On February 16, Matterport Inc. (MTTR) declared its unaudited financial results for the fourth quarter of fiscal 2021. The company also provided an outlook for its ongoing quarter and fiscal 2022. Consequently, the stock went further down in the after-hours on Wednesday.
During the regular trading session, the stock remained in the red with a loss of 5.60% at its close of $7.92. The day saw a heavy volume of 20.54 million at 190% of its average. Following the announcement, MTTR stock’s fall escalated in the after-hours as it lost a further 12.50%. Hence, the stock was trading at $6.93 per share at an after-hours volume of 3.38 million shares on Wednesday.
The spatial data company, Matterport Inc. is headquartered in Sunnyvale, CA. Currently, its 242.5 million outstanding shares trade at a market capitalization of $2.03 billion. MTTR stock has lost 61.63% year to date while it subtracted 60.60% last year.
MTTR’s Q4 2021 Results
In Q4 2021, the company had total revenue of $27.1 million with an increase of 15% YOY.
Moreover, the total subscribers saw an increase of 98% in the quarter to 503,000.
MTTR’s spaces under management (SUM) was 6.7 million in Q4 2021, which shows an increase of 53% YOY.
In addition, the company had a net loss of $0.66 per basic and diluted share in Q4 2021.
Future Outlook
For fiscal 2022, the company expects revenue to be in the range of $125 to $135 million.
Furthermore, MTTR expects recurring subscription revenue of $80-$82 million with 31%-34% YOY growth for fiscal 2022.
Additionally, for Q1 2022, the total revenue is expected to be $25.5 to $27.5 million and RSR $17.1 to $17.4 million.
MTTR’s Leadership Team Changes
On February 10, the company announced new additions to its leadership team. Firstly, Florence Shaffer was appointed as Vice President, Strategy & Operations, Chief of Staff to CEO. With over two decades of experience, Shaffer will report to RJ Pittman, MTTR’s CEO, and help drive the company’s strategic and operational mandate.
Secondly, Deepti Illa was appointed as the company’s Vice President, Global Integrated Marketing. Illa will be reporting to the company’s Chief Marketing Officer, Tom Klien. She will be responsible for global marketing efforts for the elevation of the company brand and to scale adoption.
Matterport AxisTM
On February 08, the company announced its revolutionary motorized mount, Matterport AxisTM. The mount works with smartphones for capturing 3D digital twins of any physical space with speed, precision, and consistency. Currently available at a prelaunch price, the mount will be officially launched on April 1, 2022.
