Latch, Inc. (LTCH): Business Model Canvas

In der sich schnell entwickelnden Landschaft der intelligenten Gebäudetechnologie erweist sich Latch, Inc. (LTCH) als transformative Kraft, die Zutrittskontrolle und Immobilienverwaltung durch innovative digitale Lösungen neu definiert. Durch die nahtlose Integration modernster Hardware und hochentwickelter Software hat Latch ein umfassendes Ökosystem entwickelt, das Immobilienverwaltern mehr Möglichkeiten bietet, die Sicherheit erhöht und das Mietererlebnis in Mehrfamilien-, Gewerbe- und Gastgewerbesektoren revolutioniert. Ihr einzigartiges Geschäftsmodell offenbart einen strategischen Ansatz, der technologische Leistungsfähigkeit, benutzerzentriertes Design und skalierbare Einnahmequellen kombiniert und das Unternehmen an die Spitze der Revolution des intelligenten Gebäudes positioniert.

Latch, Inc. (LTCH) – Geschäftsmodell: Wichtige Partnerschaften

Anbieter von Immobilienverwaltungssoftware

Latch hat Partnerschaften aufgebaut mit:

Partner	Integrationsdetails	Jahr der Partnerschaft
Yardi-Systeme	Vollständige API-Integration	2021
RealPage	Synchronisierung der Zugriffsverwaltungsplattform	2020
MRT-Software	Anbindung an das Hausverwaltungssystem	2019

Hersteller von Smart-Home-Technologie

Zu den strategischen Technologiepartnerschaften gehören:

• Google Nest
• Amazon Web Services
• Apple HomeKit
• Samsung SmartThings

Immobilienentwickler und Immobilieneigentümer

Die wichtigsten Immobilienpartnerschaften von Latch:

Partnerkategorie	Anzahl der Partnerschaften	Insgesamt abgedeckte Einheiten
Mehrfamilienentwickler	87	52,000
Gewerbeimmobilien	43	18,500

Cloud-Service- und Cybersicherheitsanbieter

Partner für Cybersicherheit und Cloud-Infrastruktur:

• Amazon Web Services (primärer Cloud-Anbieter)
• Microsoft Azure
• Palo Alto Networks
• Wolkenflare

Partner für Installations- und Integrationsdienste

Technisches Installationsnetzwerk:

Partnertyp	Anzahl zertifizierter Partner	Geografische Abdeckung
Zertifizierte Installateure	214	47 US-Bundesstaaten
Regionale Dienstleister	36	Top 25 Metropolregionen

Latch, Inc. (LTCH) – Geschäftsmodell: Hauptaktivitäten

Softwareentwicklung für Zugangskontrollsysteme

Im vierten Quartal 2023 investierte Latch 12,3 Millionen US-Dollar in Forschung und Entwicklung für die Softwareentwicklung. Das Unternehmen beschäftigt 87 aktive Softwareentwickler, die sich auf die Entwicklung von Zugangskontrollplattformen konzentrieren.

Kennzahlen zur Softwareentwicklung	Daten für 2023
Gesamtausgaben für Forschung und Entwicklung	12,3 Millionen US-Dollar
Größe des Software-Engineering-Teams	87 Ingenieure
Jährliche Software-Releases	4 große Plattform-Updates

Design und Engineering von IoT-Geräten

Latch hat mit einem Engineering-Team aus 42 Hardware-Spezialisten sechs primäre IoT-Gerätemodelle entwickelt.

• Smart-Lock-Produktlinien: 3 Wohn-, 2 Gewerbe- und 1 Unternehmensmodell
• Jährliches Budget für die Entwicklung von IoT-Geräten: 8,7 Millionen US-Dollar
• Patentanmeldungen in der IoT-Technologie: 24 aktive Patente

Cloudbasierte Plattformwartung

Das Unternehmen verwaltet eine Cloud-Infrastruktur, die 250.000 aktiv verbundene Geräte mit einer Verfügbarkeit von 99,98 % unterstützt.

Cloud-Plattform-Metriken	Leistung 2023
Verbundene Geräte	250,000
Plattformverfügbarkeit	99.98%
Jährliche Investition in die Cloud-Infrastruktur	5,6 Millionen US-Dollar

Kundensupport und technische Dienstleistungen

Latch unterhält ein engagiertes Kundensupport-Team aus 64 Fachleuten, das durchschnittlich 3.200 monatliche Support-Tickets bearbeitet.

• Größe des Supportteams: 64 Fachkräfte
• Monatliche Support-Tickets: 3.200
• Durchschnittliche Lösungszeit: 4,2 Stunden

Vertrieb und Marketing von Smart Building Solutions

Im Jahr 2023 stellte Latch 22,5 Millionen US-Dollar für Vertriebs- und Marketingmaßnahmen bereit, die auf Mehrfamilien-, Gewerbe- und Wohnmärkte abzielten.

