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Latch Inc. (LTCH0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2022.
The filing includes restated financial statements for the years ended December 31, 2021, 2020, and 2019, following an investigation into revenue recognition practices.
Latch reported total revenue of $42.955 million for 2022, an increase from $27.613 million in 2021. The increase was driven by growth in hardware, software, and installation services revenue.
Cost of revenue for 2022 was $46.879 million, up from $32.653 million in 2021. This increase was primarily due to higher hardware and installation services costs.
Operating expenses for 2022 were $161.318 million, compared to $144.447 million in 2021. The increase was mainly due to higher research and development, and sales and marketing expenses.
Latch reported a net loss of $162.336 million for 2022, compared to a net loss of $167.146 million in 2021.
The filing details the company's efforts to address material weaknesses in internal controls over financial reporting.
Latch's investigation led to the restatement of financial results due to errors in revenue recognition and internal controls.
The company identified issues in recognizing revenue from hardware and software sales, leading to the restatement of prior financial statements.
Latch continues to focus on enhancing its smart building technology platform and expanding its market presence.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Latch Inc. annual 10-K report dated December 19, 2024. To report an error, please email earnings@qz.com.