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LATCH Latch Reports Third Quarter 2021 Financial Results November 9 , 2021 • Revenue of $ 11.2 million , up 120 % year - over - year • Total Bookings of $ 96.0 million , up 181 % year - over - year • Total Booked ARR of $ 59.8 million , up 126 % year - over - year NEW YORK , Nov. 09 , 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 nine months ended September 30 , 2021 . " It was another record quarter for Latch , with 120 % revenue growth year - over - year . This reflects our vast market opportunity and the fierce industry demand for our products and the experiences they deliver for real estate operators , residents , and service providers , " said Luke Schoenfelder , Latch Co - Founder , CEO , and Chairman of the Board of Directors . " As we continue to scale the business , I remain proud of our team's ability to remain agile to meet customer demand despite unprecedented global supply chain shortages . " Three Months Ended September 30 , 2021 and 2020 Financial Highlights $ in thousands ( unaudited ) Revenue Cost of revenue Operating expenses Other income ( expense ) ( 1 ) GAAP net loss Revenue Cost of revenue Operating expenses Other income ( expense ) ( 1 ) ( 2 ) GAAP net loss $ $ $ $ $ Net cash used in operations Cash and Cash equivalents balance ( 3 ) NM : Not meaningful Nine Months Ended September 30 , 2021 and 2020 Financial Highlights $ in thousands ( unaudited ) $ $ $ $ $ $ Three months ended September 30 , 2021 2020 | $ 11,197 $ 11,153 $ 34,391 $ 108 $ ( 34,239 ) $ Nine months ended September 30 , 2021 2020 26,838 $ 25,557 $ 88,831 $ ( 24,861 ) $ ( 112,411 ) $ 5,095 $ 5,890 $ 14,657 $ ( 422 ) $ ( 15,874 ) $ ( 63,679 ) $ 240,306 | $ $ 10,573 12,391 $ 44,084 $ ( 899 ) $ ( 46,801 ) $ ( 40,803 ) $ 26,364 $ Change 6,102 5,263 19,734 530 ( 18,365 ) $ Change 16,265 13,166 44,747 ( 23,962 ) ( 65,610 ) ( 22,876 ) % Change 120 % 89 % 135 % 126 % ( 116 % ) % Change 154 % 106 % 102 % NM ( 140 % ) ( 56 % ) 1. Other income ( expense ) includes income taxes . 2. Other income ( expense ) for the nine months ended September 30 , 2021 includes : ( 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 ) $ 3.7 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 ) $ 7.0 million interest expense primarily related to our convertible notes . 3. During the three months ended September 30 , 2021 , Latch invested in marketable securities including high quality asset backed securities , commercial paper , corporate bonds and U.S. government agency debt securities . As of September 30 , 2021 , the estimated fair value of Latch's marketable securities was $ 192.3 million . Key Business Metrics • Total Bookings : Total Bookings for the three months ended September 30 , 2021 were $ 96.0 million , up 181 % compared to $ 34.1 million for the same period in 2020 . • Booked ARR : Booked ARR for the three months ended September 30 , 2021 was $ 59.8 million , up 126 % compared to $ 26.4 million for the same period in 2020 . • Cumulative Booked Home Units : Cumulative Booked Home Units for the three months ended September 30 , 2021 were