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LATCH Latch Reports Second Quarter 2021 Financial Results August 12 , 2021 • Total Bookings of $ 95.8 million , up 102 % year - over - year • Total Booked ARR of $ 48.8 million , up 122 % year - over - year • Revenue of $ 9.0 million , up 227 % year - over - year NEW YORK , Aug. 12 , 2021 ( GLOBE NEWSWIRE ) -- Latch , Inc. ( NASDAQ : LTCH ) ( " Latch " or the " Company " ) , maker of LatchOS , the full - building enterprise software - as - a - service ( SaaS ) platform , today reported financial results for the three and six months ended June 30 , 2021 . " Latch continues to see powerful demand for our products that drove a sharp acceleration in Total Bookings and revenue growth in the first half of the year , " said Luke Schoenfelder , Latch Co - Founder , CEO , and Chairman of the Board of Directors . " These results underscore the increasing needs within the market for our industry leading software , product ecosystem , and the tangible value they create for our customers . We are especially proud of our team's ability to deliver these results given the global supply chain and construction market challenges that we began to see at the end of the quarter . " Three Months Ended June 30 , 2021 and 2020 Financial Highlights $ in thousands ( unaudited ) Revenue Cost of revenue Operating expenses Other expenses ( 1 ) GAAP net loss ( 1 ) NM : Not meaningful Revenue Cost of revenue Operating expenses Other expenses ( 2 ) GAAP net loss $ $ $ $ Cash flow used in operations Net cash balance $ $ $ $ $ $ Three months ended June 30 , $ $ 2021 9,012 $ 8,242 $ 22,726 $ 18 , 105 $ ( 40,071 ) $ Other expenses for the three months ended June 30 , 2021 include : ( a ) $ 9.0 million unfavorable change in the fair value of the derivative liabilities related to our convertible notes and warrants related to our term loan ; ( b ) $ 4.8 million unfavorable change in the fair value of our private placement warrants ; ( c ) $ 1.5 million loss on extinguishment of debt related to the convertible notes and warrants related to our term loan ; and ( d ) $ 2.9 million interest expense primarily related to our convertible notes . Six months ended June 30 , 2021 15,641 $ 14,404 $ 54,440 $ 24,959 $ ( 78,172 ) $ 2020 $ Change 2,752 $ 3,239 $ 14,082 $ 417 $ ( 32,835 ) $ 471,999 $ ( 14,986 ) $ 2020 $ 5,478 6,501 $ 29,427 $ 477 $ ( 30,927 ) $ 6,260 5,003 8,644 17,688 ( 30,091 ) $ 31,174 ( 25,085 ) $ Change 10,163 7,903 25,013 24,482 ( 47,245 ) % Change ( 2,744 ) 227 % 154 % 61 % NM ( 167 % ) % Change 186 % 122 % 85 % NM ( 153 % ) ( 9 % ) ( 2 ) Other expenses for the six months ended June 30 , 2021 include : ( a ) $ 12.6 million unfavorable change in the fair value of the derivative liabilities related to our convertible notes and warrants related to our term loan ; ( b ) $ 4.8 million unfavorable change in the fair value of our private placement warrants ; ( c ) $ 1.5 million loss on extinguishment of debt related to the convertible notes and warrants related to our term loan ; and ( d ) $ 6.2 million interest expense primarily related to our convertible notes . Key Business Metrics