Markforged Announces Positive Ruling in Patent Infringement Lawsuit

Rhea-AI Summary

Markforged (NYSE: MKFG) announced a favorable ruling from the United States District Court for the District of Delaware, which dismissed all four patent infringement claims made by Continuous Composites. This ruling validates Markforged's position that these claims were without merit. Only one remaining patent, recently added in February 2022, still stands, and Markforged intends to vigorously defend against it. CEO Shai Terem expressed satisfaction with the ruling, emphasizing that potential exposure is limited to the last patent. Markforged continues to support over 10,000 manufacturers globally, reinforcing its commitment to manufacturing resiliency.

Positive

• All patent infringement claims by Continuous Composites against Markforged have been dismissed.
• Court ruling supports Markforged's stance that claims were meritless.
• Only one remaining patent claim after the ruling, potentially minimizing future legal exposure.

Negative

• None.

Ruling eliminates all patent infringement claims made by Continuous Composites in its original July 2021 complaint

WATERTOWN, Mass.--(BUSINESS WIRE)-- Markforged (NYSE: MKFG) the company strengthening manufacturing resiliency by enabling industrial production at the point of need, announced that the United States District Court for the District of Delaware issued a ruling eliminating all four patents originally asserted by Continuous Composites against Markforged in July 2021. The court ruling confirms that Markforged does not infringe these patents and supports Markforged's position that these claims were meritless.

This outcome stems from a recent “Claim Construction” proceeding where both parties presented arguments for how the key concepts of each patent should be interpreted. Based on the arguments presented, the court sided with Markforged’s interpretation of a phrase in the patents. Following this ruling, Continuous Composites conceded that the four patents comprising a total of twenty patent claims should be removed from the case. Currently, only a single, recently-issued patent that was added to the case in February 2022, comprising two patent claims asserted by Continuous Composites, remains.

Markforged maintains its position that it does not infringe this last patent, and will continue to defend against the remaining claims. The company is focused on serving the more than 10,000 global manufacturers who rely on Markforged technology every day to produce mission critical parts directly at the point of need.

“We are very pleased with this ruling, which largely validates Markforged’s position that we do not infringe any of Continuous Composites’ patents,” said Shai Terem, President and CEO of Markforged. “From the start, we believed the Continuous Composite lawsuit to be meritless, and it is gratifying to see this bear out as the case progresses. After this ruling any potential exposure related to the matter is limited to the one remaining patent. We plan to continue to mount an aggressive defense of the couple remaining claims against us in this final patent.”

About Markforged

Markforged (NYSE:MKFG) is making manufacturing more resilient and flexible by bringing on-demand industrial production to the point of need. The Markforged Digital Forge – the reliable, intelligent and easy-to-use additive manufacturing platform – empowers any manufacturer to create strong and accurate end-use parts repeatably in both metal and composites anywhere and anytime. Over 10,000 customers across 70+ countries use The Digital Forge to overcome limitations of traditional manufacturing while strengthening their supply chains. Markforged is headquartered in Watertown, Mass., where it designs the hardware, software and materials that powers its platform. To learn more, visit www.markforged.com.

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, the outcome of any legal proceedings against Markforged. 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; the effect of COVID-19 on Markforged’s business and financial results; the 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230404005461/en/

Investors

Austin Bohlig, Director of Investor Relations

investors@markforged.com



Media

Sam Manning, Principal Public Relations Manager

press@markforged.com

Source: Markforged

FAQ

What recent court ruling affected Markforged (MKFG)?

A recent ruling from the United States District Court confirmed that Markforged does not infringe on four patents claimed by Continuous Composites, effectively dismissing those claims.

How many patent claims are still active against Markforged (MKFG)?

As of now, only one patent claim remains active against Markforged, which was added in February 2022.

What did Markforged (MKFG) say about the patent claims ruling?

CEO Shai Terem expressed that the company is pleased with the ruling, which affirms that the Continuous Composites lawsuit was meritless.

How does the court ruling impact continuous composites' claims against Markforged (MKFG)?

The court ruling eliminates all four original patent infringement claims made by Continuous Composites, significantly reducing legal risks for Markforged.