Revenue: As of FY2025, the actual value is USD 70.12 M.

EPS: As of FY2025, the actual value is USD -0.34.

EBIT: As of FY2025, the actual value is USD -51.61 M.

Latch, Inc. operates as a single operating and reporting segment, though it rebranded as DOOR in August 2025, while its legal name remains Latch, Inc.

Revenue

• Total Revenue: Increased by $13,487 thousand, or 23.8%, to $70,117 thousand in 2025 from $56,630 thousand in 2024 .
• Hardware Revenue: Increased by $1,486 thousand, or 8.1%, to $19,772 thousand in 2025 from $18,286 thousand in 2024 .
• Software Revenue: Increased by $1,885 thousand, or 9.3%, to $22,140 thousand in 2025 from $20,255 thousand in 2024 .
• Professional Services Revenue: Increased by $10,116 thousand, or 55.9%, to $28,205 thousand in 2025 from $18,089 thousand in 2024, primarily due to a $6.6 million contribution from the HelloTech Merger, a $2.1 million increase in installation revenue, and a $1.4 million increase in property management revenue .

Operational Metrics

• Net Loss: Decreased to - $53,747 thousand in 2025 from - $57,596 thousand in 2024 .
• Adjusted EBITDA: Improved to - $27,089 thousand in 2025 from - $35,966 thousand in 2024 .
• Total Cost of Revenue: Increased by $11,631 thousand, or 36.8%, to $43,267 thousand in 2025 from $31,636 thousand in 2024 .
  • Hardware Cost of Revenue: Increased by $4,038 thousand, or 26.4%, to $19,308 thousand in 2025 from $15,270 thousand in 2024, which included a $4.9 million write-off of prepaid inventory deposits in 2025 .
  • Software Cost of Revenue: Increased by $16 thousand, or 0.8%, to $2,029 thousand in 2025 from $2,013 thousand in 2024 .
  • Professional Services Cost of Revenue: Increased by $7,577 thousand, or 52.8%, to $21,930 thousand in 2025 from $14,353 thousand in 2024, primarily due to the full year of costs from the HelloTech Merger ($5.2 million), increased installation services costs ($1.6 million), and property management costs ($0.8 million) .
• Operating Expenses: Decreased by - $4,837 thousand, or -5.7%, to $79,571 thousand in 2025 from $84,408 thousand in 2024 .
  • Research and Development: Increased by $1,020 thousand, or 5.9%, to $18,338 thousand in 2025, mainly due to higher compensation expense .
  • Sales and Marketing: Increased by $2,758 thousand, or 21.9%, to $15,326 thousand in 2025, primarily due to HelloTech-related compensation and digital marketing expenses .
  • General and Administrative: Decreased by - $20,441 thousand, or -46.0%, to $24,030 thousand in 2025, largely due to reduced investigation, legal, and settlement fees .
  • Depreciation and Amortization: Decreased by - $1,925 thousand, or -26.7%, to $5,277 thousand in 2025 .
• Impairment of Goodwill: Latch, Inc. recorded a $16,600 thousand impairment charge in 2025, reducing the goodwill balance to $13,605 thousand .
• Impairment of Intangible Assets, Net: No impairment was recorded in 2025, compared to $2,849 thousand in 2024 related to the James ride share application .
• Interest (Expense) Income, Net: Shifted from $1,416 thousand income in 2024 to - $1,113 thousand expense in 2025, primarily due to lower average principal investment balances and a decrease in interest expense related to software contracts and promissory notes .

Cash Flow

• Net Cash Used in Operating Activities: Decreased by $39,513 thousand, to - $35,893 thousand in 2025 from - $75,406 thousand in 2024 . This reduction was mainly due to a $19.5 million decrease in net loss (adjusted for non-cash items), a $19.3 million decrease in cash outflows from an investment payable settlement, and a $12.8 million decrease in inventory purchases .
• Unrestricted Cash and Cash Equivalents and Available-for-Sale Securities: Totaled $34,600 thousand as of December 31, 2025, down from $75,400 thousand as of December 31, 2024 .

Other Key Metrics

• Net Inventory: Totaled $27,300 thousand as of December 31, 2025, compared to $30,500 thousand as of December 31, 2024 .

Outlook / Guidance

Latch, Inc. expects to generate sufficient liquidity to fund its operations for at least 12 months beyond the filing date . The company plans to continue monitoring its cash flow and may implement additional cost-saving measures, including potentially exiting unprofitable business units, to preserve liquidity . However, there is no assurance that additional outside capital can be secured on acceptable terms, especially given the minimal public market for its securities on the OTCID Market .