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Latch Inc. (LTCH0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2022.
The filing reports total revenue of $8.8 million for the quarter, an increase from $6.9 million in the same quarter of the previous year. This growth was driven by increases in software and installation services revenue.
Hardware revenue decreased slightly to $4.0 million from $4.3 million in the previous year, while software revenue increased to $3.4 million from $2.0 million, and installation services revenue rose to $1.4 million from $0.6 million.
Cost of revenue for the quarter was $6.8 million, down from $7.4 million in the previous year. This decrease was primarily due to a reduction in hardware costs.
Operating expenses increased to $34.5 million from $33.1 million, driven by higher general and administrative expenses, which rose to $15.1 million from $11.5 million.
The company reported a net loss of $34.8 million for the quarter, compared to a net loss of $33.5 million in the previous year.
Latch identified material weaknesses in its internal controls over financial reporting and is implementing a remediation plan to address these issues.
The filing discusses ongoing legal proceedings, including securities class action complaints and derivative actions, which could impact the company's financial position.
Latch continues to focus on its strategy of expanding its product offerings and improving operational efficiencies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Latch Inc. quarterly 10-Q report dated December 19, 2024. To report an error, please email earnings@qz.com.