Monitor the upcoming 10-Q for detailed segment performance and cash flow trends. The debt refinancing reduces near-term liquidity risk, but total revenue stagnation and ongoing net losses suggest no near-term catalyst for the warrant (LTCHW). Watch for progress on adding new buildings to the DOOR ecosystem and further expense discipline.
Price Chart
Executive Summary
Latch (now DOOR) reported Q1 2026 results with software revenue up 19.1% YoY to $6.1M, total revenue essentially flat at $15.7M (down 0.5% YoY), net loss narrowing 47.2% to $(5.9M), and cash burn improving $18.6M YoY. The company also refinanced debt with a new $5.0M revolving credit facility from Truist Bank on improved terms. While software growth and cost discipline are positive, total revenue stagnation and ongoing net losses keep the overall picture neutral.
Key Financial Metrics
Key Facts
- Software revenue grew 19.1% YoY to $6.1M, driven by subscription growth
- Total revenue was $15.7M, essentially flat YoY (down 0.5%)
- Net loss narrowed 47.2% YoY to $(5.9M)
- Adjusted EBITDA loss narrowed 45.7% YoY to $(3.9M)
- Cash and investments at quarter end: $28.5M, down $6.1M from Dec 2025
- Cash usage improved $18.6M YoY to $6.1M (vs $24.7M in Q1 2025)
- Entered new $5.0M revolving credit facility with Truist Bank on May 11, 2026
- Gross margin expanded to 52.3% from 47.4% in Q1 2025
- Operating expenses decreased 25.6% YoY to $13.8M
- Professional services revenue declined 20.9% YoY to $5.2M
Financial Impact
Revenue flat at $15.7M, net loss improved to $(5.9M) from $(11.3M), cash burn reduced by $18.6M YoY
Risk Factors
- Total revenue flat YoY despite software growth — hardware and services segments may face headwinds
- Ongoing SEC investigation and stockholder litigation create legal overhang
- Cash burn continues at $6.1M per quarter, though improving
- Shares trade on OTC Markets with pending name/ticker change — limited liquidity
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001826000-26-000044 |
| Document: lat-20260515.htm | 0001826000-26-000044 |
| Document: 0001826000-26-000044-index-headers.html | 0001826000-26-000044 |
| Document: 0001826000-26-000044-index.html | 0001826000-26-000044 |
| Document: 0001826000-26-000044.txt | 0001826000-26-000044 |
| 8-K Data (Synthetic) | 0001826000-26-000044 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 15, 2026 23w ago | 8-K | — | awaiting T+20 | — | — |
Mar 31, 2026 29w ago | 8-K | — | awaiting T+20 | — | — |
US Market Status
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