DOOR continues to work diligently to file its 2025 SEC reports
ST. LOUIS, Nov. 5, 2025 /PRNewswire/ -- Latch, Inc., which has rebranded as DOOR ("DOOR" or the "Company"), today announced that the Company filed its Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report") with the U.S. Securities and Exchange Commission (the "SEC"). On the same day, DOOR also filed its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2024 (collectively with the 2024 Annual Report, the "2024 Reports").
The 2024 Reports were filed under the Company's legal name, Latch, Inc., as DOOR continues its transition to the new brand. The Company's shares currently trade on the OTC Markets under the symbol, "LTCH," and the corporate name and ticker update are expected at a later date.
The filing of the 2024 Reports marks another key milestone in DOOR's progress toward regaining current SEC reporting status. DOOR is working diligently to complete its SEC filings for 2025.
DOOR is providing 2024 financial and business highlights and certain preliminary, unaudited financial information as of and for periods in 2025, which remains subject to completion when we become current with our SEC filing obligations.
2024 Financial and Business Highlights
-- Software revenue of $20.3 million, a $2.5 million (14%) year-over-year
increase
-- Total revenue of $56.6 million, an $11.7 million (26%) year-over-year
increase, while reducing operating expenses by $38.2 million, a 31%
year-over-year improvement
-- Net loss of $(57.6) million, a $49.9 million (46%) year-over-year
improvement
-- Adjusted EBITDA (non-GAAP) of $(40.7) million, a $27.7 million (41%)
year-over-year improvement
"The filing of our 2024 Reports represents another major milestone in our commitment to becoming current with our SEC reporting obligations," said David Lillis, Chief Executive Officer of DOOR. "I am incredibly proud of our team's performance, as we delivered strong top-line growth while demonstrating significant operational discipline. In 2024, we increased total revenue by 26% and decreased operating expenses by 31%, resulting in a 41% year-over-year improvement in our Adjusted EBITDA. These results underscore the strength and discipline of our team as we navigated a pivotal phase of the business. With our transition to DOOR well underway, we are focused on driving continued innovation, operational excellence, and sustainable growth across our expanding customer base."
Lillis continued, "I am pleased to share that for the nine months ended September 30, 2025, we estimate that DOOR's total preliminary, unaudited revenues increased by at least 20% compared to the same period in 2024. This consistent growth demonstrates the maturity of our business model and the growing demand for our platform. It positions DOOR for continued momentum and a strong finish to 2025."
Key Business Metrics
(in thousands)
Year Ended December 31,
----------------------------------------------------
YoY Change
2024 2023 (%)
---------------- ---------------- ----------------
GAAP(1) Measures
Software revenue $ 20,255 $17,775 14 %
Total revenue $ 56,630 $ 44,961 26 %
Net loss $(57,596) $(107,540) (46) %
Non-GAAP Measure
Adjusted EBITDA $(40,741) $(68,459) (41) %
------------------------
(1) Generally accepted accounting principles in the United States of America
Additional details about DOOR's 2024 performance are presented in the 2024 Reports.
Preliminary 2025 Cash Position Update
As of September 30, 2025, we estimate DOOR's total preliminary, unaudited cash and cash equivalents and current and non-current available-for-sale securities ("Liquid Assets") to be approximately $44.1 million.(1) DOOR estimates that it also had approximately $29.2 million in net inventory as of such date, which reflects a reduction for estimated excess and obsolete inventory reserves of approximately $11.6 million.
(1) DOOR also has current and non-current liabilities including, but not limited to, a $6.0 million term loan that matures on July 15, 2029, deferred revenue, accrued liabilities, accounts payable, and litigation reserves. The total amount of these liabilities cannot be determined until the Company becomes current with its SEC filing obligations.
DOOR's Liquid Assets decreased by approximately $31.3 million from December 31, 2024 to September 30, 2025. The foregoing decrease was partly due to approximately $15.6 million of outflows attributed to: (i) approximately $8.9 million related to legal fees and settlements for ongoing stockholder litigation and the pending SEC investigation, (ii) approximately $3.3 million related to professional service fees incurred in connection with the preparation of our 2023 SEC reports, and (iii) approximately $3.4 million related to restructuring activity. While elevated expenses related to the stockholder litigation and SEC investigation are expected through the remainder of 2025, DOOR anticipates that total cash outflows from operating and non-recurring activities will be meaningfully lower in 2025 compared to 2024.
The decrease in DOOR's Liquid Assets between December 31, 2024 and September 30, 2025 primarily occurred during the quarter ended March 31, 2025, and DOOR experienced a significant reduction in cash outflows during the quarters ended June 30, 2025 and September 30, 2025. See the table below for more detail.
March 31, June 30, September 30,
December 31, 2025 2025 2025
Quarter Ended 2024 (Unaudited) (Unaudited) (Unaudited)
------------------- ------------- ------------- ------------ -------------
Value of Liquid $50.6 $46.8
Assets $75.4 million million(1) million(1) $44.1 million
------------------- ------------- ------------- ------------ -------------
Period-Over-Period
Change(2) - $24.8 million $3.8 million $2.7 million
------------------- ------------- ------------- ------------ -------------
Litigation,
Untimely Audit,
and Restructuring
Fees(3) - $11.3 million $2.3 million $2.0 million
------------------- ------------- ------------- ------------ -------------
(1) Amounts exclude cash required to settle investment securities that were
purchased during the applicable period, as the corresponding funds were
deducted from the Company's accounts in the following period.
(2) Represents the change in value of Liquid Assets from the end of the prior
quarter.
(3) Includes legal fees and settlements related to ongoing stockholder
litigation and the pending SEC investigation, professional service fees in
connection with preparation of our 2023 SEC reports, and restructuring costs.
The amounts discussed above are preliminary, unaudited estimates and should not be relied upon as an indicator of DOOR's 2025 performance. We have not completed our financial procedures for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025, and our actual Liquid Assets, revenues, and other financial information may differ, possibly materially, from the Liquid Assets, revenues, and other preliminary financial information presented above due to a variety of factors. Accordingly, investors are cautioned not to place undue reliance on the foregoing preliminary, unaudited estimates because they do not provide a complete view of the Company's current financial results and position. These preliminary, unaudited estimates reflect the Company's best estimate of the amounts set forth above and are based on the information available to us as of the date of this press release. Additionally, our independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to these preliminary estimates and does not express an opinion or provide any other form of assurance with respect to these preliminary, unaudited estimates. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. In addition, these preliminary, unaudited estimates should not be interpreted as indicative of future performance. The Company intends to provide its finalized comprehensive financial position in connection with becoming current with its SEC filing obligations, and you should review such information when available. The Company assumes no obligation to update or revise these preliminary, unaudited estimates, whether as a result of new information, future events, or otherwise, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC.
About DOOR
DOOR is a Building Intelligence company redefining how buildings operate. By combining premium hardware, intuitive software, and automated services into one streamlined system, DOOR helps properties think ahead, reduce overhead, and quietly improve life inside. Headquartered in St. Louis, DOOR supports owners, operators, and residents across residential portfolios and purpose-built communities.
DOOR continues to operate under the legal name Latch, Inc., and its common stock continues to trade under the stock symbol, "LTCH." The company anticipates updating its corporate name and stock symbol at a later date.
The new brand and platform experience are live today at DOOR.com.
Key Business Metrics
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