Latch, Inc. (LTCH): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia de construção inteligente, a Latch, Inc. (LTCH) surge como uma força transformadora, reimaginando o controle de acesso e o gerenciamento de propriedades por meio de soluções digitais inovadoras. Ao integrar perfeitamente o hardware de ponta e o software sofisticado, a Latch desenvolveu um ecossistema abrangente que capacita os gerentes de propriedades, aprimora a segurança e revoluciona a experiência do inquilino nos setores multifamiliar, comercial e de hospitalidade. Seu modelo de modelo de negócios exclusivo revela uma abordagem estratégica que combina proezas tecnológicas, design centrado no usuário e fluxos de receita escaláveis, posicionando a empresa na vanguarda da revolução inteligente do edifício.

Latch, Inc. (LTCH) - Modelo de negócios: Parcerias -chave

Provedores de software de gerenciamento de propriedades

A trava estabeleceu parcerias com:

Parceiro	Detalhes da integração	Ano de parceria
Sistemas Yardi	Integração completa da API	2021
Página real	Sincronização de plataforma de gerenciamento de acesso	2020
Software de ressonância magnética	Conexão do sistema de gerenciamento de propriedades	2019

Fabricantes de tecnologia doméstica inteligentes

As parcerias de tecnologia estratégica incluem:

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

Proprietários e proprietários imobiliários

Principais parcerias imobiliárias da Latch:

Categoria de parceiro	Número de parcerias	Unidades totais cobertas
Desenvolvedores multifamiliares	87	52,000
Imóveis comerciais	43	18,500

Serviço em nuvem e provedores de segurança cibernética

Parceiros de infraestrutura de cibersegurança e nuvem:

• Amazon Web Services (provedor de nuvem primário)
• Microsoft Azure
• Redes Palo Alto
• Cloudflare

Parceiros de serviço de instalação e integração

Rede de instalação técnica:

Tipo de parceiro	Número de parceiros certificados	Cobertura geográfica
Instaladores certificados	214	47 Estados dos EUA
Provedores de serviços regionais	36	As 25 principais áreas metropolitanas

Latch, Inc. (LTCH) - Modelo de negócios: Atividades -chave

Desenvolvimento de software para sistemas de controle de acesso

A partir do quarto trimestre 2023, a Latch investiu US $ 12,3 milhões em P&D para desenvolvimento de software. A empresa mantém 87 engenheiros de software ativos focados no desenvolvimento da plataforma de controle de acesso.

Métricas de desenvolvimento de software	2023 dados
Despesas totais de P&D	US $ 12,3 milhões
Tamanho da equipe de engenharia de software	87 engenheiros
Lançamentos anuais de software	4 atualizações principais da plataforma

Design de dispositivos de IoT e engenharia

A Latch desenvolveu 6 modelos de dispositivos Primários de IoT com uma equipe de engenharia de 42 especialistas em hardware.

• Linhas de produtos de bloqueio inteligente: 3 modelos residenciais, 2 comerciais, 1 corporativa
• Orçamento anual de engenharia de dispositivos IoT: US $ 8,7 milhões
• Aplicações de patentes na tecnologia da IoT: 24 patentes ativas

Manutenção da plataforma baseada em nuvem

A empresa gerencia uma infraestrutura em nuvem que suporta 250.000 dispositivos conectados ativos com 99,98% de tempo de atividade.

Métricas de plataforma em nuvem	2023 desempenho
Dispositivos conectados	250,000
Tempo de atividade da plataforma	99.98%
Investimento anual de infraestrutura em nuvem	US $ 5,6 milhões

Suporte ao cliente e serviços técnicos

A Latch mantém uma equipe dedicada de suporte ao cliente de 64 profissionais, lidando com uma média de 3.200 ingressos de suporte mensal.

• Tamanho da equipe de suporte: 64 profissionais
• Tickets de suporte mensal: 3.200
• Tempo médio de resolução: 4,2 horas

Vendas e marketing de soluções de construção inteligentes

Em 2023, a trava alocou US $ 22,5 milhões para os esforços de vendas e marketing, direcionando mercados multifamiliar, comercial e residencial.