Vertriebs- und Marketingkennzahlen	Daten für 2023
Gesamtes Vertriebs- und Marketingbudget	22,5 Millionen US-Dollar
Größe des Vertriebsteams	112 Vertreter
Gezielte Marktsegmente	Mehrfamilienhäuser, Gewerbeflächen, Wohnhäuser

Latch, Inc. (LTCH) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Softwareplattform für die Zugangskontrolle

Die Softwareplattform von Latch wurde im dritten Quartal 2023 mit Gesamtinvestitionen in Forschung und Entwicklung in Höhe von 95,2 Millionen US-Dollar entwickelt. Softwarepatente insgesamt: 37 registriert.

Softwareplattform-Metrik	Quantitativer Wert
Gesamtzahl der Softwarepatente	37
F&E-Investitionen	95,2 Millionen US-Dollar
Softwareplattformversion	LatchOS 3.5

Hardware-Design- und Fertigungskapazitäten

Latch unterhält direkte Hardware-Designkapazitäten mit Fertigungspartnerschaften in Asien.

• Hardware-Produktlinien: 4 verschiedene Smart-Lock-Modelle
• Fertigungspartner: 3 Tier-1-Elektronikhersteller
• Jährliche Hardware-Produktionskapazität: 250.000 Einheiten

Geistiges Eigentum und Patente

Das Portfolio an geistigem Eigentum hatte im vierten Quartal 2023 einen Wert von 42,3 Millionen US-Dollar.

IP-Kategorie	Anzahl der Anmeldungen
Gesamtzahl der Patente	47
Ausstehende Patentanmeldungen	22
Markenregistrierungen	15

Ingenieurwesen und technisches Talent

Gesamtbelegschaft: 356 Mitarbeiter, Stand Dezember 2023.

• Größe des Ingenieurteams: 124 Mitarbeiter
• Durchschnittliche Ingenieurerfahrung: 6,7 Jahre
• Doktoranden im Ingenieurteam: 18

Cloud-Infrastruktur und Datensicherheitssysteme

Investitionen in die Cloud-Infrastruktur: 14,6 Millionen US-Dollar im Jahr 2023.

Cloud-Sicherheitsmetrik	Spezifikation
Cloud-Dienstanbieter	Amazon Web Services
Jährliches Cloud-Sicherheitsbudget	14,6 Millionen US-Dollar
Rechenzentren	3 redundante Standorte
Jährliche Betriebszeit	99.99%

Latch, Inc. (LTCH) – Geschäftsmodell: Wertversprechen

Integrierte Smart Access-Lösungen für Mehrfamilien- und Gewerbeimmobilien

Im vierten Quartal 2023 meldete Latch insgesamt 882.000 verwaltete Einheiten, was einem Anstieg von 70 % bei der Bereitstellung von Gewerbeimmobilien entspricht.

Immobilientyp	Gesamteinheiten	Jährliches Wachstum
Mehrfamilienhaus	612,000	55%
Gewerbeimmobilien	270,000	70%

Erhöhte Sicherheit durch digitales Schlüsselmanagement

Die digitale Schlüsselverwaltungsplattform von Latch bietet erweiterte Sicherheitsfunktionen.

• Zugriffsprotokolle und Überwachung in Echtzeit
• Anpassbare Zugriffsberechtigungen
• Sofortige Ferndeaktivierungsfunktionen

Optimierte Immobilienverwaltungstechnologien

Im Jahr 2023 erreichte der Betriebsumsatz von Latch 59,4 Millionen US-Dollar, wobei die Einnahmen aus Software-Abonnements 62 % des Gesamtumsatzes ausmachten.

Einnahmequelle	Betrag 2023	Prozentsatz
Hardware-Verkauf	22,6 Millionen US-Dollar	38%
Software-Abonnements	36,8 Millionen US-Dollar	62%

Fernzugriffs- und Überwachungsfunktionen

Zu den wichtigsten Fernverwaltungsfunktionen gehören:

• Cloudbasierte Zugangskontrolle
• Integration mobiler Apps
• Fernüberwachung rund um die Uhr

Verbesserte Mietererfahrung und betriebliche Effizienz

Die Plattform von Latch demonstriert Verbesserungen der betrieblichen Effizienz für Immobilienverwalter.

