Markforged Announces Third Quarter 2021 Results

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,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” 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 revenue and gross profit margin guidance, expected growth, the size of and opportunity to increase our addressable market, the effects of the global supply chain disruptions, our new material qualification process, and the benefits to consumers, functionality and applications of Markforged’s products. 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; the effect of COVID-19 on Markforged’s business and financial results; the outcome of any legal proceedings against Markforged; and those factors discussed under the header “Risk Factors” in the Proxy Statement and Prospectus filed pursuant to Rule 424B(3) with the SEC on June 24, 2021 and those included under the header “Risk Factors” in Markforged’s most recent periodic report on Form 10-Q 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.

 
MARKFORGED HOLDING CORPORATION
 
CONDENSED CONSOLIDATED BALANCE SHEETS
As of September 30, 2021 and December 31, 2020
(In thousands, except share data and par value amounts) (Unaudited)
 
September 30,
2021
December 31,
2020
Assets
Current assets
Cash and cash equivalents

$

296,735

 

$

58,715

 

Accounts receivable, net

 

24,071

 

 

16,601

 

Inventory

 

11,270

 

 

6,553

 

Prepaid expenses

 

5,397

 

 

1,496

 

Other current assets

 

511

 

 

1,373

 

Total current assets

 

337,984

 

 

84,738

 

Property and equipment, net

 

5,335

 

 

4,281

 

Other assets

 

773

 

 

584

 

Total assets

$

344,092

 

$

89,603

 

Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)
Current liabilities
Accounts payable

$

2,213

 

$

3,369

 

Accrued expenses

 

13,641

 

 

8,168

 

Deferred revenue

 

5,552

 

 

6,196

 

Other current liabilities

 

294

 

 

300

 

Total current liabilities

 

21,700

 

 

18,033

 

Long-term debt

 

 

 

5,022

 

Long-term deferred revenue

 

3,130

 

 

2,905

 

Deferred rent

 

1,426

 

 

1,073

 

Contingent earnout liability

 

80,419

 

 

 

Other liabilities

 

4,284

 

 

545

 

Total liabilities

 

110,959

 

 

27,578

 

Commitments and contingencies
Convertible preferred stock

 

 

 

137,497

 

Stockholders’ equity (deficit)
Common stock, $0.0001 par value; 1,000,000,000 and 183,300,000 shares authorized at September 30, 2021 and December 31, 2020; 186,181,438 and 39,510,108 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

19

 

 

4

 

Additional paid-in capital

 

309,865

 

 

5,538

 

Treasury stock, 0 shares at September 30, 2021 and 483,479 shares at December 31, 2020

 

 

 

(1,450

)

Accumulated deficit

 

(76,751

)

 

(79,564

)

Total stockholders’ equity (deficit)

 

233,133

 

 

(75,472

)

Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)

$

344,092

 

$

89,603

 

 
MARKFORGED HOLDING CORPORATION
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
For the three and nine months ended September 30, 2021 and 2020
(In thousands, except share data and per share data) (Unaudited)
 
Three Months Ended September 30, Nine Months Ended September 30,

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Revenue

$

24,045

 

$

15,639

 

$

64,584

 

$

47,514

 

Cost of revenue

 

10,330

 

 

6,319

 

 

26,729

 

 

21,316

 

Gross profit

 

13,715

 

 

9,320

 

 

37,855

 

 

26,198

 

Operating expenses
Sales and marketing

 

10,110

 

 

4,982

 

 

25,422

 

 

16,744

 

Research and development

 

9,452

 

 

4,031

 

 

21,178

 

 

12,883

 

General and administrative

 

14,314

 

 

3,889

 

 

31,149

 

 

11,138

 

Total operating expenses

 

33,876

 

 

12,902

 

 

77,749

 

 

40,765

 

Loss from operations

 

(20,161

)

 

(3,582

)

 

(39,894

)

 

(14,567

)

Change in fair value of warrant liabilities

 

1,418

 

 

(66

)

 

170

 

 

(79

)

Change in fair value of contingent earnout liability

 

42,710

 

 

-

 

 

42,710

 

 

-

 

Other (expense) income, net

 

(48

)

 

(25

)

 

(168

)

 

11

 

Interest expense

 

(6

)

 

(23

)

 

(15

)

 

(51

)

Interest income

 

6

 

 

3

 

 

9

 

 

146

 

Profit (loss) before income taxes

 

23,919

 

 

(3,693

)

 

2,812

 

 

(14,540

)

Income tax (benefit) expense

 

(3

)

 

26

 

 

(1

)

 

113

 

Net profit (loss) and comprehensive income (loss)

$

23,922

 

$

(3,719

)

$

2,813

 

$

(14,653

)

Weighted average shares outstanding - basic

 

163,426,469

 

 

38,778,614

 

 

81,856,744

 

 

38,382,999

 

Weighted average shares outstanding - diluted

 

176,420,646

 

 

38,778,614

 

 

94,736,492

 

 

38,382,999

 

Net profit (loss) per share - basic

$

0.15

 

$

(0.10

)

$

0.03

 

$

(0.38

)

Net profit (loss) per share - diluted

 

0.14

 

 

(0.10

)

 

0.03

 

 

(0.38

)

 
MARKFORGED HOLDING CORPORATION
 
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
For the Three and Nine Months Ended September 30, 2021 and 2020
(In thousands, except share data) (Unaudited)
 
Three Months Ended
September 30,
For the Nine Months
Ended September 30,
(dollars in thousands)

2021

 

2020

2021

 

2020

Net profit (loss) and comprehensive income (loss)

$ 23,922

$ (3,719)

$ 2,813

$ (14,653)

Interest income

(6)

(3)

(9)

(146)

Interest expense

6

23

15

51

Income tax expense

(3)

26

(1)

113

Depreciation and amortization

429

455

1,269

1,361

EBITDA

$ 24,348

$ (3,218)

$ 4,087

$ (13,274)

Stock compensation expense

6,202

521

9,176

1,528

Change in fair value of warrant liabilities

(1,418)

66

(170)

79

Change in fair value of contingent earnout liability

(42,710)

-

(42,710)

-

Transaction costs expensed

1,996

-

1,996

-

Adjusted EBITDA

$ (11,582)

$ (2,631)

$ (27,621)

$ (11,667)


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