--- title: "Latch | 10-K: FY2025 Revenue: USD 70.12 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/281181196.md" datetime: "2026-03-31T11:53:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281181196.md) - [en](https://longbridge.com/en/news/281181196.md) - [zh-HK](https://longbridge.com/zh-HK/news/281181196.md) --- # Latch | 10-K: FY2025 Revenue: USD 70.12 M Revenue: As of FY2025, the actual value is USD 70.12 M. EPS: As of FY2025, the actual value is USD -0.34. EBIT: As of FY2025, the actual value is USD -51.61 M. #### Segment Information Latch, Inc. operates as one operating and reporting segment . #### Revenue - **Total Revenue**: Increased by $13,487 thousand (23.8%) to $70,117 thousand for the year ended December 31, 2025, from $56,630 thousand for the year ended December 31, 2024 . - **Hardware Revenue**: Increased by $1,486 thousand (8.1%) to $19,772 thousand in 2025 from $18,286 thousand in 2024 . - **Software Revenue**: Increased by $1,885 thousand (9.3%) to $22,140 thousand in 2025 from $20,255 thousand in 2024 . - **Professional Services Revenue**: Increased by $10,116 thousand (55.9%) to $28,205 thousand in 2025 from $18,089 thousand in 2024, primarily driven by a full year of revenue from the 2024 HelloTech Merger ($6.6 million increase), a $2.1 million increase in installation revenue, and a $1.4 million increase in property management revenue . #### Operational Metrics - **Net Loss**: Improved by $3,849 thousand (-6.7%) to - $53,747 thousand for the year ended December 31, 2025, from - $57,596 thousand for the year ended December 31, 2024 . - **Adjusted EBITDA**: Improved by $8,877 thousand (-24.7%) to - $27,089 thousand in 2025 from - $35,966 thousand in 2024 . - **Total Cost of Revenue**: Increased by $11,631 thousand (36.8%) to $43,267 thousand in 2025 from $31,636 thousand in 2024 . - **Cost of Hardware Revenue**: $19,308 thousand in 2025 compared to $15,270 thousand in 2024, including a $4.9 million write-off of prepaid inventory deposits in 2025 . - **Cost of Software Revenue**: $2,029 thousand in 2025 compared to $2,013 thousand in 2024 . - **Cost of Professional Services Revenue**: $21,930 thousand in 2025 compared to $14,353 thousand in 2024 . - **Total Operating Expenses**: Decreased by - $4,837 thousand (-5.7%) to $79,571 thousand in 2025 from $84,408 thousand in 2024 . - **Research and Development Expenses**: Increased by $1,020 thousand (5.9%) to $18,338 thousand in 2025 from $17,318 thousand in 2024 . - **Sales and Marketing Expenses**: Increased by $2,758 thousand (21.9%) to $15,326 thousand in 2025 from $12,568 thousand in 2024 . - **General and Administrative Expenses**: Decreased by - $20,441 thousand (-46.0%) to $24,030 thousand in 2025 from $44,471 thousand in 2024, primarily due to a $9.7 million decrease in investigation, legal and settlement fees, and a $4.9 million decrease in audit fees . - **Depreciation and Amortization Expenses**: Decreased by - $1,925 thousand (-26.7%) to $5,277 thousand in 2025 from $7,202 thousand in 2024 . - **Impairment of Goodwill**: $16,600 thousand in 2025, compared to $0 in 2024 . - **Impairment of Intangible Assets, Net**: $0 in 2025, compared to $2,849 thousand in 2024 . - **Interest (expense) income, net**: - $1,113 thousand in 2025 compared to $1,416 thousand in 2024 . - **Non-ordinary course legal fees and settlement reserves**: $3,228 thousand in 2025 and $12,151 thousand in 2024 . - **Stock-based compensation**: $551 thousand in 2025 and - $580 thousand in 2024 . #### Cash Flow - **Net Cash Used in Operating Activities**: - $35,893 thousand for the year ended December 31, 2025, a decrease of $39,513 thousand compared to - $75,406 thousand for the year ended December 31, 2024 . - **Net Cash Provided by Investing Activities**: $1,686 thousand for the year ended December 31, 2025, a decrease of $71,200 thousand compared to $72,886 thousand for the year ended December 31, 2024 . - **Net Cash Used in Financing Activities**: - $1,223 thousand for the year ended December 31, 2025, a decrease of $20,777 thousand compared to - $22,000 thousand for the year ended December 31, 2024 . #### Unique Metrics - **Unrestricted cash and cash equivalents and current and non-current available-for-sale securities**: Approximately $34.6 million as of December 31, 2025, compared to $75.4 million as of December 31, 2024 . - **Net Inventory**: Approximately $27.3 million as of December 31, 2025, compared to $30.5 million as of December 31, 2024 . The total excess and obsolete inventory reserve was $10.9 million and $12.8 million as of December 31, 2025 and 2024, respectively . - **Customer Concentration**: As of December 31, 2025, one customer accounted for 47% of gross accounts receivable and 32% of total revenue for the year ended December 31, 2025 . - **Net Operating Loss (NOL) Carryforwards**: As of December 31, 2025, Latch, Inc. had approximately $30.5 million in federal NOL carryforwards expiring in 2034, and approximately $538.2 million in federal NOL carryforwards with an indefinite life . State NOL carryforwards were approximately $493.5 million . - **Term Loan**: The outstanding principal of the Loan with Customers Bank was $4.8 million as of December 31, 2025, compared to $6.0 million as of December 31, 2024, with the loan maturing on July 15, 2029 . Latch, Inc. was in compliance with the covenants under the Loan Agreement as of December 31, 2025 and 2024 . - **Accrued Litigation Costs**: As of December 31, 2025, accrued litigation costs primarily included $6.8 million related to a service provider demand . - **Deferred Revenue**: Total deferred revenue was $26,375 thousand as of December 31, 2025, compared to $33,182 thousand as of December 31, 2024 . #### Outlook / Guidance Latch, Inc. expects to generate sufficient liquidity to fund operations for at least 12 months beyond the Filing Date using existing cash and securities . The company may seek additional outside capital, but success or acceptable terms are not assured, especially given its trading on the OTCID Market . 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