☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the quarterly period ended September 30, 2021 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from ____________ to ____________ |
Delaware | 85-1695048 | ||||||||||||
(State or other jurisdiction of | (I.R.S. Employer | ||||||||||||
Identification No.) | |||||||||||||
352 East Java Drive | |||||||||||||
Sunnyvale, | California 94089 | ||||||||||||
(Address of |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||||
Class A Common Stock, | MTTR | The Nasdaq Stock Market | ||||||||||||||
Warrants, | MTTRW | The Nasdaq Stock Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||||||||||
Emerging growth company | ☒ |
September 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 148,853 | $ | 51,850 | |||||||
Restricted cash | 468 | 400 | |||||||||
Short-term investments | 174,168 | — | |||||||||
Accounts receivable, net of allowance of $182 and $799, as of September 30, 2021 and December 31, 2020, respectively | 9,572 | 3,924 | |||||||||
Inventories | 3,989 | 3,646 | |||||||||
Prepaid expenses and other current assets | 11,395 | 2,453 | |||||||||
Total current assets | 348,445 | 62,273 | |||||||||
Property and equipment, net | 11,377 | 8,210 | |||||||||
Long-term investments | 290,900 | — | |||||||||
Other assets | 2,716 | 1,369 | |||||||||
Total assets | $ | 653,438 | $ | 71,852 | |||||||
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 6,848 | $ | 3,434 | |||||||
Current portion of long-term debt | — | 8,215 | |||||||||
Deferred revenue | 8,903 | 4,606 | |||||||||
Accrued expenses and other current liabilities | 8,781 | 6,995 | |||||||||
Total current liabilities | 24,532 | 23,250 | |||||||||
Public warrants liability | 53,682 | — | |||||||||
Private warrants liability | 34,621 | — | |||||||||
Contingent earn-out liability | 334,389 | — | |||||||||
Long-term debt | — | 4,502 | |||||||||
Deferred revenue, non-current | 210 | 297 | |||||||||
Other long-term liabilities | 278 | 335 | |||||||||
Total liabilities | 447,712 | 28,384 | |||||||||
Commitments and contingencies (Note 8) | 0 | 0 | |||||||||
Redeemable convertible preferred stock, $0.0001 par value; 30,000 and 125,405 shares authorized as of September 30, 2021 and December 31, 2020, respectively; nil and 124,979 shares issued and outstanding as of September 30, 2021 and December 31, 2020; and liquidation preference of nil and $166,131 as of September 30, 2021 and December 31, 2020, respectively | — | 164,168 | |||||||||
Stockholders’ equity (deficit): | |||||||||||
Common stock, $0.0001 par value; 640,000 shares and 230,680 shares authorized as of September 30, 2021 and December 31, 2020, respectively; and 242,413 shares and 38,981 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 24 | 4 | |||||||||
Additional paid-in capital | 512,808 | 9,159 | |||||||||
Accumulated other comprehensive income (loss) | (38) | 135 | |||||||||
Accumulated deficit | (307,068) | (129,998) | |||||||||
Total stockholders’ equity (deficit) | 205,726 | (120,700) | |||||||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ | 653,438 | $ | 71,852 |
June 30, 2021 | December 31, 2020 | |||||||
(unaudited) | (audited) | |||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 381,644 | $ | 633,266 | ||||
Prepaid assets | 696,434 | 897,754 | ||||||
Total current assets | 1,078,078 | 1,531,020 | ||||||
Deferred tax asset | 0 | 26,273 | ||||||
Investments and cash held in Trust Account | 345,030,934 | 345,008,625 | ||||||
Total assets | $ | 346,109,012 | $ | 346,565,918 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
Current liabilities: | ||||||||
Accrued expenses, formation and offering costs | $ | 3,632,513 | $ | 475,462 | ||||
Related party note | 1,100,000 | 0 | ||||||
State franchise tax accrual | 77,923 | 55,241 | ||||||
Public warrants derivative liability | 41,331,000 | 11,040,000 | ||||||
Private warrants derivative liability | 26,655,500 | 7,120,000 | ||||||
Total current liabilities | 72,796,936 | 18,690,703 | ||||||
Deferred underwriting compensation | 12,075,000 | 12,075,000 | ||||||
Total liabilities | $ | 84,871,936 | $ | 30,765,703 | ||||
Commitments and contingencies | 0 | 0 | ||||||
Class A Common Stock subject to possible redemption, 34,500,000 shares (at redemption value of $10 per share) | 345,000,000 | 345,000,000 | ||||||
Stockholders’ equity (deficit): | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, NaN issued or outstanding | 0— | 0— | ||||||
Common stock | ||||||||
Class A Common Stock, $0.0001 par value; 400,000,000 shares authorized | 0 | 0 | ||||||
Class F Common Stock, $0.0001 par value; 40,000,000 shares authorized, 8,625,000 shares issued and outstanding | 863 | 863 | ||||||
Additional paid-in-capital | 0 | 0 | ||||||
Accumulated deficit | (83,763,787 | ) | (29,200,648 | ) | ||||
Total stockholders’ equity (deficit) | (83,762,924 | ) | (29,199,785 | ) | ||||
Total liabilities and stockholders’ equity (deficit) | $ | 346,109,012 | $ | 346,565,918 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Subscription | $ | 15,677 | $ | 11,517 | $ | 44,758 | $ | 29,032 | |||||||||||||||
License | 118 | 3,000 | 4,477 | 3,000 | |||||||||||||||||||