Métricas de vendas e marketing	2023 dados
Orçamento total de vendas e marketing	US $ 22,5 milhões
Tamanho da equipe de vendas	112 representantes
Segmentos de mercado direcionados	Multifamiliar, comercial, residencial

Latch, Inc. (LTCH) - Modelo de negócios: Recursos -chave

Plataforma de software de controle de acesso proprietário

A plataforma de software da Latch desenvolveu com US $ 95,2 milhões em investimentos totais de P&D a partir do terceiro trimestre de 2023. Total de Patentes de software: 37 registrados.

Métrica da plataforma de software	Valor quantitativo
Total de patentes de software	37
Investimento em P&D	US $ 95,2 milhões
Versão da plataforma de software	Latchos 3.5

Capacidades de design e fabricação de hardware

A Latch mantém recursos diretos de design de hardware com parcerias de fabricação na Ásia.

• Linhas de produtos de hardware: 4 modelos distintos de bloqueio inteligente
• Parceiros de fabricação: 3 fabricantes de eletrônicos de nível 1
• Capacidade anual de produção de hardware: 250.000 unidades

Propriedade intelectual e patentes

Portfólio de propriedade intelectual avaliada em US $ 42,3 milhões no quarto trimestre de 2023.

Categoria IP	Número de registros
Total de patentes	47
Aplicações de patentes pendentes	22
Registros de marca registrada	15

Engenharia e talento técnico

Força de trabalho total: 356 funcionários em dezembro de 2023.

• Tamanho da equipe de engenharia: 124 funcionários
• Experiência média de engenharia: 6,7 anos
• Doutores de doutorado em equipe de engenharia: 18

Infraestrutura em nuvem e sistemas de segurança de dados

Investimento em infraestrutura em nuvem: US $ 14,6 milhões em 2023.

Métrica de segurança em nuvem	Especificação
Provedor de serviços em nuvem	Amazon Web Services
Orçamento anual de segurança em nuvem	US $ 14,6 milhões
Data centers	3 locais redundantes
Tempo de atividade anual	99.99%

Latch, Inc. (LTCH) - Modelo de Negócios: Proposições de Valor

Soluções de acesso inteligente integrado para propriedades multifamiliares e comerciais

A partir do quarto trimestre 2023, a LATCH relatou 882.000 unidades totais sob gestão, com um aumento de 70% nas implantações de propriedades comerciais.

Tipo de propriedade	Unidades totais	Crescimento anual
Residencial multifamiliar	612,000	55%
Propriedades comerciais	270,000	70%

Segurança aprimorada através de gerenciamento de chave digital

A plataforma de gerenciamento de chaves digitais da Latch fornece recursos avançados de segurança.

• Registros de acesso em tempo real e monitoramento
• Permissões de acesso personalizáveis
• Capacidades de desativação remota instantânea

Tecnologias de gerenciamento de propriedades simplificadas

Em 2023, a receita operacional da Latch atingiu US $ 59,4 milhões, com receita de assinatura de software representando 62% da receita total.

Fluxo de receita	2023 quantidade	Percentagem
Vendas de hardware	US $ 22,6 milhões	38%
Assinaturas de software	US $ 36,8 milhões	62%

Recursos de acesso e monitoramento remotos

Os principais recursos de gerenciamento remoto incluem:

• Controle de acesso baseado em nuvem
• Integração de aplicativos móveis
• Monitoramento remoto 24/7

Experiência de inquilino aprimorada e eficiência operacional

A plataforma da Latch demonstra melhorias de eficiência operacional para gerentes de propriedades.

Métrica de eficiência	Porcentagem de melhoria
Tempo de gerenciamento de visitantes	Redução de 65%
Processamento de solicitação de manutenção	50% mais rápido
Custos de controle de acesso	40% diminuem

Latch, Inc. (LTCH) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

Latch oferece uma plataforma digital com 78.000 usuários ativos a partir do terceiro trimestre 2023. A plataforma permite Auto-gerenciamento de sistemas de acesso inteligente com 99,7% de taxa de interação digital.

Métrica da plataforma	Valor
Total de usuários digitais	78,000
Taxa de interação digital	99.7%
Usuários ativos mensais médios	52,300

Equipe direta de vendas para clientes corporativos

A Latch mantém uma equipe de vendas empresarial dedicada, direcionada a propriedades residenciais e comerciais de várias unidades.

