Latch, Inc., operating under the brand name DOOR, filed its Quarterly Report on Form 10‑Q for the three months ended March 31 2025 on January 13 2026. The filing marks a significant step toward restoring the company’s compliance with SEC reporting requirements after a prolonged period of filing delays.
Total revenue for the quarter reached $15.8 million, a 31% year‑over‑year increase driven primarily by a 2% rise in software revenue to $5.2 million. The hardware and professional‑services segments contributed $10.6 million and $0.0 million respectively, indicating that the company’s core smart‑lock hardware sales remained flat while software subscriptions grew modestly.
The company posted a net loss of $11.3 million, an improvement of 18% compared with the $13.6 million loss reported for Q1 2024. Adjusted EBITDA was $7.4 million, up 22% from the $6.1 million adjusted EBITDA reported for the same quarter last year, reflecting stronger operating leverage and better cost control.
Cash and cash equivalents, together with available‑for‑sale securities, totaled $34.7 million as of December 31 2025, not March 31 2025. As of March 31 2025, liquid assets were approximately $50.7 million, with unrestricted cash and cash equivalents and available‑for‑sale securities totaling $64.7 million. The decline in the March figure is largely attributable to legal fees, professional‑service costs, and one‑time restructuring expenses associated with the transition to the DOOR brand.
CEO David Lillis emphasized that the filing demonstrates progress toward full SEC compliance and that the company is focused on stabilizing its cash position while investing in the DOOR platform. He noted that the company’s rebranding, completed in August 2025, is part of a broader strategy to expand beyond smart locks into a comprehensive “Building Intelligence” ecosystem.
While revenue growth and a narrowing net loss signal operational improvement, the significant reduction in liquid assets underscores ongoing liquidity pressure. The company’s term loan of $4.9 million due July 15 2029 remains a long‑term liability, and management has indicated that it will continue to monitor cash burn closely as it scales the DOOR platform.
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