Latch, Inc. (LTCH): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la technologie de construction intelligente, Latch, Inc. (LTCH) émerge comme une force transformatrice, réinventer le contrôle d'accès et la gestion des propriétés grâce à des solutions numériques innovantes. En intégrant de manière transparente le matériel de pointe et des logiciels sophistiqués, Latch a développé un écosystème complet qui permet aux gestionnaires immobiliers, améliore la sécurité et révolutionne l'expérience des locataires dans les secteurs multifamiliaux, commerciaux et hospitaliers. Leur toile de modèle commercial unique révèle une approche stratégique qui combine les prouesses technologiques, la conception centrée sur l'utilisateur et les sources de revenus évolutives, positionnant l'entreprise à l'avant-garde de la révolution intelligente du bâtiment.

Latch, Inc. (LTCH) - Modèle d'entreprise: partenariats clés

Fournisseurs de logiciels de gestion immobilière

Latch a établi des partenariats avec:

Partenaire	Détails de l'intégration	Année de partenariat
Systèmes Yardi	Intégration complète de l'API	2021
Page réel	Sync de plateforme de gestion d'accès	2020
Logiciel IRM	Connexion du système de gestion de la propriété	2019

Fabricants de technologies de maison intelligente

Les partenariats technologiques stratégiques comprennent:

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

Promoteurs immobiliers et propriétaires

Les principaux partenariats immobiliers de Latch:

Catégorie de partenaire	Nombre de partenariats	Total des unités couvertes
Développeurs multifamiliaux	87	52,000
Immobilier commercial	43	18,500

Fournisseurs de services cloud et de cybersécurité

Partenaires de cybersécurité et d'infrastructures cloud:

• Amazon Web Services (fournisseur de cloud principal)
• Microsoft Azure
• Réseaux palo alto
• Cloudflare

Partners des services d'installation et d'intégration

Réseau d'installation technique:

Type de partenaire	Nombre de partenaires certifiés	Couverture géographique
Installateurs certifiés	214	47 États américains
Fournisseurs de services régionaux	36	Top 25 des zones métropolitaines

Latch, Inc. (LTCH) - Modèle d'entreprise: activités clés

Développement de logiciels pour les systèmes de contrôle d'accès

Au quatrième trimestre 2023, Latch a investi 12,3 millions de dollars en R&D pour le développement de logiciels. La société maintient 87 ingénieurs logiciels actifs axés sur le développement de la plate-forme de contrôle d'accès.

Métriques de développement de logiciels	2023 données
Dépenses totales de R&D	12,3 millions de dollars
Taille de l'équipe d'ingénierie logicielle	87 ingénieurs
Versions de logiciels annuels	4 mises à jour principales de plate-forme

Conception et ingénierie de l'appareil IoT

Latch a développé 6 modèles de périphériques IoT principaux avec une équipe d'ingénierie de 42 spécialistes du matériel.

• Lignes de produit Smart Lock: 3 Modèles d'entreprise résidentiels, 2 commerciaux, 1 d'entreprise
• Budget annuel d'ingénierie des appareils IoT: 8,7 millions de dollars
• Applications de brevet dans la technologie IoT: 24 brevets actifs

Maintenance de plate-forme basée sur le cloud

La société gère une infrastructure cloud prenant en charge 250 000 appareils connectés actifs avec une disponibilité de 99,98%.

Métriques de plate-forme cloud	Performance de 2023
Appareils connectés	250,000
Time de disponibilité de la plate-forme	99.98%
Investissement annuel sur les infrastructures cloud	5,6 millions de dollars

Support client et services techniques

Latch maintient une équipe de support client dédiée de 64 professionnels, avec une moyenne de 3 200 billets de support mensuels.

• Taille de l'équipe de soutien: 64 professionnels
• Billets de support mensuels: 3200
• Temps de résolution moyen: 4,2 heures

Ventes et commercialisation de solutions de construction intelligente

En 2023, Latch a alloué 22,5 millions de dollars aux efforts de vente et de marketing, ciblant les marchés multifamiliaux, commerciaux et résidentiels.

