement to enter into a
business combination with Gores Holdings VI (NASDAQ: GHVI, GHVIU,
and GHVIW) and in April, Gores Holdings VI filed a Registration
Statement on Form S-4 relating to the transaction
"We are pleased to report another record quarter, with revenue
more than doubling from the same period a year ago. As demand to
digitize the built world continues to rise, our subscriber base has
increased exponentially, bolstered by big advances across our
iPhone, Android, and Enterprise platform and service offerings,"
said RJ Pittman, Chief Executive Officer of Matterport. "This
quarter once again reflects our enduring, strong execution – across
product innovation, expanding service offerings, extended global
reach, and most importantly, adding to our world-class talent base.
We have also made excellent progress on our proposed merger with
Gores Holdings VI, and the closing is on track for early in the
third quarter. This transaction enables Matterport to more
aggressively achieve significant global scale as a public company.
Matterport has been digitizing the built world for a decade and we
are very well positioned to capitalize on this enormous opportunity
in front of us," Pittman added.
"Our Q1 financial results show continued positive momentum in
our business, as we delivered records in total revenue,
subscription revenue and annual recurring revenue," said JD Fay,
CFO of Matterport. "Not only are we rapidly adding new subscribers,
our existing subscribers are also increasing their spend with us
and seeing more value as they expand the use of our products.
Further, we believe our innovation in digitizing the built world
will continue to support strong future growth."
For additional details regarding Matterport's results, please
see the Earnings Presentation on the investor relations page
of our website at: https://matterport.com/investors.
About Matterport
Matterport is leading the digital
transformation of the built world. Our groundbreaking spatial
computing platform turns buildings into data making every space
more valuable and accessible. Millions of buildings in more than
150 countries have been transformed into immersive Matterport
digital twins to improve every part of the building lifecycle from
planning, construction, and operations to documentation, appraisal
and marketing. Learn more at matterport.com and browse a gallery of
digital twins.
©2021 Matterport, Inc. All rights reserved. Matterport is a
registered trademark and the Matterport logo is a trademark of
Matterport, Inc. All other marks are the property of their
respective owners.
Investor Contact:
Soohwan Kim, CFA
VP, Investor Relations
ir@matterport.com
Media Contact:
Naomi Little
Global Communications Manager
press@matterport.com
+44 203 874 6664
Forward-Looking Statements
This document contains certain forward-looking statements within
the meaning of the federal securities laws with respect to the
proposed business combination between Gores Holdings VI, Inc.
("Gores") and Matterport, Inc. ("Matterport"),
including statements regarding the benefits of the proposed
business combination, the anticipated timing of the proposed
business combination, the services offered by Matterport and the
markets in which Matterport operates, business strategies, debt
levels, industry environment, potential growth opportunities, the
effects of regulations and Gores' or Matterport's projected future
results. These forward-looking statements generally are identified
by the words "believe," "project," "expect," "anticipate,"
"estimate," "intend," "strategy," "future," "forecast,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions
(including the negative versions of such words or expressions).
Forward-looking statements are predictions, projections and
other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
document, including but not limited to: (i) the risk that the
proposed business combination may not be completed in a timely
manner or at all, which may adversely affect the price of Gores'
securities; (ii) the risk that the proposed business combination
may not be completed by Gores' business combination deadline and
the potential failure to obtain an extension of the business
combination deadline if sought by Gores; (iii) the failure to
satisfy the conditions to the consummation of the proposed business
combination, including the approval of the proposed business
combination by Gores' stockholders, the satisfaction of the minimum
trust account amount following redemptions by Gores' public
stockholders and the receipt of certain governmental and regulatory
approvals; (iv) the effect of the announcement or pendency of the
proposed business combination on Matterport's business
relationships, performance, and business generally; (v) risks that
the proposed business combination disrupts current plans of
Matterport and potential difficulties in Matterport employee
retention as a result of the proposed business combination; (vi)
the outcome of any legal proceedings that may be instituted against
Gores or Matterport related to the agreement and plan of merger or
the proposed business combination; (vii) the ability to maintain
the listing of Gores' securities on the NASDAQ; (viii) the price of
Gores' securities, including volatility resulting from changes in
the competitive and highly regulated industries in which Matterport
plans to operate, variations in performance across competitors,
changes in laws and regulations affecting Matterport's business and
changes in the combined capital structure; and (ix) the ability to
implement business plans, forecasts, and other expectations after
the completion of the proposed business combination, and identify
and realize additional opportunities. The foregoing list of factors
is not exhaustive. You should carefully consider the foregoing
factors and the other risks and uncertainties that will be
described in Gores final proxy statement/information
statement/prospectus contained in the registration statement on
Form S-4, including those under "Risk Factors" therein, and other
documents filed by Gores from time to time with the U.S. Securities
and Exchange Commission (the "SEC"). These filings identify
and address other important risks and uncertainties that could
cause actual events and results to differ materially from those
contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Gores and Matterport assume no obligation and, except as
required by law, do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Neither Gores nor Matterport gives any
assurance that either Gores or Matterport will achieve its
expectations.
