Matterport (MTTR) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39790
Entity Registrant Name	Matterport, Inc./DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1695048
Entity Address, Address Line One	352 East Java Drive
Entity Address, City or Town	Sunnyvale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94089
City Area Code	650
Local Phone Number	641-2241
Title of 12(b) Security	Class A Common Stock, par value of $0.0001 per share
Trading Symbol	MTTR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		322,895,329
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001819394
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 63,358	$ 82,902
Restricted cash	95,182	0
Short-term investments	206,818	305,264
Accounts receivable, net of allowance of $1,119 and $1,155, as of September 30, 2024 and December 31, 2023, respectively	14,918	16,925
Inventories	7,582	9,115
Prepaid expenses and other current assets	9,145	8,635
Total current assets	397,003	422,841
Property and equipment, net	30,356	32,471
Operating lease right-of-use assets	226	625
Long-term investments	39,824	34,834
Goodwill	69,593	69,593
Intangible assets, net	7,792	9,120
Other assets	8,129	7,671
Total assets	552,923	577,155
Current liabilities
Accounts payable	7,812	7,586
Deferred revenue	26,885	23,294
Accrued expenses and other current liabilities	108,308	13,354
Total current liabilities	143,005	44,234
Warrants liability	1,185	290
Deferred revenue, non-current	1,969	3,141
Other long-term liabilities	0	206
Total liabilities	146,159	47,871
Commitments and contingencies (Note 7)
Redeemable convertible preferred stock, $0.0001 par value; 30,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; nil shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	0	0
Stockholders’ equity:
Common stock, $0.0001 par value; 640,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; and 322,880 shares and 310,061 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	32	31
Additional paid-in capital	1,400,614	1,307,324
Accumulated other comprehensive income	707	403
Accumulated deficit	(994,589)	(778,474)
Total stockholders’ equity	406,764	529,284
Total liabilities and stockholders’ equity	$ 552,923	$ 577,155

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 1,119,000	$ 1,155,000
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred, authorized (in shares)	30,000,000	30,000,000
Redeemable convertible preferred, issued (in shares)	0	0
Redeemable convertible preferred, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	640,000,000	640,000,000
Common stock, issued (in shares)	322,880,000	310,061,000
Common stock, outstanding (in shares)	322,880,000	310,061,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 43,793	$ 40,642	$ 125,881	$ 118,203
Total costs of revenue	22,093	20,745	65,209	65,931
Gross profit	21,700	19,897	60,672	52,272
Operating expenses:
Research and development	15,261	15,577	45,521	52,711
Selling, general, and administrative	50,464	53,719	150,069	164,660
Litigation expense	0	0	95,000	0
Total operating expenses	65,725	69,296	290,590	217,371
Loss from operations	(44,025)	(49,399)	(229,918)	(165,099)
Other income (expense):
Interest income	3,211	1,573	8,098	4,525
Change in fair value of warrants liability	169	513	(895)	564
Other income	2,311	2,669	6,762	5,075
Total other income	5,691	4,755	13,965	10,164
Loss before provision for income taxes	(38,334)	(44,644)	(215,953)	(154,935)
Provision for income taxes	67	110	162	197
Net loss	$ (38,401)	$ (44,754)	$ (216,115)	$ (155,132)
Net loss per share, basic (in dollars per share)	$ (0.12)	$ (0.15)	$ (0.68)	$ (0.52)
Net loss per share, diluted (in dollars per share)	$ (0.12)	$ (0.15)	$ (0.68)	$ (0.52)
Weighted average shares used in per share calculation, basic (in shares)	321,151	303,432	317,002	298,226
Weighted average shares used in per share calculation, diluted (in shares)	321,151	303,432	317,002	298,226
Subscription
Total revenue	$ 25,365	$ 22,878	$ 73,535	$ 63,647
Total costs of revenue	8,236	7,379	24,124	21,576
Services
Total revenue	11,085	9,936	31,069	29,324
Total costs of revenue	7,445	6,725	21,748	20,978
Product
Total revenue	7,343	7,828	21,277	25,232
Total costs of revenue	$ 6,412	$ 6,641	$ 19,337	$ 23,377

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (38,401)	$ (44,754)	$ (216,115)	$ (155,132)
Other comprehensive income (loss), net of taxes:
Unrealized gain on available-for-sale securities, net of tax	1,211	514	304	4,435
Other comprehensive income	1,211	514	304	4,435
Comprehensive loss	$ (37,190)	$ (44,240)	$ (215,811)	$ (150,697)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (loss)	Accumulated Deficit
Common stock, outstanding, beginning (shares) at Dec. 31, 2022		290,541
Beginning balance at Dec. 31, 2022	$ 583,911	$ 29	$ 1,168,313	$ (5,034)	$ (579,397)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(53,842)				(53,842)
Other comprehensive (loss) income	2,223			2,223
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding (shares)		4,910
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding	357	$ 1	356
Issuance of common stock in connection with acquisitions (shares)		249
Issuance of common stock in connection with acquisitions	3,921		3,921
Stock-based compensation	33,510		33,510
Common stock, outstanding, ending (shares) at Mar. 31, 2023		295,700
Ending balance at Mar. 31, 2023	570,080	$ 30	1,206,100	(2,811)	(633,239)
Common stock, outstanding, beginning (shares) at Dec. 31, 2022		290,541
Beginning balance at Dec. 31, 2022	583,911	$ 29	1,168,313	(5,034)	(579,397)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(155,132)
Other comprehensive (loss) income	4,435
Common stock, outstanding, ending (shares) at Sep. 30, 2023		305,562
Ending balance at Sep. 30, 2023	540,056	$ 31	1,275,153	(599)	(734,529)
Common stock, outstanding, beginning (shares) at Mar. 31, 2023		295,700
Beginning balance at Mar. 31, 2023	570,080	$ 30	1,206,100	(2,811)	(633,239)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(56,536)				(56,536)
Other comprehensive (loss) income	1,698			1,698
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding (shares)		4,871
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding	1,509		1,509
Stock-based compensation	34,751		34,751
Common stock, outstanding, ending (shares) at Jun. 30, 2023		300,571
Ending balance at Jun. 30, 2023	551,502	$ 30	1,242,360	(1,113)	(689,775)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(44,754)				(44,754)
Other comprehensive (loss) income	514			514
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding (shares)		4,875
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding	1,114	$ 1	1,113
Issuance of common stock in connection with acquisitions (shares)		116
Issuance of common stock in connection with acquisitions	1,827		1,827
Stock-based compensation	29,853		29,853
Common stock, outstanding, ending (shares) at Sep. 30, 2023		305,562
Ending balance at Sep. 30, 2023	$ 540,056	$ 31	1,275,153	(599)	(734,529)
Common stock, outstanding, beginning (shares) at Dec. 31, 2023	310,061	310,061
Beginning balance at Dec. 31, 2023	$ 529,284	$ 31	1,307,324	403	(778,474)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(36,128)				(36,128)
Other comprehensive (loss) income	(619)			(619)
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding (shares)		4,446
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding	259		259
Stock-based compensation	30,211		30,211
Common stock, outstanding, ending (shares) at Mar. 31, 2024		314,507
Ending balance at Mar. 31, 2024	$ 523,007	$ 31	1,337,794	(216)	(814,602)
Common stock, outstanding, beginning (shares) at Dec. 31, 2023	310,061	310,061
Beginning balance at Dec. 31, 2023	$ 529,284	$ 31	1,307,324	403	(778,474)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(216,115)
Other comprehensive (loss) income	$ 304
Common stock, outstanding, ending (shares) at Sep. 30, 2024	322,880	322,880
Ending balance at Sep. 30, 2024	$ 406,764	$ 32	1,400,614	707	(994,589)
Common stock, outstanding, beginning (shares) at Mar. 31, 2024		314,507
Beginning balance at Mar. 31, 2024	523,007	$ 31	1,337,794	(216)	(814,602)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(141,586)				(141,586)
Other comprehensive (loss) income	(288)			(288)
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding (shares)		4,499
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding	1,073	$ 1	1,072
Stock-based compensation	30,753		30,753
Common stock, outstanding, ending (shares) at Jun. 30, 2024		319,006
Ending balance at Jun. 30, 2024	412,959	$ 32	1,369,619	(504)	(956,188)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(38,401)				(38,401)
Other comprehensive (loss) income	1,211			1,211
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding (shares)		3,874
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding	312		312
Stock-based compensation	$ 30,683		30,683
Common stock, outstanding, ending (shares) at Sep. 30, 2024	322,880	322,880
Ending balance at Sep. 30, 2024	$ 406,764	$ 32	$ 1,400,614	$ 707	$ (994,589)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (216,115)	$ (155,132)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	17,284	14,130
Accretion of discounts, net of amortization of investment premiums	(7,049)	(5,511)
Stock-based compensation, net of amounts capitalized	84,821	90,674
Cease use of certain leased facilities	0	123
Change in fair value of warrants liability	895	(564)
Deferred income taxes	0	(185)
Allowance for doubtful accounts	525	150
Loss from excess inventory and purchase obligation	0	1,592
Other	(61)	(60)
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable	1,482	3,489
Inventories	1,532	(6,833)
Prepaid expenses and other assets	656	2,491
Accounts payable	226	263
Deferred revenue	2,419	6,527
Accrued expenses and other liabilities	94,750	529
Net cash used in operating activities	(18,635)	(48,317)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(170)	(112)
Capitalized software and development costs	(6,846)	(7,528)
Purchase of investments	(157,522)	(368,119)
Maturities of investments	257,106	388,201
Business acquisitions, net of cash acquired	0	(4,116)
Net cash provided by investing activities	92,568	8,326
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from the sales of shares through employee equity incentive plans	1,644	3,309
Payments for taxes related to net settlement of equity awards	0	(329)
Net cash provided by financing activities	1,644	2,980
Net change in cash, cash equivalents, and restricted cash	75,577	(37,011)
Effect of exchange rate changes on cash	61	25
Cash, cash equivalents, and restricted cash at beginning of year	82,902	117,128
Cash, cash equivalents, and restricted cash at end of period	158,540	80,142
Supplemental disclosures of non-cash investing and financing information
Common stock issued in connection with acquisition	$ 0	$ 5,748

