Smart lock company Latch, now known as Door, sees 2025 revenue rise 24%

By Diana Barr  | St. Louis INNO | Apr 2, 2026

Latch Inc. (OTCMKTS: LTCH), a St. Louis-based firm that provides building entry tech and does business as Door, reported that its net loss narrowed slightly last year as its revenue grew 24%.

The company posted a net loss of $53.8 million on total revenue of $70.1 million last year, compared with a net loss of nearly $57.6 million on total revenue of $56.6 million in 2024, according to its annual report filed Tuesday.

Door said its net loss for 2025 was negatively impacted by non-cash items: a $16.6 million impairment of goodwill and a $4.9 million inventory-related write-off.

Door’s software revenue in 2025 grew 9.3%, as its hardware revenue rose 8.1% and its professional services revenue grew 55.9%. The company’s professional services business includes an installation and maintenance network, and its HelloTech business, acquired in 2024, that provides single-family and multifamily properties with on-demand technical services, such as smart home device installation and other handyman services.

The company said its 2025 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of a negative $27.1 million, represented an $8.9 million, or 25%, year-over-year improvement.

“With total revenue of $70.1 million, a 24% year-over-year increase, 2025 was a transformational year for DOOR,” David Lillis, CEO of Door, said in a news release. “Our deliberate, multi-year cost-savings efforts contributed to another year-over-year reduction in operating expenses. And, despite the significant negative impact of $21.5 million of non-cash impairments, we still showed improvement in our net loss.”

Door has been catching up with filings of its required financial reports. The company began restating certain historical financial statements in August 2022, completed with the filing of its 2022 reports in December 2024, and the filing of its quarterly and annual reports for 2023 and 2024 in March 2025 and November 2025, respectively. Door said it became current with its SEC filings in February this year, although it said Tuesday that it is still subject to an investigation, begun in March 2023, by the U.S. Securities & Exchange Commission into issues related to its key performance indicators and revenue recognition practices.

Latch Inc. rebranded as Door in August 2025 when its primary operating subsidiary, Latch Systems Inc., changed its name to Door Systems Inc., but the parent company confirmed Tuesday that its corporate name and ticker update are expected at a later date.

Door provides hardware, software and services for buildings, primarily serving the multifamily rental market. It offers a software-as-a-service platform to manage its suite of smart access control devices, including locks and intercoms.

Latch became a publicly traded company in 2021 through a merger with special purpose acquisition company TS Innovation Acquisition Corp., in a deal that valued Latch at $1.56 billion. Latch at one time had traded on the Nasdaq exchange, but its securities began trading on the OTC Pink-Limited market on Feb. 12 and the OTCID Market on March 2.

Latch’s corporate base moved in 2023 from New York to Olivette, at 1220 N. Price Road. As of Dec. 31, the company reported it had 120 full-time employees, all based in the United States.