Métriques de vente et de marketing	2023 données
Budget total des ventes et du marketing	22,5 millions de dollars
Taille de l'équipe de vente	112 représentants
Segments de marché ciblés	Multifamilial, commercial, résidentiel

Latch, Inc. (LTCH) - Modèle d'entreprise: Ressources clés

Plateforme logicielle de contrôle d'accès propriétaire

La plate-forme logicielle de Latch s'est développée avec 95,2 millions de dollars en total d'investissements en R&D au troisième trimestre 2023. Total des brevets logiciels: 37 enregistrés.

Métrique de la plate-forme logicielle	Valeur quantitative
Brevets logiciels totaux	37
Investissement en R&D	95,2 millions de dollars
Version de la plate-forme logicielle	Latchos 3.5

Capacités de conception et de fabrication de matériel

Latch maintient des capacités de conception matérielle directe avec des partenariats de fabrication en Asie.

• Lignes de produit matériel: 4 modèles distincts de verrouillage intelligent
• Partners de fabrication: 3 fabricants d'électronique de niveau 1
• Capacité de production de matériel annuel: 250 000 unités

Propriété intellectuelle et brevets

Portfolio de propriété intellectuelle d'une valeur de 42,3 millions de dollars au quatrième trimestre 2023.

Catégorie IP	Nombre d'inscriptions
Total des brevets	47
Demandes de brevet en instance	22
Inscriptions de la marque	15

Ingénierie et talent technique

Total de la main-d'œuvre: 356 employés en décembre 2023.

• Taille de l'équipe d'ingénierie: 124 employés
• Expérience d'ingénierie moyenne: 6,7 ans
• PhD Bolders in Engineering Team: 18

Systèmes d'infrastructure cloud et de sécurité des données

Investissement dans les infrastructures cloud: 14,6 millions de dollars en 2023.

Métrique de sécurité du cloud	Spécification
Fournisseur de services cloud	Services Web Amazon
Budget annuel de sécurité du cloud	14,6 millions de dollars
Centres de données	3 emplacements redondants
Temps de disponibilité annuel	99.99%

Latch, Inc. (LTCH) - Modèle d'entreprise: propositions de valeur

Solutions intégrées d'accès intelligent pour les propriétés multifamiliales et commerciales

Au quatrième trimestre 2023, Latch a déclaré 882 000 unités totales sous gestion, avec une augmentation de 70% des déploiements de propriétés commerciaux.

Type de propriété	Total des unités	Croissance annuelle
Résidentiel multifamilial	612,000	55%
Propriétés commerciales	270,000	70%

Sécurité améliorée grâce à la gestion des clés numériques

La plate-forme de gestion des clés numériques de Latch offre des fonctionnalités de sécurité avancées.

• Journaux d'accès en temps réel et surveillance
• Autorisations d'accès personnalisables
• Capacités de désactivation à distance instantanée

Technologies de gestion immobilière rationalisées

En 2023, les revenus d'exploitation de Latch ont atteint 59,4 millions de dollars, les revenus d'abonnement logiciel représentant 62% du chiffre d'affaires total.

Flux de revenus	2023 Montant	Pourcentage
Ventes de matériel	22,6 millions de dollars	38%
Abonnements logiciels	36,8 millions de dollars	62%

Capacités d'accès à distance et de surveillance

Les fonctionnalités de gestion à distance clés comprennent:

• Contrôle d'accès basé sur le cloud
• Intégration d'applications mobiles
• Surveillance à distance 24/7

Amélioration de l'expérience des locataires et de l'efficacité opérationnelle

La plate-forme de Latch montre des améliorations de l'efficacité opérationnelle pour les gestionnaires immobiliers.

Métrique d'efficacité	Pourcentage d'amélioration
Temps de gestion des visiteurs	Réduction de 65%
Traitement de la demande de maintenance	50% plus rapide
Coûts de contrôle d'accès	Diminue de 40%

Latch, Inc. (LTCH) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

Latch propose une plate-forme numérique avec 78 000 utilisateurs actifs au troisième trimestre 2023. La plate-forme active autogestion des systèmes d'accès intelligent avec un taux d'interaction numérique à 99,7%.

Métrique de la plate-forme	Valeur
Total des utilisateurs numériques	78,000
Taux d'interaction numérique	99.7%
Utilisateurs actifs mensuels moyens	52,300

Équipe de vente directe pour les clients d'entreprise

Latch maintient une équipe de vente d'entreprise dédiée ciblant les propriétés résidentielles et commerciales multi-unités.

