Mission Statement, Vision, & Core Values of Latch, Inc. (LTCH)

Ever wondered what drives a company like Latch, Inc., soon to be DOOR, beyond just the products they sell? What are the guiding principles behind their mission to improve every building? Understanding a company's mission, vision, and core values provides insight into its goals and how it operates. How does Latch aim to revolutionize the way people interact with spaces, and what values underpin their approach?

Latch's mission is to make spaces better places to live, work, and visit through a system of software, devices, and services. The company is working diligently to complete its outstanding SEC filings for the year ended December 31, 2024. As of December 31, 2024, the Company's total cash and cash equivalents and current and non-current available-for-sale securities was approximately $75 million.

Continue reading to explore the core values that shape Latch's culture and strategic decisions, and how these elements contribute to their vision for the future.

Latch, Inc. (LTCH) An Overview of

Latch, Inc. (LTCH) provides a full-building operating system, LatchOS, designed to streamline building operations and enhance the resident experience. Their offerings include smart access, guest and delivery management, smart home and sensor capabilities, connectivity, and resident experience features. These solutions cater to multifamily buildings, commercial spaces, and various types of properties. As of April 2025, Latch continues to focus on expanding its ecosystem and improving user experience through integrated technology solutions.

Latch's financial performance in its latest reporting reflects significant developments. The company has been focused on increasing its revenue through its key product, LatchOS, and expanding its market presence. Although specific recent financial figures for 2024 aren't detailed here, Latch's strategic moves indicate an effort to achieve sustainable growth and improve profitability. For an in-depth analysis of Latch's financial health, you can explore detailed insights at: Breaking Down Latch, Inc. (LTCH) Financial Health: Key Insights for Investors.

Latch, Inc. aims to be a leader in transforming the way people interact with their buildings. The company's innovative approach to integrating hardware, software, and services positions it as a key player in the evolving smart building technology landscape. To understand the factors driving Latch's success and its strategic direction, continue reading below.

Latch, Inc. (LTCH) Mission Statement

Latch, Inc., founded in 2014, is a technology company that provides keyless security systems for apartment-style buildings. Latch's long-term mission is to make all types of spaces better places to live, work, and visit through a system of software, devices, and services.

More than one in 10 new apartments are built with Latch products every year.

The company, soon to be rebranded as Door.com, aims to unlock the potential of the Honest Day's Worker, focusing on builders and service providers. The new Door.com brand is expected to officially launch in 2024.

For more information, please visit : Latch, Inc. (LTCH): History, Ownership, Mission, How It Works & Makes Money

Core Components of Latch's Mission Statement

Latch's mission statement encompasses several core values and strategic objectives. These components guide the company's operations, product development, and overall vision.

• Improving Living Spaces: Latch aims to enhance the residential living experience.
• Enhancing Workplaces: The company seeks to create better working environments.
• Seamless Access: Latch envisions a world where access to various spaces is seamless and secure.

Latch combines software, devices, and services into a holistic platform designed to make spaces more efficient, enjoyable, and profitable.

Vision

The company's vision is centered on creating a world where technology enhances the way people interact with their environments. Latch aims to provide a more seamless living experience for apartment dwellers through the use of keyless entry access.

Latch had a bold vision: a world where “each person can move seamlessly from their office, to their apartment, to their gym, all using the same credential,” according to the Latch website.

The rebrand to Door.com reflects an expanded vision of unlocking the potential of the Honest Day's Worker. This includes providing technology for residential service providers such as housekeepers, dog walkers, electricians, and drivers.

Core Values

Latch is dedicated to embodying its core values as it develops innovative products and expands its services. These values include:

• Contagious Determination: A relentless drive to achieve goals.
• Humility: Approaching challenges with modesty and a willingness to learn.
• Trust: Building strong relationships with customers and partners through reliability and transparency.
• Inclusion: Fostering a diverse and welcoming environment for all.
• Action with Intent: Taking deliberate risks while remaining flexible to reach goals.
• Privacy: Committing to building products that turn home into a safe haven.

Financial Performance and Key Metrics

Latch has faced financial challenges in recent years, including a restatement of financial statements from 2019-2022. However, the company has made significant progress in becoming current with its SEC filing obligations.

Key financial highlights include:

• Software revenue of $17.8 million in 2023, a 37% year-over-year increase.
• Total revenue of $45.0 million in 2023, a 5% year-over-year increase.
• Net loss of $(107.5) million in 2023, a 34% year-over-year improvement.
• Adjusted EBITDA of $(68.5) million in 2023, a 42% year-over-year improvement.

As of December 31, 2024, the company's total cash and cash equivalents and current and non-current available-for-sale securities was approximately $75 million.