• Enterprise Sales Equipe Tamanho: 42 profissionais
• Valor médio do contrato: US $ 124.500
• Taxa de conversão do cliente corporativo: 37%

Suporte on -line e atendimento ao cliente

Os canais de suporte ao cliente incluem o Digital HelpDesk com o tempo de resposta de 2,4 horas.

Métrica de suporte	Desempenho
Tempo médio de resposta	2,4 horas
Pontuação de satisfação do cliente	4.6/5
Taxa de resolução de ingressos de suporte	94%

Aplicativo móvel fácil de usar

Aplicativo móvel com 65.000 downloads e classificação de 4,7/5 App Store.

• Downloads de aplicativos móveis totais: 65.000
• App Store Classificação: 4.7/5
• Usuários mensais de aplicativos ativos: 48.200

Atualizações regulares de produtos e aprimoramentos de recursos

Frequência de atualização do produto de 6 grandes lançamentos por ano com melhorias contínuas de recursos.

Atualizar métrica	Valor
Principais lançamentos anuais	6
Frequência de aprimoramento de recursos	Trimestral
Recursos solicitados pelo cliente implementados	72%

Latch, Inc. (LTCH) - Modelo de Negócios: Canais

Equipe de vendas diretas

No quarto trimestre 2023, a Latch mantém uma equipe de vendas direta focada nos mercados imobiliários multifamiliares, unifamiliares e comerciais.

Canal de vendas	Número de representantes de vendas	Segmento de mercado -alvo
Imóveis multifamiliares	35	Promotores de propriedades
Imóveis comerciais	22	Setores de escritório e hospitalidade
Residencial unifamiliar	18	Construtores de casas

Site on-line e plataforma de comércio eletrônico

A plataforma de vendas digitais da Latch gera aproximadamente US $ 12,4 milhões em receita anual por meio de vendas diretas de produtos on -line.

• Tráfego do site: 187.000 visitantes mensais únicos
• Taxa de conversão online: 3,2%
• Valor médio da ordem: US $ 1.850

Conferências de Tecnologia e Eventos da Indústria

Tipo de evento	Participação anual	Geração de chumbo
Conferências de Proptech	8-10 eventos	425 leads qualificados
Cúpulas de tecnologia imobiliária	5-6 eventos	276 leads qualificados

Redes de referência de parceria

A Latch estabeleceu parcerias com 42 parceiros estratégicos de tecnologia e integração imobiliária.

• Parceiros de integração: 18
• Parcerias de revendedor: 24
• Receita anual de parceria: US $ 3,7 milhões

Marketing digital e mídia social

Plataforma	Seguidores/assinantes	Taxa de engajamento
LinkedIn	47,500	4.3%
Twitter	22,300	2.9%
Instagram	15,600	3.7%

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

Gerentes de propriedades residenciais multifamiliares

A partir do quarto trimestre 2023, a trava atende a aproximadamente 15.000 propriedades residenciais multifamiliares nos Estados Unidos. O mercado endereçável total para unidades residenciais multifamiliares é estimado em 22,4 milhões de unidades.

Segmento de mercado	Número de propriedades	Penetração potencial de mercado
Grandes complexos multifamiliares	7.500 propriedades	33.5%
Propriedades residenciais de tamanho médio	5.200 propriedades	23.2%
Desenvolvimentos residenciais boutique	2.300 propriedades	10.3%

Promotores imobiliários comerciais

A Latch integrou soluções de acesso inteligente em 3.200 empreendimentos imobiliários comerciais a partir de 2023. O mercado imobiliário comercial total representa 5,6 bilhões de metros quadrados de espaço endereçável potencial.

• Edifícios de escritórios: 1.800 propriedades
• Desenvolvimentos de uso misto: 890 propriedades
• Complexos industriais: 510 propriedades

Boutique Hotels and Hospitality Business

No setor de hospitalidade, a Latch implantou soluções de acesso inteligente em hotéis e propriedades de hospitalidade de 650 boutique em 42 estados.