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS Matterport, Inc., together with its subsidiaries (“Matterport” or the “Company”), is leading the digitization and datafication of the built world. Matterport’s pioneering technology has set the standard for digitizing, accessing and managing buildings, spaces and places online. Matterport’s platform, comprised of innovative software, spatial data-driven data science, and 3D capture technology has broken down the barriers that have kept the largest asset class in the world, buildings and physical spaces, offline and underutilized for so long. The Company was incorporated in the state of Delaware in 2011. The Company is headquartered at Sunnyvale, California. On July 22, 2021 (the “Gores Closing Date”), the Company consummated the merger (collectively with the other transactions described in the Gores Merger Agreement, the “Gores Merger”, “Gores Closing”, or “Gores Transactions”) pursuant to an Agreement and Plan of Merger, dated February 7, 2021 (the “Gores Merger Agreement”), by and among the Company (formerly known as Gores Holdings VI, Inc.), the pre-Merger Matterport, Inc. (now known as Matterport Operating, LLC) (“Legacy Matterport”), Maker Merger Sub, Inc. (“Gores First Merger Sub”), a direct, wholly owned subsidiary of the Company, and Maker Merger Sub II, LLC (“Gores Second Merger Sub”), a direct, wholly owned subsidiary of the Company, pursuant to which Gores First Merger Sub merged with and into Legacy Matterport, with Legacy Matterport continuing as the surviving corporation (the “Gores First Merger”), and immediately following the Gores First Merger and as part of the same overall transaction as the Gores First Merger, Legacy Matterport merged with and into Gores Second Merger Sub, with Gores Second Merger Sub continuing as the surviving entity as a wholly owned subsidiary of the Company, under the new name “Matterport Operating, LLC”. Upon the closing of the Gores Merger, we changed our name to Matterport, Inc. Unless the context otherwise requires, the “Company” refers to the combined company and its subsidiaries following the Gores Merger, “Gores” refers to the Company prior to the Gores Merger and “Legacy Matterport” refers to Matterport, Inc. prior to the Gores Merger. CoStar Group Merger Agreement On April 21, 2024, the Company entered into an Agreement and Plan of Merger and Reorganization (the “CoStar Group Merger Agreement”) with CoStar Group, Inc., a Delaware corporation (“CoStar Group”), Matrix Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of CoStar Group (“CoStar Group Merger Sub I”), and Matrix Merger Sub II LLC, a Delaware limited liability company and a wholly owned subsidiary of CoStar Group (“CoStar Group Merger Sub II” and, together with CoStar Group Merger Sub I, the “CoStar Group Merger Subs”). Pursuant to the CoStar Group Merger Agreement, CoStar Group Merger Sub I will be merged with and into the Company, with the Company surviving as a wholly owned subsidiary of CoStar Group (the “Costar Group First Merger”). Immediately thereafter, subject to the terms of the CoStar Group Merger Agreement and, in certain circumstances, at the discretion of CoStar Group, the Company will merge with and into CoStar Group Merger Sub II, which will survive the merger as a wholly owned subsidiary of CoStar Group (the “CoStar Group Second Merger” and, together with the CoStar Group First Merger, the “CoStar Group Mergers”). Subject to the terms and conditions set forth in the CoStar Group Merger Agreement, at the effective time of the CoStar Group First Merger (the “First Effective Time”), each share of Class A common stock, par value $0.0001 per share, of the Company (each a “Matterport Share” and collectively, the “Matterport Shares”) issued and outstanding immediately prior to the First Effective Time (other than Matterport Shares held by the Company (including in treasury), CoStar Group or their respective subsidiaries and Matterport Shares that are held by stockholders who have perfected and not withdrawn a demand for appraisal rights pursuant to Delaware law) will be converted into the right to receive (i) $2.75 in cash (the “Per Share Cash Consideration”) plus (ii) a number of shares of CoStar Group common stock, par value $0.01 per share (the “CoStar Group Shares”), equal to the Exchange Ratio (as defined in the CoStar Group Merger Agreement), subject to a right to receive cash in lieu of fractional shares (such cash and shares collectively, the “CoStar Group Merger Consideration”). The consummation of the CoStar Group Mergers are subject to various conditions, including, among others, (i) the expiration of the applicable waiting period (or extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the receipt of other approvals under specified antitrust and foreign investment laws, (ii) absence of any law or order prohibiting the CoStar Group Mergers, (iii) the accuracy of the parties’ respective representations and warranties in the CoStar Group Merger Agreement, (iv) compliance and performance by the parties with their respective covenants in the CoStar Group Merger Agreement in all material respects, and (v) the absence of a material adverse effect (as defined in the CoStar Group Merger Agreement) with respect to Matterport or CoStar Group on or after the date of the CoStar Group Merger Agreement. On July 3, 2024, Matterport and CoStar Group each received a request for additional information and documentary materials (the “Second Request”) from the Federal Trade Commission (the “FTC”) in connection with the FTC’s review of the transaction. The effect of the Second Request is to extend the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), until 30 days after Matterport and CoStar Group have each substantially complied with their respective second requests, unless that period is extended or terminated sooner by the FTC. Each of Matterport and CoStar Group expect to respond promptly to the Second Request and to continue to work cooperatively with the FTC in its review of the transaction. The CoStar Group Mergers, which are expected to be consummated in the fourth quarter of 2024 or the first quarter of 2025, were approved by Matterport stockholders at a special meeting held on July 26, 2024, but remains subject to the receipt of regulatory approvals and other customary closing conditions as described above. If the transaction is consummated, the Common Stock will be delisted from the NASDAQ Global Market and deregistered under the Securities Exchange Act of 1934, as amended. The CoStar Group Merger Agreement contains termination rights for either or each of CoStar Group and the Company, including if the consummation of the CoStar Group Mergers does not occur on or before January 21, 2025, subject to three extensions of three months if on such date all of the closing conditions except those relating to regulatory approvals have been satisfied or waived. The Merger Agreement requires the CoStar Group to pay an $85 million fee to the Company in the event the Merger Agreement is terminated under specified circumstances, including, among others: if certain antitrust approvals are not obtained or a governmental order related to antitrust or competition matters prohibits the consummation of the transaction. During the three and nine months ended September 30, 2024 , other than CoStar Group Mergers-related expenses incurred, the terms of the CoStar Group Merger Agreement did not materially affect the results reported in our unaudited interim condensed consolidated financial statements. CoStar Group Mergers-related expenses in the three and nine months ended September 30, 2024 were approximat ely $4.3 million and $12.2 million, respectively, and we re primarily included in “Selling, general, and administrative expenses” on our condensed consolidated statement of operations.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in “Note 2 – Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 27, 2024. There have been no significant changes to these policies during the three and nine months ended September 30, 2024. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the SEC, regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or o mitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in the Company’s 2023 Form 10-K for the fiscal year ended December 31, 2023, which provides a more complete discussion of the Company’s accounting policies and certain other information. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2024, and its results of operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. The condensed consolidated balance sheet as of December 31, 2023, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Reclassification Certain prior-period amounts have been reclassified in the accompanying Condensed Consolidated Financial Statements and Notes thereto in order to conform to the current period presentation. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures in the condensed consolidated financial statements and accompanying notes. Significant estimates include assumptions used to measure stock-based compensation, fair value of assets acquired and liabilities assumed in business combinations, fair value of identified intangibles, goodwill impairment, valuation of deferred tax assets, the estimate of net realizable value of inventory, allowance for doubtful accounts, the fair value of warrants liability, loss contingencies, and the determination of stand-alone selling price of various performance obligations. As a result, many of the Company’s estimates and assumptions require increased judgment and these estimates may change materially in future periods. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and various other factors, including the current economic environment, which management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company adjusts such estimates and assumptions when dictated by facts and circumstances. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the condensed consolidated financial statements in future periods. Actual results may differ materially from those estimates. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash and cash equivalents include cash on hand and amounts on deposit with financial institutions. Restricted cash consists of cash deposited as collateral related to a litigation bond in a third-party insured account. Refer to Note 7. Commitments and Contingencies for additional information. Loss Contingencies and Litigation Expense The Company is subject to the possibility of losses from various contingencies including certain legal proceedings. Significant judgment is necessary to estimate the probability and amount of a loss, if any, from such contingencies. An accrual is made when it is probable that a liability has been incurred or an asset has been impaired, and the amount of loss can be reasonably estimated. In accounting for the resolution of contingencies, significant judgment may be necessary to estimate amounts pertaining to periods prior to the resolution that are charged to operations in the period of resolution and amounts related to future periods. If only a range of estimated losses can be determined, the Company records an amount within the range that, in its judgment, reflects the most likely outcome; if none of the estimates within that range is a better estimate than any other amount, the Company records the low end of the range. Any such accrual would be charged to expense in the appropriate period. The Company recognizes litigation expense in the period in which the litigation services were provided. Segment Information The Company has a single operating segment and reportable segment. The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. Refer to Note 3 for information regarding the Company’s revenue by geography. Substantially all of the Company’s long-lived assets are located in the United States. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments, and accounts receivable. The Company maintains its cash balances in accounts held by major banks and financial institutions located in the United States. Such bank deposits from time to time may be exposed to credit risk in excess of the Federal Deposit Insurance Corporation insurance limit, and the Company considers such risk to be minimal. The Company invests only in high-quality credit instruments and maintain our cash and cash equivalents and available-for-sale investments in fixed income securities. Management believes that the financial institutions that hold our investments are financially sound and, accordingly, are subject to minimal credit risk. Deposits held with banks may exceed the amount of insurance provided on such deposits. The Company’s accounts receivable is derived from customers located both inside and outside the United States. The Company mitigates its credit risks by performing ongoing credit evaluations of the financial condition of its customers and requires advance payment from customers in certain circumstances. The Company generally does not require collateral from its customers. No customer accounted for more than 10% of the Company’s total accounts receivable at September 30, 2024 and December 31, 2023. No customer accounted for more than 10% of the Company’s total revenue for the three and nine months ended September 30, 2024 and 2023. Accounting Pronouncements – Recently Issued Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the CODM, as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. This ASU will be applied retrospectively and is effective for public entities for annual periods beginning after December 15, 2023 and for interim reporting periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact the guidance will have on the Company’s annual financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency, effectiveness and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption and retrospective application are permitted. The Company is currently assessing the impact the guidance will have on the Company’s financial statements and disclosures. In November 2024, the FASB issued ASU No.2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) to require public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating whether this standard will have a material impact on our consolidated financial statements.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Disaggregated Revenue —The following table shows the revenue by geography for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue: United States $ 27,729 $ 26,667 $ 81,433 $ 76,130 International 16,064 13,975 44,448 42,073 Total revenue $ 43,793 $ 40,642 $ 125,881 $ 118,203 No country other than the United States accounted for more than 10% of the Company’s revenue for the three and nine months ended September 30, 2024 and 2023, respectively. The geographical revenue information is determined by the ship-to address of the products and the billing address of the customers o f the services. The following table shows over time versus point-in-time revenue for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Over time revenue $ 36,450 $ 32,786 $ 104,604 $ 92,889 Point-in-time revenue 7,343 7,856 21,277 25,314 Total $ 43,793 $ 40,642 $ 125,881 $ 118,203 Contract Asset and Liability Balances —Contract assets consist of unbilled accounts receivable and are recorded when revenue is recognized in advance of scheduled billings. Scheduled billings in advance of revenue recognized results in the timing of revenue recognition differing from the timing of invoicing to customers, and this timing difference results in contract liabilities (deferred revenue) on the Company’s condensed consolidated balance sheets. The accounts receivable and contract balances as of September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, December 31, Accounts receivable, net $ 12,546 $ 15,094 Unbilled accounts receivable $ 2,372 $ 1,831 Deferred revenue $ 28,854 $ 26,435 During the nine months ended September 30, 2024 and 2023, the Company recognized revenue of $21.4 million and $13.3 million that was included in the deferred revenue balance at the beginning of the fiscal year, respectively. Contracted but unsatisfied performance obligations were $73.0 million at the end of September 30, 2024 and consisted of deferred revenue and backlog. As of September 30, 2024, the contracted but unsatisfied or partially unsatisfied performance obligations expected to be recognized are as follows (in thousands): Amount Remaining 2024 $ 19,781 2025 33,064 2026 14,739 2027 3,753 2028 1,616 Thereafter — Total $ 72,953

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill — As of September 30, 2024 and December 31, 2023, goodwill was $69.6 million. The Company did not recognize any impairment losses on goodwill during the three and nine months ended September 30, 2024 and 2023, respectively. Purchased Intangible Assets —The following table presents details of the Company’s purchased intangible assets as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Developed technology $ 5,400 $ (2,955) $ 2,445 $ 5,400 $ (2,146) $ 3,254 Customer relationships 6,900 (1,553) 5,347 6,900 (1,034) 5,866 Total $ 12,300 $ (4,508) $ 7,792 $ 12,300 $ (3,180) $ 9,120 The Company recognized amortization expense of $0.4 million and $0.4 million for the three months ended September 30, 2024 and 2023, respective ly, and $1.3 million and $1.3 million for the nine months ended September 30, 2024 and 2023, respectively. The Company did not recognize any impairment losses on intangible assets or other long-lived assets during the three and nine months ended September 30, 2024 and 2023, respectively. The following table summarizes estimated future amortization expense for the Company’s intangible assets as of September 30, 2024 (in thousands): Amount Remaining 2024 $ 442 2025 1,770 2026 1,770 2027 705 2028 690 2029 and thereafter 2,415 Total future amortization expense $ 7,792