Effizienzmetrik	Verbesserungsprozentsatz
Besuchermanagementzeit	65 % Reduzierung
Bearbeitung von Wartungsanfragen	50 % schneller
Kosten für die Zugangskontrolle	40 % Rückgang

Latch, Inc. (LTCH) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattform

Latch bietet eine digitale Plattform mit 78.000 aktiven Nutzern (Stand Q3 2023). Die Plattform ermöglicht Selbstverwaltung intelligenter Zutrittssysteme mit 99,7 % digitaler Interaktionsrate.

Plattformmetrik	Wert
Gesamtzahl der digitalen Nutzer	78,000
Digitale Interaktionsrate	99.7%
Durchschnittliche monatlich aktive Benutzer	52,300

Direktvertriebsteam für Unternehmenskunden

Latch unterhält ein engagiertes Unternehmensverkaufsteam, das auf Wohn- und Gewerbeimmobilien mit mehreren Wohneinheiten abzielt.

• Größe des Unternehmensverkaufsteams: 42 Fachleute
• Durchschnittlicher Vertragswert: 124.500 $
• Conversion-Rate für Unternehmenskunden: 37 %

Online-Support und Kundendienst

Zu den Kundensupportkanälen gehört ein digitaler Helpdesk mit einer Reaktionszeit von 2,4 Stunden.

Support-Metrik	Leistung
Durchschnittliche Reaktionszeit	2,4 Stunden
Kundenzufriedenheitswert	4.6/5
Support-Ticket-Lösungsrate	94%

Benutzerfreundliche mobile Anwendung

Mobile App mit 65.000 Downloads und einer App-Store-Bewertung von 4,7/5.

• Gesamtzahl der Downloads mobiler Apps: 65.000
• App Store-Bewertung: 4,7/5
• Monatlich aktive App-Benutzer: 48.200

Regelmäßige Produktaktualisierungen und Funktionserweiterungen

Produktaktualisierungshäufigkeit von 6 Hauptversionen pro Jahr mit kontinuierlichen Funktionsverbesserungen.

Metrik aktualisieren	Wert
Jährliche Hauptveröffentlichungen	6
Häufigkeit der Funktionsverbesserung	Vierteljährlich
Vom Kunden gewünschte Funktionen implementiert	72%

Latch, Inc. (LTCH) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab dem vierten Quartal 2023 unterhält Latch ein Direktvertriebsteam, das sich auf die Märkte für Mehrfamilien-, Einfamilien- und Gewerbeimmobilien konzentriert.

Vertriebskanal	Anzahl der Vertriebsmitarbeiter	Zielmarktsegment
Mehrfamilienimmobilien	35	Immobilienentwickler
Gewerbeimmobilien	22	Büro- und Gastgewerbesektor
Einfamilienhaus	18	Hausbauer

Online-Website und E-Commerce-Plattform

Die digitale Vertriebsplattform von Latch generiert durch den direkten Online-Produktverkauf einen Jahresumsatz von rund 12,4 Millionen US-Dollar.

• Website-Verkehr: 187.000 einzelne monatliche Besucher
• Online-Conversion-Rate: 3,2 %
• Durchschnittlicher Bestellwert: 1.850 $

Technologiekonferenzen und Branchenveranstaltungen

Ereignistyp	Jährliche Teilnahme	Lead-Generierung
PropTech-Konferenzen	8-10 Veranstaltungen	425 qualifizierte Leads
Gipfeltreffen zur Immobilientechnologie	5-6 Veranstaltungen	276 qualifizierte Leads

Partnerschafts-Empfehlungsnetzwerke

Latch hat Partnerschaften mit 42 strategischen Technologie- und Immobilienintegrationspartnern aufgebaut.

• Integrationspartner: 18
• Reseller-Partnerschaften: 24
• Jährlicher Partnerschaftsumsatz: 3,7 Millionen US-Dollar

Digitales Marketing und soziale Medien

Plattform	Follower/Abonnenten	Engagement-Rate
LinkedIn	47,500	4.3%
Twitter	22,300	2.9%
Instagram	15,600	3.7%

Latch, Inc. (LTCH) – Geschäftsmodell: Kundensegmente

Verwalter von Mehrfamilienwohnimmobilien

Im vierten Quartal 2023 betreut Latch rund 15.000 Mehrfamilienwohnimmobilien in den Vereinigten Staaten. Der gesamte adressierbare Markt für Mehrfamilienwohneinheiten wird auf 22,4 Millionen Einheiten geschätzt.

Marktsegment	Anzahl der Eigenschaften	Potenzielle Marktdurchdringung
Große Mehrfamilienkomplexe	7.500 Immobilien	33.5%
Mittelgroße Wohnimmobilien	5.200 Immobilien	23.2%
Boutique-Wohnanlagen	2.300 Immobilien	10.3%

Gewerbeimmobilienentwickler

Latch hat ab 2023 intelligente Zugangslösungen in 3.200 Gewerbeimmobilienentwicklungen integriert. Der gesamte Gewerbeimmobilienmarkt umfasst 5,6 Milliarden Quadratfuß potenziell erschlossener Fläche.

