Quarterly ResultMay 15, 2026, 04:29 PM
DOOR Q1 Software Revenue +19.1%; Net Loss Narrows 47.2%
AI Summary
DOOR (formerly Latch, Inc.) reported its first quarter 2026 financial results, showing significant improvements in profitability and cash management. Software revenue grew 19.1% to $6.1 million, while total revenue remained flat at $15.7 million. The company narrowed its net loss by 47.2% to $(5.9) million and reduced cash usage by $18.6 million year-over-year. Additionally, DOOR refinanced its debt with a new $5.0 million revolving credit facility, which is expected to save $0.9 million in debt service for 2026.
Key Highlights
- Software revenue increased 19.1% year-over-year to $6.1 million.
- Total revenue was $15.7 million, essentially flat year-over-year.
- Net loss narrowed 47.2% year-over-year to $(5.9) million.
- Adjusted EBITDA loss narrowed 45.7% year-over-year to $(3.9) million.
- Operating expenses decreased 25.6% year-over-year to $13.8 million.
- Cash usage reduced by $18.6 million year-over-year.
- Ended the quarter with $28.5 million in cash and investments.
- Refinanced debt with a new $5.0 million revolving credit facility, expecting $0.9 million cash savings in 2026.
Price Impact
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