Markforged Announces Fourth Quarter and Full-Year 2023 Results
- None.
- Revenue declined in both Q4 and full year 2023 compared to the previous year.
- Net loss increased in Q4 2023.
- Cash reserves decreased from 2022 to 2023.
- Gross margin decreased for full year 2023.
- Non-GAAP operating loss is projected for fiscal year 2024.
Insights
The disclosed financials from Markforged Holding Corporation show a mixed picture, with a 20.4% sequential revenue increase in Q4 2023, which is a positive indicator of growth. However, when compared year-over-year, there's a notable decline from $29.7 million to $24.2 million in revenue. This decline could suggest potential market challenges or increased competition. The gross margin improvement from 46.9% to 48.4% indicates better cost management or pricing strategies, which is commendable in a challenging macro environment.
From an investor's perspective, the reduction in net loss on a non-GAAP basis from $13.3 million to $11.6 million shows progress towards profitability. However, the drop in cash reserves from $167.9 million to $116.9 million raises concerns about the company's liquidity and long-term financial health. The 33% reduction in net cash used in operating activities is a strong sign of improving operational efficiency.
The company's outlook for 2024, with an expected revenue range of $95 - $105 million, suggests cautious optimism. The anticipated non-GAAP gross margins of 48% - 50% align with the improved cost management seen in 2023. However, the projected non-GAAP operating loss indicates that the path to profitability may still be challenging.
Markforged's performance should be evaluated within the context of the additive manufacturing industry, which is known for its rapid innovation and the introduction of new products. The launch of three new products in 2023, including the FX10, highlights the company's commitment to maintaining a competitive edge. The strong initial demand for the FX10, expected to begin shipping in the first half of 2024, could be a significant growth driver.
The 25% year-over-year increase in services revenue, driven by subscription sales, is indicative of a strategic shift towards recurring revenue models, which can provide more predictable income streams and enhance customer retention. The expansion with Automation Alley and the sale of additional printers for the Project DIAMOnD initiative represent strategic wins that could lead to further market penetration and long-term growth.
However, the acknowledgment of macroeconomic headwinds and slow capital expenditures in 2023 reflects the broader economic uncertainty that may continue to affect the company's performance. The focus on the second half of the year for accelerated growth suggests that the company is anticipating a rebound in market conditions or the realization of gains from its strategic initiatives.
Markforged's emphasis on strengthening manufacturing resiliency is particularly relevant given current global supply chain challenges. The company's Digital Forge solutions and on-demand platform for 3D printing OEM certified parts are positioned to address the need for cost reduction and supply chain agility. The company's ability to deliver 20% sequential revenue growth in Q4 amidst a challenging macro environment speaks to the efficacy of its cost controls and operational efficiencies.
The Automation Alley partnership expansion and the robust utilization rates across the global fleet suggest that Markforged's additive manufacturing solutions are gaining traction in the industry. The focus on building more resilient supply chains remains a long-term tailwind, which may drive demand for the company's products despite short-term economic pressures.
The introduction of new products like the FX10, which is designed to enhance manufacturing productivity, indicates that Markforged is investing in innovation to meet the evolving needs of the industry. The company's product portfolio expansion could be critical in maintaining a competitive advantage and capturing market share in the growing additive manufacturing sector.
Fourth Quarter 2023 Financial Results Compared To Fourth Quarter 2022
-
Revenue was
$24.2 million 20.4% sequentially from the third quarter of 2023, and down from$29.7 million -
Gross margin was
48.4% compared to46.9% . -
Non-GAAP gross margin was
49.5% compared to47.5% . -
Operating expenses were
$31.1 million $0.9 million $33.2 million -
Non-GAAP operating expenses were
$24.9 million $29.4 million -
Net loss was
$14.2 million $10.7 million -
Non-GAAP net loss was
$11.6 million $13.3 million -
Cash, cash equivalents, and short-term investments were
$116.9 million $167.9 million
Full Year 2023 Financial Results Compared To Full Year 2022
-
Revenue was
$93.8 million $101.0 million -
Gross margin was
47.4% compared to50.2% . -
Non-GAAP gross margin was
48.6% compared to50.8% . -
Net cash used in operating activities was
$48.9 million $73.5 million
Reconciliations of the non-GAAP financial measures provided in this press release to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures and how they are calculated is also included below under the heading “Non-GAAP Financial Measures.”