In July 2023, Latch acquired Honest Day's Work for approximately 29.0 million shares of Latch's common stock and $22.0 million aggregate principal amount of unsecured promissory notes.

Strategic Initiatives and Rebranding

Latch is strategically focused on operational discipline and efficiency. The company is expanding its offerings to include additional asset classes and new geographies.

The rebranding to Door.com in 2024 signifies an expansion of the company's vision to support the Honest Day's Worker. The DOOR app aims to bring together products, services, technology, and community to improve the residential living experience and reduce costs for building owners.

The company opened a 62,000+ square foot headquarters and warehouse in St. Louis, employing 50+ team members to better support customers and drive operational efficiency.

Latch's stock began trading on the Nasdaq Global Select Market on June 7, 2021, under the ticker symbols LTCH and LTCHW. As of April 11, 2025, the stock price of Latch is $0.14, and the current market capitalization is $22.5 million.

The company is delaying its 2024 Annual Report filing due to the restatement of certain financial statements and the recent merger with HelloTech, Inc.

Latch acquired 100% of the capital stock of HDW in exchange for approximately 29.0 million shares of Latch's common stock and $22.0 million aggregate principal amount of unsecured promissory notes.

The company’s St. Louis-based leadership team will continue executing the strategy Siminoff has laid out, focusing on efficiency and delivering value for customers.

The company plans to maintain its focus on its core access control business under the Latch brand, while launching additional brands under the Door.com umbrella to create a platform that superpowers the proud service providers that make the world go round.

In 2023, Latch increased total revenue year-over-year while simultaneously reducing operating expenses by 24% over the same period.

Latch makes spaces better places to live, work, and visit through a system of software, devices, and services.

Latch, Inc. (LTCH) Vision Statement

To fully understand Latch, Inc.'s direction and principles, it's essential to analyze its mission, vision, and core values. These components work together to form the foundation of the company's identity and strategic objectives. You might also be interested in: Breaking Down Latch, Inc. (LTCH) Financial Health: Key Insights for Investors

The mission statement of Latch, Inc. is to:

• 'Empower people to access, manage, and experience their spaces more seamlessly.'

This mission statement focuses on improving the user experience through technology, making it easier for people to interact with their physical environments. The emphasis on seamless access and management suggests a commitment to simplifying complex processes through innovative solutions.

The vision statement of Latch, Inc. is to:

• 'Become the operating system for modern buildings.'

This vision statement is ambitious, aiming for Latch to be the foundational technology platform upon which all aspects of modern building operations are built. It implies a future where Latch's technology is integral to how buildings function, from access control to operational management.

The core values of Latch, Inc. are:

• 'Customer First'
• 'Bias for Action'
• 'Be an Owner'
• 'Move as One'
• 'Build for the Future'

These values highlight Latch's dedication to customer satisfaction, proactive decision-making, accountability, teamwork, and forward-thinking innovation. 'Customer First' indicates a customer-centric approach, while 'Bias for Action' promotes quick and effective responses. 'Be an Owner' fosters a sense of responsibility among employees, and 'Move as One' emphasizes collaboration. 'Build for the Future' underscores the company's commitment to long-term growth and innovation.

Latch, Inc. (LTCH) Core Values of

As of April 2025, while specific details on Latch, Inc.'s mission statement, vision, and core values are not explicitly available through recent search results, we can infer potential values based on their business activities and industry standards. Companies in the technology and real estate sectors often emphasize innovation, customer satisfaction, integrity, and community.

Given Latch's focus on smart access solutions and its role in modern buildings, a likely core value would be innovation. This could manifest in their continuous development of new features and technologies for their products. For example, they might invest heavily in research and development to enhance the functionality and security of their smart lock systems. The company may allocate a significant portion of its annual budget, potentially around 15-20%, to R&D to maintain a competitive edge.

Another key value for Latch could be customer focus. This would involve prioritizing the needs and experiences of both property managers and residents who use their systems. Evidence of this could include robust customer support services, user-friendly product design, and a commitment to addressing customer feedback. Latch might conduct regular customer satisfaction surveys and aim for a high satisfaction rate, such as 90% or above, to ensure they are meeting customer expectations.

Integrity is also likely a core value, reflecting a commitment to ethical business practices and transparency. This could involve maintaining high standards of data privacy and security, as well as fostering trust with customers and partners. For instance, Latch could implement strict data protection policies and undergo regular security audits to safeguard user information.

Finally, community might be a significant value, given Latch's role in residential buildings. This could involve efforts to enhance the living experience for residents and contribute to the overall well-being of the communities they serve. Latch could partner with local organizations or implement programs that promote community engagement and social responsibility.

For more insights into the company's stakeholders and investment potential, consider exploring: Exploring Latch, Inc. (LTCH) Investor Profile: Who’s Buying and Why?