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    Markforged Announces First Quarter 2024 Results

    5/8/24 4:30:00 PM ET
    $INFN
    $MKFG
    Telecommunications Equipment
    Utilities
    Computer peripheral equipment
    Technology
    Get the next $INFN alert in real time by email

    WALTHAM, Mass., May 08, 2024 (GLOBE NEWSWIRE) -- Markforged Holding Corporation (NYSE:MKFG) (the "Company"), the company strengthening manufacturing resiliency by enabling industrial production at the point of need, today announced its financial results for the first quarter ended March 31, 2024.

    First Quarter 2024 Financial Results Compared To First Quarter 2023

    • Revenue was $20.5 million compared to $24.1 million.
    • Gross margin was 49.3% compared to 48.1%.
    • Non-GAAP gross margin was 51.3% compared to 49.3%.
    • Operating expenses were $47.2 million, inclusive of a $17.3 million accrual related to the Continuous Composite judgment, compared to $33.1 million.
    • Non-GAAP operating expenses were $24.1 million compared to $26.7 million.
    • Net loss was $35.9 million compared to net loss of $19.0 million.
    • Non-GAAP net loss was $12.2 million compared to a loss of $13.3 million.
    • Cash and cash equivalents were $107.9 million as of March 31, 2024 compared to $116.9 million as of December 31, 2023.

    Reconciliations of the non-GAAP financial measures provided in this press release to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures and how they are calculated is also included below under the heading "Non-GAAP Financial Measures."

    "We started 2024 with strong execution, setting a solid foundation for the year ahead," said Shai Terem, President and CEO of Markforged. "While global capital expenditures on manufacturing equipment have remained challenging, we met a pivotal milestone and began shipping the FX10 in the first quarter. The market response to our newest product has been very encouraging and we are optimistic about the opportunities the FX10 will bring in the second half as we accelerate deliveries. Additionally, we continued to build operational efficiencies and adhere to our strong cost controls to drive sustainable, long-term growth."

    Business Updates

    • Shipping FX10: Markforged reached a pivotal milestone in Q1 by shipping the FX10, Markforged's next-generation 3D printer for the factory floor. The FX10 delivers high print quality at print speeds that are nearly twice as fast and a print volume that is up to twice as large as its predecessor the X7. The initial market feedback has been encouraging as customers are already printing mission critical parts for the factory floor. Markforged's pipeline for FX10s continues to grow, and the Company remains on plan to accelerate deliveries in the coming quarters.



    • Improving Operational Efficiencies: Markforged continues to build operational efficiencies and adhere to strong cost controls. The Company was specifically encouraged by strong Q1 non-GAAP gross margin performance, which exceeded 51%, despite lower revenues. Furthermore, driven by improving operational and working capital efficiencies, net cash used in operating activities was $7.4 million, an improvement of approximately 52% from the first quarter of 2023.



    • Exploring All Options Regarding Patent Verdict: In April 2024, a jury found that Markforged had infringed on one of the two patent claims of Continuous Composites Inc. and awarded monetary damages in the amount of $17.3 million. Markforged strongly disagrees with this verdict and intends to seek to overturn the verdict in post-trial motions with the District Court. Markforged is exploring all available options, including seeking to overturn the resulting judgment through the appeals process.

    Markforged Announces New Director

    Markforged announced the appointment of George Riedel to its Board of Directors, effective May 7, 2024. Riedel brings extensive executive leadership experience in global technology industries and a proven track record in corporate strategy. Since November 2020, he has served as Chair of the Board of Directors at Infinera (NASDAQ:INFN) and as a Senior Lecturer in the General Management Unit at Harvard Business School since 2017. From 2003 to 2017, Riedel held various executive leadership roles across the networking and cybersecurity sectors. He earned a B.S. in Mechanical Engineering with distinction from the University of Virginia and an MBA from Harvard Business School.