“We ended the year with positive momentum as we continued to execute our strategy to lead the adoption of additive manufacturing on the factory floor,” said Shai Terem, President and CEO of Markforged. “Although in the near term we expect elevated interest rates will continue to impact capital spending, the need for manufacturers to reduce costs and build more resilient supply chains remains a long-term tailwind driving demand for the Digital Forge. We have a strong product portfolio and are encouraged by robust utilization across our global fleet network. We look forward to realizing the growth potential our new products provide, especially in the second half of the year. We believe this, combined with our tight cost controls and strong balance sheet, keeps us on a clear path to profitability.”
Business Updates
-
Strong Execution in a Challenging Macro Environment. While slow capital expenditures in 2023 delayed system sales, Markforged delivered
20% sequential revenue growth in the fourth quarter. Supported by effective cost controls, Markforged exceeded its 2023 gross margin and operating cost targets. Net cash used in operating activities in 2023 decreased by$24.6 million 33% from 2022, driven by improving operational and working capital efficiencies. - Automation Alley Expansion Win. During the fourth quarter, Markforged expanded its relationship with Automation Alley through the sale of an additional 125 OnyxPro printers for its Project DIAMOnD initiative. This is an expansion beyond the 300 printers Automation Alley acquired in 2021. This win is part of a strategic partnership between Automation Alley and Digital Source, Markforged’s on-demand platform for 3D printing OEM certified parts.
-
Robust Utilization Across the Global Fleet. The health of Markforged’s global printer network remains robust as customers solve ever more factory floor challenges using their Digital Forge solutions. Markforged realized strong growth in subscription sales, which helped drive services revenues up
25% year-over-year in 2023. Markforged expects these strong utilization rates and the resulting recurring revenue streams they produce to grow in 2024. - Entering 2024 With the Strongest Product Portfolio in the Company’s History. Markforged launched three important new products in 2023, the FX10, Vega, and Digital Source. Building on the precision and reliability of the X7, the FX10 is nearly twice as large and twice as fast as its predecessor and is built to supercharge manufacturing productivity and profitability. Markforged has seen strong initial demand for the FX10 and remains on plan to begin shipping in the first half of 2024. With these new products, alongside the FX20, PX100, and the rest of the Company’s industrial printer lineup, Markforged enters 2024 with the strongest product portfolio in the Company’s history.
Markforged Announces Assaf Zipori as Chief Financial Officer
Markforged also announced today that Assaf Zipori, Markforged’s Acting Chief Financial Officer, has assumed the role of Chief Financial Officer.
“I am very pleased to announce the appointment of Assaf as our CFO,” said Shai Terem. “Assaf has been a key member of our executive team for over four years and has repeatedly demonstrated the business acumen and leadership to head our financial organization. I’m confident in his continued leadership to help us on our journey to profitable growth.”
Zipori has deep experience since joining Markforged more than four years ago. He served as Acting Chief Financial Officer from November 2019 through March 2021 and again from May 2023 until March 2024, and as Markforged’s head of Strategy and Corporate Development since April 2021.
“Since joining Markforged I’ve been inspired by our fantastic team, the power of our technology and our mission to bring industrial production to the point of need. I am grateful for this opportunity and am confident in our team’s ability to drive success,” said Zipori.
2024 Financial Outlook
Markforged anticipates fiscal year 2024 revenues to be within the range of
Conference Call and Webcast Information
The Company will host a webcast and conference call at 5:00 p.m. ET today, Thursday, March 7, to discuss the results.
Participants may access the earnings press release, related materials and the audio webcast by visiting the investors section of the Company's website at https://investors.markforged.com/
To participate in the call, please dial 1-877-407-9039 or 1-201-689-8470 ten minutes before the scheduled start.
For those unable to listen to the live conference call, a replay will be available on the Company's website and telephonically until Thursday, March 21, 2024, 11:59 PM ET by dialing 1-844-512-2921 or 1-412-317-6671, passcode 13743010.
