DOOR is now current with its SEC filing obligations
ST. LOUIS, Feb. 11, 2026 /PRNewswire/ -- Latch, Inc., which has rebranded as DOOR ("DOOR" or the "Company"), today announced that the Company filed its Quarterly Report on Form 10-Q for the three months ended September 30, 2025 (the "Quarterly Report") with the U.S. Securities and Exchange Commission (the "SEC").
The Quarterly Report was filed under the Company's legal name, Latch, Inc., as DOOR continues its transition to the new brand. The Company's shares currently trade on the OTC Markets under the symbol, "LTCH," and the corporate name and ticker update are expected at a later date.
The Company commenced a restatement of certain of its historical financial statements in August 2022, which it completed with the filing of its 2022 reports in December 2024. Since that time, the Company has filed all of its quarterly and annual reports for 2023 and 2024, which were filed in March 2025 and November 2025, respectively.
DOOR filed quarterly reports for the first and second quarters of 2025 in January 2026, and today's filing of the Quarterly Report brings the Company current with its SEC reporting obligations for the first time since mid-2022. DOOR is now focused on completing its Annual Report on Form 10-K for the year ended December 31, 2025.
While the Company's shares have been trading on the OTC Expert Market, the Company anticipates that its shares will move to the OTC Pink Limited Market following the filing of the Quarterly Report. The Company is in the process of applying to the OTCID Market, which replaced the OTC Pink Current market in 2025. Thereafter, DOOR plans to evaluate its options for the trading or listing of its securities, including on the OTCQB or OTCQX Market or a national securities exchange.
Q3 2025 Financial and Business Highlights
DOOR is providing the following unaudited third quarter 2025 financial and business highlights.
-- Software revenue of $5.4 million, a $0.3 million (6%) year-over-year
increase
-- Total revenue of $17.4 million, a $2.5 million (17%) year-over-year
increase
-- Operating expenses of $14.0 million, a $9.4 million (40%) year-over-year
reduction
-- Net loss of $(6.6) million, a $10.5 million (61%) year-over-year
improvement
-- Adjusted EBITDA (non-GAAP) of $(4.6) million, a $7.4 million (62%)
year-over-year improvement
"Filing our third quarter 2025 report represents the culmination of a three-plus year journey to become current with our reporting obligations, " said David Lillis, Chief Executive Officer of DOOR. "I am proud of the team's efforts in making this possible, and I am equally proud of our strong third quarter financial and operating results, including a 17% increase in total revenue and a 40% reduction in operating expenses, which contributed to a 61% improvement in net loss."
Key Business Metrics
(in thousands)
Three Months Ended September
30, Nine Months Ended September 30,
-------------------------------- --------------------------------
YoY YoY
Change Change
2025 2024 (%) 2025 2024 (%)
---------- ---------- -------- ---------- ---------- --------
GAAP(1)
Measures
Software
revenue $5,370 $5,077 6 % $15,773 $15,136 4 %
Total
revenue $17,426 $14,943 17 % $52,255 $39,916 31 %
Net loss $(6,582) $(17,056) (61) % $(25,681) $(47,630) (46) %
Non-GAAP
Measure
Adjusted
EBITDA $(4,605) $(11,966) (62) % $(17,560) $(25,560) (31) %
----------
(1) Generally accepted accounting principles in the United States of America
Additional details about DOOR's third quarter 2025 performance are presented in the Quarterly Report.
About DOOR
DOOR is a Building Intelligence company redefining how buildings operate. By combining premium hardware, intuitive software, and automated services into one streamlined system, DOOR helps properties think ahead, reduce overhead, and quietly improve life inside. Headquartered in St. Louis, DOOR supports owners, operators, and residents across residential portfolios and purpose-built communities.
DOOR continues to operate under the legal name Latch, Inc., and its common stock continues to trade under the stock symbol, "LTCH." The company anticipates updating its corporate name and stock symbol at a later date.
The new brand and platform experience are live today at DOOR.com.
Key Business Metrics
DOOR reviews key business metrics to measure its performance, identify trends affecting its business, formulate business plans, and make strategic decisions that will impact the future operating results of the Company. For definitions and discussions of our key business metrics, see the Quarterly Report. Increases or decreases in the Company's key business metrics may not correspond with increases or decreases in its revenue.
The limitations these key business metrics have as an analytical tool include: (1) they are not necessarily indicative of the Company's future financial results and (2) other companies, including companies in DOOR's industry, may calculate key business metrics or similarly titled measures differently, which reduces their usefulness as comparative measures.
Non-GAAP Financial Measures
To supplement our financial statements presented in accordance with GAAP and to provide investors with additional information regarding our financial results, we have presented in this press release Adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.
We define Adjusted EBITDA as our net loss, excluding the impact of the following items, if applicable: (i) depreciation and amortization expense, (ii) net interest income or expense, (iii) provision for income taxes, (iv) change in fair value of warrant liability, trading securities, or derivative instruments, (v) restructuring costs, (vi) transaction-related costs, (vii) net impairment of intangible assets, (viii) non-ordinary course legal fees and settlement reserves, (ix) stock-based compensation expense and (x) gain or loss on extinguishment of debt. The most directly comparable GAAP measure is net loss. We believe excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance. We monitor, and have presented in this press release, Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance, to establish budgets, and to develop operational goals for managing our business. We believe Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we include in net loss. Accordingly, we believe Adjusted EBITDA provides useful information to investors, analysts, and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance.
Adjusted EBITDA is not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net loss, which is the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, the expenses and other items that we exclude in our calculations of Adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from Adjusted EBITDA when they report their operating results.
In addition, other companies may use other measures to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA as a tool for comparison. The following table reconciles Adjusted EBITDA to net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP (in thousands):
Three months ended Nine months ended
September 30, September 30,
---------------------- -----------------------
2025 2024 2025 2024
-------- ------------ --------- ------------
Net Loss $(6,582) $(17,056) $(25,681) $(47,630)
Depreciation and
amortization 1,271 1,805 4,113 5,515
Interest expense
(income), net(1) 251 (405) 785 (1,372)
Provision for income
taxes - - - 4
Change in fair value of
warrant liability (31) 61 38 62
Restructuring costs (5) 715 (93) 780
Non-ordinary course
legal fees and
settlement
reserves(2) 324 1,141 2,910 11,320
Stock-based
compensation 167 1,773 368 5,761
-------- ------------ --------- ------------
Adjusted EBITDA $(4,605) $(11,966)(3) $(17,560) $(25,560)(3)
-----------------------------
(1) As a result of significant discounts provided to our customers on certain
long-term software contracts paid in advance, the Company has determined
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