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	9 Months Ended
	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
BALANCE SHEET COMPONENTS	BALANCE SHEET COMPONENTS Allowance for Doubtful Accounts —Allowance for doubtful accounts as of September 30, 2024 and 2023 and the rollforward for three and nine months ended September 30, 2024 and 2023 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Balance—beginning of period $ (1,243) $ (933) $ (1,155) $ (1,212) Increase in reserves (260) (101) (525) (150) Write-offs 384 137 561 465 Balance—end of period $ (1,119) $ (897) $ (1,119) $ (897) Inventories —Inventories as of September 30, 2024 and December 31, 2023, consisted of the following (in thousands): September 30, December 31, Finished goods $ 4,865 $ 6,179 Work in process 526 826 Purchased parts and raw materials 2,191 2,110 Total inventories $ 7,582 $ 9,115 Property and Equipment, Net —Property and equipment as of September 30, 2024 and December 31, 2023, consisted of the following (in thousands): September 30, December 31, Machinery and equipment $ 4,198 $ 4,087 Furniture and fixtures 376 355 Leasehold improvements 751 713 Capitalized software and development costs 88,794 75,123 Total property and equipment 94,119 80,278 Accumulated depreciation and amortization (63,763) (47,807) Total property and equipment, net $ 30,356 $ 32,471 Depreciation and amortization ex pense of property and equipment were $5.5 million and $4.6 million for the three months ended September 30, 2024 and 2023, respectively, and $16.0 million and $12.8 million for the nine months ended September 30, 2024 and 2023, respectively. Additions to capitalized software and development costs, inclusive of stock-based compensation in the three months ended September 30, 2024 and 2023 were $4.7 million and $4.7 million, respectively. Additions to capitalized software and development costs, inclusive of stock-based compensation in the nine months ended September 30, 2024 and 2023 we re $13.7 million and $15.0 million, respectively. These are recorded as part of property and equipment, net on the cond ensed consolidated balance sheets. Amortization expense related to capitalized internal-use software development costs was $5.3 million and $4.4 million for three months ended September 30, 2024 and 2023, respectively, of which $4.9 million and $4.0 million was recorded to cost of revenue related to subscription and $0.4 million and $0.4 million to selling, general and administrative in the condensed consolidated statements of operations, respectively. Amortization expense was $15.4 million and $12.2 million for the nine months ended September 30, 2024 and 2023, respectively, of which $14.1 million and $11.2 million was recorded to cost of revenue related to subscription and $1.3 million and $1.0 million to selling, general and administrative in the condensed consolidated statements of operations, respectively. Accrued Expenses and Other Current Liabilities —Accrued expenses and other current liabilities as of September 30, 2024 and December 31, 2023, consisted of the following (in thousands): September 30, December 31, Accrued compensation $ 4,748 $ 4,362 Tax payable 733 1,107 ESPP contribution 663 243 Short-term operating lease liabilities 514 1,277 Accrued loss on firm inventory purchase commitments 36 36 Litigation expense 95,000 — Other current liabilities 6,614 6,329 Total accrued expenses and other current liabilities $ 108,308 $ 13,354

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS We categorize assets and liabilities recorded or disclosed at fair value on our condensed consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows: Level 1 —Inputs are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 —Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The inputs require significant management judgment or estimation. The Company’s financial assets and liabilities that were measured at fair value on a recurring basis were as follows (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 43,725 $ — $ — $ 43,725 Total cash equivalents $ 43,725 $ — $ — $ 43,725 Short-term investments: U.S. government and agency securities $ 118,150 $ — $ — $ 118,150 Non-U.S. government and agency securities — 9,771 — 9,771 Corporate debt securities — 78,897 — 78,897 Total short-term investments $ 118,150 $ 88,668 $ — $ 206,818 Long-term investments: U.S. government and agency securities $ 14,069 $ — $ — $ 14,069 Corporate debt securities — 25,755 — 25,755 Total long-term investments $ 14,069 $ 25,755 $ — $ 39,824 Total assets measured at fair value $ 175,944 $ 114,423 $ — $ 290,367 Financial Liabilities: Private warrants liability $ — $ — $ 1,185 $ 1,185 Total liabilities measured at fair value $ — $ — $ 1,185 $ 1,185 December 31, 2023 Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 61,090 $ — $ — $ 61,090 Total cash equivalents $ 61,090 $ — $ — $ 61,090 Short-term investments: U.S. government and agency securities $ 245,447 $ — $ — $ 245,447 Non-U.S. government and agency securities — 19,950 — 19,950 Corporate debt securities — 23,030 — 23,030 Commercial paper — 16,837 — 16,837 Total short-term investments $ 245,447 $ 59,817 $ — $ 305,264 Long-term investments: U.S. government and agency securities $ 21,323 $ — $ — $ 21,323 Corporate debt securities — 13,511 — 13,511 Total long-term investments $ 21,323 $ 13,511 $ — $ 34,834 Total assets measured at fair value $ 327,860 $ 73,328 $ — $ 401,188 Financial Liabilities: Private warrants liability $ — $ — $ 290 $ 290 Total liabilities measured at fair value $ — $ — $ 290 $ 290 Available-for-sale Debt Securities The following tables summarize the amortized cost, unrealized gains and losses, and fair value of our available-for-sale debt securities as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Investments: U.S. government and agency securities $ 131,907 $ 313 $ (1) $ 132,219 Non-U.S. government and agency securities 9,738 33 — 9,771 Corporate debt securities 104,238 414 — 104,652 Total available-for-sale investments $ 245,883 $ 760 $ (1) $ 246,642 December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Investments: U.S. government and agency securities $ 266,339 $ 444 $ (13) $ 266,770 Non-U.S. government and agency securities 19,958 — (8) 19,950 Corporate debt securities 36,507 69 (35) 36,541 Commercial paper 16,839 6 (8) 16,837 Total available-for-sale investments $ 339,643 $ 519 $ (64) $ 340,098 As of September 30, 2024 and December 31, 2023, total unrealized losses related to available-for-sale debt securities were immaterial. Unrealized losses related to these securities are due to interest rate fluctuations as opposed to credit quality. In addition, we do not intend to sell and it is not likely that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. We did not recognize any credit losses related to our available-for-sale debt securities during the three and nine months ended September 30, 2024 and 2023. The following table summarizes the amortized cost and fair value of our available-for-sale debt securities as of September 30, 2024, by contractual years-to-maturity (in thousands): September 30, 2024 Amortized Cost Fair Value Due within one year $ 206,287 $ 206,818 Due between one and three years 39,596 39,824 Total $ 245,883 $ 246,642