Amounts herein pertaining to December 31, 2023 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Annual Report on Form 10-K with the Securities and Exchange Commission (the “SEC”). More information on our results of operations for the year ended December 31, 2023 will be provided upon filing our Annual Report on Form 10-K with the SEC.
About Markforged
Markforged (NYSE:MKFG) is enabling more resilient and flexible supply chains by bringing industrial 3D printing right to the factory floor. Our additive manufacturing platform The Digital Forge allows manufacturers to create strong, accurate parts in both metal and advanced composites. With over 10,000 customers in 70+ countries, we’re bringing on-demand industrial production to the point of need. We are headquartered in
Non-GAAP Financial Measures
In addition to our financial results determined in accordance with
These non-GAAP measures have limitations as an analytical tool. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that the non-GAAP financial measures we use may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies, including other companies in our industry.
We recommend that you review the reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures provided in the financial statement tables included below in this press release, and that you not rely on any single financial measure to evaluate our business. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.
Investors should note that beginning with the second quarter of 2022, we have modified the presentation of “non-recurring costs” included in non-GAAP gross margin, non-GAAP operating profit (loss), non-GAAP net profit (loss) and non-GAAP earnings per share metrics to include certain non-recurring litigation costs. Beginning with the fourth quarter of 2022, we modified the presentation to remove the impact of the amortization of our intangible assets. We use these metrics to provide an understanding of the results of our core business performance and believe these litigation and amortization costs are not indicative of the performance of our core business’ operations. This change increases “non-recurring costs'' by
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 gross profit (loss), less stock-based compensation expense, amortization, 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, amortization, and certain non-recurring costs.
- Non-GAAP net profit (loss) is defined as GAAP net profit (loss) less stock-based compensation expense, net change in fair value of warrant liabilities and contingent earnout liabilities, amortization, and certain non-recurring costs.
- Non-GAAP earnings per share is defined as GAAP net profit (loss) less stock-based compensation expense, net change in fair value of warrant liabilities and contingent earnout liabilities, amortization, 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; the impact of infrastructure investments; the impact of the company-wide restructuring; the contributions of our executive officers, timing for achieving profitability; the impact of product utilization rates on our revenue; our ability to fulfill orders for our products in a timely fashion in the future; expected growth of the size of and opportunity to increase our addressable market; the timing of launches and the rate and extent of adoption of our products, including, but not limited to, our most recently introduced products; market trends in the manufacturing industry; the duration and impact 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; 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 | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| As of December 31, 2023 and 2022 | ||||||||
