In This Story
Latch Inc. (LTCH) has submitted its 10-Q filing for the quarterly period ended June 30, 2023.
The filing reports total revenue of $10.2 million for the quarter, an increase from $9.8 million in the same quarter the previous year. This increase was primarily driven by a rise in software revenue to $4.4 million from $3.2 million.
Hardware revenue decreased to $4.3 million from $4.7 million, reflecting lower unit deliveries and higher returns, partially offset by higher average selling prices.
Cost of revenue decreased significantly to $6.3 million from $13.1 million, mainly due to reduced hardware sales-related costs.
Operating expenses were $35.3 million, down from $47.3 million, with notable decreases in research and development and sales and marketing expenses due to restructuring initiatives.
General and administrative expenses increased to $20.5 million from $12.3 million, driven by higher professional fees, including legal and consulting services related to ongoing investigations and restatements.
The company reported a net loss of $30.9 million, an improvement from a net loss of $51.6 million in the previous year.
Latch's cash and cash equivalents as of June 30, 2023, were reported at $119.9 million, with available-for-sale securities valued at $70.3 million.
The filing also details the company's recent acquisition activities, including the HDW Acquisition, and outlines various legal proceedings and risks, including ongoing SEC investigations and class action lawsuits.
Latch acknowledges material weaknesses in internal control over financial reporting and outlines ongoing remediation efforts to address these issues.
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 March 26, 2025. To report an error, please email earnings@qz.com.