• Taille de l'équipe de vente d'entreprise: 42 professionnels
• Valeur du contrat moyen: 124 500 $
• Taux de conversion du client d'entreprise: 37%

Assistance en ligne et service client

Les canaux de support client incluent le service d'assistance numérique avec un temps de réponse de 2,4 heures.

Métrique de soutien	Performance
Temps de réponse moyen	2,4 heures
Score de satisfaction du client	4.6/5
Taux de résolution des billets de soutien	94%

Application mobile conviviale

Application mobile avec 65 000 téléchargements et 4,7 / 5 App Store Rating.

• Téléchargements totaux d'applications mobiles: 65 000
• Évaluation de l'App Store: 4.7 / 5
• Utilisateurs mensuels de l'application active: 48 200

Mises à jour régulières des produits et améliorations des fonctionnalités

Fréquence de mise à jour du produit de 6 versions majeures par an avec des améliorations continues des fonctionnalités.

Mettre à jour la métrique	Valeur
Sormes majeures annuelles	6
Fréquence d'amélioration des fonctionnalités	Trimestriel
Fonctionnalités demandées par le client implémentées	72%

Latch, Inc. (LTCH) - Modèle d'entreprise: canaux

Équipe de vente directe

Au quatrième trimestre 2023, Latch maintient une équipe de vente directe axée sur les marchés immobiliers multifamiliaux, unifamiliaux et commerciaux.

Canal de vente	Nombre de représentants commerciaux	Segment du marché cible
Biens immobiliers multifamiliaux	35	Promoteurs immobiliers
Immobilier commercial	22	Secteurs de bureau et hôteliers
Résidentiel unifamilial	18	Constructeurs de maisons

Site Web en ligne et plateforme de commerce électronique

La plate-forme de vente numérique de Latch génère environ 12,4 millions de dollars de revenus annuels grâce à des ventes de produits en ligne directes.

• Trafic de site Web: 187 000 visiteurs mensuels uniques
• Taux de conversion en ligne: 3,2%
• Valeur moyenne de la commande: 1 850 $

Conférences de technologie et événements de l'industrie

Type d'événement	Participation annuelle	Génération de leads
Conférences proptech	8-10 événements	425 Leads qualifiés
Sommets de la technologie immobilière	5-6 événements	276 pistes qualifiées

Réseaux de référence de partenariat

Latch a établi des partenariats avec 42 partenaires de technologie stratégique et d'intégration immobilière.

• Partenaires d'intégration: 18
• Partenariats des revendeurs: 24
• Revenus de partenariat annuel: 3,7 millions de dollars

Marketing numérique et médias sociaux

Plate-forme	Adeptes / abonnés	Taux d'engagement
Liendin	47,500	4.3%
Gazouillement	22,300	2.9%
Instagram	15,600	3.7%

Latch, Inc. (LTCH) - Modèle d'entreprise: segments de clientèle

Gestionnaires immobiliers résidentiels multifamiliaux

Au quatrième trimestre 2023, Latch dessert environ 15 000 propriétés résidentielles multifamiliales à travers les États-Unis. Le marché total adressable pour les unités résidentielles multifamiliales est estimée à 22,4 millions d'unités.

Segment de marché	Nombre de propriétés	Pénétration potentielle du marché
Grands complexes multifamiliaux	7 500 propriétés	33.5%
Propriétés résidentielles de taille moyenne	5 200 propriétés	23.2%
Développements résidentiels de boutique	2 300 propriétés	10.3%

Promoteurs immobiliers commerciaux

LATCH a intégré Smart Access Solutions dans 3 200 développements immobiliers commerciaux à partir de 2023. Le marché immobilier commercial total représente 5,6 milliards de pieds carrés d'espace adressable potentiel.

• Immeubles de bureaux: 1 800 propriétés
• Développements à usage mixte: 890 propriétés
• Complexes industriels: 510 propriétés

Hôtels de boutique et entreprises hôtelières

Dans le secteur de l'hôtellerie, Latch a déployé des solutions d'accès intelligentes dans 650 hôtels et propriétés hôtelières dans 42 États.