| (In thousands, except share data and par value amounts) (Unaudited) | ||||||||
| December 31, 2023 |
December 31, 2022 |
|||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ |
116,854 |
|
$ |
124,242 |
|
||
| Short-term investments |
|
— |
|
|
43,690 |
|
||
| Accounts receivable, net of allowance for expected credit losses ( |
|
24,059 |
|
|
29,294 |
|
||
| Inventory |
|
26,773 |
|
|
26,409 |
|
||
| Prepaid expenses |
|
2,756 |
|
|
2,847 |
|
||
| Other current assets |
|
2,022 |
|
|
3,334 |
|
||
| Total current assets |
|
172,464 |
|
|
229,816 |
|
||
| Property and equipment, net |
|
17,713 |
|
|
18,298 |
|
||
| Goodwill |
|
— |
|
|
31,116 |
|
||
| Intangible assets, net |
|
17,128 |
|
|
17,626 |
|
||
| Right-of-use assets |
|
36,884 |
|
|
45,955 |
|
||
| Other assets |
|
3,763 |
|
|
3,130 |
|
||
| Total assets | $ |
247,952 |
|
$ |
345,941 |
|
||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ |
13,235 |
|
$ |
14,425 |
|
||
| Accrued expenses |
|
9,840 |
|
|
9,663 |
|
||
| Deferred revenue |
|
8,779 |
|
|
8,854 |
|
||
| Lease liabilities |
|
7,368 |
|
|
8,022 |
|
||
| Other current liabilities |
|
1,526 |
|
|
— |
|
||
| Total current liabilities |
|
40,748 |
|
|
40,964 |
|
||
| Long-term deferred revenue |
|
6,083 |
|
|
5,358 |
|
||
| Contingent earnout liability |
|
1,379 |
|
|
2,415 |
|
||
| Long-term lease liabilities |
|
35,771 |
|
|
40,608 |
|
||
| Other liabilities |
|
2,361 |
|
|
4,042 |
|
||
| Total liabilities |
|
86,342 |
|
|
93,387 |
|
||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common stock, |
|
19 |
|
|
19 |
|
||
| Additional paid-in capital |
|
366,281 |
|
|
352,564 |
|
||
| Accumulated deficit |
|
(204,664 |
) |
|
(101,097 |
) |
||
| Accumulated other comprehensive income |
|
(26 |
) |
|
1,068 |
|
||
| Total stockholders’ equity |
|
161,610 |
|
|
252,554 |
|
||
| Total liabilities and stockholders’ equity | $ |
247,952 |
|
$ |
345,941 |
|
||
| MARKFORGED HOLDING CORPORATION | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| For the Years Ended December 31, 2023 and 2022 | ||||||||
| (In thousands, except share data and per share data) | ||||||||
| Year Ended December 31, | ||||||||
|
2023 |
|
|
2022 |
|
|||
| Revenue | $ |
93,784 |
|
$ |
100,958 |
|
||
| Cost of revenue |
|
49,370 |
|
|
50,252 |
|
||
| Gross profit |
|
44,414 |
|
|
50,706 |
|
||
| Operating expenses | ||||||||
| Sales and marketing |
|
37,830 |
|
|
44,975 |
|
||
| Research and development |
|
40,737 |
|
|
42,387 |
|
||
| General and administrative |
|
47,761 |
|
|
50,428 |
|
||
| Goodwill impairment |
|
29,467 |
|
|
— |
|
||
| Total operating expenses |
|
155,795 |
|
|
137,790 |
|
||
| Loss from operations |
|
(111,381 |
) |
|
(87,084 |
) |
||
| Change in fair value of derivative liabilities |
|
472 |
|
|
1,485 |
|
||
| Change in fair value of contingent earnout liability |
|
1,036 |
|
|
57,307 |
|
||
| Other expense, net |
|
(307 |
) |
|
(381 |
) |
||
| Interest expense |
|
(373 |
) |
|
(11 |
) |
||
| Interest income |
|
6,400 |
|
|
2,878 |
|
||
| Loss before income taxes |
|
(104,153 |
) |
|
(25,806 |
) |
||
| Income tax (benefit) expense |
|
(586 |
) |
|
(418 |
) |
||
| Net loss | $ |
(103,567 |
) |
$ |
(25,388 |
) |
||
| Weighted average shares outstanding - basic and diluted |
|
196,896,011 |
|
|
189,747,367 |
|
||
| Net loss per share - basic and diluted | $ |
(0.53 |
) |
$ |
(0.13 |
) |
||
| MARKFORGED HOLDING CORPORATION | ||||||||
| CONSOLIDATED STATEMENTS OF | ||||||||
| COMPREHENSIVE LOSS | ||||||||
