Latch, Inc. (LTCH) utilizes a portfolio of software, and devices to make better places to live and work. Approximately one-tenth of every new apartment being built in the US utilizes the company’s diverse product line. The company serves its clients in 43 states via LatchOS which is its flagship full-building operating platform.
The price of LTCH stock in regular trading on February 24, 2022, was $5.04 with a gain of 3.28%. The stock dipped by 14.29% at the last check on February 25, 2022, premarket.
LTCH: Key Financials
On February 24, 2022, LTCH released its unaudited financial statement for the fourth quarter ended December 31, 2021. Some of the crucial highlights are cited below.
Revenue
Revenue in Q4 2021 was $14.5 million in comparison to $7.48 million in the same quarter of 2020. The company observed an improvement of $7.03 million or 94% in revenue year-over-year. Also, the company topped the analysts’ estimates by $956.1 thousand.
EPS
Basic and diluted net loss in the fourth quarter of 2021 was $53.9 million or $0.26 per share versus $19.2 million in the same period of 2020. The company observed an increase in its net loss over the year. Also, it beat the analysts’ estimates by $0.03.
LTCH: Events and Happenings
On November 23, 2021, LTCH updated about its nomination to the inaugural list of Inc. Best-Led Companies. It analyzed 1.3 million data points from approximately 10,000 businesses. On November 22, 2021, LTCH reported its ranking of 101 on the Deloitte Technology Fast 500 list.
On November 16, 2021, LTCH announced its collaborations with a division of NAPCO Security Technologies, Marks USA, and TownSteel, Inc., along with a pipeline collaboration with dormakaba Holding AG. These strong mergers bring LatchOS to a greater number of residents and guests. It also helps speed up the company’s growth across new market sectors, and lock formats.
Conclusion
LTCH stock downplayed by 63% in the past year as the COVID-19 pandemic restricted the economy around the globe. The company’s stock dropped in the premarket session despite it topped the analysts’ estimates of revenue and EPS. Also, for the first fiscal quarter of 2021, the company expects revenue of $20.9 million and EPS -$0.27.