Catégorie d'hôtel	Nombre de propriétés	Chambres moyennes par propriété
Hôtels de boutique	380	85 chambres
Boutique Resorts	170	120 chambres

Complexes de logements étudiants

LATCH a mis en œuvre des solutions d'accès Smart dans 275 complexes de logements étudiants, couvrant environ 85 000 unités de logement étudiant.

• Partenariats universitaires: 120 complexes
• Logement pour étudiants privés: 155 complexes

Espaces de siège social

Le segment du siège social représente 1 100 propriétés avec des solutions d'accès intelligentes, couvrant environ 45 millions de pieds carrés d'espace de bureau.

Segment de l'entreprise	Nombre de propriétés	Total en pieds carrés
Entreprises technologiques	450 propriétés	18,5 millions de pieds carrés
Services financiers	310 Propriétés	12,3 millions de pieds carrés
Autres secteurs d'entreprise	340 propriétés	14,2 millions de pieds carrés

Latch, Inc. (LTCH) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Latch, Inc. a déclaré des frais de recherche et de développement de 45,2 millions de dollars, ce qui représente un investissement important dans l'innovation technologique.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	45,2 millions de dollars	68.3%
2021	37,6 millions de dollars	62.5%

Coûts de fabrication de matériel

Les coûts de fabrication de matériel de Latch sont principalement associés à leurs systèmes de contrôle et de contrôle d'accès intelligents.

• Coût de production unitaire moyen: 150 $ à 250 $ par appareil de verrouillage intelligent
• Investissement annuel de fabrication de matériel: environ 15-20 millions de dollars

Investissements de vente et de marketing

En 2022, Latch a alloué des ressources importantes aux efforts de vente et de marketing.

Exercice fiscal	Ventes & Frais de marketing	Croissance d'une année à l'autre
2022	38,7 millions de dollars	22.4%
2021	31,6 millions de dollars	18.9%

Maintenance des infrastructures cloud

Les coûts de maintenance des infrastructures cloud de Latch sont essentiels pour leur plate-forme d'accès numérique.

• Investissement annuel des infrastructures cloud: 5 à 7 millions de dollars
• Provideurs de services cloud: Amazon Web Services (AWS), Microsoft Azure
• Coûts opérationnels mensuels estimés: 450 000 $ - 600 000 $

Acquisition du personnel et des talents

En 2022, les dépenses de personnel de Latch reflètent leur engagement envers l'innovation technologique.

Catégorie de personnel	Total des employés	Coût du personnel annuel
Total de main-d'œuvre	327	52,3 millions de dollars
Équipe d'ingénierie	126	24,5 millions de dollars

Latch, Inc. (LTCH) - Modèle d'entreprise: Strots de revenus

Ventes de périphériques matériels

TLE 2023 Revenus de périphériques matériels: 8,1 millions de dollars

Catégorie de produits	Prix ​​moyen	Volume des ventes annuelles
Appareils de verrouillage intelligents	$299	27 000 unités
Panneaux de contrôle d'accès	$499	15 000 unités

Frais d'abonnement logiciel récurrent

Revenus récurrents annuels (ARR) pour 2023: 21,4 millions de dollars

• Taux d'abonnement mensuels: 15 $ à 50 $ par unité
• Packages de logiciels d'entreprise: 250 $ - 750 $ par mois

Services d'installation et d'intégration

Revenus de services d'installation totaux pour 2023: 6,3 millions de dollars

Type de service	Coût moyen	Revenu annuel total
Installation standard	150 $ - 300 $ par unité	4,2 millions de dollars
Intégration complexe	500 $ - 1 500 $ par projet	2,1 millions de dollars

Revenus des contrats d'entreprise

Valeur totale du contrat d'entreprise pour 2023: 45,6 millions de dollars

• Durée du contrat moyen: 3-5 ans
• Contrats de segments multifamiliaux: 35,2 millions de dollars
• Contrats immobiliers commerciaux: 10,4 millions de dollars

Mises à niveau des fonctionnalités premium

Revenus de mise à niveau des fonctionnalités premium pour 2023: 3,7 millions de dollars

Catégorie de fonctionnalités	Prix ​​de mise à niveau	Taux d'adoption
Analytique avancée	99 $ / mois	22% des clients
Modules de sécurité améliorés	149 $ / mois	18% des clients

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.