| For the Years Ended December 31, 2023 and 2022 | ||||||||
| (In thousands) | ||||||||
| Year Ended December 31, | ||||||||
|
2023 |
|
|
2022 |
|
|||
| Net loss | $ |
(103,567 |
) |
$ |
(25,388 |
) |
||
| Other comprehensive loss, net of taxes: | ||||||||
| Unrealized loss on available-for-sale marketable securities, net |
|
(54 |
) |
|
54 |
|
||
| Foreign currency translation adjustment |
|
(1,040 |
) |
|
1,014 |
|
||
| Total comprehensive loss | $ |
(104,661 |
) |
$ |
(24,320 |
) |
||
| MARKFORGED HOLDING CORPORATION | ||||||||||||
| DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES | ||||||||||||
| (In thousands) (Unaudited) | ||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
| (in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Hardware | $ |
15,432 |
$ |
21,015 |
$ |
59,287 |
$ |
69,112 |
||||
| Consumables |
|
5,897 |
|
6,510 |
|
23,996 |
|
23,423 |
||||
| Services |
|
2,841 |
|
2,139 |
|
10,501 |
|
8,423 |
||||
| Total Revenue | $ |
24,170 |
$ |
29,664 |
$ |
93,784 |
$ |
100,958 |
||||
| MARKFORGED HOLDING CORPORATION | ||||||||||||
| DISAGGREGATED REVENUE BY GEOGRAPHIC LOCATION | ||||||||||||
| (In thousands) (Unaudited) | ||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
| (in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
$ |
11,228 |
$ |
12,488 |
$ |
43,715 |
$ |
46,638 |
|||||
| EMEA |
|
7,921 |
|
10,567 |
|
29,744 |
|
30,185 |
||||
| APAC |
|
5,021 |
|
6,609 |
|
20,325 |
|
24,135 |
||||
| Total Revenue | $ |
24,170 |
$ |
29,664 |
$ |
93,784 |
$ |
100,958 |
||||
| MARKFORGED HOLDING CORPORATION | ||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||||||||
| (In thousands) (Unaudited) | ||||||||||||||||
| | Three Months Ended December 31, |
| Year Ended December 31, |
|||||||||||||
| |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
| Net loss | | $ |
(14,198 |
) |
$ |
(10,732 |
) |
| $ |
(103,567 |
) |
$ |
(25,388 |
) |
||
| Stock compensation expense | |
|
3,829 |
|
|
2,589 |
|
|
|
13,987 |
|
|
18,209 |
|
||
| Change in fair value of derivative liabilities |
|
646 |
|
|
(264 |
) |
|
426 |
|
|
(1,485 |
) |
||||
| Change in fair value of contingent earnout liability |
|
(3,545 |
) |
|
(6,325 |
) |
|
(1,036 |
) |
|
(57,307 |
) |
||||
| Amortization |
|
244 |
|
|
104 |
|
|
1,024 |
|
|
146 |
|
||||
| Goodwill impairment |
|
— |
|
|
— |
|
|
29,467 |
|
|
— |
|
||||
| Non-recurring costs1 |
|
1,412 |
|
|
1,299 |
|
|
8,451 |
|
|
5,719 |
|
||||
| Non-GAAP net loss | | $ |
(11,612 |
) |
$ |
(13,329 |
) |
| $ |
(51,248 |
) |
$ |
(60,106 |
) |
||
| 1Non-recurring costs incurred during the year ended December 31, 2023 primarily relate to litigation expenses, long-lived asset impairment, and one-time restructuring costs. Non-recurring costs incurred during the year ended December 31, 2022 primarily relate to litigation and transaction expenses. | ||||||||||||||||
| | Three Months Ended December 31, |
| Year Ended December 31, |
|||||||||||||
| Non-GAAP Cost of Revenue | |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Cost of revenue | | $ |
12,479 |
|
$ |
15,738 |
|
| $ |
49,370 |
|
$ |
50,252 |
|
||
| Stock compensation expense | |
|
57 |
|
|
7 |
|
|
|
259 |
|
|
354 |
|
||
| Amortization |
|
217 |
|
|
66 |
|
|
877 |
|
|
97 |
|
||||
| Non-recurring costs1 |
|
— |
|
|
85 |
|
|
— |
|
|
94 |
|
||||
| Non-GAAP Cost of Revenue |
|
12,205 |
|
|
15,580 |
|
|
48,234 |
|
|
49,707 |
|
||||
| | Three Months Ended December 31, |
| Year Ended December 31, |
|||||||||||||
| Non-GAAP Gross Profit | |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Gross profit | | $ |
11,691 |
|
$ |
13,926 |
|
| $ |
44,414 |
|
$ |
50,706 |
|