    "We are thrilled to welcome George to our Board of Directors," said Shai Terem, President and CEO of Markforged. "We expect George's extensive experience as a senior technology executive to be instrumental in guiding Markforged's focus on building shareholder value."

    2024 Financial Outlook

    Markforged is reiterating its 2024 guidance provided at the beginning of the year. The Company continues to anticipate fiscal year 2024 revenues to be between $95 and $105 million, which acknowledges the persistence of macroeconomic headwinds throughout the year. Markforged expects revenues to grow mid-single digits quarter-over-quarter in the second quarter, and continues to see an opportunity for accelerated growth in the second half of the fiscal year underpinned by new products, particularly the FX10. Markforged expects non-GAAP gross margins to be within the range of 48% - 50%. Non-GAAP operating loss is expected to be in the range of $42.5 million - $47.0 million for the year, resulting in a non-GAAP loss per share in the range of $0.19 - $0.22 per share.

    This guidance does not reflect any potential additional action Continuous Composites may take, which may include seeking additional relief through post-trial motions for royalty payments on future revenue, as described in the Company's press release dated April 12, 2024.

    Conference Call and Webcast Information

    The Company will host a webcast and conference call at 5:00 p.m. ET today, Wednesday, May 8, to discuss the results.

    Participants may access the earnings press release, related materials and the audio webcast by visiting the investors section of the Company's website at https://investors.markforged.com/ 

    To participate in the call, please dial 1-877-407-9039 or 1-201-689-8470 ten minutes before the scheduled start.

    For those unable to listen to the live conference call, a replay will be available on the Company's website and telephonically until Wednesday, May 22, 2024, 11:59 PM ET by dialing 1-844-512-2921 or 1-412-317-6671, passcode 13743011.

    About Markforged

    Markforged (NYSE:MKFG) is enabling more resilient and flexible manufacturing by bringing industrial 3D printing right to the factory floor. Our additive manufacturing platform The Digital Forge allows manufacturers to create strong, accurate parts in both metal and advanced composites. With over 10,000 customers in 70+ countries, we're bringing on-demand industrial production to the point of need. We are headquartered in Waltham, Mass where we design the hardware, software and advanced materials that makes The Digital Forge reliable and easy to use. To learn more, visit www.markforged.com. 

    Non-GAAP Financial Measures

    In addition to our financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), we believe that each of non-GAAP gross margin, non-GAAP operating profit (loss), non-GAAP net profit (loss) and non-GAAP earnings per share, each a non-GAAP financial measure, is useful in evaluating the performance of our business.

    These non-GAAP measures have limitations as an analytical tool. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that the non-GAAP financial measures we use may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies, including other companies in our industry.

    We recommend that you review the reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures provided in the financial statement tables included below in this press release, and that you not rely on any single financial measure to evaluate our business. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.

    The following are the non-GAAP financial measures referenced in this press release and presented in the tables below:

    • Non-GAAP gross margin is defined as GAAP gross profit (loss), less stock-based compensation expense, amortization, and certain non-recurring costs, divided by revenue.
    • Non-GAAP operating profit (loss) is defined as GAAP operating profit (loss) less stock-based compensation expense, amortization, and certain non-recurring costs.
    • Non-GAAP net profit (loss) is defined as GAAP net profit (loss) less stock-based compensation expense, net change in fair value of warrant liabilities and contingent earnout liabilities, amortization, and certain non-recurring costs.
    • Non-GAAP earnings per share is defined as GAAP net profit (loss) less stock-based compensation expense, net change in fair value of warrant liabilities and contingent earnout liabilities, amortization, and certain non-recurring costs, divided by diluted weighted average shares outstanding for the period.