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Purchase Obligation —T he Company has purchase obligations, which includes agreements and issued purchase orders containing non-cancelable payment terms to purchase goods and services. As of September 30, 2024, future minimum purchase obligations are as follows (in thousands): Purchase Remainder of 2024 $ 5,860 2025 1,416 2026 53 Thereafter — Total $ 7,329 Litigation —The Company is named from time to time as a party to lawsuits and other types of legal proceedings and claims in the normal course of business. The Company accrues for contingencies when it believes that a loss is probable and that it can reasonably estimate the amount of any such loss. On July 23, 2021, plaintiff William J. Brown, a former employee and a stockholder of Matterport, Inc. (now known as Matterport Operating, LLC) (“Legacy Matterport”), sued Legacy Matterport, Gores Holdings VI, Inc. (now known as Matterport, Inc.), Maker Merger Sub Inc., Maker Merger Sub II, LLC, and Legacy Matterport directors R.J. Pittman, David Gausebeck, Matt Bell, Peter Hebert, Jason Krikorian, Carlos Kokron and Michael Gustafson (collectively, the “Brown Defendants”) in the Court of Chancery of the State of Delaware (the “Delaware Court of Chancery”). On September 3, 2021, the plaintiff filed an amended complaint advancing three counts. The plaintiff’s complaint claimed that the Brown Defendants imposed invalid transfer restrictions on his shares of Matterport stock in connection with the Gores Merger transactions between Matterport, Inc. and Legacy Matterport (the “Transfer Restrictions”), and that Legacy Matterport’s board of directors violated their fiduciary duties in connection with a purportedly misleading letter of transmittal. The complaint sought damages and costs, as well as a declaration from the court that he may freely transfer his shares of Class A common stock of Matterport received in connection with the Gores Merger transactions. An expedited trial regarding the facial validity of the Transfer Restrictions took place in December 2021. On January 11, 2022, the court issued a ruling that the Transfer Restrictions did not apply to the plaintiff. The opinion did not address the validity of the Transfer Restrictions more broadly or whether Brown suffered any damages as a result of the Transfer Restrictions. Matterport filed a notice of appeal of the court’s ruling on February 8, 2022, and a hearing was held in front of the Delaware Supreme Court on July 13, 2022, after which the appellate court affirmed the lower court’s ruling. Separate proceedings regarding the plaintiff’s remaining claims, including the amount of any damages suffered by Brown were the subject of the second phase of the case. The Company’s position was that Brown did not suffer any damages as he would have sold his shares as soon as possible after the Gores Merger transaction closed had the Company not prevented him from trading based on its application of the Transfer Restrictions. The plaintiff filed a Third Amended Complaint on September 16, 2022, which asserted the causes of action described above but omitted as defendants Maker Merger Sub Inc., Maker Merger Sub II, LLC, and Legacy Matterport directors David Gausebeck, Matt Bell, and Carlos Kokron, and added an additional cause of action alleging that Matterport, Inc. violated the Delaware Uniform Commercial Code by failing to timely register the plaintiff’s requested transfer of Matterport, Inc. shares. The remaining defendants’ answer to the Third Amended Complaint was filed on November 9, 2022. Trial was held in November 2023 and a post-trial hearing was held on February 22, 2024. On May 28, 2024, the court ruled that Matterport had a reasonable basis to deny the plaintiff’s November 2021 demand that the transfer restrictions be removed from his shares and that the plaintiff lacked standing as to whether the transfer restrictions complied with Delaware law. However, the court awarded the plaintiff $79.1 million plus pre- and post-judgment interest as damages for losses caused by Matterport’s initial refusal to issue freely transferable shares (the “Brown Judgment”). The Company recorded an aggregate litigation expense of $95.0 million in its consolidated statement of operations for the nine months ended September 30, 2024. On July 29, 2024, the Company filed a notice of appeal of the court’s ruling to the Delaware Supreme Court. Brown filed a notice of cross appeal on August 12, 2024. On August 14, 2024, the litigation bond was posted and the Company transferred $95.0 million in cash as collateral into a designated insured account. On September 13, 2024, the Company filed its opening brief with the Delaware Supreme Court. On October 14, 2024, Brown filed its answering brief on appeal and opening brief on cross-appeal. The cash collateral of $95.0 million was classified as restricted cash on the Company’s condensed consolidated financial statements as of September 30, 2024 . Since the Brown judgment, other former Legacy Matterport stockholders have filed similar complaints (the “Post-Brown Complaints”) in the Delaware Court of Chancery alleging that such stockholders were prevented from trading their Matterport shares through invalid transfer restrictions, and seeking damages for the harm to the plaintiffs. These complaints were filed as follows: on July 19, 2024 by Damien Leostic and William Schmitt; on August 16, 2024 by Greg Coombe; on September 19, 2024 by Build Legacy LLC, Build the Future Trust under agreement dated November 16, 2023, Penchant Capital LLC, Penchant Trust, and iRobot Corporation. On September 16, 2024, Kimberly Burdi-Dumas, a former Matterport employee, filed a putative class action complaint on behalf of all persons or entities who were stockholders of Legacy Matterport as of July 21, 2021, and who, pursuant to the Gores Transaction, were thereafter issued and held Matterport shares that were improperly restricted from being sold until January 18, 2022. The Company has not yet answered the Post-Brown Complaints. Given the early stage of the cases, the Company is unable to estimate the reasonably possible loss or range of loss that may result from the matters. On February 1, 2024, two stockholders, Laurie Hanna and Vasana Smith (collectively “Plaintiffs”) filed a complaint derivatively on behalf of Matterport, Inc. against R.J. Pittman, Michael Gustafson, Peter Hebert, James Krikorian, James Daniel Fay, David Gausebeck, Japjit Tulsi, Judi Otteson, Jay Remley, and numerous stockholders of Matterport, Inc. (collectively “Hanna and Smith Defendants”) in the Delaware Court of Chancery. The complaint alleges that the issuance of 23,460,000 earn-out shares worth $225 million was a breach of fiduciary duty and an act of corporate waste, which unjustly enriched recipients of the earn-out shares at the expense of Matterport and its common stockholders. Specifically, the Plaintiffs allege that issuance of the earn-out shares violated the February 7, 2021 Agreement and Gores Merger Agreement pursuant to which Legacy Matterport and Gores Holding VI, a publicly listed special purpose acquisition company, and two Gores subsidiaries merged, providing Legacy Matterport stockholders with shares of the surviving public company which took the name Matterport. The complaint seeks disgorgement of all unjust enrichment by the Hanna and Smith Defendants, an award of compensatory damages to Matterport, an award of costs and disbursements to the Plaintiffs, as well as a declaration that Plaintiffs may maintain the action on behalf of Matterport and that Plaintiffs are adequate representatives of Matterport, and a finding that demand on the Matterport board is excused as futile. On June 24, 2024, the Plaintiffs filed an amended complaint, which alleges, inter alia, that the members of the Matterport board breached their fiduciary duties by issuing a proxy statement which failed to disclose certain information concerning Matterport’s prior issuance of certain earn-out shares previously issued and the subsequent impact on the amount of the CoStar Group Merger Consideration that would have been received by the plaintiffs and other stockholders if those earn-out shares had not been issued. The amended complaint sought an injunction to enjoin the stockholder vote relating to the Company’s proposed transaction with CoStar Group, and seeks, among other things, damages, and an award of plaintiffs’ costs of the action, including reasonable attorneys’ and experts’ fees. The Plaintiffs in the Hanna Action filed a motion for a preliminary injunction seeking to enjoin the stockholder vote and a motion for expedited proceedings regarding the motion for a preliminary injunction. On July 11, 2024, the court denied Plaintiffs’ motion to expedite. On June 3, 2024, a purported Matterport stockholder filed a complaint in the U.S. District Court for the Northern District of California, captioned Andrew Rose v. Matterport, Inc., et al., naming Matterport and each member of the Matterport board as defendants (the “Rose Complaint”). The complaint alleged that CoStar Group’s Form S-4 Registration Statement filed with the SEC on May 21, 2024 was materially misleading and omitted certain purportedly material information relating to the sales process, financial projections of Matterport and CoStar Group, the valuation analyses performed by Qatalyst Partners, and negotiations over the terms of post-transaction employment of certain Matterport employees. The complaint asserted violations of Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder against all defendants, and violations of Section 20(a) of the Exchange Act against the Company’s board. The complaint sought, among other things, an injunction enjoining consummation of the CoStar Group Mergers, an order directing the individual defendants to issue a new Registration Statement, and an award of plaintiff’s costs of the action, including plaintiff’s reasonable attorneys’ and experts’ fees. On August 6, 2024, the Rose Complaint was voluntarily dismissed. Additionally, on July 9, and July 11, 2024, purported Matterport stockholders filed complaints in the New York Supreme Court, captioned Hamilton v. Matterport, Inc., et al., Case No. 653458/2024 (the “Hamilton Action”) and Scott v. Matterport, Inc., et al., Case No. 653515/2024 (the “Scott Action”), respectively. These complaints name Matterport and each member of the Matterport board as defendants and allege, inter alia, that the notice of special meeting of stockholders and definitive proxy statement on Schedule 14A, dated June 10, 2024 misrepresents or omits certain purportedly material information relating to financial projections for Matterport, the valuation analyses performed by Qatalyst Partners, and potential conflicts of interest faced by Matterport insiders. The complaints assert claims for common law negligent misrepresentation and common law negligence. The complaints seek, among other things, an injunction enjoining consummation of the CoStar Group Mergers, damages, and an award of plaintiff’s costs of the action, including plaintiff’s reasonable attorneys’ and experts’ fees. In addition to the Hamilton and Scott Actions, Matterport has received additional demand letters alleging similar deficiencies or omissions regarding the disclosures made in the Registration Statement, and requesting relevant books and records. On July 25, 2024, one such purported Matterport stockholder filed suit in the Delaware Court of Chancery, captioned Layton v. Matterport, Inc., Case No. 2024-0792 (the “Layton Action”). On July 29, 2024, the Delaware Court of Chancery stayed the action at the request of plaintiff’s counsel during the pendency of the CoStar Group Mergers. Matterport notes that: (i) the Hanna Action, the Hamilton Action, the Scott Action, or the Layton Action may be amended; (ii) additional, similar complaints may be filed; or (iii) additional demand letters may be delivered. These events could prevent or delay completion of the Mergers and result in additional costs to Matterport. Matterport believes that the Hanna Action, the Hamilton Action, the Scott Action, the Layton Action and the demand letters are without merit and intends to vigorously defend against them. On May 11, 2020, Redfin Corporation (“Redfin”) was served with a complaint by Appliance Computing, Inc. III, d/b/a Surefield (“Surefield”), filed in the United States District Court for the Western District of Texas, Waco Division. In the complaint, Surefield asserted that Redfin’s use of Matterport’s 3D-Walkthrough technology infringes four of Surefield’s patents. Redfin has asserted defenses in the litigation that the patents in question are invalid and have not been infringed upon. We have agreed to indemnify Redfin for this matter pursuant to our existing agreements with Redfin. The parties have vigorously defended against this litigation. The matter went to jury trial in May 2022 and resulted in a jury verdict finding that Redfin had not infringed upon any of the asserted patent claims and that all asserted patent claims were invalid. Final judgment was entered on August 15, 2022. On September 12, 2022, Surefield filed post trial motions seeking to reverse the jury verdict. Redfin has filed oppositions to the motions. In addition, on May 16, 2022, the Company filed a declaratory judgment action against Appliance Computing III, Inc., d/b/a Surefield, seeking a declaratory judgment that the Company had not infringed upon the four patents asserted against Redfin and one additional, related patent. The matter is pending in the Western District of Washington and captioned Matterport, Inc. v. Appliance Computing III, Inc. d/b/a Surefield, Case No. 2:22-cv-00669 (W.D. Wash.). Surefield has filed a motion to dismiss or in the alternative transfer the case to the United States District Court for the Western District of Texas. The Company filed an opposition to the motion. On August 28, 2023, the Court denied Surefield’s motion to dismiss the Washington case but stayed the action pending the resolution of the Texas case. On October 7, 2024, the Texas court appointed a technical advisor to assist the court with post-trial motions. On July 24, 2024, Vinatha Kutagula, the Company’s former Chief Customer Officer, filed a complaint against the Company in the Superior Court of the State of California, County of Santa Clara alleging unlawful retaliation and wrongful termination. On September 13, 2024, the Company filed a motion to compel arbitration. On August 30, 2024, the Company received notice that Ms. Kutagula had filed a complaint with the U.S. Department of Labor with similar allegations. The Company responded to the Department of Labor on October 17, 2024. The Company monitors developments in these legal matters that could affect the estimate if the Company had previously accrued. As of September 30, 2024 and December 31, 2023, there were no amounts accrued that the Company believes would be material to its financial position, except as noted above, as the range of reasonably possible losses in excess of accrued liabilities currently cannot be reasonably estimated. Indemnification —In the ordinary course of busi ness, the Company enters into certain agreements that provide for indemnification by the Company of varying scope and terms to customers, vendors, directors, officers, employees and other parties with respect to certain matters. Indemnification includes losses from breach of such agreements, services provided by the Company, or third-party intellectual property infringement claims. These indemnities may survive termination of the underlying agreement and the maximum potential amount of future indemnification payments, in some circumstances, are not subject to a cap.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY The Company had reserved shares of common stock for future issuance as of September 30, 2024 as follows (in thousands): September 30, Private warrants to purchase common stock 1,708 Common stock options outstanding and unvested RSUs under the Amended and Restated 2011 Stock Incentive Plan 53,977 Shares available for future grant under 2021 Employee Stock Purchase Plan 13,718 Shares available for future grant under 2021 Incentive Award Plan 14,843 Total shares of common stock reserved 84,246 Accumulated Other Comprehensive Income (loss) The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax (in thousands) : Foreign Currency Translation, Net of Tax Unrealized Gains on Available-for-Sale Debt Securities, Net of Tax Total Balance at December 31, 2023 $ (52) $ 455 $ 403 Net unrealized gain — 304 304 Balance at September 30, 2024 $ (52) $ 759 $ 707 Foreign Currency Translation, Net of Tax Unrealized Losses on Available-for-Sale Debt Securities, Net of Tax Total Balance at December 31, 2022 $ (52) $ (4,982) $ (5,034) Net unrealized gain — 4,435 4,435 Balance at September 30, 2023 $ (52) $ (547) $ (599)

PRIVATE WARRANTS

PRIVATE WARRANTS	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
PRIVATE WARRANTS	PRIVATE WARRANTS Prior to the Gores Closing, Gores issued 6,900,000 Public Warrants and 4,450,000 Private Warrants pursuant to the warrant agreement between Gores and Continental Stock Transfer & Trust Company (the “Warrant Agreement”). Each whole warrant entitles the holder to purchase one share of the Company’s Class A common stock at a price (the “Warrants Price”) of $11.50 per share, subject to adjustments. The Warrants became exercisable on December 15, 2021 and will expire on July 22, 2026, which is five years after the Closing. On January 14, 2022, the Public Warrants ceased trading on the Nasdaq Global Market. The Public Warrants were either exercised or redeemed as of January 14, 2022 and no Public Warrants remained outstanding thereafter. A total of 1.7 million Private Warrants remained outstanding as of September 30, 2024 and December 31, 2023. No Private Warrants have been exercised during the three and nine months ended September 30, 2024. The CoStar Group Merger Agreement provides that, following the date of the CoStar Group Merger Agreement, Matterport shall use commercially reasonable efforts to cause the holders of each outstanding and unexercised Private Warrants exercisable for shares of Matterport Common Stock to execute a conditional exchange agreement (the “Conditional Exchange Agreement”). Pursuant to the Conditional Exchange Agreement, holders of each Private Warrants agree to exchange their Private Warrants for merger consideration upon the closing of CoStar Group Mergers. The warrant price applicable to the Conditional Exchange Agreements would be calculated in accordance with the terms of the Warrant Agreement. The warrant price applicable to the Conditional Exchange Agreements (“Conditional Warrant Price”) would be equal to the warrant price in effect as of the closing of CoStar Group Mergers, reduced by an amount (in dollars), calculated at the closing, equal to the difference of (i) the warrant price in effect prior to the closing minus (ii) (A) the Per Share Consideration minus (B) the Black-Scholes Warrant Value, which is the value of a Warrant immediately prior to the consummation of the CoStar Group Mergers based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). Prior to the entry into the CoStar Group Merger Agreement, the Company used a Black-Scholes model to determine the fair value of the Private Warrants as Level 3 financial instruments. Since the Company entered into the CoStar Group Merger Agreement in April 2024, it has been using a probability-weighted scenario-based methodology to estimate the fair value of Private Warrants based upon an analysis of future values for the Private Warrants, assuming various outcomes of the pending CoStar Group Mergers. We considered two different scenarios: (a) continue using a Black-Scholes model to determine the fair value of the Private Warrants as Level 3 financial instruments as if the Company remains a standalone public company during the remaining warrant life term, and (b) the intrinsic present value of the Private Warrants upon exercise under the Conditional Warrant Price, assuming the CoStar Group Mergers are consummated as of December 31, 2024. The primary significant unobservable input used to evaluate the fair value measurement of the Company’s Private Warrants is the expected volatility of the Company’s Common Stock. A significant increase or decrease in the expected volatility in isolation would result in a significant change in fair value measurement. The Private Warrants were valued at $0.69 per unit as of September 30, 2024. The following table provides the assumptions used to estimate the fair value of the Private Warrants as of September 30, 2024: September 30, 2024 Current stock price $ 4.50 Strike price $ 11.50 Expected term (in years) 1.56 - 1.81 Expected volatility 62.0 - 69.4% Risk-free interest rate 3.7 - 3.8% Expected dividend yield —% The Private Warrants are measured for fair value at the end of each quarter. The following table presents the changes in the warrants liability as of September 30, 2024 (in thousands): Total Warrants Liability Fair value at December 31, 2023 $ 290 Change in fair value 895 Fair value at September 30, 2024 $ 1,185

