Latch Q2 software revenue rises on expanding platform adoption
LTCH•What drove the quarter
- Software subscription growth - Company said software revenue rose 17% yr/yr due to expanding adoption of its platform solutions.
- Hardware and services decline - Company said total revenue fell mainly due to lower hardware shipments and professional services installation activity versus an elevated prior-year quarter.
- Cost control and margin improvement - Company attributed improved gross margin and reduced net loss to a more favorable revenue mix and lower operating expenses.
Key details
| Metric | Actual |
|---|---|
| Q2 Revenue | $15.62 million |
| Q2 Net Loss | $6.90 million |
| Q2 Adjusted EBITDA | -$3.56 million |
| Q2 Software Revenue | $6.12 million |
Outlook and strategic focus
- Company expects the restructuring plan to reduce annualized operating costs by $10 million to $12 million.
- Latch plans to focus resources on and the .
