Latch, Inc. (LTCH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de Smart Building Technology, Latch, Inc. (LTCH) surge como una fuerza transformadora, reinventando el control de acceso y la gestión de propiedades a través de soluciones digitales innovadoras. Al integrar a la perfección, el hardware de vanguardia y el software sofisticado, Latch ha desarrollado un ecosistema integral que capacita a los administradores de propiedades, mejora la seguridad y revoluciona la experiencia del inquilino en sectores multifamiliar, comercial y hospitalidad. Su lienzo de modelo de negocio único revela un enfoque estratégico que combina la destreza tecnológica, el diseño centrado en el usuario y las fuentes de ingresos escalables, posicionando a la compañía a la vanguardia de la revolución de la construcción inteligente.

Latch, Inc. (LTCH) - Modelo de negocio: asociaciones clave

Proveedores de software de administración de propiedades

Latch ha establecido asociaciones con:

Pareja	Detalles de integración	Año de asociación
Sistemas de yardi	Integración completa de API	2021
Realización real	Sincronización de la plataforma de gestión de acceso	2020
Software de resonancia magnética	Conexión del sistema de administración de propiedades	2019

Fabricantes de tecnología para el hogar inteligente

Las asociaciones de tecnología estratégica incluyen:

• Nido de Google
• Servicios web de Amazon
• MAPILE HOMEKIT
• Samsung Smartthings

Desarrolladores de bienes raíces y propietarios

Asociaciones inmobiliarias clave de LACT:

Categoría de socio	Número de asociaciones	Unidades totales cubiertas
Desarrolladores multifamiliares	87	52,000
Inmobiliario comercial	43	18,500

Proveedores de servicios en la nube y ciberseguridad

Socios de ciberseguridad e infraestructura en la nube:

• Amazon Web Services (proveedor principal de la nube)
• Microsoft Azure
• Palo Alto Networks
• Marco de la nube

Socios de servicio de instalación e integración

Red de instalación técnica:

Tipo de socio	Número de socios certificados	Cobertura geográfica
Instaladores certificados	214	47 estados de EE. UU.
Proveedores de servicios regionales	36	Top 25 áreas metropolitanas

Latch, Inc. (LTCH) - Modelo de negocio: actividades clave

Desarrollo de software para sistemas de control de acceso

A partir del cuarto trimestre de 2023, Latch invirtió $ 12.3 millones en I + D para el desarrollo de software. La compañía mantiene 87 ingenieros de software activos enfocados en el desarrollo de la plataforma de control de acceso.

Métricas de desarrollo de software	2023 datos
Gastos totales de I + D	$ 12.3 millones
Tamaño del equipo de ingeniería de software	87 ingenieros
Lanzamientos anuales de software	4 actualizaciones de plataformas principales

Diseño e ingeniería del dispositivo IoT

Latch ha desarrollado 6 modelos de dispositivos IoT primarios con un equipo de ingeniería de 42 especialistas en hardware.

• Líneas de productos de bloqueo inteligente: 3 modelos residenciales, 2 comerciales, 1 empresarial
• Presupuesto anual de ingeniería de dispositivos IoT: $ 8.7 millones
• Solicitudes de patentes en tecnología IoT: 24 patentes activas

Mantenimiento de la plataforma basado en la nube

La compañía administra una infraestructura en la nube que admite 250,000 dispositivos conectados activos con un tiempo de actividad del 99.98%.

Métricas de plataforma en la nube	2023 rendimiento
Dispositivos conectados	250,000
Tiempo de actividad de la plataforma	99.98%
Inversión anual de infraestructura en la nube	$ 5.6 millones

Atención al cliente y servicios técnicos

Latch mantiene un equipo de atención al cliente dedicado de 64 profesionales, manejando un promedio de 3.200 boletos de soporte mensuales.

• Tamaño del equipo de apoyo: 64 profesionales
• Boletos de soporte mensuales: 3,200
• Tiempo de resolución promedio: 4.2 horas

Ventas y marketing de soluciones de construcción inteligente

En 2023, Latch asignó $ 22.5 millones para los esfuerzos de ventas y marketing, dirigidos a mercados multifamiliares, comerciales y residenciales.

