Markforged Announces Second Quarter 2022 Results

---------------------------------------------------------------------------------------------------------------------------

1

 

Non-recurring costs primarily relate to transaction and litigation expenses. Expenses for the six months ended June 30, 2022, includes $1,047 of non-recurring litigation and transaction costs incurred in the first quarter of 2022.

2

 

Stock-based compensation expense and non-recurring costs were included in the following GAAP consolidated statement of operations categories:

 

Three Months Ended
June 30,
Six Months Ended
June 30,

 

2022

2021

2022

2021

Cost of revenue

$

102

$

62

$

217

$

89

 

 

Sales and marketing

775

237

1,624

320

Research and development

1,572

394

2,991

725

General and administrative

4,400

2,014

8,486

6,470

Total operating expense

6,747

2,645

13,101

7,515

Total adjustments

$

6,849

$

2,707

$

13,318

$

7,604

MARKFORGED HOLDING CORPORATION
NON-GAAP RECONCILIATION
THREE MONTHS ENDED JUNE 30, 2022 AND 2021
(In thousands, except share data and per share data) (Unaudited)
 
Three Months Ended June 30, 2022 Three Months Ended June 30, 2021
GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP*
Revenue

$

24,227

 

 

$

24,227

 

$

20,419

 

 

$

20,419

 

Cost of revenue

 

11,302

 

(102

)

 

11,200

 

 

8,496

 

(62

)

 

8,434

 

Gross profit

 

12,925

 

102

 

 

13,027

 

 

11,923

 

62

 

 

11,985

 

Operating expenses

Sales and marketing

 

12,873

 

(775

)

 

12,098

 

 

8,255

 

(237

)

 

8,018

 

Research and development

 

10,387

 

(1,572

)

 

8,815

 

 

6,444

 

(394

)

 

6,050

 

General and administrative

 

13,478

 

(4,400

)

 

9,078

 

 

7,959

 

(2,014

)

 

5,945

 

Total operating expenses

 

36,738

 

(6,747

)

 

29,991

 

 

22,658

 

(2,645

)

 

20,013

 

Loss from operations

 

(23,813

)

6,849

 

 

(16,964

)

 

(10,735

)

2,707

 

 

(8,028

)

Change in fair value of warrant liabilities

 

976

 

(976

)

 

 

 

(241

)

241

 

 

 

Change in fair value of contingent earnout liability

 

26,742

 

(26,742

)

 

 

 

 

 

 

 

Other expense

 

(171

)

 

 

(171

)

 

(104

)

 

 

(104

)

Interest expense

 

(9

)

 

 

(9

)

 

(5

)

 

 

(5

)

Interest income

 

354

 

 

 

354

 

 

1

 

 

 

1

 

Profit (loss) before income taxes

 

4,079

 

(20,869

)

 

(16,790

)

 

(11,084

)

2,948

 

 

(8,136

)

Income tax (benefit) expense

 

4

 

 

4

 

 

6

 

 

6

 

Net profit (loss) and comprehensive income (loss)

$

4,075

 

(20,869

)

$

(16,794

)

$

(11,090

)

2,948

 

$

(8,142

)

Weighted average shares outstanding - basic

 

188,102,342

 

 

188,102,342

 

 

39,855,379

 

 

39,855,379

 

Weighted average shares outstanding - diluted

 

188,876,763

 

 

188,876,763

 

 

39,855,379

 

 

39,855,379

 

Net profit (loss) per share - basic

$

0.02

 

$

(0.09

)

$

(0.28

)

$

(0.20

)

Net profit (loss) per share - diluted

 

0.02

 

 

(0.09

)

 

(0.28

)

 

(0.20

)

MARKFORGED HOLDING CORPORATION
NON-GAAP RECONCILIATION
SIX MONTHS ENDED JUNE 30, 2022 AND 2021
(In thousands, except share data and per share data) (Unaudited)
 
Six Months Ended June 30, 2022 Six Months Ended June 30, 2021
GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP*
Revenue

$

46,086

 

 

$

46,086

 

$

40,539

 

 

$

40,539

 

Cost of revenue

 

21,555

 

(217

)

 

21,338

 

 

16,435

 

(89

)

 

16,346

 

Gross profit

 

24,531

 

217

 

 

24,748

 

 

24,104

 

89

 

 

24,193

 

Operating expenses

Sales and marketing

 

23,321

 

(1,624

)

 

21,697

 

 

15,312

 

(320

)

 

14,992

 

Research and development

 

20,954

 

(2,991

)

 

17,963

 

 

11,703

 

(725

)

 

10,978

 

General and administrative

 

25,221

 

(8,486

)

 

16,735

 

 

16,822

 

(6,470

)

 

10,352

 

Total operating expenses

 

69,496

 

(13,101

)

 

56,395

 

 

43,837

 

(7,515

)

 

36,322

 

Loss from operations

 

(44,965

)

13,318

 

 

(31,647

)

 

(19,733

)

7,604

 

 

(12,129

)

Change in fair value of warrant liabilities

 

1,669

 

(1,669

)

 

 

 

(1,251

)

1,251

 

 

 

Change in fair value of contingent earnout liability

 

51,638

 

(51,638

)

 

 

 

 

 

 

 

Other expense

 

(390

)

 

 

(390

)

 

(117

)

 

 

(117

)

Interest expense

 

(9

)

 

 

(9

)

 

(9

)

 

 

(9

)

Interest income

 

374

 

 

 

374

 

 

3

 

 

 

3

 

Profit (loss) before income taxes

 

8,317

 

(39,989

)

 

(31,672

)

 

(21,107

)

8,855

 

 

(12,252

)

Income tax (benefit) expense

 

3

 

 

 

3

 

 

2

 

 

 

2

 

Net profit (loss) and comprehensive income (loss)

$

8,314

 

(39,989

)

$

(31,675

)

$

(21,109

)

8,855

 

$

(12,254

)

Weighted average shares outstanding - basic

 

187,247,566

 

 

187,247,566

 

 

39,649,848

 

 

39,649,848

 

Weighted average shares outstanding - diluted

 

188,329,331

 

 

188,329,331

 

 

39,649,848

 

 

39,649,848

 

Net profit (loss) per share - basic

$

0.04

 

$

(0.17

)

$

(0.53

)

$

(0.31

)

Net profit (loss) per share - diluted

 

0.04

 

 

(0.17

)

 

(0.53

)

 

(0.31

)

MARKFORGED HOLDING CORPORATION
DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES
(In thousands) (Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
(in thousands)

2022

2021

2022

2021

Hardware

$

16,011

$

14,331

$

30,527

$

28,569

Consumables

 

5,889

 

4,780

 

11,345

 

9,397

Services

 

2,327

 

1,308

 

4,214

 

2,573

Total Revenue

$

24,227

$

20,419

$

46,086

$

40,539


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