STOCK PLAN

STOCK PLAN	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK PLAN	STOCK PLAN 2021 Incentive Award Plan In connection with the Gores Closing on July 22, 2021, the Company approved the 2021 Incentive Award Plan (the “2021 Plan”), an incentive compensation plan for the benefit of eligible employees, consultants, and directors of the Company and its subsidiaries. The Company concurrently assumed the Amended and Restated 2011 Stock Incentive Plan (the “2011 Plan”) and all outstanding awards thereunder, effective as of the Gores Closing, and no further awards shall be granted under the 2011 Plan. The 2021 Plan provides that the initial aggregate number of shares of Class A common stock, available for issuance pursuant to awards thereunder shall be the sum of (a) 24.2 million shares of Class A common stock (the “Initial Plan Reserve”), (b) any shares of Class A common stock subject to outstanding equity awards under the amended and restated 2011 Plan which, following the effective date of the 2021 Plan, became available for issuance under the 2021 Plan and (c) an annual increase on the first day of each calendar year beginning on January 1, 2022 and ending on and including January 1, 2031 equal to a number of shares equal to 5% of the aggregate number of shares of Class A common stock outstanding on the final day of the immediately preceding calendar year. The maximum aggregate number of shares of common stock that may be issued under the 2021 Plan upon the exercise of ISOs is 181.5 million shares of Class A common stock. Shares forfeited due to employee termination or expiration are returned to the share pool. Similarly, shares withheld upon exercise to provide for the exercise price and/or taxes due and shares repurchased by the Company are also returned to the pool. As of September 30, 2024, a total of 14.8 million shares remained available for future grant under the Company’s 2021 Plan. 2021 Employee Stock Purchase Plan In connection with the Gores Closing on July 22, 2021, the Company approved the 2021 Employee Stock Purchase Plan (“2021 ESPP”). The 2021 ESPP provides that the aggregate number of shares of Class A common stock available for issuance pursuant to awards under the 2021 ESPP shall be the sum of (a) 7.3 million shares of Class A common stock (the “Initial ESPP Reserve”), and (b) an annual increase on the first day of each calendar year beginning on January 1, 2022 and ending on and including January 1, 2031 equal to the lesser of (i) 1% of the aggregate number of shares of Class A common stock outstanding on the last day of the immediately preceding fiscal year and (ii) such smaller number of shares of common stock as may be determined by the Company’s board of directors; provided, however, that the number of shares of common stock that may be issued or transferred pursuant to the rights granted under the 2021 ESPP shall not exceed 36.9 million shares. Our 2021 ESPP permits eligible employees to acquire shares of our common stock at 85% of the lower of the fair market value of our common stock on the first trading day of each offering period or on the purchase date. If the fair market value of our common stock on the purchase date is lower than the first trading day of the offering period, the current offering period will be canceled after purchase and a new 24-month offering period will begin. Participants may purchase shares of common stock through payroll deductions of up to 15% of their eligible compensation, subject to purchase limits of 3,000 shares per purchase period, 12,000 per offering period, and $25,000 worth of stock for each calendar year. The 2021 ESPP provides for consecutive offering periods that will typically have a duration of approximately 24 months in length, and is comprised of four purchase periods of approximately six months in length. The offering periods are scheduled to start on the first trading day on or after June 1 and December 1 of each year, except for the first offering period commenced on July 23, 2021 and ended on May 31, 2023. Since June 1, 2024, given the pending CoStar Group Mergers, the Company no longer provides new offerings under the 2021 ESPP. As of September 30, 2024 , a total of 13.7 million shares of our common stock remained available for sale under our 2021 ESPP. For the three and nine months ended September 30, 2024, there were nil and 0.4 million shares of common stock purchased under the 2021 ESPP. Stock Option Activities —The following table summarizes the stock option activities under the Company’s stock plans for nine months ended September 30, 2024 (in thousands, except for per share data): Options Outstanding Number of Weighted- Weighted- Average Remaining Contractual Term (Years) Aggregate Balance—December 31, 2023 27,910 $ 0.66 5.3 $ 56,638 Expired or canceled (7) 1.14 Exercised (1,780) 0.47 $ 5,013 Balance—September 30, 2024 26,123 $ 0.67 4.7 $ 99,953 Options vested and exercisable—September 30, 2024 26,071 $ 0.67 4.7 $ 99,779 As of September 30, 2024, unrecognized stock-based compensation expense related to unvested options was not material, which is expected to be fully amortized as of December 31, 2024. RSU and PRSU Activities —The following table summarizes the RSU activity under the Comp any’s stock plans for the nine months ended September 30, 2024 (in thousands, except per share data): RSUs and PRSUs Number of Weighted- Balance—December 31, 2023 26,349 $ 8.81 Granted 14,083 2.49 Vested (10,334) 9.08 Canceled or forfeited (2,244) 4.12 Balance—September 30, 2024 27,854 $ 5.89 Stock-based compensation expense for awards with only service conditions are recognized on a straight-line basis over the requisite service period of the related award. The performance-based RSU (“PRSU”) awards have both service-based and performance-based vesting conditions. The service-based vesting condition for these awards is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. The performance-based vesting condition is satisfied upon the occurrence of a liquidity event, as defined in the Amended and Restated 2011 Plan. The performance based vesting condition was deemed satisfied upon the Closing. As of September 30, 2024, unrecognized compensation costs related to unvested RSUs and PRSUs were $140.4 million and $0.1 million, respectively. The remaining unrecognized compensation costs for RSUs and PRSUs are expected to be recognized over a weighted-average period of 1.7 years and 0.4 years, respectively, excluding additional stock-based compensation expense related to any future grants of share-based awards. Employee Stock Purchase Plan —The fair value of shares issued under our 2021 ESPP are estimated on the grant date using the Black-Scholes option pricing model. The following table summarizes the assumptions used to determine fair value of our 2021 ESPP: Nine Months Ended September 30, 2024 2023 Expected term 0.5 – 2.0 years 0.5 - 2.0 years Expected volatility 33.8 – 43.9% 36.1 - 47.3% Risk-free interest rate 4.3 – 5.1% 0.6 - 5.4% Expected dividend yield 0% 0% The expected volatility is based on the average volatility of a peer group of representative public companies with sufficient trading history over the expected term. The expected term represents the term from the first day of the offering period to the purchase dates within each offering period. The dividend yield assumption is based on our expectations about our anticipated dividend policy. The risk-free interest rate is based on the implied yield available on U.S. Treasury zero-coupon issues with maturities that approximate the expected term. As of September 30, 2024, unrecognized compensation cost related to the 2021 ESPP was $0.4 million, which is expected to be recognized over the remaining weighted-average service period of 0.9 years. Stock-based Compensation — The Company recognizes stock-based compensation expense for awards with only service conditions on a straight-line basis over the requisite service period of the related award and recognizes stock-based compensation expenses for awards with performance conditions on a straight-line basis over the requisite service period for each separate vesting portion of the awards when it is probable that the performance condition will be achieved. The stock-based compensation expenses of Earn-out Awards were recognized on a straight-line basis over the derived services period during which the market conditions are expected to be met. Forfeitures are accounted for in the period in which they occur. The amount of stock-based compensation related to stock-based awards to employees in the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Costs of revenue $ 606 $ 782 $ 2,234 $ 2,468 Research and development 6,013 5,731 18,334 20,984 Selling, general, and administrative 21,773 20,908 64,253 67,222 Stock-based compensation, net of amounts capitalized 28,392 27,421 84,821 90,674 Capitalized stock-based compensation 2,291 2,432 6,826 7,440 Total stock-based compensation $ 30,683 $ 29,853 $ 91,647 $ 98,114

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The income tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate as adjusted for discrete items arising in that quarter.

NET LOSS PER SHARE ATTRIBUTABLE

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS	NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS Basic net loss per share attributable to common stockholders was computed by dividing net loss by the weighted-average number of common shares outstanding for the three and nine months ended September 30, 2024 and 2023 (in thousands, except for per share data). Diluted net loss per share gives effect to all potential shares of common stock, including common stock issuable for stock options, RSUs and PRSUs to the extent these are dilutive. We calculated basic and diluted net loss per share attributable to common stockholders as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator : Net loss attributable to common stockholders $ (38,401) $ (44,754) $ (216,115) $ (155,132) Denominator: Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted 321,151 303,432 317,002 298,226 Net loss per share attributable to common stockholders, basic and diluted $ (0.12) $ (0.15) $ (0.68) $ (0.52) Basic net loss per share is the same as diluted net loss per share for the period we reported a net loss. The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share attributable to common stockholders, basic and diluted, because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (shares in thousands): Three and Nine Months Ended September 30, 2024 2023 Private warrants 1,708 1,708 Common stock options outstanding 26,123 29,393 Unvested RSUs 27,854 29,932 ESPP shares — 1,734 Total potentially dilutive common stock equivalents 55,685 62,767

RESTRUCTURING

RESTRUCTURING	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING July 2023 Restructuring Plan In July 2023, the Company announced a restructuring plan (the "2023 Plan") to improve the Company’s operational cost structure and accelerate the timeline to achieving profitability. As part of the 2023 Plan, the Company executed a workforce reduction of approximately 30%. The Company also recorded accelerated amortization costs of its operating lease right-of-use assets, which was primarily related to the cease use of certain leased office spaces. The Company completed all actions under the 2023 Plan as of December 31, 2023. Total restructuring costs associated with the 2023 Plan impacted cost of revenue and operating expenses in the condensed consolidated statement of operations. No significant restructuring charges were incurred during the three and nine months ended September 30, 2024. Restructuring charges during the three and nine months ended September 30, 2023 were as follows (in thousands): Severance and Other Personnel Costs Office Space Reductions (1) Total Cost of revenue - Subscription $ 5 $ — $ 5 Cost of revenue - Services 152 — 152 Cost of revenue - Product 151 — 151 Cost of revenue 308 — 308 Research and development 600 — 600 Selling, general, and administrative 2,116 123 2,239 Total restructuring charge $ 3,024 $ 123 $ 3,147 (1) Office space reductions primarily represent the accelerated amortization expense related to operating lease right-of-use assets.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (38,401)	$ (141,586)	$ (36,128)	$ (44,754)	$ (56,536)	$ (53,842)	$ (216,115)	$ (155,132)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the SEC, regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or o mitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in the Company’s 2023 Form 10-K for the fiscal year ended December 31, 2023, which provides a more complete discussion of the Company’s accounting policies and certain other information. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2024, and its results of operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. The condensed consolidated balance sheet as of December 31, 2023, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.
Reclassification	Reclassification Certain prior-period amounts have been reclassified in the accompanying Condensed Consolidated Financial Statements and Notes thereto in order to conform to the current period presentation.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures in the condensed consolidated financial statements and accompanying notes. Significant estimates include assumptions used to measure stock-based compensation, fair value of assets acquired and liabilities assumed in business combinations, fair value of identified intangibles, goodwill impairment, valuation of deferred tax assets, the estimate of net realizable value of inventory, allowance for doubtful accounts, the fair value of warrants liability, loss contingencies, and the determination of stand-alone selling price of various performance obligations. As a result, many of the Company’s estimates and assumptions require increased judgment and these estimates may change materially in future periods. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and various other factors, including the current economic environment, which management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company adjusts such estimates and assumptions when dictated by facts and circumstances. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the condensed consolidated financial statements in future periods. Actual results may differ materially from those estimates.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash and cash equivalents include cash on hand and amounts on deposit with financial institutions.
Loss Contingencies and Litigation Expense	Loss Contingencies and Litigation Expense The Company is subject to the possibility of losses from various contingencies including certain legal proceedings. Significant judgment is necessary to estimate the probability and amount of a loss, if any, from such contingencies. An accrual is made when it is probable that a liability has been incurred or an asset has been impaired, and the amount of loss can be reasonably estimated. In accounting for the resolution of contingencies, significant judgment may be necessary to estimate amounts pertaining to periods prior to the resolution that are charged to operations in the period of resolution and amounts related to future periods. If only a range of estimated losses can be determined, the Company records an amount within the range that, in its judgment, reflects the most likely outcome; if none of the estimates within that range is a better estimate than any other amount, the Company records the low end of the range. Any such accrual would be charged to expense in the appropriate period. The Company recognizes litigation expense in the period in which the litigation services were provided.
Segment Information	Segment Information The Company has a single operating segment and reportable segment. The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. Refer to Note 3 for information regarding the Company’s revenue by geography. Substantially all of the Company’s long-lived assets are located in the United States.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments, and accounts receivable. The Company maintains its cash balances in accounts held by major banks and financial institutions located in the United States. Such bank deposits from time to time may be exposed to credit risk in excess of the Federal Deposit Insurance Corporation insurance limit, and the Company considers such risk to be minimal. The Company invests only in high-quality credit instruments and maintain our cash and cash equivalents and available-for-sale investments in fixed income securities. Management believes that the financial institutions that hold our investments are financially sound and, accordingly, are subject to minimal credit risk. Deposits held with banks may exceed the amount of insurance provided on such deposits. The Company’s accounts receivable is derived from customers located both inside and outside the United States. The Company mitigates its credit risks by performing ongoing credit evaluations of the financial condition of its customers and requires advance payment from customers in certain circumstances. The Company generally does not require collateral from its customers.
Accounting Pronouncements – Recently Issued Accounting Standards Not Yet Adopted	Accounting Pronouncements – Recently Issued Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the CODM, as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. This ASU will be applied retrospectively and is effective for public entities for annual periods beginning after December 15, 2023 and for interim reporting periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact the guidance will have on the Company’s annual financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency, effectiveness and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption and retrospective application are permitted. The Company is currently assessing the impact the guidance will have on the Company’s financial statements and disclosures. In November 2024, the FASB issued ASU No.2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) to require public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating whether this standard will have a material impact on our consolidated financial statements.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table shows the revenue by geography for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue: United States $ 27,729 $ 26,667 $ 81,433 $ 76,130 International 16,064 13,975 44,448 42,073 Total revenue $ 43,793 $ 40,642 $ 125,881 $ 118,203 The following table shows over time versus point-in-time revenue for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Over time revenue $ 36,450 $ 32,786 $ 104,604 $ 92,889 Point-in-time revenue 7,343 7,856 21,277 25,314 Total $ 43,793 $ 40,642 $ 125,881 $ 118,203
Schedule of Contract Balances	The accounts receivable and contract balances as of September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, December 31, Accounts receivable, net $ 12,546 $ 15,094 Unbilled accounts receivable $ 2,372 $ 1,831 Deferred revenue $ 28,854 $ 26,435
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	As of September 30, 2024, the contracted but unsatisfied or partially unsatisfied performance obligations expected to be recognized are as follows (in thousands): Amount Remaining 2024 $ 19,781 2025 33,064 2026 14,739 2027 3,753 2028 1,616 Thereafter — Total $ 72,953