Métricas de ventas y marketing	2023 datos
Presupuesto total de ventas y marketing	$ 22.5 millones
Tamaño del equipo de ventas	112 representantes
Segmentos de mercado dirigidos	Multifamiliar, comercial, residencial

Latch, Inc. (LTCH) - Modelo de negocio: recursos clave

Plataforma de software de control de acceso patentado

La plataforma de software de Latch se desarrolló con $ 95.2 millones en inversiones totales de I + D a partir del tercer trimestre de 2023. Total de patentes de software: 37 registradas.

Métrica de plataforma de software	Valor cuantitativo
Patentes de software totales	37
Inversión de I + D	$ 95.2 millones
Versión de plataforma de software	Lechos 3.5

Diseño de hardware y capacidades de fabricación

Latch mantiene las capacidades directas de diseño de hardware con asociaciones de fabricación en Asia.

• Líneas de productos de hardware: 4 modelos de bloqueo inteligente distintos
• Socios de fabricación: 3 fabricantes de electrónica de nivel 1
• Capacidad de producción anual de hardware: 250,000 unidades

Propiedad intelectual y patentes

Portafolio de propiedad intelectual valorada en $ 42.3 millones en el cuarto trimestre de 2023.

Categoría de IP	Número de registros
Patentes totales	47
Aplicaciones de patentes pendientes	22
Registros de marca registrada	15

Ingeniería y talento técnico

Fuerza laboral total: 356 empleados a diciembre de 2023.

• Tamaño del equipo de ingeniería: 124 empleados
• Experiencia promedio de ingeniería: 6.7 años
• Titulares de doctorado en equipo de ingeniería: 18

Infraestructura en la nube y sistemas de seguridad de datos

Inversión de infraestructura en la nube: $ 14.6 millones en 2023.

Métrica de seguridad en la nube	Especificación
Proveedor de servicios en la nube	Servicios web de Amazon
Presupuesto anual de seguridad en la nube	$ 14.6 millones
Centros de datos	3 ubicaciones redundantes
Tiempo de actividad anual	99.99%

Latch, Inc. (LTCH) - Modelo de negocio: propuestas de valor

Soluciones integradas de acceso inteligente para propiedades multifamiliares y comerciales

A partir del cuarto trimestre de 2023, Latch reportó 882,000 unidades totales bajo administración, con un aumento del 70% en las implementaciones de propiedades comerciales.

Tipo de propiedad	Unidades totales	Crecimiento anual
Residencial multifamiliar	612,000	55%
Propiedades comerciales	270,000	70%

Seguridad mejorada a través de la gestión de claves digitales

La plataforma de gestión de claves digitales de Latch proporciona características de seguridad avanzadas.

• Registros de acceso en tiempo real y monitoreo
• Permisos de acceso personalizables
• Capacidades de desactivación remota instantánea

Tecnologías de gestión de propiedades optimizadas

En 2023, los ingresos operativos de Latch alcanzaron los $ 59.4 millones, con los ingresos por suscripción de software que representan el 62% de los ingresos totales.

Flujo de ingresos	Cantidad de 2023	Porcentaje
Ventas de hardware	$ 22.6 millones	38%
Suscripciones de software	$ 36.8 millones	62%

Capacidades de acceso y monitoreo remoto

Las características clave de gestión remota incluyen:

• Control de acceso basado en la nube
• Integración de aplicaciones móviles
• Monitoreo remoto 24/7

Experiencia de inquilinos mejorado y eficiencia operativa

La plataforma de Latch demuestra mejoras de eficiencia operativa para los administradores de propiedades.

Métrica de eficiencia	Porcentaje de mejora
Tiempo de gestión de visitantes	Reducción del 65%
Procesamiento de solicitudes de mantenimiento	50% más rápido
Costos de control de acceso	40% de disminución

Latch, Inc. (LTCH) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

Latch ofrece una plataforma digital con 78,000 usuarios activos a partir del tercer trimestre de 2023. La plataforma habilita autogestión de sistemas de acceso inteligente con 99.7% de tasa de interacción digital.

Métrica de plataforma	Valor
Usuarios digitales totales	78,000
Tasa de interacción digital	99.7%
Usuarios activos mensuales promedio	52,300

Equipo de ventas directo para clientes empresariales

Latch mantiene un equipo de ventas empresarial dedicado dirigido a propiedades residenciales y comerciales de múltiples unidades.