Services | 3,292 | 2,341 | 8,860 | 5,498 | |||||||||||||||||||
Product | 8,568 | 8,216 | 25,992 | 24,767 | |||||||||||||||||||
Total revenue | 27,655 | 25,074 | 84,087 | 62,297 | |||||||||||||||||||
Costs of revenue: | |||||||||||||||||||||||
Subscription | 3,908 | 2,981 | 10,543 | 8,299 | |||||||||||||||||||
License | — | 69 | — | 69 | |||||||||||||||||||
Services | 2,460 | 1,730 | 6,785 | 4,270 | |||||||||||||||||||
Product | 7,106 | 5,228 | 18,036 | 15,198 | |||||||||||||||||||
Total costs of revenue | 13,474 | 10,008 | 35,364 | 27,836 | |||||||||||||||||||
Gross profit | 14,181 | 15,066 | 48,723 | 34,461 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 14,484 | 3,861 | 27,599 | 13,003 | |||||||||||||||||||
Selling, general, and administrative | 44,053 | 9,942 | 73,612 | 30,215 | |||||||||||||||||||
Total operating expenses | 58,537 | 13,803 | 101,211 | 43,218 | |||||||||||||||||||
Income (loss) from operations | (44,356) | 1,263 | (52,488) | (8,757) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income | 550 | 3 | 572 | 16 | |||||||||||||||||||
Interest expense | (91) | (339) | (676) | (1,197) | |||||||||||||||||||
Transaction costs | (565) | — | (565) | — | |||||||||||||||||||
Change in fair value of warrants liabilities | (24,176) | — | (24,176) | — | |||||||||||||||||||
Change in fair value of contingent earn-out liability | (98,478) | — | (98,478) | — | |||||||||||||||||||
Other expense, net | (839) | (4) | (1,186) | (903) | |||||||||||||||||||
Total expense | (123,599) | (340) | (124,509) | (2,084) | |||||||||||||||||||
Income (loss) before provision for income taxes | (167,955) | 923 | (176,997) | (10,841) | |||||||||||||||||||
Provision for income taxes | 34 | 17 | 73 | 51 | |||||||||||||||||||
Net income (loss) | $ | (167,989) | $ | 906 | $ | (177,070) | $ | (10,892) | |||||||||||||||
Less: Income allocated to preferred stockholders | — | (906) | — | — | |||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (167,989) | $ | — | $ | (177,070) | $ | (10,892) | |||||||||||||||
Net income (loss) per share, basic and diluted | $ | (0.86) | $ | — | $ | (1.90) | $ | (0.34) | |||||||||||||||
Weighted-average shares used in per share calculation, basic and diluted | 196,478 | 32,552 | 93,061 | 32,334 | |||||||||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||||||||
Foreign currency translation gain (loss) | (16) | 99 | (79) | (20) | |||||||||||||||||||
Unrealized loss on available-for-sale securities, net of tax | (182) | — | (94) | — | |||||||||||||||||||
Comprehensive income (loss) | $ | (168,187) | $ | 1,005 | $ | (177,243) | $ | (10,912) |
Three | Six | |||||||
Months Ended | Months Ended | |||||||
June 30, 2021 | June 30, 2021 | |||||||
Professional fees and other expenses | (1,385,578 | ) | (4,624,546 | ) | ||||
State franchise taxes, other than income tax | (50,000 | ) | (100,000 | ) | ||||
Change in fair value of warrant liability | (23,154,000 | ) | (49,826,500 | ) | ||||
Net loss from operations | (24,589,578 | ) | (54,551,046 | ) | ||||
Other income—interest income | 8,603 | 22,310 | ||||||
Loss before income taxes | $ | (24,580,975 | ) | $ | (54,528,736 | ) | ||
Income tax valuation allowance | 0 | (26,273 | ) | |||||
Net loss attributable to common shares | $ | (24,580,975 | ) | $ | (54,555,009 | ) | ||
Net loss per ordinary share: | ||||||||
Class A Common Stock—basic and diluted | $ | (0.57 | ) | $ | (1.27 | ) | ||
Class F Common Stock—basic and diluted | $ | (0.57 | ) | $ | (1.27 | ) | ||
Redeemable Convertible Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares (1) | Amount | Shares (1) | Amount | Additional Paid-In Capital | Accumulated Other Comprehensive Income (loss) | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 124,979 | $ | 164,168 | 38,981 | $ | 4 | $ | 9,159 | $ | 135 | $ | (129,998) | $ | (120,700) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (2,872) | (2,872) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (27) | — | (27) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 1,585 | — | 789 | — | — | 789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 740 | — | — | 740 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 124,979 | $ | 164,168 | 40,566 | $ | 4 | $ | 10,688 | $ | 108 | $ | (132,870) | $ | (122,070) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (6,209) | (6,209) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 52 | — | 52 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 1,184 | — | 553 | — | — | 553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 713 | — | — | 713 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 124,979 | $ | 164,168 | 41,750 | $ | 4 | $ | 11,954 | $ | 160 | $ | (139,079) | $ | (126,961) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (167,989) | (167,989) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (198) | — | (198) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of redeemable convertible preferred stock | 52 | 293 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock into common stock in connection with the reverse recapitalization | (125,031) | (164,461) | 126,461 | 13 | 164,448 | — | — | 164,461 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 633 | — | 357 | — | — | 357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of legacy Matterport common stock warrants | — | — | 1,038 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon the reverse recapitalization, net of transaction costs | — | — | 72,531 | 7 | 539,890 | — | — | 539,897 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent earn-out liability | — | — | — | — | (235,911) | — | — | (235,911) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 32,070 | — | — | 32,070 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | — | $ | — | 242,413 | $ | 24 | $ | 512,808 | $ | (38) | $ | (307,068) | $ | 205,726 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||
