Latch, Inc., operating under the brand name DOOR, filed its 2025 Annual Report (Form 10‑K) on March 31, 2026, providing a comprehensive view of the company’s financial performance for the year ended December 31, 2025.
Total revenue reached $70.1 million, a 24% year‑over‑year increase from $56.6 million in 2024. Software revenue rose to $22.1 million, up 9% from $20.3 million, while hardware revenue grew 42.5% to $5.1 million. The growth was driven by stronger software adoption and a rebound in hardware shipments.
Net loss for the year was $53.7 million, a modest improvement from the $57.6 million loss in 2024. The improvement was largely due to a $16.6 million goodwill impairment and a $4.9 million inventory write‑off, totaling $21.5 million in non‑cash impairments that weighed on profitability.
Operating cash burn remained high, with a trailing‑twelve‑month burn of $75.4 million, underscoring liquidity pressure that has driven the company’s platform pivot. The company continues to face liquidity risks, including an ongoing SEC investigation, material weaknesses in internal controls, and a significant customer concentration risk.
The filing confirms the company’s continued focus on transitioning from a hardware‑centric model to a software‑centric ecosystem, a strategy aimed at improving margins and extending runway. The company has also acquired HelloTech and Door Property Management, expanding its service offerings.
"With total revenue of $70.1 million, a 24% year-over-year increase, 2025 was a transformational year for DOOR," said David Lillis, Chief Executive Officer of DOOR. "Our deliberate, multi‑year cost‑savings efforts contributed to another year‑over‑year reduction in operating expenses. And, despite the significant negative impact of $21.5 million of non‑cash impairments, we still showed improvement in our net loss."
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