    Special Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "strategy," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "opportunity" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although Markforged believes that it has a reasonable basis for each forward-looking statement contained in this press release, Markforged cautions you that these statements are based on a combination of facts and factors currently known by it and its projections of the future, about which it cannot be certain. Forward-looking statements in this press release include, but are not limited to, future growth rate, revenue, gross profit margin and earnings guidance; the contributions of our directors; the timing of launches and the rate and extent of adoption of our products, including, but not limited to, our most recently introduced products and the FX10; market trends in the manufacturing industry; the duration and impact of macroeconomic factors; the benefits to consumers, functionality and applications of Markforged's products; statements regarding our expectations concerning any impact to our business, balance sheet and cost structure; any potential post-trial motions and appeal related to the Continuous Composites litigation; our disagreement with the Continuous Composites verdict; and our intention to challenge the Continuous Composites judgment. Markforged cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, general economic, political and business conditions; the ability of Markforged to maintain its listing on the New York Stock Exchange; outcome of any legal proceedings against Markforged; and those factors discussed under the header "Risk Factors" in Markforged's most recent periodic and other filings with the SEC. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that Markforged will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent Markforged's views as of the date of this press release. Markforged anticipates that subsequent events and developments will cause its views to change. However, while Markforged may elect to update these forward-looking statements at some point in the future, Markforged has no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing Markforged's views as of any date subsequent to the date of this press release.



    MediaSam Manning, Public Relations Manager

    [email protected]

    Investors

    Austin Bohlig, Director of Investor Relations

    [email protected]



    MARKFORGED HOLDING CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    As of March 31, 2024 and December 31, 2023
    (In thousands, except share data and par value amounts) (Unaudited)
         
      March 31, 2024 December 31, 2023
    Assets  
    Current assets  
    Cash and cash equivalents $107,924  $116,854 
    Accounts receivable, net of allowance for expected credit losses ($271 and $360, respectively)  21,493   24,059 
    Inventory  23,792   26,773 
    Prepaid expenses  3,328   2,756 
    Other current assets  1,733   2,022 
    Total current assets  158,270   172,464 
    Property and equipment, net  17,893   17,713 
    Intangible assets, net  15,924   17,128 
    Right-of-use assets  35,809   36,884 
    Other assets  3,734   3,763 
    Total assets $231,630  $247,952 
    Liabilities and Stockholders' Equity   
    Current liabilities  
    Accounts payable $11,877  $13,235 
    Accrued expenses  12,451   9,840 
    Litigation judgment payable  17,300   — 
    Deferred revenue  9,609   8,779 
    Lease liabilities  7,316   7,368 
    Other current liabilities  1,500   1,526 
    Total current liabilities  60,053   40,748 
    Long-term deferred revenue  5,457   6,083 
    Contingent earnout liability  1,540   1,379 
    Long-term lease liabilities  34,647   35,771 
    Other liabilities  2,030   2,361 
    Total liabilities  103,727   86,342 
    Commitments and contingencies    
    Stockholders' equity    
    Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2024 and December 31, 2023; 199,399,503 and 198,581,263 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively  19   19 
    Additional paid-in capital  369,561   366,281 
    Accumulated deficit  (240,610)  (204,664)
    Accumulated other comprehensive income  (1,067)  (26)
    Total stockholders' equity  127,903   161,610 
    Total liabilities and stockholders' equity $231,630  $247,952 
         



    MARKFORGED HOLDING CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    For the Three Months Ended March 31, 2024 and 2023
    (In thousands, except share data and per share data) (Unaudited)
        
     Three Months Ended March 31,
      2024   2023 
    Revenue 20,547   24,090 
    Cost of revenue 10,414   12,508 
    Gross profit 10,133   11,582 
    Operating expenses   
    Sales and marketing 7,844   10,576 
    Research and development 9,935   10,380 
    General and administrative 12,165   12,128 
    Litigation judgment 17,300   — 
    Total operating expenses 47,244   33,084 
    Loss from operations (37,111)  (21,502)
    Change in fair value of derivative liabilities 31   189 
    Change in fair value of contingent earnout liability (161)  808 
    Other expense, net (135)  (204)
    Interest expense (154)  — 
    Interest income 1,400   1,691 
    Loss before income taxes (36,130)  (19,018)
    Income tax (benefit) expense (184)  1 
    Net loss$(35,946) $(19,019)
    Weighted average shares outstanding - basic and diluted 199,290,500   195,369,245 
    Net loss per share - basic and diluted$(0.18) $(0.10)
        