Class A Common Stock | Class F Common Stock | Additional | Stockholders’ | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Paid- In Capital | Accumulated Deficit | Equity (Deficit) | ||||||||||||||||||||||
Balance at April 1, 2021 | 0 | $ | 0 | 8,625,000 | $ | 863 | $ | 0 | $ | (59,182,812 | ) | $ | (59,181,949 | ) | ||||||||||||||
Net loss | — | — | — | — | — | (24,580,975 | ) | (24,580,975 | ) | |||||||||||||||||||
Balance at June 30, 2021 | — | $ | — | 8,625,000 | $ | 863 | $ | — | $ | (83,763,787 | ) | $ | (83,762,924 | ) | ||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||
Class A Common Stock | Class F Common Stock | Additional | Stockholders’ | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Paid-In Capital | Accumulated Deficit | Equity (Deficit) | ||||||||||||||||||||||
Balance at January 1, 2021 | — | $ | — | 8,625,000 | $ | 863 | $ | — | $ | (29,200,648 | ) | $ | (29,199,785 | ) | ||||||||||||||
Subsequent measurement under ASC 480-10-S99 | — | — | — | — | — | (8,130 | ) | (8,130 | ) | |||||||||||||||||||
Net loss | — | — | — | — | — | (54,555,009 | ) | (54,555,009 | ) | |||||||||||||||||||
Balance at June 30, 2021 | — | $ | — | 8,625,000 | $ | 863 | $ | — | $ | (83,763,787 | ) | $ | (83,762,924 | ) | ||||||||||||||
Redeemable Convertible Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares (1) | Amount | Shares (1) | Amount | Additional Paid-In Capital | Accumulated Other Comprehensive Income (loss) | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 98,542 | $ | 110,978 | 32,132 | $ | 3 | $ | 5,871 | $ | 36 | $ | (115,539) | $ | (109,629) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (8,108) | (8,108) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (98) | — | (98) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 620 | — | — | 620 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | 98,542 | $ | 110,978 | 32,132 | $ | 3 | $ | 6,491 | $ | (62) | $ | (123,647) | $ | (117,215) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (3,690) | (3,690) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (21) | — | (21) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of convertible note to Series D redeemable convertible preferred stock | 4,729 | 9,501 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D redeemable convertible preferred stock net of issuance costs | 21,708 | 43,689 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 355 | — | 51 | — | — | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 625 | — | — | 625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 124,979 | $ | 164,168 | 32,487 | $ | 3 | $ | 7,167 | $ | (83) | $ | (127,337) | $ | (120,250) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 906 | 906 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 99 | — | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 843 | — | 138 | — | — | 138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of vested stock options | — | — | — | — | (554) | — | — | (554) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase and Retirement of common stock | — | — | (444) | — | — | — | (438) | (438) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 664 | — | — | 664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | 124,979 | $ | 164,168 | 32,886 | $ | 3 | $ | 7,415 | $ | 16 | $ | (126,869) | $ | (119,435) |
Six | ||||
Months Ended | ||||
Cash flows from operating activities: | June 30, 2021 | |||
Net loss | $ | (54,555,009 | ) | |
Changes in state franchise tax accrual | 22,682 | |||
Changes in prepaid assets | 201,320 | |||
Changes in accrued expenses, formation and offering costs | 3,157,051 | |||
Change in fair value of warrant liability | 49,826,500 | |||
Changes in deferred income tax | 26,273 | |||
Net cash used in operating activities | (1,321,183 | ) | ||
Cash used in investing activities: | ||||
Interest and dividends reinvested in the Trust Account | (22,309 | ) | ||
Net cash used in investing activities | (22,309 | ) | ||
Cash flows from financing activities: | ||||
Proceeds from notes and advances payable – related party | 1,100,000 | |||
Payment of issuance expenses | (8,130 | ) | ||
Net cash provided by financing activities | 1,091,870 | |||
Increase in cash | (251,622 | ) | ||
Cash at beginning of period | 633,266 | |||
Cash at end of period | $ | 381,644 | ||
Supplemental disclosure of income and franchise taxes paid: | ||||
Cash paid for income and state franchise taxes | $ | 77,318 |