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Purchased Intangible Assets	The following table presents details of the Company’s purchased intangible assets as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Developed technology $ 5,400 $ (2,955) $ 2,445 $ 5,400 $ (2,146) $ 3,254 Customer relationships 6,900 (1,553) 5,347 6,900 (1,034) 5,866 Total $ 12,300 $ (4,508) $ 7,792 $ 12,300 $ (3,180) $ 9,120
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table summarizes estimated future amortization expense for the Company’s intangible assets as of September 30, 2024 (in thousands): Amount Remaining 2024 $ 442 2025 1,770 2026 1,770 2027 705 2028 690 2029 and thereafter 2,415 Total future amortization expense $ 7,792

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Allowance for Doubtful Accounts	Allowance for doubtful accounts as of September 30, 2024 and 2023 and the rollforward for three and nine months ended September 30, 2024 and 2023 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Balance—beginning of period $ (1,243) $ (933) $ (1,155) $ (1,212) Increase in reserves (260) (101) (525) (150) Write-offs 384 137 561 465 Balance—end of period $ (1,119) $ (897) $ (1,119) $ (897)
Schedule of Inventories	Inventories as of September 30, 2024 and December 31, 2023, consisted of the following (in thousands): September 30, December 31, Finished goods $ 4,865 $ 6,179 Work in process 526 826 Purchased parts and raw materials 2,191 2,110 Total inventories $ 7,582 $ 9,115
Schedule of Property Plant and Equipment	Property and equipment as of September 30, 2024 and December 31, 2023, consisted of the following (in thousands): September 30, December 31, Machinery and equipment $ 4,198 $ 4,087 Furniture and fixtures 376 355 Leasehold improvements 751 713 Capitalized software and development costs 88,794 75,123 Total property and equipment 94,119 80,278 Accumulated depreciation and amortization (63,763) (47,807) Total property and equipment, net $ 30,356 $ 32,471
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of September 30, 2024 and December 31, 2023, consisted of the following (in thousands): September 30, December 31, Accrued compensation $ 4,748 $ 4,362 Tax payable 733 1,107 ESPP contribution 663 243 Short-term operating lease liabilities 514 1,277 Accrued loss on firm inventory purchase commitments 36 36 Litigation expense 95,000 — Other current liabilities 6,614 6,329 Total accrued expenses and other current liabilities $ 108,308 $ 13,354

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis	The Company’s financial assets and liabilities that were measured at fair value on a recurring basis were as follows (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 43,725 $ — $ — $ 43,725 Total cash equivalents $ 43,725 $ — $ — $ 43,725 Short-term investments: U.S. government and agency securities $ 118,150 $ — $ — $ 118,150 Non-U.S. government and agency securities — 9,771 — 9,771 Corporate debt securities — 78,897 — 78,897 Total short-term investments $ 118,150 $ 88,668 $ — $ 206,818 Long-term investments: U.S. government and agency securities $ 14,069 $ — $ — $ 14,069 Corporate debt securities — 25,755 — 25,755 Total long-term investments $ 14,069 $ 25,755 $ — $ 39,824 Total assets measured at fair value $ 175,944 $ 114,423 $ — $ 290,367 Financial Liabilities: Private warrants liability $ — $ — $ 1,185 $ 1,185 Total liabilities measured at fair value $ — $ — $ 1,185 $ 1,185 December 31, 2023 Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 61,090 $ — $ — $ 61,090 Total cash equivalents $ 61,090 $ — $ — $ 61,090 Short-term investments: U.S. government and agency securities $ 245,447 $ — $ — $ 245,447 Non-U.S. government and agency securities — 19,950 — 19,950 Corporate debt securities — 23,030 — 23,030 Commercial paper — 16,837 — 16,837 Total short-term investments $ 245,447 $ 59,817 $ — $ 305,264 Long-term investments: U.S. government and agency securities $ 21,323 $ — $ — $ 21,323 Corporate debt securities — 13,511 — 13,511 Total long-term investments $ 21,323 $ 13,511 $ — $ 34,834 Total assets measured at fair value $ 327,860 $ 73,328 $ — $ 401,188 Financial Liabilities: Private warrants liability $ — $ — $ 290 $ 290 Total liabilities measured at fair value $ — $ — $ 290 $ 290
Schedule of Amortized Cost, Unrealized Gains and Losses, and Fair Value of AFS Debt Securities	The following tables summarize the amortized cost, unrealized gains and losses, and fair value of our available-for-sale debt securities as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Investments: U.S. government and agency securities $ 131,907 $ 313 $ (1) $ 132,219 Non-U.S. government and agency securities 9,738 33 — 9,771 Corporate debt securities 104,238 414 — 104,652 Total available-for-sale investments $ 245,883 $ 760 $ (1) $ 246,642 December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Investments: U.S. government and agency securities $ 266,339 $ 444 $ (13) $ 266,770 Non-U.S. government and agency securities 19,958 — (8) 19,950 Corporate debt securities 36,507 69 (35) 36,541 Commercial paper 16,839 6 (8) 16,837 Total available-for-sale investments $ 339,643 $ 519 $ (64) $ 340,098
Schedule of Amortized Cost and Fair Value of AFS Securities by Contractual Maturity Date	The following table summarizes the amortized cost and fair value of our available-for-sale debt securities as of September 30, 2024, by contractual years-to-maturity (in thousands): September 30, 2024 Amortized Cost Fair Value Due within one year $ 206,287 $ 206,818 Due between one and three years 39,596 39,824 Total $ 245,883 $ 246,642

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Operating Lease Payments and Purchase Obligations	As of September 30, 2024, future minimum purchase obligations are as follows (in thousands): Purchase Remainder of 2024 $ 5,860 2025 1,416 2026 53 Thereafter — Total $ 7,329

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	The Company had reserved shares of common stock for future issuance as of September 30, 2024 as follows (in thousands): September 30, Private warrants to purchase common stock 1,708 Common stock options outstanding and unvested RSUs under the Amended and Restated 2011 Stock Incentive Plan 53,977 Shares available for future grant under 2021 Employee Stock Purchase Plan 13,718 Shares available for future grant under 2021 Incentive Award Plan 14,843 Total shares of common stock reserved 84,246
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax (in thousands) : Foreign Currency Translation, Net of Tax Unrealized Gains on Available-for-Sale Debt Securities, Net of Tax Total Balance at December 31, 2023 $ (52) $ 455 $ 403 Net unrealized gain — 304 304 Balance at September 30, 2024 $ (52) $ 759 $ 707 Foreign Currency Translation, Net of Tax Unrealized Losses on Available-for-Sale Debt Securities, Net of Tax Total Balance at December 31, 2022 $ (52) $ (4,982) $ (5,034) Net unrealized gain — 4,435 4,435 Balance at September 30, 2023 $ (52) $ (547) $ (599)

PRIVATE WARRANTS (Tables)

PRIVATE WARRANTS (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule Valuation Assumptions to Fair Value of Private Warrants	The following table provides the assumptions used to estimate the fair value of the Private Warrants as of September 30, 2024: September 30, 2024 Current stock price $ 4.50 Strike price $ 11.50 Expected term (in years) 1.56 - 1.81 Expected volatility 62.0 - 69.4% Risk-free interest rate 3.7 - 3.8% Expected dividend yield —%
Schedule of Warrants Measured at Fair Value	The following table presents the changes in the warrants liability as of September 30, 2024 (in thousands): Total Warrants Liability Fair value at December 31, 2023 $ 290 Change in fair value 895 Fair value at September 30, 2024 $ 1,185

STOCK PLAN (Tables)

STOCK PLAN (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes the stock option activities under the Company’s stock plans for nine months ended September 30, 2024 (in thousands, except for per share data): Options Outstanding Number of Weighted- Weighted- Average Remaining Contractual Term (Years) Aggregate Balance—December 31, 2023 27,910 $ 0.66 5.3 $ 56,638 Expired or canceled (7) 1.14 Exercised (1,780) 0.47 $ 5,013 Balance—September 30, 2024 26,123 $ 0.67 4.7 $ 99,953 Options vested and exercisable—September 30, 2024 26,071 $ 0.67 4.7 $ 99,779
Schedule of RSU and PRSU Activity	The following table summarizes the RSU activity under the Comp any’s stock plans for the nine months ended September 30, 2024 (in thousands, except per share data): RSUs and PRSUs Number of Weighted- Balance—December 31, 2023 26,349 $ 8.81 Granted 14,083 2.49 Vested (10,334) 9.08 Canceled or forfeited (2,244) 4.12 Balance—September 30, 2024 27,854 $ 5.89
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions	The following table summarizes the assumptions used to determine fair value of our 2021 ESPP: Nine Months Ended September 30, 2024 2023 Expected term 0.5 – 2.0 years 0.5 - 2.0 years Expected volatility 33.8 – 43.9% 36.1 - 47.3% Risk-free interest rate 4.3 – 5.1% 0.6 - 5.4% Expected dividend yield 0% 0%
Schedule of Stock-based Compensation Arrangement	The amount of stock-based compensation related to stock-based awards to employees in the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Costs of revenue $ 606 $ 782 $ 2,234 $ 2,468 Research and development 6,013 5,731 18,334 20,984 Selling, general, and administrative 21,773 20,908 64,253 67,222 Stock-based compensation, net of amounts capitalized 28,392 27,421 84,821 90,674 Capitalized stock-based compensation 2,291 2,432 6,826 7,440 Total stock-based compensation $ 30,683 $ 29,853 $ 91,647 $ 98,114

NET LOSS PER SHARE ATTRIBUTAB_2

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	We calculated basic and diluted net loss per share attributable to common stockholders as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator : Net loss attributable to common stockholders $ (38,401) $ (44,754) $ (216,115) $ (155,132) Denominator: Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted 321,151 303,432 317,002 298,226 Net loss per share attributable to common stockholders, basic and diluted $ (0.12) $ (0.15) $ (0.68) $ (0.52)
Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Loss Per Share Attributable to Common Stockholders	The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share attributable to common stockholders, basic and diluted, because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (shares in thousands): Three and Nine Months Ended September 30, 2024 2023 Private warrants 1,708 1,708 Common stock options outstanding 26,123 29,393 Unvested RSUs 27,854 29,932 ESPP shares — 1,734 Total potentially dilutive common stock equivalents 55,685 62,767

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	Restructuring charges during the three and nine months ended September 30, 2023 were as follows (in thousands): Severance and Other Personnel Costs Office Space Reductions (1) Total Cost of revenue - Subscription $ 5 $ — $ 5 Cost of revenue - Services 152 — 152 Cost of revenue - Product 151 — 151 Cost of revenue 308 — 308 Research and development 600 — 600 Selling, general, and administrative 2,116 123 2,239 Total restructuring charge $ 3,024 $ 123 $ 3,147 (1) Office space reductions primarily represent the accelerated amortization expense related to operating lease right-of-use assets.

