Markforged Announces First Quarter 2024 Results

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 costs ¹		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 costs ¹		2,446			2,081
Non-GAAP operating loss		(13,526	)		(14,788	)

¹ Non-recurring costs incurred during the three months ended March 31, 2024 and 2023 relate to litigation expense.

« Previous Page 1 | 2 | 3 | 4 | 5