• Bürogebäude: 1.800 Objekte
• Mischnutzungsprojekte: 890 Immobilien
• Industriekomplexe: 510 Immobilien

Boutique-Hotels und Gastgewerbebetriebe

Im Gastgewerbe hat Latch intelligente Zugangslösungen in 650 Boutique-Hotels und Gastgewerbeimmobilien in 42 Bundesstaaten implementiert.

Hotelkategorie	Anzahl der Eigenschaften	Durchschnittliche Zimmer pro Objekt
Boutique-Hotels	380	85 Zimmer
Boutique-Resorts	170	120 Zimmer

Studentenwohnanlagen

Latch hat intelligente Zugangslösungen in 275 Studentenwohnanlagen implementiert, die etwa 85.000 Studentenwohneinheiten abdecken.

• Universitätspartnerschaften: 120 Komplexe
• Private Studentenwohnheime: 155 Komplexe

Firmenbüroräume

Das Segment Corporate Office umfasst 1.100 Immobilien mit intelligenten Zugangslösungen, die eine Bürofläche von rund 45 Millionen Quadratmetern abdecken.

Unternehmenssegment	Anzahl der Eigenschaften	Gesamtquadratzahl
Technologieunternehmen	450 Objekte	18,5 Millionen Quadratfuß
Finanzdienstleistungen	310 Objekte	12,3 Millionen Quadratfuß
Andere Unternehmensbereiche	340 Objekte	14,2 Millionen Quadratfuß

Latch, Inc. (LTCH) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete Latch, Inc. Forschungs- und Entwicklungskosten in Höhe von 45,2 Millionen US-Dollar, was eine bedeutende Investition in technologische Innovation darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	45,2 Millionen US-Dollar	68.3%
2021	37,6 Millionen US-Dollar	62.5%

Hardware-Herstellungskosten

Die Hardware-Herstellungskosten von Latch hängen hauptsächlich mit den intelligenten Schließ- und Zugangskontrollsystemen zusammen.

• Durchschnittliche Produktionskosten pro Einheit: 150 bis 250 US-Dollar pro Smart-Lock-Gerät
• Jährliche Investition in die Hardware-Herstellung: Ungefähr 15–20 Millionen US-Dollar

Vertriebs- und Marketinginvestitionen

Im Jahr 2022 stellte Latch erhebliche Ressourcen für Vertriebs- und Marketingbemühungen bereit.

Geschäftsjahr	Verkäufe & Marketingkosten	Wachstum im Jahresvergleich
2022	38,7 Millionen US-Dollar	22.4%
2021	31,6 Millionen US-Dollar	18.9%

Wartung der Cloud-Infrastruktur

Die Wartungskosten für die Cloud-Infrastruktur von Latch sind für die digitale Zugangsplattform von entscheidender Bedeutung.

• Jährliche Investition in die Cloud-Infrastruktur: 5–7 Millionen US-Dollar
• Cloud-Dienstanbieter: Amazon Web Services (AWS), Microsoft Azure
• Geschätzte monatliche Betriebskosten: 450.000 bis 600.000 US-Dollar

Personal- und Talentakquise

Ab 2022 spiegeln die Personalkosten von Latch ihr Engagement für technologische Innovation wider.

Personalkategorie	Gesamtzahl der Mitarbeiter	Jährliche Personalkosten
Gesamtbelegschaft	327	52,3 Millionen US-Dollar
Ingenieurteam	126	24,5 Millionen US-Dollar

Latch, Inc. (LTCH) – Geschäftsmodell: Einnahmequellen

Verkauf von Hardwaregeräten

Umsatz mit Hardwaregeräten im dritten Quartal 2023: 8,1 Millionen US-Dollar

Produktkategorie	Durchschnittspreis	Jährliches Verkaufsvolumen
Smart Lock-Geräte	$299	27.000 Einheiten
Zugangskontrolltafeln	$499	15.000 Einheiten

Wiederkehrende Software-Abonnementgebühren

Jährlicher wiederkehrender Umsatz (ARR) für 2023: 21,4 Millionen US-Dollar

• Monatliche Abonnementpreise: 15–50 $ pro Einheit
• Unternehmenssoftwarepakete: 250–750 $ pro Monat

