Latch Inc (NASDAQ: LTCH), a maker of LatchOS, started the year with a strong performance across the parameters. The performance demonstrates the company’s demand for the leading products.
Performance improved sharply: Driven by the strong demand for Latch products, the revenue grew 143% year-on-year to $6.6 million. Total booking for the period under consideration was up 89% year-on-year to $71.7 million, and Booked ARR increases to $38.9 million, a growth of 120% compared to the corresponding period last year. Latch’s new intelligent access device that got launched during the period under consideration reported booking over 20,000 units and was a key driver of Total Bookings performance. Moreover, the company deployed NFC Unlock functionality on Android for its product portfolio, thereby providing unlock options to the customer.
Investments in sales and marketing: Following the global demand for its proprietary product, the company plans to increase its sales and marketing force investment. All the efforts by the company are targeted to meet the growing demand in the multifamily market. In addition, the company recently completed its business collaboration with TS Innovation Acquisition Corp. to become a public traded company. Given the sharp improvement over the past several quarters, the company’s balance sheet has improved significantly.
The Latch is expected to make an additional investment (supported by its cash and cash equivalents) and continues to execute a long-term growth strategy. Further, it will enable the company to expand its presence in large and growing markets and increase its market share. The company’s efforts enhance its shareholders’ value, and start showing results in the future.
In May, the company announced the launch of its platform for the commercial office. Driven by the strong demand, the company expects revenue to be in the range of $9 to $10 million and total bookings in the range of $82 to $87 million. For the full year, the company expects revenue and total bookings to be in the range of $47 – $51 million and $290 – $325 million, respectively.