For the Three Months Ended June 30, 2021 | For the Six Months Ended June 30, 2021 | |||||||||||||||
Class A | Class F | Class A | Class F | |||||||||||||
Basic and diluted net income/(loss) per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income/(loss) | $ | (19,664,780 | ) | $ | (4,916,195 | ) | $ | (43,650,511 | ) | $ | (10,912,628 | ) | ||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 34,500,000 | 8,625,000 | 34,500,000 | 8,625,000 | ||||||||||||
Basic and diluted net income/(loss) per share | $ | (0.57 | ) | $ | (0.57 | ) | $ | (1.27 | ) | $ | (1.27 | ) |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net Loss | $ | (177,070) | $ | (10,892) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 4,121 | 3,538 | |||||||||
Amortization of debt discount | 135 | 172 | |||||||||
Amortization of investment premiums, net of accretion of discounts | 413 | — | |||||||||
Stock-based compensation, net of amounts capitalized | 31,997 | 1,794 | |||||||||
Change in fair value of warrants liabilities | 24,176 | — | |||||||||
Change in fair value of contingent earn-out liability | 98,478 | — | |||||||||
Transaction costs | 565 | — | |||||||||
Loss on extinguishment of debt and convertible notes | 210 | 954 | |||||||||
Allowance for doubtful accounts | 460 | 581 | |||||||||
Other | 193 | 10 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (6,100) | (7,097) | |||||||||
Inventories | (342) | (2,260) | |||||||||
Prepaid expenses and other assets | (7,699) | (965) | |||||||||
Accounts payable | 3,427 | 1,692 | |||||||||
Deferred revenue | 4,503 | 2,817 | |||||||||
Accrued expenses and other liabilities | 1,442 | 2,516 | |||||||||
Net cash used in operating activities | (21,091) | (7,140) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property and equipment | (536) | (20) | |||||||||
Capitalized software and development costs | (5,233) | (3,624) | |||||||||
Purchase of investments | (466,466) | — | |||||||||
Investment in convertible notes | (1,000) | — | |||||||||
Net cash used in investing activities | (473,235) | (3,644) | |||||||||
CASH FLOW FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from reverse recapitalization and PIPE financing, net | 612,854 | — | |||||||||
Payment of transaction costs related to reverse recapitalization | (9,813) | — | |||||||||
Proceeds from issuance of redeemable convertible preferred stock, net | — | 43,689 | |||||||||
Proceeds from exercise of stock options | 1,696 | 189 | |||||||||
Proceeds from debt, net | — | 5,221 | |||||||||
Proceeds from convertible notes, net of issuance costs | — | 8,457 | |||||||||
Repayment of debt | (13,067) | (6,974) | |||||||||
Settlement of vested stock options | — | (554) | |||||||||
Repurchase of common stock | — | (438) | |||||||||
Net cash provided by financing activities | 591,670 | 49,590 | |||||||||
Net change in cash, cash equivalents, and restricted cash | 97,344 | 38,806 | |||||||||
Effect of exchange rate changes on cash | (273) | (22) | |||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 52,250 | 10,152 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 149,321 | $ | 48,936 | |||||||
Supplemental disclosures of cash flow information | |||||||||||
Cash paid for interest | $ | 753 | $ | 851 | |||||||
Supplemental disclosures of non-cash investing and financing information | |||||||||||
Contingent earn-out liability recognized upon the closing of the reverse recapitalization | $ | 231,627 | $ | — | |||||||
Conversion of redeemable convertible preferred stock into common stock in connection with the reverse recapitalization | $ | 164,461 | $ | — | |||||||
Unpaid transaction costs | $ | 200 | $ | — | |||||||
As of June 30, 2021 | ||||
Gross proceeds | $ | 345,000,000 | ||
Less: | ||||
Proceeds allocated to public warrants | $ | (10,557,000 | ) | |
Class A shares issuance costs | $ | (19,266,180 | ) | |
Plus: | ||||
Accretion of carrying value to redemption value | $ | (29,823,180 | ) | |
Contingently redeemable Class A Common Stock | $ | 345,000,000 | ||
Volatility | 21.0 | % | ||
Risk-free interest rate | 0.43 | % | ||
Warrant exercise price | $ | 11.50 | ||
Expected term | 5.5 |
Private Placement Warrants | Public Warrants | Total Warrant Liabilities | ||||||||||
Fair value at December 31, 2020 | $ | 7,120,000 | $ | 11,040,000 | $ | 18,160,000 | ||||||
Change in fair value | 19,535,500 | 30,291,000 | 49,826,500 | |||||||||
Fair value at June 30, 2021 | $ | 26,655,500 | $ | 41,331,000 | $ | 67,986,500 |
Description | June 30, 2021 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||
Investments and cash held in Trust Account | $ | 345,030,934 | $ | 345,030,934 | $ | — | $ | — | ||||||||
Public warrants | 41,331,000 | 41,331,000 | — | — | ||||||||||||
Private placement warrants | 26,655,500 | — | 26,655,500 | — | ||||||||||||
Total | $ | 413,017,434 | $ | 386,361,934 | $ | 26,665,500 | $ | — | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Customer: | |||||||||||||||||||||||
Customer A | * | 12.0 | % | * | * |
September 30, 2021 | December 31, 2020 | ||||||||||
Customer: | |||||||||||
Customer B | 11.1 | % | * | ||||||||
Shares | |||||
Legacy Matterport Stockholders(1) | 169,425 | ||||