Additional Information and Where to Find It
In connection with the proposed business combination, Gores has
filed a registration statement on Form S-4 that includes a proxy
statement of Gores, an information statement of Matterport and a
prospectus of Gores. The proxy statement/information
statement/prospectus is not yet effective. The definitive proxy
statement/information statement/prospectus, when it is declared
effective by the SEC, will be sent to all Gores and Matterport
stockholders as of a record date to be established for voting on
the proposed business combination and the other matters to be voted
upon at a meeting of Gores' stockholders to be held to approve the
proposed business combination and other matters (the "Special
Meeting"). Gores may also file other documents regarding the
proposed business combination with the SEC. The definitive proxy
statement/information statement/prospectus will contain important
information about the proposed business combination and the other
matters to be voted upon at the Special Meeting and is not intended
to provide the basis for any investment decision or any other
decision in respect of such matters. Before making any voting
decision, investors and security holders of Gores and Matterport
are urged to read the registration statement, the proxy
statement/information statement/prospectus and all other relevant
documents filed or that will be filed with the SEC in connection
with the proposed business combination as they become available
because they will contain important information about the proposed
business combination.
Investors and security holders will be able to obtain free
copies of the proxy statement/information statement/prospectus and
all other relevant documents filed or that will be filed with the
SEC by Gores through the website maintained by the SEC
at www.sec.gov, or by directing a request to Gores Holdings
VI, Inc., 6260 Lookout Road, Boulder,
CO 80301, attention: Jennifer Kwon
Chou or by contacting Morrow Sodali LLC, Gores' proxy
solicitor, for help, toll-free at (800) 662-5200 (banks and brokers
can call collect at (203) 658-9400).
Participants in Solicitation
Gores and Matterport and their respective directors and officers
may be deemed to be participants in the solicitation of proxies
from Gores' stockholders in connection with the proposed business
combination. Information about Gores' directors and executive
officers and their ownership of Gores' securities is set forth in
Gores' filings with the SEC. Additional information regarding the
interests of those persons and other persons who may be deemed
participants in the proposed business combination may be obtained
by reading the proxy statement/information statement/prospectus
regarding the proposed business combination. You may obtain free
copies of these documents as described in the preceding
paragraph.
Disclaimer
This document relates to a proposed business combination between
Gores and Matterport. This document does not constitute an offer to
sell or exchange, or the solicitation of an offer to buy or
exchange, any securities, nor shall there be any sale of securities
in any jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
MATTERPORT,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
FOR THREE MONTHS
ENDED MARCH 31, 2021 AND MARCH 31, 2020
(unaudited)
|
(In thousands,
except share and per share data)
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
Revenue:
|
|
|
|
Subscription
|
$
13,800
|
|
$
7,516
|
License
|
2,260
|
|
-
|
Services
|
2,689
|
|
925
|
Product
|
8,180
|
|
4,499
|
Total revenue
|
26,929
|
|
12,940
|
Costs of
revenue:
|
|
|
|
Subscription
|
3,251
|
|
2,413
|
License
|
-
|
|
-
|
Services
|
2,035
|
|
927
|
Product
|
4,915
|
|
3,068
|
Total costs of revenue
|
10,201
|
|
6,408
|
Gross
profit
|
16,728
|
|
6,532
|
Operating
expenses:
|
|
|
|
Research and development
|
6,025
|
|
4,605
|
Selling, general, and administrative
|
13,058
|
|
9,797
|
Total operating expenses
|
19,083
|
|
14,402
|
Loss from
operations
|
(2,355)
|
|
(7,870)
|
Other income
(expense):
|
|
|
|
Interest income
|
8
|
|
9
|
Interest expense
|
(308)
|
|
(387)
|
Other (expense) income, net
|
(198)
|
|
154
|
Total other income
(expense)
|
(498)
|
|
(224)
|
Loss before provision
for income taxes
|
(2,853)
|
|
(8,094)
|
Provision for income
taxes
|
19
|
|
14
|
Net loss
|
(2,872)
|
|
(8,108)
|
Net loss per share
attributable to common stockholders, basic
and diluted
|
$
(0.30)
|
|
$
(1.04)
|
Weighted-average
shares used in computing net loss per
share attributable to common stockholders, basic
and diluted
|
9,621,163
|
|
7,800,411
|
Other comprehensive
loss, net of tax:
|
|
|
|
Foreign currency translation loss
|
(67)
|
|
(98)
|
Unrealized gain on available-for-sale securities, net of
tax
|
40
|
|
-
|
Comprehensive
loss
|
$
(2,899)
|
|
$
(8,206)
|
|
|
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/matterport-announces-record-quarterly-financial-results-301300232.html
SOURCE Matterport