Markforged Announces Second Quarter 2024 Results

MARKFORGED HOLDING CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands) (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2024			2023			2024			2023
Net loss	$	(14,398	)	$	(18,988	)	$	(50,344	)	$	(38,007	)
Stock compensation expense		3,245			1,690			6,706			6,046
Change in fair value of derivative liabilities		(95	)		(125	)		(126	)		(314	)
Change in fair value of contingent earnout liability		(1,295	)		817			(1,134	)		7
Amortization		371			254			749			531
Litigation judgment		—			—			17,300			—
Non-recurring costs ¹		1,395			3,812			3,841			5,893
Non-GAAP net loss	$	(10,777	)	$	(12,540	)	$	(23,008	)	$	(25,844	)

¹ Non-recurring costs incurred during the three and six months ended June 30, 2024 and 2023 relate to litigation expense.

	Three Months Ended June 30,						Six Months Ended June 30,
Non-GAAP Cost of Revenue		2024			2023			2024			2023
Cost of revenue	$	10,810		$	13,476		$	21,224		$	25,984
Stock compensation expense		35			89			84			162
Amortization		351			218			708			446
Non-GAAP Cost of Revenue		10,424			13,169			20,432			25,376

	Three Months Ended June 30,						Six Months Ended June 30,
Non-GAAP Gross Profit		2024			2023			2024			2023
Gross profit	$	10,878		$	11,973		$	21,011		$	23,555
Stock compensation expense		35			89			84			162
Amortization		351			218			708			446
Non-GAAP gross profit		11,264			12,280			21,803			24,163

	Three Months Ended June 30,						Six Months Ended June 30,
Non-GAAP Sales and Marketing Expenses		2024			2023			2024			2023
Sales and marketing expenses	$	8,526		$	9,666		$	16,370		$	20,242
Stock compensation expense		387			499			792			975
Amortization		20			36			41			85
Non-GAAP sales and marketing expenses		8,119			9,131			15,537			19,182

	Three Months Ended June 30,						Six Months Ended June 30,
Non-GAAP Research and Development Expenses		2024			2023			2024			2023
Research and development expenses	$	9,060		$	10,286		$	18,995		$	20,666
Stock compensation expense		1,009			1,160			2,110			2,329
Non-GAAP research and development expenses		8,051			9,126			16,885			18,337

	Three Months Ended June 30,						Six Months Ended June 30,
Non-GAAP General and Administrative Expenses		2024			2023			2024			2023
General and administrative expenses	$	10,334		$	12,120		$	22,499		$	24,248
Stock compensation expense		1,814			(58	)		3,720			2,580
Non-recurring costs ¹		1,395			3,812			3,841			5,893
Non-GAAP general and administrative expenses		7,125			8,366			14,938			15,775

	Three Months Ended June 30,						Six Months Ended June 30,
Non-GAAP Operating Loss		2024			2023			2024			2023
Operating loss	$	(17,042	)	$	(20,099	)	$	(54,153	)	$	(41,601	)
Stock compensation expense		3,245			1,690			6,706			6,046
Amortization		371			254			749			531
Litigation judgment		—			—			17,300			—
Non-recurring costs ¹		1,395			3,812			3,841			5,893
Non-GAAP operating loss		(12,031	)		(14,343	)		(25,557	)		(29,131	)

¹ Non-recurring costs incurred during the three and six months ended June 30, 2024 and 2023 relate to litigation expense.

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