Matterport Sees Healthy Q2 Subscription Revenue Growth, Issues Upbeat Guidance

Matterport Inc MTTR reported a second-quarter revenue decline of 3.5% year-over-year to $28.48 million, missing the consensus of $29.6 million.
Subscription revenue rose 20% Y/Y to $18.4 million, and Services revenue increased 74% Y/Y.
Annualized Recurring Revenue (ARR) exiting the second quarter was $73.6 million.
Adjusted EPS was $(0.12), beating the consensus of $(0.14).
The gross margin was 41.1%, down from 60.4% in 2Q21. Loss from operation was $(69.19) million compared to a loss of $(5.78) million a year ago.
Net cash used in operating activities year-to-date was $58.28 million, compared to $2.63 million in 2Q21.
The company had $562 million in cash and investments and no debt at the end of the quarter.
3Q22 Outlook: Matterport expects revenue of $35 million - $37 million, vs. consensus of $32.94 million, with Subscription Revenue of $18.5 million-$18.8 million; and a Loss per share of ($0.13) - ($0.15), vs consensus of $(0.13).
FY22 Outlook: Matterport expects revenue of $132 million - $138 million, vs. consensus of $124.47 million, with Subscription Revenue of $73 million-$74 million; and Loss per share of ($0.46) - ($0.50), vs. consensus of $(0.50).
Price Action: MTTR shares are trading higher by 15.80% at $6.01 during the post-market session on Wednesday.

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