||
| Stock compensation expense | |
|
57 |
|
|
7 |
|
|
|
259 |
|
|
354 |
|
||
| Amortization |
|
217 |
|
|
66 |
|
|
877 |
|
|
97 |
|
||||
| Non-recurring costs1 |
|
— |
|
|
85 |
|
|
— |
|
|
94 |
|
||||
| Non-GAAP gross profit |
|
11,965 |
|
|
14,084 |
|
|
45,550 |
|
|
51,251 |
|
||||
| | Three Months Ended December 31, |
| Year Ended December 31, |
|||||||||||||
| Non-GAAP Sales and Marketing Expenses | |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Sales and marketing expenses | | $ |
9,394 |
|
$ |
9,871 |
|
| $ |
37,830 |
|
$ |
44,975 |
|
||
| Stock compensation expense | |
|
429 |
|
|
(382 |
) |
|
|
1,851 |
|
|
2,158 |
|
||
| Amortization |
|
27 |
|
|
38 |
|
|
147 |
|
|
49 |
|
||||
| Change in fair value of derivative liabilities |
|
898 |
|
|
— |
|
|
898 |
|
|
— |
|
||||
| Non-GAAP sales and marketing expenses |
|
8,040 |
|
|
10,215 |
|
|
34,934 |
|
|
42,768 |
|
||||
| | Three Months Ended December 31, |
| Year Ended December 31, |
|||||||||||||
| Non-GAAP Research and Development Expenses | |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Research and development expenses | | $ |
10,347 |
|
$ |
11,012 |
|
| $ |
40,737 |
|
$ |
42,387 |
|
||
| Stock compensation expense | |
|
1,125 |
|
|
267 |
|
|
|
4,649 |
|
|
4,584 |
|
||
| Non-GAAP research and development expenses |
|
9,222 |
|
|
10,745 |
|
|
36,088 |
|
|
37,803 |
|
||||
| | Three Months Ended December 31, |
| Year Ended December 31, |
|||||||||||||
| Non-GAAP General and Administrative Expenses | |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| General and administrative expenses | | $ |
11,311 |
|
$ |
12,334 |
|
| $ |
47,761 |
|
$ |
50,428 |
|
||
| Stock compensation expense | |
|
2,218 |
|
|
2,697 |
|
|
|
7,228 |
|
|
11,113 |
|
||
| Non-recurring costs1 |
|
1,412 |
|
|
1,214 |
|
|
8,451 |
|
|
5,625 |
|
||||
| Non-GAAP general and administrative expenses |
|
7,681 |
|
|
8,423 |
|
|
32,082 |
|
|
33,690 |
|
||||
| 1Non-recurring costs incurred during the year ended December 31, 2023 primarily relate to litigation expenses, long-lived asset impairment, and one-time restructuring costs. Non-recurring costs incurred during the year ended December 31, 2022 primarily relate to litigation and transaction expenses. | ||||||||||||||||
| | Three Months Ended December 31, |
| Year Ended December 31, |
|||||||||||||
| Non-GAAP Operating Loss | |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Operating loss | | $ |
(19,361 |
) |
$ |
(19,291 |
) |
| $ |
(111,381 |
) |
$ |
(87,084 |
) |
||
| Stock compensation expense | |
|
3,829 |
|
|
2,589 |
|
|
|
13,987 |
|
|
18,209 |
|
||
| Amortization |
|
244 |
|
|
104 |
|
|
1,024 |
|
|
146 |
|
||||
| Goodwill impairment |
|
— |
|
|
— |
|
|
29,467 |
|
|
— |
|
||||
| Change in fair value of derivative liabilities |
|
898 |
|
|
— |
|
|
898 |
|
|
— |
|
||||
| Non-recurring costs1 |
|
1,412 |
|
|
1,299 |
|
|
8,451 |
|
|
5,719 |
|
||||
| Non-GAAP operating loss |
|
(12,978 |
) |
|
(15,299 |
) |
|
(57,554 |
) |
|
(63,010 |
) |
||||
| 1Non-recurring costs incurred during the year ended December 31, 2023 primarily relate to litigation expenses, long-lived asset impairment, and one-time restructuring costs. Non-recurring costs incurred during the year ended December 31, 2022 primarily relate to litigation and transaction expenses. | ||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240307965010/en/
Media
Sam Manning, Public Relations Manager
sam.manning@markforged.com
Investors
Austin Bohlig, Director of Investor Relations
investors@markforged.com
Source: Markforged Holding Corporation
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