Categoria de hotel	Número de propriedades	Quartos médios por propriedade
Hotéis boutique	380	85 quartos
Resorts de boutique	170	120 quartos

Complexos habitacionais de estudantes

A Latch implementou soluções de acesso inteligente em 275 complexos habitacionais de estudantes, cobrindo aproximadamente 85.000 unidades habitacionais de estudantes.

• Parcerias universitárias: 120 complexos
• Habitação de estudantes particulares: 155 complexos

Espaços de escritório corporativo

O segmento de escritório corporativo representa 1.100 propriedades com soluções de acesso inteligente, cobrindo aproximadamente 45 milhões de pés quadrados de espaço de escritório.

Segmento corporativo	Número de propriedades	Mágua quadrada total
Empresas de tecnologia	450 propriedades	18,5 milhões de pés quadrados
Serviços financeiros	310 propriedades	12,3 milhões de pés quadrados
Outros setores corporativos	340 propriedades	14,2 milhões de pés quadrados

Latch, Inc. (LTCH) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Latch, Inc. relatou despesas de pesquisa e desenvolvimento de US $ 45,2 milhões, representando um investimento significativo em inovação tecnológica.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2022	US $ 45,2 milhões	68.3%
2021	US $ 37,6 milhões	62.5%

Custos de fabricação de hardware

Os custos de fabricação de hardware da Latch estão associados principalmente aos seus sistemas de bloqueio e controle de acesso inteligentes.

• Custo médio de produção unitária: US $ 150 a US $ 250 por dispositivo de bloqueio inteligente
• Investimento anual de fabricação de hardware: aproximadamente US $ 15-20 milhões

Investimentos de vendas e marketing

Em 2022, a trava alocou recursos significativos para os esforços de vendas e marketing.

Ano fiscal	Vendas & Despesas de marketing	Crescimento ano a ano
2022	US $ 38,7 milhões	22.4%
2021	US $ 31,6 milhões	18.9%

Manutenção da infraestrutura em nuvem

Os custos de manutenção da infraestrutura em nuvem da Latch são críticos para sua plataforma de acesso digital.

• Investimento anual de infraestrutura em nuvem: US $ 5-7 milhões
• Provedores de serviços em nuvem: Amazon Web Services (AWS), Microsoft Azure
• Custos operacionais mensais estimados: US $ 450.000 a US $ 600.000

Aquisição de pessoal e talento

A partir de 2022, as despesas de pessoal da Latch refletem seu compromisso com a inovação tecnológica.

Categoria de pessoal	Total de funcionários	Custos anuais de pessoal
Força de trabalho total	327	US $ 52,3 milhões
Equipe de engenharia	126	US $ 24,5 milhões

Latch, Inc. (LTCH) - Modelo de negócios: fluxos de receita

Vendas de dispositivos de hardware

Q3 2023 Receita do dispositivo de hardware: US $ 8,1 milhões

Categoria de produto	Preço médio	Volume anual de vendas
Dispositivos de bloqueio inteligentes	$299	27.000 unidades
Painéis de controle de acesso	$499	15.000 unidades

Taxas de assinatura de software recorrentes

Receita recorrente anual (ARR) para 2023: US $ 21,4 milhões

• Taxas mensais de assinatura: US $ 15 a US $ 50 por unidade
• Pacotes de software corporativo: US $ 250 a US $ 750 por mês

Serviços de instalação e integração

Receita total de serviços de instalação para 2023: US $ 6,3 milhões

Tipo de serviço	Custo médio	Receita anual total
Instalação padrão	US $ 150 a US $ 300 por unidade	US $ 4,2 milhões
Integração complexa	$ 500- $ 1.500 por projeto	US $ 2,1 milhões

Receita do contrato corporativo

Valor do contrato total da empresa para 2023: US $ 45,6 milhões

• Duração média do contrato: 3-5 anos
• Contratos de segmento multifamiliar: US $ 35,2 milhões
• Contratos imobiliários comerciais: US $ 10,4 milhões

Atualizações de recursos premium

Receita de atualização de recursos premium para 2023: US $ 3,7 milhões

Categoria de recurso	Preço de atualização	Taxa de adoção
Análise avançada	US $ 99/mês	22% dos clientes
Módulos de segurança aprimorados	US $ 149/mês	18% dos 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.