Public Stockholders of Gores | 34,406 | ||||
Initial Stockholders (defined below) of Class F Stock(2) | 8,625 | ||||
PIPE Investors(3) | 29,500 | ||||
Total | 241,956 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
United States | $ | 16,383 | $ | 16,638 | $ | 51,518 | $ | 40,983 | |||||||||||||||
International | 11,272 | 8,436 | 32,569 | 21,314 | |||||||||||||||||||
Total revenue | $ | 27,655 | $ | 25,074 | $ | 84,087 | $ | 62,297 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Over time revenue | $ | 18,969 | $ | 13,858 | $ | 53,618 | $ | 34,530 | |||||||||||||||
Point-in-time revenue | 8,686 | 11,216 | 30,469 | 27,767 | |||||||||||||||||||
Total | $ | 27,655 | $ | 25,074 | $ | 84,087 | $ | 62,297 |
September 30, 2021 | December 31, 2020 | ||||||||||
Accounts receivable, net | $ | 7,793 | $ | 2,700 | |||||||
Unbilled accounts receivable | $ | 1,779 | $ | 1,224 | |||||||
Deferred revenue | $ | 9,113 | $ | 4,903 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Balance—beginning of period | $ | (32) | $ | (566) | $ | (799) | $ | (337) | |||||||||||||||
Increase in reserves | (309) | (340) | (460) | (581) | |||||||||||||||||||
Write-offs | 159 | — | 1,077 | 12 | |||||||||||||||||||
Balance—end of period | $ | (182) | $ | (906) | $ | (182) | $ | (906) |
September 30, 2021 | December 31, 2020 | ||||||||||
Finished Goods | $ | 1,026 | $ | 538 | |||||||
Work in process | 1,480 | 2,219 | |||||||||
Purchased parts and raw materials | 1,483 | 889 | |||||||||
Total inventories | $ | 3,989 | $ | 3,646 |
September 30, 2021 | December 31, 2020 | ||||||||||
Machinery and equipment | $ | 1,945 | $ | 1,435 | |||||||
Furniture and fixtures | 354 | 359 | |||||||||
Leasehold improvements | 728 | 733 | |||||||||
Capitalized software and development costs | 24,902 | 18,126 | |||||||||
Total property and equipment | 27,929 | 20,653 | |||||||||
Accumulated depreciation and amortization | (16,552) | (12,443) | |||||||||
Total property and equipment, net | $ | 11,377 | $ | 8,210 |
September 30, 2021 | December 31, 2020 | ||||||||||
Accrued compensation | $ | 2,503 | $ | 3,208 | |||||||
Tax payable | 945 | 1,164 | |||||||||
Transaction cost payable | 200 | 135 | |||||||||
Other current liabilities | 5,133 | 2,488 | |||||||||
Total accrued expenses and other current liabilities | $ | 8,781 | $ | 6,995 |
September 30, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | 138,730 | $ | — | $ | — | $ | 138,730 | |||||||||||||||
Total cash equivalents | $ | 138,730 | $ | — | $ | — | $ | 138,730 | |||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Corporate debt securities | — | 44,274 | — | 44,274 | |||||||||||||||||||
Commercial paper | — | 129,894 | — | 129,894 | |||||||||||||||||||
Total short-term investments | $ | — | $ | 174,168 | $ | — | $ | 174,168 | |||||||||||||||
Long-term investments: | |||||||||||||||||||||||
U.S. government and agency securities | $ | 180,988 | $ | — | $ | — | $ | 180,988 | |||||||||||||||
Non-U.S. government and agency securities | — | 24,483 | — | 24,483 | |||||||||||||||||||
Corporate debt securities | — | 85,429 | — | 85,429 | |||||||||||||||||||
Total long-term investments | $ | 180,988 | $ | 109,912 | $ | — | $ | 290,900 | |||||||||||||||
Other assets: | |||||||||||||||||||||||
Convertible notes receivable | $ | — | $ | — | $ | 1,095 | $ | 1,095 | |||||||||||||||
Total other assets: | $ | — | $ | — | $ | 1,095 | $ | 1,095 | |||||||||||||||
Total assets measured at fair value | $ | 319,718 | $ | 284,080 | $ | 1,095 | $ | 604,893 | |||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Public warrants liability | $ | 53,682 | $ | — | $ | — | $ | 53,682 | |||||||||||||||
Private warrants liability | — | 34,621 | — | 34,621 | |||||||||||||||||||
Contingent earn-out liability | — | 0 | 334,389 | 334,389 | |||||||||||||||||||
Total liabilities measured at fair value | $ | 53,682 | $ | 34,621 | $ | 334,389 | $ | 422,692 |
December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | 43,116 | $ | — | $ | — | $ | 43,116 | |||||||||||||||
Total cash equivalents | $ | 43,116 | $ | — | $ | — | $ | 43,116 | |||||||||||||||
Total assets measured at fair value | $ | 43,116 | $ | — | $ | — | $ | 43,116 |
September 30, 2021 | |||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||
Investments: | |||||||||||||||||||||||
U.S. government and agency securities | $ | 181,104 | $ | — | $ | (116) | $ | 180,988 | |||||||||||||||
Non-U.S. government and agency securities | 24,490 | — | (6) | 24,484 | |||||||||||||||||||
Corporate debt securities | 129,775 | — | (72) | 129,703 | |||||||||||||||||||
Commercial paper | 129,888 | 5 | — | 129,893 | |||||||||||||||||||
Convertible notes receivable | 1,000 | 95 | — | 1,095 | |||||||||||||||||||
Total available-for-sale investments | $ | 466,257 | $ | 100 | $ | (194) | $ | 466,163 |
Amortized Cost | Fair Value | ||||||||||
Due within one year | $ | 174,176 | $ | 174,167 | |||||||
Due between one and three years | 292,081 | 291,996 | |||||||||
Total | $ | 466,257 | $ | 466,163 |
December 31, 2020 | |||||||||||
Line of credit | $ | 3,000 | |||||||||
2019 term loan | 2,417 | ||||||||||
2018 term loan | 5,650 | ||||||||||
2020 term loan | 2,000 | ||||||||||