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details) $ / shares in Units, $ in Millions			3 Months Ended	9 Months Ended
	Jul. 03, 2024	Apr. 21, 2024 USD ($) extension $ / shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 $ / shares
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001	$ 0.0001
CoStar Group, Inc.
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Common stock, par value (in dollars per share)		$ 0.01
Per share cash received from stock converted under Merger Agreement (in dollars per share)		$ 2.75
Extension of Merger Agreement required waiting period imposed by HSR Act	30 days
Number of Merger Agreement consummation extensions | extension		3
Merger Agreement consummation extension periods		3 months
Merger-related expenses | $			$ 4.3	$ 12.2
CoStar Group, Inc. | CoStar Group, Inc.
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Merger Agreement fee in the event of termination | $		$ 85
Class A Common Stock
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Common stock, par value (in dollars per share)		$ 0.0001

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	Sep. 30, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 43,793	$ 40,642	$ 125,881	$ 118,203
Over time revenue
Disaggregation of Revenue [Line Items]
Total revenue	36,450	32,786	104,604	92,889
Point-in-time revenue
Disaggregation of Revenue [Line Items]
Total revenue	7,343	7,856	21,277	25,314
United States
Disaggregation of Revenue [Line Items]
Total revenue	27,729	26,667	81,433	76,130
International
Disaggregation of Revenue [Line Items]
Total revenue	$ 16,064	$ 13,975	$ 44,448	$ 42,073

REVENUE - Schedule of Contract

REVENUE - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 12,546	$ 15,094
Unbilled accounts receivable	2,372	1,831
Deferred revenue	$ 28,854	$ 26,435

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 21,400	$ 13,300
Contracted but unsatisfied performance obligations	$ 72,953

REVENUE - Schedule of Remaining

REVENUE - Schedule of Remaining Performance Obligation (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contracted but unsatisfied performance obligations	$ 72,953
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contracted but unsatisfied performance obligations	$ 19,781
Contracted but unsatisfied performance obligations, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contracted but unsatisfied performance obligations	$ 33,064
Contracted but unsatisfied performance obligations, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contracted but unsatisfied performance obligations	$ 14,739
Contracted but unsatisfied performance obligations, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contracted but unsatisfied performance obligations	$ 3,753
Contracted but unsatisfied performance obligations, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contracted but unsatisfied performance obligations	$ 1,616
Contracted but unsatisfied performance obligations, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contracted but unsatisfied performance obligations	$ 0
Contracted but unsatisfied performance obligations, period

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 69,593,000		$ 69,593,000		$ 69,593,000
Goodwill impairment loss	0	$ 0	0	$ 0
Amortization of expense	400,000	400,000	1,300,000	1,300,000
Impairment of intangible assets	$ 0	$ 0	$ 0	$ 0

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 12,300	$ 12,300
Accumulated Amortization	(4,508)	(3,180)
Total future amortization expense	7,792	9,120
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,400	5,400
Accumulated Amortization	(2,955)	(2,146)
Total future amortization expense	2,445	3,254
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,900	6,900
Accumulated Amortization	(1,553)	(1,034)
Total future amortization expense	$ 5,347	$ 5,866

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2024	$ 442
2025	1,770
2026	1,770
2027	705
2028	690
2029 and thereafter	2,415
Total future amortization expense	$ 7,792	$ 9,120

BALANCE SHEET COMPONENTS - Sche

BALANCE SHEET COMPONENTS - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance—beginning of period	$ (1,243)	$ (933)	$ (1,155)	$ (1,212)
Increase in reserves	(260)	(101)	(525)	(150)
Write-offs	384	137	561	465
Balance—end of period	$ (1,119)	$ (897)	$ (1,119)	$ (897)

BALANCE SHEET COMPONENTS - Sc_2

BALANCE SHEET COMPONENTS - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Finished goods	$ 4,865	$ 6,179
Work in process	526	826
Purchased parts and raw materials	2,191	2,110
Total inventories	$ 7,582	$ 9,115

BALANCE SHEET COMPONENTS - Sc_3

BALANCE SHEET COMPONENTS - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 94,119	$ 80,278
Accumulated depreciation and amortization	(63,763)	(47,807)
Total property and equipment, net	30,356	32,471
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	4,198	4,087
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	376	355
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	751	713
Capitalized software and development costs
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 88,794	$ 75,123

BALANCE SHEET COMPONENTS - Narr

BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation and amortization			$ 17,284	$ 14,130
Capitalized computer software additions	$ 4,700	$ 4,700	13,700	15,000
Capitalized computer software amortization	5,300	4,400	15,400	12,200
Costs of revenue
Property, Plant and Equipment [Line Items]
Capitalized computer software amortization	4,900	4,000	14,100	11,200
Selling, general, and administrative
Property, Plant and Equipment [Line Items]
Capitalized computer software amortization	400	400	1,300	1,000
Property and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 5,500	$ 4,600	$ 16,000	$ 12,800

BALANCE SHEET COMPONENTS - Accr

BALANCE SHEET COMPONENTS - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 4,748	$ 4,362
Tax payable	733	1,107
ESPP contribution	663	243
Short-term operating lease liabilities	514	1,277
Accrued loss on firm inventory purchase commitments	36	36
Litigation expense	95,000	0
Other current liabilities	6,614	6,329
Total accrued expenses and other current liabilities	$ 108,308	$ 13,354

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Short-term investments:
Short-term investments	$ 206,818	$ 305,264
Financial Liabilities:
Private warrants liability	1,185	290
Fair Value, Recurring
Cash equivalents:
Cash equivalents, fair value	43,725	61,090
Short-term investments:
Short-term investments	206,818	305,264
Long-term investments:
Long-term investments	39,824	34,834
Total assets measured at fair value	290,367	401,188
Financial Liabilities:
Total liabilities measured at fair value	1,185	290
Fair Value, Recurring | Private Warrant
Financial Liabilities:
Private warrants liability	1,185	290
Fair Value, Recurring | U.S. government and agency securities
Short-term investments:
Short-term investments	118,150	245,447
Long-term investments:
Long-term investments	14,069	21,323
Fair Value, Recurring | Non-U.S. government and agency securities
Short-term investments:
Short-term investments	9,771	19,950
Fair Value, Recurring | Corporate debt securities
Short-term investments:
Short-term investments	78,897	23,030
Long-term investments:
Long-term investments	25,755	13,511
Fair Value, Recurring | Commercial paper
Short-term investments:
Short-term investments		16,837
Fair Value, Recurring | Money market funds
Cash equivalents:
Cash equivalents, fair value	43,725	61,090
Fair Value, Recurring | Level 1
Cash equivalents:
Cash equivalents, fair value	43,725	61,090
Short-term investments:
Short-term investments	118,150	245,447
Long-term investments:
Long-term investments	14,069	21,323
Total assets measured at fair value	175,944	327,860
Financial Liabilities:
Total liabilities measured at fair value	0	0
Fair Value, Recurring | Level 1 | Private Warrant
Financial Liabilities:
Private warrants liability	0	0
Fair Value, Recurring | Level 1 | U.S. government and agency securities
Short-term investments:
Short-term investments	118,150	245,447
Long-term investments:
Long-term investments	14,069	21,323
Fair Value, Recurring | Level 1 | Non-U.S. government and agency securities
Short-term investments:
Short-term investments	0	0
Fair Value, Recurring | Level 1 | Corporate debt securities
Short-term investments:
Short-term investments	0	0
Long-term investments:
Long-term investments	0	0
Fair Value, Recurring | Level 1 | Commercial paper
Short-term investments:
Short-term investments		0
Fair Value, Recurring | Level 1 | Money market funds
Cash equivalents:
Cash equivalents, fair value	43,725	61,090
Fair Value, Recurring | Level 2
Cash equivalents:
Cash equivalents, fair value	0	0
Short-term investments:
Short-term investments	88,668	59,817
Long-term investments:
Long-term investments	25,755	13,511
Total assets measured at fair value	114,423	73,328
Financial Liabilities:
Total liabilities measured at fair value	0	0
Fair Value, Recurring | Level 2 | Private Warrant
Financial Liabilities:
Private warrants liability	0	0
Fair Value, Recurring | Level 2 | U.S. government and agency securities
Short-term investments:
Short-term investments	0	0
Long-term investments:
Long-term investments	0	0
Fair Value, Recurring | Level 2 | Non-U.S. government and agency securities
Short-term investments:
Short-term investments	9,771	19,950
Fair Value, Recurring | Level 2 | Corporate debt securities
Short-term investments:
Short-term investments	78,897	23,030
Long-term investments:
Long-term investments	25,755	13,511
Fair Value, Recurring | Level 2 | Commercial paper
Short-term investments:
Short-term investments		16,837
Fair Value, Recurring | Level 2 | Money market funds
Cash equivalents:
Cash equivalents, fair value	0	0
Fair Value, Recurring | Level 3
Cash equivalents:
Cash equivalents, fair value	0	0
Short-term investments:
Short-term investments	0	0
Long-term investments:
Long-term investments	0	0
Total assets measured at fair value	0	0
Financial Liabilities:
Total liabilities measured at fair value	1,185	290
Fair Value, Recurring | Level 3 | Private Warrant
Financial Liabilities:
Private warrants liability	1,185	290
Fair Value, Recurring | Level 3 | U.S. government and agency securities
Short-term investments:
Short-term investments	0	0
Long-term investments:
Long-term investments	0	0
Fair Value, Recurring | Level 3 | Non-U.S. government and agency securities
Short-term investments:
Short-term investments	0	0
Fair Value, Recurring | Level 3 | Corporate debt securities
Short-term investments:
Short-term investments	0	0
Long-term investments:
Long-term investments	0	0
Fair Value, Recurring | Level 3 | Commercial paper
Short-term investments:
Short-term investments		0
Fair Value, Recurring | Level 3 | Money market funds
Cash equivalents:
Cash equivalents, fair value	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Amortized Cost, Unrealized Gains and Losses, and Fair Value of AFS Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments:
Amortized Cost	$ 245,883	$ 339,643
Unrealized Gains	760	519
Unrealized Losses	(1)	(64)
Fair Value	246,642	340,098
U.S. government and agency securities
Investments:
Amortized Cost	131,907	266,339
Unrealized Gains	313	444
Unrealized Losses	(1)	(13)
Fair Value	132,219	266,770
Non-U.S. government and agency securities
Investments:
Amortized Cost	9,738	19,958
Unrealized Gains	33	0
Unrealized Losses	0	(8)
Fair Value	9,771	19,950
Corporate debt securities
Investments:
Amortized Cost	104,238	36,507
Unrealized Gains	414	69
Unrealized Losses	0	(35)
Fair Value	$ 104,652	36,541
Commercial paper
Investments:
Amortized Cost		16,839
Unrealized Gains		6
Unrealized Losses		(8)
Fair Value		$ 16,837