• Tamaño del equipo de ventas empresariales: 42 profesionales
• Valor promedio del contrato: $ 124,500
• Tasa de conversión de cliente empresarial: 37%

Soporte en línea y servicio al cliente

Los canales de soporte al cliente incluyen Digital AsselDesk con un tiempo de respuesta de 2.4 horas.

Métrico de soporte	Actuación
Tiempo de respuesta promedio	2.4 horas
Puntuación de satisfacción del cliente	4.6/5
Tasa de resolución de boletos de apoyo	94%

Aplicación móvil fácil de usar

Aplicación móvil con 65,000 descargas y calificación de 4.7/5 App Store.

• Descargas totales de aplicaciones móviles: 65,000
• Calificación de la tienda de aplicaciones: 4.7/5
• Usuarios mensuales de la aplicación activa: 48,200

Actualizaciones regulares de productos y mejoras de características

Frecuencia de actualización del producto de 6 lanzamientos principales por año con mejoras continuas de características.

Actualizar métrica	Valor
Lanzamientos principales anuales	6
Frecuencia de mejora de características	Trimestral
Características solicitadas por el cliente implementadas	72%

Latch, Inc. (LTCH) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Latch mantiene un equipo de ventas directo centrado en los mercados de bienes raíces multifamiliares, unifamiliares y comerciales.

Canal de ventas	Número de representantes de ventas	Segmento del mercado objetivo
Inmobiliario multifamiliar	35	Desarrolladores de propiedades
Inmobiliario comercial	22	Sectores de oficina y hospitalidad
Residencial unifamiliar	18	Constructores de casas

Sitio web en línea y plataforma de comercio electrónico

La plataforma de ventas digitales de Latch genera aproximadamente $ 12.4 millones en ingresos anuales a través de ventas directas de productos en línea.

• Tráfico del sitio web: 187,000 visitantes mensuales únicos
• Tasa de conversión en línea: 3.2%
• Valor de pedido promedio: $ 1,850

Conferencias tecnológicas y eventos de la industria

Tipo de evento	Participación anual	Generación de leads
Conferencias de proptech	8-10 eventos	425 clientes potenciales calificados
Cumbres de tecnología inmobiliaria	5-6 eventos	276 clientes potenciales calificados

Redes de referencia de asociación

Latch ha establecido asociaciones con 42 socios de integración de tecnología estratégica e inmobiliario.

• Socios de integración: 18
• Asociaciones de revendedor: 24
• Ingresos anuales de asociación: $ 3.7 millones

Marketing digital y redes sociales

Plataforma	Seguidores/suscriptores	Tasa de compromiso
LinkedIn	47,500	4.3%
Gorjeo	22,300	2.9%
Instagram	15,600	3.7%

Latch, Inc. (LTCH) - Modelo de negocio: segmentos de clientes

Administradores de propiedades residenciales multifamiliares

A partir del cuarto trimestre de 2023, Latch atiende aproximadamente 15,000 propiedades residenciales multifamiliares en los Estados Unidos. El mercado total direccionable para unidades residenciales multifamiliares se estima en 22.4 millones de unidades.

Segmento de mercado	Número de propiedades	Penetración potencial del mercado
Grandes complejos multifamiliares	7.500 propiedades	33.5%
Propiedades residenciales de tamaño mediano	5.200 propiedades	23.2%
Desarrollos residenciales boutique	2.300 propiedades	10.3%

Desarrolladores de bienes raíces comerciales

Latch tiene soluciones integradas de acceso inteligente en 3.200 desarrollos inmobiliarios comerciales a partir de 2023. El mercado inmobiliario comercial total representa 5.6 mil millones de pies cuadrados de espacio potencial direccionable.

• Edificios de oficina: 1.800 propiedades
• Desarrollos de uso mixto: 890 propiedades
• Complejos industriales: 510 propiedades

Hoteles boutique y negocios de hospitalidad

En el sector de la hospitalidad, Latch ha implementado soluciones de acceso inteligente en 650 hoteles boutique y propiedades de hospitalidad en 42 estados.