Total debt | $ | 13,067 | |||||||||
Less: unamortized debt discount | (350) | ||||||||||
Total debt, net of debt discount | 12,717 | ||||||||||
Less: Current portion of long-term debt | (8,215) | ||||||||||
Long-term debt | $ | 4,502 |
Operating Leases | Purchase Obligations | Total Lease and Purchase Obligations | |||||||||||||||
Remainder of 2021 | $ | 318 | $ | 8,313 | $ | 8,631 | |||||||||||
2022 | 1,301 | 5,221 | 6,522 | ||||||||||||||
2023 | 1,339 | 165 | 1,504 | ||||||||||||||
2024 | 1,306 | 153 | 1,459 | ||||||||||||||
2025 | 207 | — | 207 | ||||||||||||||
Total | $ | 4,471 | $ | 13,852 | $ | 18,323 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Convertible preferred stock: | Original Issuance Price | Shares Authorized | Shares Issued and Outstanding | Shares of Common Stock if converted | Carrying Value | Aggregate Liquidation Preference | Dividend Rate | ||||||||||||||||||||||||||||||||||
Series Seed redeemable | $ | 0.3507 | 24,861 | 24,861 | 24,861 | $ | 7,350 | $ | 8,720 | 8.0 | % | ||||||||||||||||||||||||||||||
Series A-1 redeemable | $ | 0.4261 | 7,570 | 7,570 | 7,570 | 3,165 | 3,226 | 8.0 | % | ||||||||||||||||||||||||||||||||
Series B redeemable | $ | 0.8194 | 19,527 | 19,527 | 20,957 | 15,905 | 16,000 | 8.0 | % | ||||||||||||||||||||||||||||||||
Series C redeemable | $ | 1.7194 | 30,730 | 30,727 | 30,727 | 52,696 | 52,832 | 8.0 | % | ||||||||||||||||||||||||||||||||
Series D redeemable | $ | 2.0181 | 42,717 | 42,294 | 42,294 | 85,052 | $ | 85,353 | 8.0 | % | |||||||||||||||||||||||||||||||
125,405 | 124,979 | 126,409 | $ | 164,168 | $ | 166,131 |
September 30, 2021 | |||||||||||
Common stock reserved for Earn-out | 23,460 | ||||||||||
Public and private warrants to purchase common stock | 11,350 | ||||||||||
Common stock options outstanding and unvested RSUs under the Amended and Restated 2011 Stock Incentive Plan | 46,861 | ||||||||||
Shares available for future grant under 2021 Employee Stock Purchase Plan | 7,259 | ||||||||||
Shares available for future grant under 2021 Incentive Award Plan | 24,196 | ||||||||||
Total shares of common stock reserved | 113,126 |
Foreign Currency Translation, Net of Tax | Unrealized Losses on Available-for-Sale Debt Securities, Net of Tax | Total | |||||||||||||||
Balance at December 31, 2020 | $ | 135 | $ | — | $ | 135 | |||||||||||
Net unrealized loss | (79) | (94) | (173) | ||||||||||||||
Balance at September 30, 2021 | $ | 56 | $ | (94) | $ | (38) |
Foreign Currency Translation, Net of Tax | Unrealized Gains on Available-for-Sale Debt Securities, Net of Tax | Total | |||||||||||||||
Balance at December 31, 2019 | $ | 36 | $ | — | $ | 36 | |||||||||||
Net unrealized loss | (20) | — | (20) | ||||||||||||||
Balance at September 30, 2020 | $ | 16 | $ | — | $— | $ | 16 |
Public Warrants | Private Warrants | Total Warrants | |||||||||||||||
Warrants assumed upon the Closing of the Merger | 6,900 | 4,450 | 11,350 | ||||||||||||||
Warrants Exercised | — | — | — | ||||||||||||||
Outstanding as of September 30, 2021 | 6,900 | 4,450 | 11,350 |
Public Warrants | Private Warrants | Total Warrant Liabilities | |||||||||||||||
Fair value at Closing date on July 22, 2021 | $ | 38,984 | $ | 25,143 | $ | 64,127 | |||||||||||
Change in fair value | 14,698 | 9,478 | 24,176 | ||||||||||||||
Fair value at September 30, 2021 | $ | 53,682 | $ | 34,621 | $ | 88,303 |
As of | |||||||||||
September 30, 2021 | July 22, 2021 | ||||||||||
Current stock price | $ | 18.91 | $ | 14.47 | |||||||
Expected term (in years) | 5.3 | 5.5 | |||||||||
Expected volatility | 55.0 | % | 51.5 | % | |||||||
Risk-free interest rate | 1.1 | % | 0.8 | % | |||||||
Expected dividend yield | 0 | % | 0 | % |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||
Balance at December 31, 2020 | $ | — | |||
Contingent earn-out liability recognized upon the closing of the Reverse Recapitalization | 231,627 | ||||
Reallocation of Earn-out Shares to earn-out liability upon forfeitures | 4,284 | ||||
Change in fair value of earn-out liability | 98,478 | ||||
Balance at September 30, 2021 | $ | 334,389 |
Options Outstanding | |||||||||||||||||||||||
Number of Shares | Weighted- Average Exercise Price Per Share | Weighted- Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Balance—December 31, 2020 | 49,206 | $ | 0.62 | 8.1 | $ | 245,565 | |||||||||||||||||
Expired or canceled | (2,673) | 0.70 | |||||||||||||||||||||
Exercised | (3,402) | 0.50 | $ | 33,210 | |||||||||||||||||||
Balance—September 30, 2021 | 43,131 | $ | 0.63 | 7.1 | $ | 788,467 | |||||||||||||||||
Options vested and exercisable—September 30, 2021 | 27,493 | $ | 0.56 | 6.6 | $ | 504,540 |
RSUs and PRSUs | |||||||||||
Number of Shares | Weighted- Average Grant-Date Fair Value Price Per Share | ||||||||||
Balance-December 31, 2020 | — | $ | — | ||||||||
Granted | 4,070 | 9.55 | |||||||||
Vested | (28) | 9.29 | |||||||||
Canceled or forfeited | (312) | 9.20 | |||||||||
Balance-September 30, 2021 | 3,730 | $ | 9.58 |
Earn-out Award Outstanding | |||||||||||
Number of Shares | Weighted-Average Grant-Date Fair Value Price Per Share | ||||||||||
Balance - December 31, 2020 | — | $ | — | ||||||||
Granted | 5,097 | 12.61 | |||||||||