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Debt securities, allowance for credit loss	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Sch_3

FAIR VALUE MEASUREMENTS - Schedule of Amortized Cost and Fair Value of AFS Securities by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due within one year	$ 206,287
Due between one and three years	39,596
Amortized Cost	245,883	$ 339,643
Fair Value
Due within one year	206,818
Due between one and three years	39,824
Total available-for-sale investments	$ 246,642	$ 340,098

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Operating Lease Payments and Purchase Obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Purchase Obligations
Remainder of 2024	$ 5,860
2025	1,416
2026	53
Thereafter	0
Total	$ 7,329

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Narrative (Details)					3 Months Ended		9 Months Ended
	May 28, 2024 USD ($)	Feb. 01, 2024 USD ($) plaintiff shares	May 16, 2022 patent	May 11, 2020 patent	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Amount awarded to plaintiff	$ 79,100,000
Legal expense charge					$ 0	$ 0	$ 95,000,000	$ 0
Loss contingency, number of plaintiffs complaint | plaintiff		2
Earn out shares issued (in shares) | shares		23,460,000
Estimated fair value of total earn-out shares at closing		$ 225,000,000
Number of alleged patent infringements | patent				4
Additional patent found not infringed | patent			1
Estimated litigation liability					$ 0		$ 0		$ 0

STOCKHOLDERS_ EQUITY - Schedule

STOCKHOLDERS’ EQUITY - Schedule of Common Stock Reserved for Future Issuance (Details)	Sep. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved (in shares)	84,246,000
Private warrants to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved (in shares)	1,708,000
Common stock options outstanding and unvested RSUs under the Amended and Restated 2011 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved (in shares)	53,977,000
Shares available for future grant under 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved (in shares)	13,718,000
Shares available for future grant under 2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved (in shares)	14,843,000

STOCKHOLDERS_ EQUITY - Schedu_2

STOCKHOLDERS’ EQUITY - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 529,284	$ 583,911
Net unrealized gain	304	4,435
Ending balance	406,764	540,056
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	403	(5,034)
Ending balance	707	(599)
Foreign Currency Translation, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(52)	(52)
Net unrealized gain	0	0
Ending balance	(52)	(52)
Unrealized Gains on Available-for-Sale Debt Securities, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	455	(4,982)
Net unrealized gain	304	4,435
Ending balance	$ 759	$ (547)

PRIVATE WARRANTS - Narrative (D

PRIVATE WARRANTS - Narrative (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Jan. 14, 2022	Jul. 21, 2021
Class of Warrant or Right [Line Items]
Number of shares purchasable with each warrant (in shares)					1
Warrant, exercise price (in dollars per share)					$ 11.50
Warrants, contractual life					5 years
Public Warrant
Class of Warrant or Right [Line Items]
Warrants issued (in shares)					6,900,000
Warrants and rights unexercised and outstanding (in shares)				0
Private Warrant
Class of Warrant or Right [Line Items]
Warrants issued (in shares)					4,450,000
Warrants and rights unexercised and outstanding (in shares)	1,700,000	1,700,000	1,700,000
Class of warrant or right, warrant exercised (in shares)	0	0
Warrants, fair value (in dollars per share)	$ 0.69	$ 0.69

PRIVATE WARRANTS - Schedule Val

PRIVATE WARRANTS - Schedule Valuation Assumptions to Fair Value of Private Warrants (Details) - Private Warrant	9 Months Ended
	Sep. 30, 2024 $ / shares
Current stock price
Class of Warrant or Right [Line Items]
Derivative liability, measurement input	4.50
Strike price
Class of Warrant or Right [Line Items]
Derivative liability, measurement input	11.50
Expected term (in years) | Minimum
Class of Warrant or Right [Line Items]
Derivative liability, measurement input, term	1 year 6 months 21 days
Expected term (in years) | Maximum
Class of Warrant or Right [Line Items]
Derivative liability, measurement input, term	1 year 9 months 21 days
Expected volatility | Minimum
Class of Warrant or Right [Line Items]
Derivative liability, measurement input	0.620
Expected volatility | Maximum
Class of Warrant or Right [Line Items]
Derivative liability, measurement input	0.694
Risk-free interest rate | Minimum
Class of Warrant or Right [Line Items]
Derivative liability, measurement input	0.037
Risk-free interest rate | Maximum
Class of Warrant or Right [Line Items]
Derivative liability, measurement input	0.038
Expected dividend yield
Class of Warrant or Right [Line Items]
Derivative liability, measurement input	0

PRIVATE WARRANTS - Schedule of

PRIVATE WARRANTS - Schedule of Warrants Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Warrant Liability [Roll Forward]
Fair value at December 31, 2023			$ 290
Change in fair value	$ (169)	$ (513)	895	$ (564)
Fair value at September 30, 2024	$ 1,185		$ 1,185

STOCK PLAN - Narrative (Details

STOCK PLAN - Narrative (Details)		3 Months Ended	9 Months Ended
	Jul. 22, 2021 USD ($) purchase_period shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) shares
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based expense, other than options | $		$ 100,000	$ 100,000
Unrecognized stock-based expense, period for recognition			4 months 24 days
PRSUs | Service-based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
PRSUs | Service-based Cliff Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based expense, other than options | $		$ 140,400,000	$ 140,400,000
Unrecognized stock-based expense, period for recognition			1 year 8 months 12 days
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under the plan (shares)		14,800,000	14,800,000
2021 Plan | Common stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under the plan (shares)	181,500,000
2021 Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under the plan (shares)	24,200,000
Annual increase to shares available for grant under the plan as percentage of shares outstanding at prior year end	5%
2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under the plan (shares)	7,300,000	13,700,000	13,700,000
Annual increase to shares available for grant under the plan as percentage of shares outstanding at prior year end	1%
Purchase price of common stock under the plan	85%
Offering period length under the plan	24 months
Maximum employee subscription rate as a percentage of eligible compensation under the plan	15%
Maximum number of shares per employee, per purchase period (in shares)	3,000
Maximum number of shares per employee, per offering period (in shares)	12,000
Maximum employee contribution amount | $	$ 25,000
Share-based compensation arrangement by share-based payment award, number of purchase periods | purchase_period	4
Purchase period	6 months
Shares purchased during the period (in shares)		0	400,000
Unrecognized stock-based expense, other than options | $		$ 400,000	$ 400,000
Unrecognized stock-based expense, period for recognition			10 months 24 days
2021 ESPP | Common stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under the plan (shares)	36,900,000

STOCK PLAN - Schedule of Stock

STOCK PLAN - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Shares
Balance, beginning (in shares)	27,910
Expired or canceled (in shares)	(7)
Exercised (in shares)	(1,780)
Balance, ending (in shares)	26,123	27,910
Options vested and exercisable (in shares)	26,071
Weighted- Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 0.66
Expired or canceled (in dollars per share)	1.14
Exercised (in dollars per share)	0.47
Ending Balance (in dollars per share)	0.67	$ 0.66
Options vested and exercisable (in dollars per share)	$ 0.67
Weighted- Average Remaining Contractual Term (Years)
Options outstanding, weighted-average remaining contractual term (in years)	4 years 8 months 12 days	5 years 3 months 18 days
Options exercisable, weighted-average remaining contractual term (in years)	4 years 8 months 12 days
Aggregate Intrinsic Value
Options outstanding, aggregate intrinsic value	$ 99,953	$ 56,638
Options exercised, aggregate intrinsic value	5,013
Options exercisable, aggregate intrinsic value	$ 99,779

STOCK PLAN - Schedule of RSU an

STOCK PLAN - Schedule of RSU and PRSU Activity (Details) - RSUs and PRSUs shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Beginning balance (shares) | shares	26,349
Granted (shares) | shares	14,083
Vested (shares) | shares	(10,334)
Canceled or forfeited (shares) | shares	(2,244)
Ending balance (shares) | shares	27,854
Weighted- Average  Grant-Date Fair Value Price Per Share
Beginning balance (in dollars per share) | $ / shares	$ 8.81
Granted (in dollars per share) | $ / shares	2.49
Vested (in dollars per share) | $ / shares	9.08
Canceled or forfeited (in dollars per share) | $ / shares	4.12
Ending balance (in dollars per share) | $ / shares	$ 5.89

STOCK PLAN - Schedule of Share-

STOCK PLAN - Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions (Details) - 2021 ESPP - Shares available for future grant under 2021 Employee Stock Purchase Plan	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	33.80%	36.10%
Expected volatility, maximum	43.90%	47.30%
Risk-free interest rate, minimum	4.30%	0.60%
Risk-free interest rate, maximum	5.10%	5.40%
Expected dividend yield	0%	0%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 months	6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	2 years	2 years

STOCK PLAN - Schedule of Stock-

STOCK PLAN - Schedule of Stock-based Compensation Arrangement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	$ 28,392	$ 27,421	$ 84,821	$ 90,674
Capitalized stock-based compensation	2,291	2,432	6,826	7,440
Total stock-based compensation	30,683	29,853	91,647	98,114
Costs of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	606	782	2,234	2,468
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	6,013	5,731	18,334	20,984
Selling, general, and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	$ 21,773	$ 20,908	$ 64,253	$ 67,222

NET LOSS PER SHARE ATTRIBUTAB_3

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS - Schedule of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator :
Net loss attributable to common stockholders	$ (38,401)	$ (141,586)	$ (36,128)	$ (44,754)	$ (56,536)	$ (53,842)	$ (216,115)	$ (155,132)
Denominator:
Weighted average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	321,151			303,432			317,002	298,226
Weighted average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	321,151			303,432			317,002	298,226
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.12)			$ (0.15)			$ (0.68)	$ (0.52)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.12)			$ (0.15)			$ (0.68)	$ (0.52)

NET LOSS PER SHARE ATTRIBUTAB_4

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS - Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents (in shares)	55,685	62,767	55,685	62,767
Private warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents (in shares)	1,708	1,708	1,708	1,708
Common stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents (in shares)	26,123	29,393	26,123	29,393
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents (in shares)	27,854	29,932	27,854	29,932
ESPP shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents (in shares)	0	1,734	0	1,734

RESTRUCTURING - Narrative (Deta

RESTRUCTURING - Narrative (Details)	Jul. 31, 2023
2023 Plan
Restructuring Cost and Reserve [Line Items]
Percentage of workforce reduced under restructuring plan	30%

RESTRUCTURING - Schedule of Res

RESTRUCTURING - Schedule of Restructuring Charges (Details) - 2023 Plan - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	$ 3,147	$ 3,147
Costs of revenue
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	308	308
Cost of revenue - Subscription
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	5	5
Cost of revenue - Services
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	152	152
Cost of revenue - Product
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	151	151
Research and development
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	600	600
Selling, general, and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	2,239	2,239
Severance and Other Personnel Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	3,024	3,024
Severance and Other Personnel Costs | Costs of revenue
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	308	308
Severance and Other Personnel Costs | Cost of revenue - Subscription
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	5	5
Severance and Other Personnel Costs | Cost of revenue - Services
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	152	152
Severance and Other Personnel Costs | Cost of revenue - Product
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	151	151
Severance and Other Personnel Costs | Research and development
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	600	600
Severance and Other Personnel Costs | Selling, general, and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	2,116	2,116
Office Space Reductions
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	123	123
Office Space Reductions | Costs of revenue
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	0	0
Office Space Reductions | Cost of revenue - Subscription
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	0	0
Office Space Reductions | Cost of revenue - Services
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	0	0
Office Space Reductions | Cost of revenue - Product
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	0	0
Office Space Reductions | Research and development
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	0	0
Office Space Reductions | Selling, general, and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	$ 123	$ 123