Markforged Announces First Quarter 2024 Results
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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 | ) | | | | | |
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