Forfeited | (337) | 12.57 | |||||||||
Balance - September 30, 2021 | 4,760 | $ | 12.62 | ||||||||
Nine Months Ended September 30, | |||||
2020 | |||||
Expected term | 5.5 – 6.1 years | ||||
Expected volatility | 38.5 – 44.9% | ||||
Risk-free interest rate | 0.3 – 1.5% | ||||
Expected dividend yield | 0% |
Inception to September 30, | |||||
2021 | |||||
Current stock price | $13.93 – $19.11 | ||||
Expected term | 5.3 – 5.5 years | ||||
Expected volatility | 40.0% – 55.0% | ||||
Risk-free interest rate | 0.8% – 1.1% | ||||
Expected dividend yield | 0% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Costs of revenue | $ | 978 | $ | 28 | $ | 1,040 | $ | 78 | |||||||||||||||
Research and development | 6,695 | 164 | 6,929 | 485 | |||||||||||||||||||
Selling, general, and administrative | 23,065 | 438 | 24,028 | 1,231 | |||||||||||||||||||
Stock-based compensation, net of amounts capitalized | 30,738 | 630 | 31,997 | 1,794 | |||||||||||||||||||
Capitalized stock-based compensation | 1,332 | 34 | 1,526 | 115 | |||||||||||||||||||
Total stock-based compensation | $ | 32,070 | $ | 664 | $ | 33,523 | $ | 1,909 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator : | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (167,989) | $ | 906 | $ | (177,070) | $ | (10,892) | |||||||||||||||
Less: undistributed earnings attributable to participating securities | — | (906) | — | — | |||||||||||||||||||
Net income (loss) attributable to common stockholders, basic and diluted | $ | (167,989) | $ | — | $ | (177,070) | $ | (10,892) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares used in computing net income (loss) per share attributable to common stockholders, basic and diluted | 196,478 | 32,552 | 93,061 | 32,334 | |||||||||||||||||||
Net income (loss) per share attributable to common stockholders, basic and diluted | $ | (0.86) | $ | — | $ | (1.90) | $ | (0.34) |
As of September 30, | |||||||||||
2021 | 2020 | ||||||||||
Public warrants | 6,900 | — | |||||||||
Private warrants | 4,450 | — | |||||||||
Earn-out shares | 23,460 | — | |||||||||
Redeemable convertible preferred stock, all series | — | 126,409 | |||||||||
Warrants to purchase common stock | — | 1,081 | |||||||||
Common stock options outstanding | 43,131 | 52,859 | |||||||||
Unvested RSUs | 3,730 | — | |||||||||
Total potentially dilutive common stock equivalents | 81,671 | 180,349 |
Nine Months Ended September 30, | Year ended December 31 | ||||||||||||||||||||||
2021 | 2020 | 2020 | 2019 | ||||||||||||||||||||
Spaces under management | 6.2 | 3.8 | 4.3 | 2.3 |
Nine Months Ended September 30, | Year ended December 31 | ||||||||||||||||||||||
2021 | 2020 | 2020 | 2019 | ||||||||||||||||||||
Free subscribers | 385.2 | 163.2 | 210.3 | 19.1 | |||||||||||||||||||
Paid subscribers | 53.8 | 39.9 | 43.9 | 20.5 | |||||||||||||||||||
Total subscribers | 439.0 | 203.1 | 254.2 | 39.6 |
Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Net dollar expansion rate | 114 | % | 119 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
GAAP income (loss) from operations | $ | (44,356) | $ | 1,263 | $ | (52,488) | $ | (8,757) | |||||||||||||||||||||||||||
Add back: stock based compensation expense, net | 30,738 | 630 | 31,997 | 1,794 | |||||||||||||||||||||||||||||||
Non-GAAP income (loss) from operations | $ | (13,618) | $ | 1,893 | $ | (20,491) | $ | (6,963) |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Net cash used in operating activities | $ | (21,091) | $ | (7,140) | |||||||
Less: purchases of property and equipment | 536 | 20 | |||||||||
Less: capitalized software and development costs | 5,233 | 3,624 | |||||||||
Free cash flow | $ | (26,860) | $ | (10,784) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
Subscription | 15,677 | 11,517 | 44,758 | 29,032 | |||||||||||||||||||||||||||||||
License | 118 | 3,000 | 4,477 | 3,000 | |||||||||||||||||||||||||||||||
Services | 3,292 | 2,341 | 8,860 | 5,498 | |||||||||||||||||||||||||||||||
Product | 8,568 | 8,216 | 25,992 | 24,767 | |||||||||||||||||||||||||||||||
Total revenue | 27,655 | 25,074 | 84,087 | 62,297 | |||||||||||||||||||||||||||||||
Costs of revenue: | |||||||||||||||||||||||||||||||||||
Subscription | 3,908 | 2,981 | 10,543 | 8,299 | |||||||||||||||||||||||||||||||
License | — | 69 | — | 69 | |||||||||||||||||||||||||||||||
Services | 2,460 | 1,730 | 6,785 | 4,270 | |||||||||||||||||||||||||||||||
Product | 7,106 | 5,228 | 18,036 | 15,198 | |||||||||||||||||||||||||||||||
Total costs of revenue | 13,474 | 10,008 | 35,364 | 27,836 | |||||||||||||||||||||||||||||||
Gross profit | 14,181 | 15,066 | 48,723 | 34,461 | |||||||||||||||||||||||||||||||
Gross margin | 51% | 60% | 58% | 55% | |||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Research and development | 14,484 | 3,861 | 27,599 | 13,003 | |||||||||||||||||||||||||||||||
Selling, general, and administrative | 44,053 | 9,942 | 73,612 | 30,215 | |||||||||||||||||||||||||||||||
Total operating expenses | 58,537 | 13,803 | 101,211 | 43,218 | |||||||||||||||||||||||||||||||
Income (loss) from operations | (44,356) | 1,263 | (52,488) | (8,757) | |||||||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||