Categoría de hotel	Número de propiedades	Habitaciones promedio por propiedad
Hoteles boutique	380	85 habitaciones
Resorts boutique	170	120 habitaciones

Complejos de viviendas para estudiantes

Latch ha implementado Smart Access Solutions en 275 complejos de viviendas para estudiantes, que cubre aproximadamente 85,000 unidades de vivienda para estudiantes.

• Asociaciones universitarias: 120 complejos
• Vivienda para estudiantes privados: 155 complejos

Espacios de oficina corporativa

El segmento de oficina corporativa representa 1,100 propiedades con soluciones de acceso inteligente, que cubre aproximadamente 45 millones de pies cuadrados de espacio de oficina.

Segmento corporativo	Número de propiedades	Hoques cuadrados totales
Empresas tecnológicas	450 propiedades	18.5 millones de pies cuadrados
Servicios financieros	310 propiedades	12.3 millones de pies cuadrados
Otros sectores corporativos	340 propiedades	14.2 millones de pies cuadrados

Latch, Inc. (LTCH) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Latch, Inc. reportó gastos de investigación y desarrollo de $ 45.2 millones, lo que representa una inversión significativa en innovación tecnológica.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 45.2 millones	68.3%
2021	$ 37.6 millones	62.5%

Costos de fabricación de hardware

Los costos de fabricación de hardware de Latch se asocian principalmente con sus sistemas de control de acceso inteligente y de acceso.

• Costo promedio de producción de la unidad: $ 150- $ 250 por dispositivo de bloqueo inteligente
• Inversión anual de fabricación de hardware: aproximadamente $ 15-20 millones

Inversiones de ventas y marketing

En 2022, Latch asignó recursos significativos a los esfuerzos de ventas y marketing.

Año fiscal	Ventas & Gastos de marketing	Crecimiento año tras año
2022	$ 38.7 millones	22.4%
2021	$ 31.6 millones	18.9%

Mantenimiento de la infraestructura en la nube

Los costos de mantenimiento de la infraestructura en la nube de Lacath son críticos para su plataforma de acceso digital.

• Inversión anual de infraestructura en la nube: $ 5-7 millones
• Proveedores de servicios en la nube: Amazon Web Services (AWS), Microsoft Azure
• Costos operativos mensuales estimados: $ 450,000- $ 600,000

Adquisición de personal y talento

A partir de 2022, los gastos de personal de Latch reflejan su compromiso con la innovación tecnológica.

Categoría de personal	Total de empleados	Costos anuales de personal
Fuerza de trabajo total	327	$ 52.3 millones
Equipo de ingeniería	126	$ 24.5 millones

Latch, Inc. (LTCH) - Modelo de negocios: flujos de ingresos

Ventas de dispositivos de hardware

Q3 2023 Ingresos del dispositivo de hardware: $ 8.1 millones

Categoría de productos	Precio medio	Volumen de ventas anual
Dispositivos de bloqueo inteligente	$299	27,000 unidades
Paneles de control de acceso	$499	15,000 unidades

Tarifas de suscripción de software recurrentes

Ingresos recurrentes anuales (ARR) para 2023: $ 21.4 millones

• Tasas de suscripción mensuales: $ 15- $ 50 por unidad
• Paquetes de software empresarial: $ 250- $ 750 por mes

Servicios de instalación e integración

Ingresos totales de servicios de instalación para 2023: $ 6.3 millones

Tipo de servicio	Costo promedio	Ingresos anuales totales
Instalación estándar	$ 150- $ 300 por unidad	$ 4.2 millones
Integración compleja	$ 500- $ 1,500 por proyecto	$ 2.1 millones

Ingresos del contrato empresarial

Valor total del contrato empresarial para 2023: $ 45.6 millones

• Duración promedio del contrato: 3-5 años
• Contratos de segmento multifamiliar: $ 35.2 millones
• Contratos de bienes raíces comerciales: $ 10.4 millones

Actualizaciones de características premium

Ingresos de actualización de características premium para 2023: $ 3.7 millones

Categoría de características	Precio de actualización	Tasa de adopción
Análisis avanzado	$ 99/mes	22% de los clientes
Módulos de seguridad mejorados	$ 149/mes	18% de los clientes

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.