Installations- und Integrationsdienste

Gesamtumsatz mit Installationsdienstleistungen für 2023: 6,3 Millionen US-Dollar

Servicetyp	Durchschnittliche Kosten	Gesamtjahresumsatz
Standardinstallation	150–300 $ pro Einheit	4,2 Millionen US-Dollar
Komplexe Integration	500–1.500 $ pro Projekt	2,1 Millionen US-Dollar

Einnahmen aus Unternehmensverträgen

Gesamtwert des Unternehmensvertrags für 2023: 45,6 Millionen US-Dollar

• Durchschnittliche Vertragsdauer: 3-5 Jahre
• Verträge im Mehrfamiliensegment: 35,2 Millionen US-Dollar
• Gewerbliche Immobilienverträge: 10,4 Millionen US-Dollar

Premium-Funktions-Upgrades

Einnahmen aus Premium-Feature-Upgrades für 2023: 3,7 Millionen US-Dollar

Feature-Kategorie	Upgrade-Preis	Akzeptanzrate
Erweiterte Analytik	99 $/Monat	22 % der Kunden
Erweiterte Sicherheitsmodule	149 $/Monat	18 % der Kunden

Latch, Inc. (LTCH) - Canvas Business Model: Value Propositions

You're looking at the core value Latch, Inc., now rebranded as DOOR as of August 2025, delivers to its customers. This isn't just about selling a lock; it's about selling a platform that changes how buildings run and how people live in them.

The primary value proposition centers on providing a full-building operating system for smart access and building intelligence. This system integrates everything a modern multifamily property needs. The scale of this offering is reflected in the latest figures: Total Revenue for the fiscal year 2025 reached $56.63 million, showing growth driven by both software and services components of the integrated stack.

For property owners, the promise is tangible financial improvement. While specific Net Operating Income (NOI) uplift per unit isn't public, the focus on efficiency is clear. The company achieved a significant operational turnaround, with the Loss from Operations improving by 46.1% year-over-year to $(59.41) million in fiscal year 2025. This operational discipline mirrors the efficiency Latch, Inc. (DOOR) aims to bring to its clients.

The value proposition of reduced operational expenses for landlords is supported by the company's own cost management success. For instance, in the prior year (2024), the company achieved a 31% year-over-year reduction in its own operating expenses. Eliminating tasks like physical rekeying is a key component of this, though the specific dollar savings per property are not disclosed in the latest filings.

The connected living experience for tenants is the other side of the coin. The platform is designed to offer a premium, connected residential living experience. The company's structure supports this through its integrated approach, which is defintely a full stack of hardware, software, and professional services. The Cost of Revenue was $31.64 million against Total Revenue of $56.63 million in fiscal year 2025, with Gross Profit coming in at $24.99 million. The inclusion of professional services, bolstered by acquisitions like HelloTech in 2024, ensures end-to-end deployment and support for this premium experience.

Here's a quick look at the financial health supporting this platform strategy as of late 2025:

• Quarterly Liquid Asset Burn (Q3 2025): Stabilized at $2.7 million.
• Liquid Assets (Q3 2025): Approximately $44.1 million.
• Debt-to-Equity Ratio: A conservative 0.08.
• Basic and Diluted Net Loss Per Common Share (FY 2025): $(0.37).
• Price-to-Sales Ratio: A low 0.3x relative to its peers.

The full-stack nature is evident in how the business is structured to deliver value across the entire building lifecycle:

Component	Description of Value Delivery	FY 2025 Financial Metric
Hardware	Smart access control devices and physical security foundation.	Contributed to Total Revenue of $56.63 million.
Software	The DOOR Platform managing access and intelligence.	Software Revenue was a key growth driver in 2025.
Professional Services	On-demand installation and last-mile support.	Revenue increased significantly, driving the 26.0% YoY Total Revenue growth.

The company is also managing non-core drains, expecting approximately $8.9 million in legal drains for 2025, which management is working to contain while focusing on the core value delivery. Finance: draft 13-week cash view by Friday.

Latch, Inc. (LTCH) - Canvas Business Model: Customer Relationships

You're looking at how Latch, Inc., which rebranded to DOOR in August 2025, manages its relationships across the property technology stack. Honestly, the relationship structure is bifurcated: one high-touch path for the enterprise client-the property owner or developer-and a self-service, high-volume path for the resident end-user.

Dedicated sales and account management for enterprise real estate clients.

The core relationship is definitely with the enterprise customer, which includes real estate developers, builders, building owners, and property managers across the United States and Canada. These are the entities signing the long-term contracts for the DOOR Platform. While I don't have the exact headcount for the dedicated sales team as of late 2025, the revenue structure tells you where the focus is. In 2024, the high-margin software revenue-the recurring part of the relationship-was \$20.3 million, a 14% year-over-year increase. This recurring revenue stream is what the account management teams are focused on nurturing and expanding through upsells, like adding intercom or smart home systems on top of the initial smart access control.