    MARKFORGED HOLDING CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF
    COMPREHENSIVE INCOME (LOSS)
    For the Three Months Ended March 31, 2024 and 2023
    (In thousands)
        
     Three Months Ended March 31,
      2024   2023 
    Net loss$(35,946) $(19,019)
    Other comprehensive loss, net of taxes:   
    Unrealized loss on available-for-sale marketable securities, net —   (50)
    Foreign currency translation adjustment (1,041)  158 
    Total comprehensive loss$(36,987) $(18,911)
        



    MARKFORGED HOLDING CORPORATION
    DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES
    (In thousands) (Unaudited)
      Three Months Ended March 31,
    (in thousands) 2024 2023
    Hardware $11,274 $15,195
    Consumables  6,404  6,455
    Services  2,869  2,440
    Total Revenue $20,547 $24,090
         
         
    MARKFORGED HOLDING CORPORATION
    DISAGGREGATED REVENUE BY GEOGRAPHIC LOCATION
    (In thousands) (Unaudited)
      Three Months Ended March 31,
    (in thousands) 2024 2023
    Americas $10,095 $10,458
    EMEA  6,335  8,492
    APAC  4,117  5,140
    Total Revenue $20,547 $24,090
         



    MARKFORGED HOLDING CORPORATION
    RECONCILIATION OF GAAP TO NON-GAAP MEASURES
    (In thousands) (Unaudited)
         
     ​Three Months Ended March 31,
     ​ 2024   2023 
    Net loss​$(35,946) $(19,019)
    Stock compensation expense​ 3,461   4,356 
    Change in fair value of derivative liabilities  (31)  (189)
    Change in fair value of contingent earnout liability  161   (808)
    Amortization  378   277 
    Litigation judgment  17,300   — 
    Non-recurring costs1  2,446   2,081 
    Non-GAAP net loss​$(12,231) $(13,302)
         
    1Non-recurring costs incurred during the three months ended March 31, 2024 and 2023 relate to litigation expense.
     
     ​Three Months Ended March 31,
    Non-GAAP Cost of Revenue ​ 2024   2023 
    Cost of revenue​$10,414  $12,508 
    Stock compensation expense​ 49   73 
    Amortization  357   228 
    Non-GAAP Cost of Revenue  10,008   12,207 
         
     ​Three Months Ended March 31,
    Non-GAAP Gross Profit​ 2024   2023 
    Gross profit​$10,133  $11,582 
    Stock compensation expense​ 49   73 
    Amortization  357   228 
    Non-GAAP gross profit  10,539   11,883 
         
     ​Three Months Ended March 31,
    Non-GAAP Sales and Marketing Expenses​ 2024   2023 
    Sales and marketing expenses​$7,844  $10,576 
    Stock compensation expense​ 405   475 
    Amortization  21   49 
    Non-GAAP sales and marketing expenses  7,418   10,052 
         
     ​Three Months Ended March 31,
    Non-GAAP Research and Development Expenses​ 2024   2023 
    Research and development expenses​$9,935  $10,380 
    Stock compensation expense​ 1,100   1,147 
    Non-GAAP research and development expenses  8,835   9,233 
         
     ​Three Months Ended March 31,
    Non-GAAP General and Administrative Expenses​ 2024   2023 
    General and administrative expenses​$12,165  $12,128 
    Stock compensation expense​ 1,907   2,661 
    Non-recurring costs1  2,446   2,081 
    Non-GAAP general and administrative expenses  7,812   7,386 
         
     ​Three Months Ended March 31,
    Non-GAAP Operating Loss​ 2024   2023 
    Operating loss​$(37,111) $(21,502)
    Stock compensation expense​ 3,461   4,356 
    Amortization  378   277 
    Litigation judgment  17,300   — 
    Non-recurring costs1  2,446   2,081 
    Non-GAAP operating loss  (13,526)  (14,788)
         
    1Non-recurring costs incurred during the three months ended March 31, 2024 and 2023 relate to litigation expense.
         



