Matterport reports Q4 EPS (4c), consensus (4c)

Reports Q4 revenue $39.55M , consensus $40.22M. Reports Q4 Annualized Recurring Revenue hits record $94.7 million, up 23% year-over-year ;Q4 net loss improved 27% year-over-year; Non-GAAP net loss improved 55% year-over-year; Q4 cash used in operating activities improved 46% year-over-year…”We closed 2023 on a high note with fourth quarter total revenue of $39.5 million, in line with our guidance range. Subscription revenue growth accelerated to 23% year-over-year, ahead of our expectations, driven by broad based strength across our global customer base. Our net dollar expansion rate expanded to 109%, the highest level in two years, as we helped customers work faster and more efficiently to improve business productivity and reduce operational costs,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “I’m incredibly excited about our 2024 Winter Release where we introduced Property Intelligence – a suite of AI-powered features and automations – along with new capabilities and add-ons that our customers are craving. This launch sets the stage for 2024 to be the year of the intelligent digital twin, fueling our AI-driven revenue growth and accelerating us towards our profitability goal,” Pittman added. “We made excellent progress in 2023. We drove strong revenue growth, robust gross margin expansion, and significant operating expense reductions – all leading to a 46% year-over-year improvement in non-GAAP loss per share and 50% improvement in our cash used in operations,” said JD Fay, Chief Financial Officer of Matterport. “In 2024, our accelerating subscription revenue growth and continued focus on efficient investments are expected to drive rapid progress to cash flow from operations profitability later this year.”