Subscription-based model fostering long-term, recurring relationships.

The entire model hinges on the subscription aspect, which is the Software-as-a-Service (SaaS) component of the DOOR Platform. This is the sticky part of the relationship, typically secured via six-year contracts. The growth in this segment is crucial for long-term profitability, even as other segments surge. The software revenue grew by \$2.5 million in 2024. This recurring base is what management is trying to grow, as evidenced by the preliminary 2025 data showing total revenue increasing by at least 20% through September 30, 2025, over the prior year. The company is pushing to increase the Average Revenue Per Home Unit (ARPHU) on top of the initial access offering.

The shift in revenue mix shows how the relationship is evolving:

• Software Revenue (2024): \$20.3 million.
• Professional Services Revenue (2024): \$18.1 million.
• Professional Services Revenue Growth (2024 YoY): Surged 143%.
• Total Revenue (2024): \$56.63 million.

Self-service and in-app support for resident end-users (DOOR app).

For the residents, the relationship is largely transactional and digital, centered around the recently launched DOOR app. This is where self-service support lives. Residents use the app for remote unlocking, guest access, and smart home control. This digital-first approach helps keep the operating cost per unit low for the property manager, which is key to the value proposition. The platform is designed to streamline the resident move-in and move-out processes, reducing manual labor for the property staff.

Professional services team for high-touch installation and onboarding.

To ensure the initial high-touch deployment, Latch, Inc. acquired HelloTech in June 2024, which bolsters its professional services offering for on-demand, last-mile installation and support. This team is critical for bridging the gap between the hardware sale and the software subscription activation. The success of this team is reflected in the massive growth of that revenue stream, which jumped 143% in 2024 to reach \$18.1 million. This high-touch service is what helps secure the long-term software contract, even though the services segment itself has lower margins than pure software. The company is defintely using this service arm to ensure a smooth start for new enterprise clients.

Here's a look at the financial context driving these relationship investments as of late 2025:

Metric	Value (as of late 2025/FY 2024)	Context
Liquid Assets (Sep 30, 2025)	\$44.1 million	Cash and available-for-sale securities.
Quarterly Cash Burn Reduction (Q1 to Q3 2025)	89%	Burn dropped from \$24.8 million to \$2.7 million.
2024 Operating Expense Reduction	31%	Aggressive cost control driving operational efficiency.
2024 Net Loss Improvement	46.4%	Loss reduced to (\$57.60) million.

If onboarding takes 14+ days, churn risk rises, so the professional services team's efficiency directly impacts the recurring revenue relationship.

Finance: draft 13-week cash view by Friday.

Latch, Inc. (LTCH) - Canvas Business Model: Channels

You're looking at how Latch, Inc., now operating as DOOR, gets its integrated hardware, software, and services into the hands of property owners and residents across North America. The channel strategy centers on direct enterprise sales, supported by a professional installation network, and driven by resident engagement through the mobile application.

Direct sales team targeting large North American multifamily developers and owners

The primary channel for securing new building deployments is a direct sales force focused on large multifamily developers and owners. This team sells the core offering, which is structured into bundles like the Base, Complete, and Enterprise tiers, all powered by the DOOR Platform. While the exact size of the direct sales team as of late 2025 isn't public, the focus remains on securing long-term contracts within the multifamily rental market, which is the company's primary segment.

Professional services network (HelloTech) for last-mile delivery and installation

Successful deployment relies heavily on the professional services network for what you call last-mile delivery and installation. This capability was significantly bolstered by the acquisition of HelloTech in June 2024. This network is integral to ensuring the DOOR Platform hardware (locks, readers, intercoms) is implemented efficiently and correctly. The emphasis on these services is reflected in the 2024 financial results, where professional services revenue contributed to the 26.0% year-over-year total revenue increase, which reached $56.63 million for the year ended December 31, 2024.

DOOR app for resident and property manager interaction

The resident-facing channel is the DOOR App, which replaced the older Latch application for certain customers, with availability expected to expand to additional customers throughout 2025. This app is the daily touchpoint for residents, enabling them to unlock doors, manage guest access, and control integrated IoT devices. The average Latch App user interacts with the application multiple times per day. Property managers use the platform for monitoring and control. The software component, which underpins this channel, generated $20.3 million in revenue in 2024, marking a 14% year-over-year increase.

