LTCH · Latch, Inc.

Latch, Inc., now operating under the brand DOOR, filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, disclosing significant operational progress amidst a strategic rebranding. The company achieved a 24% year-over-year increase in total revenue, reaching $70.1 million, with software revenue contributing $22.1 million of that total. This top-line growth was accompanied by disciplined cost management, resulting in a 6% reduction in operating expenses to $79.6 million. Management highlighted that excluding a $16.6 million goodwill impairment, operating expenses would have reflected a 25% year-over-year improvement, underscoring the impact of their multi-year cost-savings initiatives.

The company reported a GAAP net loss of $(53.7) million, a 7% improvement compared to the prior year. This result was negatively impacted by substantial non-cash charges, specifically a $16.6 million impairment of goodwill and a $4.9 million inventory-related write-off. CEO David Lillis noted that despite these $21.5 million in non-cash impairments, the company demonstrated resilience through improved net loss performance. On a non-GAAP basis, Adjusted EBITDA improved by 25% to $(27.1) million, adjusting for the impairments, stock-based compensation, and other items such as non-ordinary course legal fees and settlement reserves which totaled $3.2 million for the year. The filing also noted a correction to the 2024 comparative figures for legal fees and Adjusted EBITDA to ensure consistency in presentation. The company continues to trade on the OTC Markets under the symbol 'LTCH' as it transitions to its new corporate identity.