Interest income | 550 | 3 | 572 | 16 | |||||||||||||||||||||||||||||||
Interest expense | (91) | (339) | (676) | (1,197) | |||||||||||||||||||||||||||||||
Transaction costs | (565) | — | (565) | — | |||||||||||||||||||||||||||||||
Change in fair value of warrants liabilities | (24,176) | — | (24,176) | — | |||||||||||||||||||||||||||||||
Change in fair value of contingent earn-out liability | (98,478) | — | (98,478) | — | |||||||||||||||||||||||||||||||
Other expense, net | (839) | (4) | (1,186) | (903) | |||||||||||||||||||||||||||||||
Total expense | (123,599) | (340) | (124,509) | (2,084) | |||||||||||||||||||||||||||||||
Income (loss) before provision for income taxes | (167,955) | 923 | (176,997) | (10,841) | |||||||||||||||||||||||||||||||
Provision for income taxes | 34 | 17 | 73 | 51 | |||||||||||||||||||||||||||||||
Net income (loss) | $ | (167,989) | $ | 906 | $ | (177,070) | $ | (10,892) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||
Amount | Amount | Amount | % | Amount | Amount | Amount | % | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Subscription | $ | 15,677 | $ | 11,517 | $ | 4,160 | 36 | % | $ | 44,758 | $ | 29,032 | $ | 15,726 | 54 | % | |||||||||||||||||||||||||||||||
License | 118 | 3,000 | (2,882) | (96) | % | 4,477 | 3,000 | 1,477 | 49 | % | |||||||||||||||||||||||||||||||||||||
Services | 3,292 | 2,341 | 951 | 41 | % | 8,860 | 5,498 | 3,362 | 61 | % | |||||||||||||||||||||||||||||||||||||
Product | 8,568 | 8,216 | 352 | 4 | % | 25,992 | 24,767 | 1,225 | 5 | % | |||||||||||||||||||||||||||||||||||||
Total revenue | $ | 27,655 | $ | 25,074 | $ | 2,581 | 10 | % | $ | 84,087 | $ | 62,297 | $ | 21,790 | 35 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||
Amount | Amount | Amount | % | Amount | Amount | Amount | % | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of subscription revenue | $ | 3,908 | $ | 2,981 | $ | 927 | 31 | % | $ | 10,543 | $ | 8,299 | 2,244 | 27 | % | ||||||||||||||||||||||||||||||||
Cost of license revenue | — | 69 | (69) | (100) | % | — | 69 | (69) | (100) | % | |||||||||||||||||||||||||||||||||||||
Cost of services revenue | 2,460 | 1,730 | 730 | 42 | % | 6,785 | 4,270 | 2,515 | 59 | % | |||||||||||||||||||||||||||||||||||||
Cost of products revenue | 7,106 | 5,228 | 1,878 | 36 | % | 18,036 | 15,198 | 2,838 | 19 | % | |||||||||||||||||||||||||||||||||||||
Total cost of revenue | $ | 13,474 | $ | 10,008 | $ | 3,466 | 35 | % | $ | 35,364 | $ | 27,836 | $ | 7,528 | 27 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Gross profit | $ | 14,181 | $ | 15,066 | $ | 48,723 | $ | 34,461 | |||||||||||||||||||||||||||
Gross margin | 51% | 60% | 58% | 55% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||
Amount | Amount | Amount | % | Amount | Amount | Amount | % | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Research and development expenses | $ | 14,484 | $ | 3,861 | $ | 10,623 | 275 | % | $ | 27,599 | $ | 13,003 | $ | 14,596 | 112 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||
Amount | Amount | Amount | % | Amount | Amount | Amount | % | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 44,053 | $ | 9,942 | $ | 34,111 | 343 | % | $ | 73,612 | $ | 30,215 | $ | 43,397 | 144 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Interest income | $ | 550 | $ | 3 | $ | 572 | $ | 16 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Interest expense | $ | (91) | $ | (339) | $ | (676) | $ | (1,197) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Transaction costs | $ | (565) | $ | — | $ | (565) | $ | — |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Change in fair value of warrants liabilities | $ | (24,176) | $ | — | $ | (24,176) | $ | — |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Change in fair value of contingent earn-out liability | $ | (98,478) | $ | — | $ | (98,478) | $ | — |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Other expense, net | $ | (839) | $ | (4) | $ | (1,186) | $ | (903) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Provision for income taxes | $ | 34 | $ | 17 | $ | 73 | $ | 51 |
September 30, 2021 | December 31, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Cash, cash equivalents, and investments: | |||||||||||
Cash and cash equivalents | $ | 148,853 | $ | 51,850 | |||||||
Restricted cash | 468 | 400 | |||||||||
Investments | 465,068 | — | |||||||||
Total cash, cash equivalents, and investments | $ | 614,389 | $ | 52,250 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash provided by (used in): | |||||||||||
Operating activities | (21,091) | (7,140) | |||||||||
Investing activities | (473,235) | (3,644) | |||||||||
Financing activities | 591,670 | 49,590 |
10.5† | ||||||||
10.6† | ||||||||
10.7† | ||||||||
10.8† | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
Exhibit 101 | The following financial statements from the Quarterly Report on Form 10-Q of | |||||||
Exhibit 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
MATTERPORT, INC. | |||||||||||||||
Date: | By: | /s/ R.J. Pittman | |||||||||||||
R.J. Pittman | |||||||||||||||
Chief Executive Officer | |||||||||||||||
(Duly Authorized Officer and Principal Executive Officer) |