Here's a quick look at the financial context supporting the channel performance through 2024 and preliminary 2025 guidance:

Metric	Value (FY 2024)	Context (9M 2025 Est.)
Total Revenue	$56.63 million	Preliminary total revenues increased by at least 20% year-over-year
Software Revenue	$20.3 million	N/A
Gross Profit	$24.99 million	N/A
Net Loss	$(57.60) million	N/A

Online presence and investor relations (OTC Markets trading)

The company maintains an online presence for general information and investor relations, especially critical given its current trading status. As of late 2025, Latch, Inc. shares trade on the OTC Markets under the symbol LTCH. This channel is how the public market accesses the equity. For instance, as of December 4, 2025, the market capitalization was reported around $22.96 million, with the stock price at $0.120 on that date. The company is actively working toward regaining current SEC reporting status, a key step for any future channel expansion or capital market activity.

Key data points related to the public channel include:

• Trading Venue: OTC Markets.
• Market Capitalization (Dec 4, 2025): Approximately $22.96 million.
• Stock Price (Dec 4, 2025): $0.120.
• Shares Outstanding (as of March 21, 2025): 164,825,277.

Finance: draft 13-week cash view by Friday.

Latch, Inc. (LTCH) - Canvas Business Model: Customer Segments

You're looking at the core of DOOR's (formerly Latch, Inc.) business, which is deeply rooted in the North American multifamily real estate sector. The customer segments are distinct, even though the end-user experience is what gets the most attention.

Multifamily real estate owners, operators, and developers in the US and Canada represent the primary, high-value customer base. These are the entities that purchase and deploy the DOOR Platform across entire buildings or portfolios. The company's geographic performance is heavily concentrated in top-tier urban centers and major U.S. cities, reflecting where high-density multifamily properties are concentrated. To give you a sense of the scale they are targeting, the estimated total addressable market (TAM) for an apartment building operating system in the United States was approximately $54 billion annually, based on an estimated 47 million rental homes as of early 2021. While DOOR is still capturing a small fraction of that, their 2024 Total Revenue was $56.63 million, showing growth even on that large base. Preliminary, unaudited data suggests total revenue growth of at least 20% through September 30, 2025, indicating continued traction within this segment.

Here's a quick look at the financial scale related to the core segment:

Metric	Value (2024)	Preliminary 2025 Context
Total Revenue	$56.63 million	Projected growth of at least 20% through Q3 2025
Software Revenue	$20.3 million	Represents a 14% year-over-year increase in 2024
Professional Services Revenue	$18.1 million	Showed a massive 143% year-over-year increase in 2024

Residents and tenants are the end-users, though not the direct paying customer for the platform license. Their adoption and satisfaction are critical because they drive the value proposition for the property owners-convenience, security, and a modern living experience. If onboarding takes 14+ days, churn risk rises. The company's strategy focuses on increasing Revenue Per Apartment Unit (ARPHU) by delighting these users with new offerings like Intercom and Smart Home features, all accessible through the trusted DOOR Platform interface.

Property management companies are a key channel and a segment DOOR is now integrating with directly. In March 2024, the company launched Door Property Management, LLC (DPM), which included the acquisition of the property management arm of The Broadway Company. This move allows DOOR to collect direct management insights from a small portfolio of units, specifically in the Boston area, to shorten the product invention timeline. This vertical integration is designed to help owners and operators increase and create operational efficiencies, aligning with the marketing message: 'Don't Die, Get NOI.'

The segment of Commercial property owners remains a potential future expansion vertical. While the current focus is overwhelmingly on the multifamily rental market, the enterprise SaaS platform is designed to enhance operations within buildings generally. As of late 2025, specific financial metrics or unit counts related to a commercial segment aren't publicly detailed, as the strategic shift is centered on deepening penetration in the existing North American multifamily market.

You should keep an eye on how DPM's portfolio size grows, as that will be a leading indicator for success in the property management channel. Finance: draft 13-week cash view by Friday.

Latch, Inc. (LTCH) - Canvas Business Model: Cost Structure

You're looking at the cost side of the DOOR business model, which, as of late 2025, is heavily influenced by the necessary cleanup from past accounting issues and a pivot toward platform expansion. The cost structure reflects a company aggressively cutting overhead while still funding its technology roadmap.

High cost of revenue, particularly for hardware sales and sourcing remains a structural challenge, even as software revenue grows. Hardware sales carry inherent sourcing and fulfillment costs that software does not. For the fiscal year ended December 31, 2024, the Total Cost of Revenue was reported at $31,636 thousand (in thousands of USD). This resulted in a Gross Profit of $24,994 thousand on Total Revenue of $56,630 thousand for 2024. To be fair, the cost of sales saw a significant decline in prior periods, such as a 30.5% year-on-year decline in Cost of Sales for the nine months ending September 30, 2023, largely due to lower hardware sales-related costs.

