Matterport, Inc. (Nasdaq: MTTR), a pioneering leader in the digital
twin and 3D capture space, proudly announces a monumental
achievement in its company history, reaching one million
subscribers to its digital twin cloud platform. This significant
milestone underscores Matterport's unwavering commitment to
innovation and its strategic Capture Ubiquity initiative, which has
propelled the company into a new era of growth and success.
In 2019, Matterport embarked on a bold journey to democratize 3D
capture technology for everyone. By introducing affordable
subscription tiers, supporting low-cost capture devices and
smartphones, and launching the advanced Pro3 camera, Matterport has
made 3D capture accessible to a broad audience. This approach has
not only disrupted the industry but has also resulted in an
impressive 75x subscriber growth in just five years, growing from
13,000 subscribers in late 2018 to over one million today.
A Testament to Matterport’s SaaS Strategy
This achievement is a testament to Matterport's market
leadership in the 3D capture and digital twin industry. By
significantly expanding its user base, Matterport has accelerated
its subscription revenue growth and set the stage to achieve cash
flow break-even from operations this year, enhancing the company's
financial resilience and growth potential. The company’s SaaS-first
approach has driven subscription revenue to 60% of total revenue,
from less than 50% from just one year ago.
The increase in subscribers correlates with heightened user
engagement and adoption rates, further driving the company's
revenue through subscription renewals, upsells, and the
introduction of new services, such as Matterport’s Property
Intelligence, that are tailored to the needs of a growing and
diverse customer base.
Fostering Innovation and Community
Engagement
Matterport's success is deeply rooted in its commitment to
innovation and community engagement. The Capture Ubiquity strategy
not only expanded the technology's accessibility but also fostered
a thriving community of users who are integral to the ecosystem's
growth. This user-centric approach has led to increased engagement,
with users frequently utilizing the platform for various
applications, from Property Marketing to Facilities Management,
Design and Construction and beyond, further solidifying
Matterport's position as a critical tool for numerous uses and
industries.
Continued Growth and Expansion Driven by AI-Powered
Offerings
Looking forward, Matterport believes that it is poised for
continued growth and expansion as a result of deepened investments
in the next-generation of its digital twins.
In February, the company launched a collection of AI-powered
features as part of its inaugural Winter 2024 Release: Automating
the Future, transforming how people and businesses can extract data
from properties. The datafication of built environments is laying
the foundation for the next decade of advancements in property
insights, enabling property stakeholders of all kinds – from
buyers, sellers, and agents, to designers, builders and property
managers – to maximize the value of any space.
The acceleration of this work has also paved the way for the
company’s upcoming generative AI solutions leveraging the
organization’s experience in machine learning and data science to
automatically reimagine and redesign a space within the digital
twin. Initial features are expected to be available in beta with
select customers later this year.
A Celebration of Achievement and a Look to the
Future
Matterport celebrates this milestone with a company-wide toast
to all of its employees, a nod to the company's culture of
recognizing achievements and fostering a sense of community among
its employees and users. This celebration is not only a reflection
of the company's past successes but also a beacon of optimism for
the future.
“We created the category for automated, photorealistic, and
dimensionally accurate 3D digital twins in 2011, and we are the
industry leader today with over one million subscribers and
climbing. This extraordinary milestone is a testament to the
courage, innovation, and tireless dedication of our incredible team
that is charting our future from all over the world,” said RJ
Pittman, Chairman and CEO of Matterport. "Matterport isn't just
leading, it's revolutionizing the way we interact with the built
world, harnessing our versatile digital twin technology to unlock
unprecedented possibilities across industries. With each digital
twin we create, we're not only mapping the present but also paving
the way for a future where digital transformation defines the very
fabric of our physical world."
For more information about Matterport and how you can be part of
the next million subscribers, visit https://matterport.com/
About MatterportMatterport, Inc. (Nasdaq: MTTR)
is the World’s #1 Digital Twin Platform* leading the digital
transformation of the built world. Our groundbreaking platform
turns buildings into data to make every space more valuable and
accessible. Millions of buildings in more than 177 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.
©2024 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. *Largest digital twin cloud hosted platform for
the built world sq.ft. scanned. Data on file.
Media Contact:press@matterport.com
Investor Contact:ir@matterport.com
Forward-Looking Statements
This document contains certain forward-looking statements within
the meaning of the federal securities laws, including statements
regarding subscribers, subscriptions, the services offered by
Matterport, Inc. (“Matterport”) and the markets in which Matterport
operates, business strategies, debt levels, industry environment,
potential growth opportunities, the effects of regulations and
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 the expected benefits of Matterport’s real
estate insights Matterport’s ability to provide accurate automated
measurements, layouts, editing, and reporting capabilities,
Matterport’s ability to implement business plans, forecasts, and
other expectations in the industry in which Matterport competes,
and identify and realize additional opportunities including the
implementation of new solutions. The foregoing list of factors is
not exhaustive. You should carefully consider the foregoing factors
and the other risks and uncertainties described in documents filed
by Matterport 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 Matterport
assumes no obligation and, except as required by law, does not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. Matterport does not give any assurance that it will
achieve its expectations.
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