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    • Infinera Appoints Industry Veteran Scotty Benda as Senior Vice President of Worldwide Systems Engineering

      SAN JOSE, Calif., July 03, 2023 (GLOBE NEWSWIRE) -- Infinera (NASDAQ:INFN) announced today that Scotty Benda has joined Infinera as Senior Vice President of Worldwide Systems Engineering. In this role, Scotty will provide strategic leadership and direction for technical sales systems engineering within the global sales organization, further strengthening Infinera's industry-leading team of optical networking experts, advisors, and innovators. "With a focus on delivering unparalleled value to our customers with industry-leading open optical platforms and intelligent pluggable solutions, Scotty brings deep technical expertise, proven leadership, and a customer-centric approach aligned with

      7/3/23 8:00:00 AM ET
      $INFN
      Telecommunications Equipment
      Utilities

    $INFN
    $MKFG
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Infinera downgraded by Rosenblatt with a new price target

      Rosenblatt downgraded Infinera from Buy to Neutral and set a new price target of $6.65 from $8.00 previously

      8/5/24 7:31:24 AM ET
      $INFN
      Telecommunications Equipment
      Utilities
    • Needham resumed coverage on Infinera with a new price target

      Needham resumed coverage of Infinera with a rating of Buy and set a new price target of $10.00

      4/22/24 7:48:07 AM ET
      $INFN
      Telecommunications Equipment
      Utilities
    • Markforged Holding Corp. downgraded by Craig Hallum with a new price target

      Craig Hallum downgraded Markforged Holding Corp. from Buy to Hold and set a new price target of $1.00 from $2.50 previously

      10/25/23 8:59:15 AM ET
      $MKFG
      Computer peripheral equipment
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    $INFN
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    SEC Filings

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    • SEC Form 15-12G filed by Markforged Holding Corporation

      15-12G - Markforged Holding Corp (0001816613) (Filer)

      5/9/25 8:16:04 AM ET
      $MKFG
      Computer peripheral equipment
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    • Amendment: SEC Form 10-K/A filed by Markforged Holding Corporation

      10-K/A - Markforged Holding Corp (0001816613) (Filer)

      5/9/25 8:00:14 AM ET
      $MKFG
      Computer peripheral equipment
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    • SEC Form EFFECT filed by Markforged Holding Corporation

      EFFECT - Markforged Holding Corp (0001816613) (Filer)

      5/1/25 12:15:04 AM ET
      $MKFG
      Computer peripheral equipment
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    $INFN
    $MKFG
    Insider Trading

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    • Chief Financial Officer Zipori Assaf returned $249,015 worth of shares to the company (138,138 units at $1.80), closing all direct ownership in the company (SEC Form 4)

      4 - Markforged Holding Corp (0001816613) (Issuer)

      4/25/25 4:15:13 PM ET
      $MKFG
      Computer peripheral equipment
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    • Director Rodriguez Antonio L. returned $15,062,175 worth of shares to the company (3,038,435 units at $4.96), closing all direct ownership in the company (SEC Form 4)

      4 - Markforged Holding Corp (0001816613) (Issuer)

      4/25/25 4:06:50 PM ET
      $MKFG
      Computer peripheral equipment
      Technology
    • Director Medici Michael returned $102,115 worth of shares to the company (46,423 units at $2.20) (SEC Form 4)

      4 - Markforged Holding Corp (0001816613) (Issuer)

      4/25/25 4:02:00 PM ET
      $MKFG
      Computer peripheral equipment
      Technology