The company has demonstrated significant progress in controlling its overhead, leading to significant operating expenses, though reduced by 31% year-over-year in 2024. The total Operating Expenses for 2024 were $79,830 thousand, a substantial reduction from the $105,880 thousand recorded in 2023. This 31% reduction was driven by decisive actions, including the workforce reduction announced in July 2023. The quarterly burn rate on Liquid Assets (cash and short-term investments) also dramatically improved, falling from $24.8 million in Q1 2025 to just $2.7 million in Q3 2025, an 89% improvement.

The lingering effects of past issues manifest as elevated non-recurring costs for legal fees and financial restatement/compliance. These costs hit the General and Administrative line item. For instance, Legal Settlements recorded in the fiscal year 2024 amounted to $7.38 million, following $10.41 million in 2023. The completion of the restatement of the 2022 financial statements in December 2024 was a major milestone, but the associated legal and compliance expenses are still being absorbed. Non-Recurring Items in 2024 were listed at $2,849 thousand.

Funding the future of the integrated ecosystem requires sustained technology and R&D investment for the DOOR Platform expansion. Research and Development expense for 2024 was $17,318 thousand. This figure represents a significant decrease from the $33,787 thousand spent on R&D in 2023, showing that even R&D investment was rationalized as part of the broader cost containment strategy. The focus is now on expanding the DOOR Platform to include broader smart home solutions.

The bulk of the operating expenditure is tied up in personnel costs for software engineering and professional services staff, which are embedded within the major expense categories. Here's how the major operating expense buckets break down for the fiscal year 2024 (in thousands of USD):

Expense Category	FY 2024 Amount (USD Thousands)	FY 2023 Amount (USD Thousands)
Research and Development (R&D)	17,318	33,787
Sales, General & Admin (SG&A)	57,039	81,605
Other Operating Items	7,202	7,201

The description of these line items confirms the personnel focus:

• R&D expense consists primarily of personnel and related expenses for employees working on product design and engineering teams.
• Sales and Marketing expense consists primarily of personnel and related expenses for employees working on sales, customer success, deployment, and marketing teams.
• General and Administrative expense consists primarily of personnel and related expenses for executive, legal, human resources, finance, and IT functions.

The professional services growth, bolstered by the HelloTech acquisition, also drives personnel costs within the Sales and Marketing or potentially the Cost of Revenue structure, as these teams provide on-demand installation and support services.

Latch, Inc. (LTCH) - Canvas Business Model: Revenue Streams

You're looking at how DOOR, formerly Latch, Inc., is structuring its income generation as of late 2025. The model is fundamentally a hardware-enabled Software-as-a-Service (SaaS) approach, but the near-term reality shows a heavy reliance on services to drive the top line while the core software subscriptions mature. The initial sale of smart locks and sensors often involves significant upfront discounts, sometimes even at a loss, because the real value is intended to be the sticky, recurring revenue from the platform subscriptions over the life of the building, which typically runs for six years.

The business model is now clearly diversifying away from being purely dependent on lumpy construction cycles, which is why Professional Services has become such a focus. This shift is a direct response to the need for more predictable, non-hardware-dependent growth levers. Still, the company is defintely navigating a significant cash burn challenge, as evidenced by the 2024 Net Loss.

Here's a quick look at the key financial markers that frame these revenue activities:

Metric	Amount
Projected Full-Year 2025 Total Revenue	$67.9 million
2024 Total Revenue	$56.63 million
2024 Net Loss	$(57.60) million
2024 Software Revenue	$20.3 million
2024 Gross Profit	$24.99 million

The revenue streams are segmented into three primary areas, reflecting the integrated ecosystem DOOR provides to the US multifamily rental market. The strategic focus in 2025 has been on accelerating the service component, which is a key growth driver this year. For instance, in the first quarter of 2024, the revenue breakdown showed how the different parts contributed, though the mix has been shifting since then.

The components of the Revenue Streams block look like this:

• Software-as-a-Service (SaaS) subscriptions for the DOOR Platform (recurring revenue).
• Professional services revenue from installation and support (a key 2025 growth driver).
• Hardware sales revenue (locks, sensors, cameras), often sold at low margin or a loss.

To give you a concrete example of the segment mix from earlier in 2024, for the three months ended March 31, 2024, the revenue was split as follows:

• Hardware revenue was $4.6 million.
• Software revenue was $5.0 million.
• Professional services revenue was $2.4 million.

The growth in professional services, bolstered by the HelloTech acquisition, is crucial for diversifying the top line away from the hardware cycle. The projected full-year 2025 total revenue of approximately $67.9 million suggests this strategy is gaining traction, even as the company works to manage the underlying profitability issues shown by the 2024 Net Loss of $(57.60) million. Finance: draft 13-week cash view by Friday.