Markforged Announces Second Quarter 2022 Results

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 operating profit (loss), less stock-based compensation expense 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 and certain non-recurring costs.
  • Non-GAAP net profit (loss) is defined as GAAP net profit (loss) and comprehensive income (loss) less stock-based compensation expense, net change in fair value of warrant liabilities and contingent earnout liabilities, and certain non-recurring costs.
  • Non-GAAP earnings per share is defined as GAAP net profit (loss) and comprehensive income (loss) less stock-based compensation expense, net change in fair value of warrant liabilities and contingent earnout liabilities, 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; expected growth, the size of and opportunity to increase our addressable market; the anticipated benefits of the acquisition of Digital Metal, the rate and extent of adoption of our products, including, but not limited to, our most recently introduced products; the effects of macroeconomic factors; 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 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.

MARKFORGED HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
As of June 30, 2022 and December 31, 2021
(In thousands, except share data and par value amounts) (Unaudited)
 
June 30,
2022
December 31,
2021
Assets
Current assets

Cash and cash equivalents

$

243,216

 

$

288,603

 

Accounts receivable, net

 

26,570

 

 

26,777

 

Inventory

 

19,321

 

 

10,377

 

Prepaid expenses

 

1,338

 

 

3,921

 

Other current assets

 

2,517

 

 

511

 

Total current assets

 

292,962

 

 

330,189

 

Property and equipment, net

 

6,939

 

 

6,349

 

Goodwill

 

4,475

 

 

 

Intangible assets

 

2,215

 

 

 

Right-of-use assets

 

46,689

 

 

 

Other assets

 

2,858

 

 

776

 

Total assets

$

356,138

 

$

337,314

 

Liabilities and Stockholders’ Equity
Current liabilities

Accounts payable

$

10,518

 

$

11,403

 

Accrued expenses

 

9,525

 

 

7,411

 

Deferred revenue

 

5,780

 

 

6,288

 

Operating lease liabilities

 

7,667

 

 

 

Other current liabilities

 

53

 

 

310

 

Total current liabilities

 

33,543

 

 

25,412

 

Long-term deferred revenue

 

4,083

 

 

3,742

 

Deferred rent

 

 

 

1,623

 

Contingent earnout liability

 

8,084

 

 

59,722

 

Long-term operating lease liabilities

 

41,497

 

 

 

Other liabilities

 

2,579

 

 

2,646

 

Total liabilities

 

89,786

 

 

93,145

 

Commitments and contingencies
Stockholders’ equity

Common stock, $0.0001 par value; 1,000,000,000 shares authorized at June 30, 2022 and December 31, 2021;
188,482,934 and 185,993,058 shares issued at June 30, 2022 and December 31, 2021, respectively

 

19

 

 

19

 

Additional paid-in capital

 

333,728

 

 

319,859

 

Accumulated deficit

 

(67,395

)

 

(75,709

)

Total stockholders’ equity

 

266,352

 

 

244,169

 

Total liabilities and stockholders’ equity

$

356,138

 

$

337,314

 

MARKFORGED HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
For the Three and Six Months Ended June 30, 2022 and 2021
(In thousands, except share data and per share data) (Unaudited)
 
Three Months Ended June 30, Six Months Ended June 30,

2022

2021

2022

2021

Revenue

$

24,227

 

$

20,419

 

$

46,086

 

$

40,539

 

Cost of revenue

 

11,302

 

 

8,496

 

 

21,555

 

 

16,435

 

Gross profit

 

12,925

 

 

11,923

 

 

24,531

 

 

24,104

 

Operating expenses

Sales and marketing

 

12,873

 

 

8,255

 

 

23,321

 

 

15,312

 

Research and development

 

10,387

 

 

6,444

 

 

20,954

 

 

11,703

 

General and administrative

 

13,478

 

 

7,959

 

 

25,221

 

 

16,822

 

Total operating expenses

 

36,738

 

 

22,658

 

 

69,496

 

 

43,837

 

Loss from operations

 

(23,813

)

 

(10,735

)

 

(44,965

)

 

(19,733

)

Change in fair value of warrant liabilities

 

976

 

 

(241

)

 

1,669

 

 

(1,251

)

Change in fair value of contingent earnout liability

 

26,742

 

 

 

 

51,638

 

 

 

Other expense

 

(171

)

 

(104

)

 

(390

)

 

(117

)

Interest expense

 

(9

)

 

(5

)

 

(9

)

 

(9

)

Interest income

 

354

 

 

1

 

 

374

 

 

3

 

Profit (loss) before income taxes

 

4,079

 

 

(11,084

)

 

8,317

 

 

(21,107

)

Income tax benefit

 

4

 

 

6

 

 

3

 

 

2

 

Net profit (loss) and comprehensive income (loss)

$

4,075

 

$

(11,090

)

$

8,314

 

$

(21,109

)

Weighted average shares outstanding - basic

 

188,102,342

 

 

39,855,379

 

 

187,247,566

 

 

39,649,848

 

Weighted average shares outstanding - diluted

 

188,876,763

 

 

39,855,379

 

 

188,329,331

 

 

39,649,848

 

Net profit (loss) per share - basic

$

0.02

 

$

(0.28

)

$

0.04

 

$

(0.53

)

Net profit (loss) per share - diluted

 

0.02

 

 

(0.28

)

 

0.04

 

 

(0.53

)

MARKFORGED HOLDING CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
For the Three and Six Months Ended June 30, 2022 and 2021
(In thousands) (Unaudited)
 
Three Months Ended
June 30,
For the Six Months
Ended June 30,

2022

2021

2022

2021

Net profit (loss) and comprehensive income (loss)

$

4,075

 

$

(11,090

)

$

8,314

 

$

(21,109

)

Stock compensation expense

 

4,912

 

 

1,777

 

 

10,334

 

 

2,971

 

Change in fair value of warrant liabilities

 

(976

)

 

241

 

 

(1,669

)

 

1,251

 

Change in fair value of contingent earnout liability

 

(26,742

)

 

 

 

(51,638

)

 

 

Non-recurring costs 1

 

1,937

 

 

930

 

 

2,984

 

 

4,633

 

Non-GAAP net loss 2

$

(16,794

)

$

(8,142

)

$

(31,675

)

$

(12,254

)


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