Markforged Announces Second Quarter 2024 Results
Markforged (NYSE: MKFG) announced Q2 2024 financial results and a $25M cost reduction initiative. Key highlights:
- Revenue: $21.7M (vs $25.4M in Q2 2023)
- Gross margin: 50.2% (vs 47.0%)
- Net loss: $14.4M (vs $19.0M)
- Cash and equivalents: $93.9M
The company shipped its first PX100 metal binder jetting system and accelerated FX10 shipments. Markforged updated its 2024 outlook, expecting revenues between $90-95M and non-GAAP gross margins in the upper range of 48-50%. The company anticipates returning to year-over-year revenue growth in H2 2024.
Markforged (NYSE: MKFG) ha annunciato i risultati finanziari per il secondo trimestre del 2024 e un'iniziativa di riduzione dei costi di 25 milioni di dollari. Punti salienti:
- Fatturato: 21,7 milioni di dollari (rispetto ai 25,4 milioni del Q2 2023)
- Margine lordo: 50,2% (rispetto al 47,0%)
- Perdita netta: 14,4 milioni di dollari (rispetto ai 19,0 milioni)
- Liquidità e equivalenti: 93,9 milioni di dollari
La società ha spedito il suo primo sistema di binder jetting in metallo PX100 e ha accelerato le spedizioni del FX10. Markforged ha aggiornato le sue previsioni per il 2024, aspettandosi fatturati compresi tra 90 e 95 milioni di dollari e margini lordi non GAAP nella parte alta dell'intervallo del 48-50%. L'azienda prevede di tornare a una crescita del fatturato su base annua nel secondo semestre del 2024.
Markforged (NYSE: MKFG) anunció los resultados financieros del segundo trimestre de 2024 y una iniciativa de reducción de costos de 25 millones de dólares. Destacados clave:
- Ingresos: 21,7 millones de dólares (frente a 25,4 millones en el Q2 2023)
- Margen bruto: 50,2% (frente al 47,0%)
- Pérdida neta: 14,4 millones de dólares (frente a 19,0 millones)
- Efectivo y equivalentes: 93,9 millones de dólares
La compañía envió su primer sistema de jetting con aglutinante metálico PX100 y aceleró los envíos del FX10. Markforged actualizó su perspectiva para 2024, esperando ingresos entre 90 y 95 millones de dólares y márgenes brutos no GAAP en el rango superior del 48-50%. La empresa anticipa regresar al crecimiento de los ingresos interanual en la segunda mitad de 2024.
Markforged (NYSE: MKFG)는 2024년 2분기 재무 실적과 2,500만 달러의 비용 절감 계획을 발표했습니다. 주요 내용:
- 매출: 2,170만 달러 (2023년 2분기 2,540만 달러 대비)
- 총 이익률: 50.2% (47.0% 대비)
- 순손실: 1,440만 달러 (1,900만 달러 대비)
- 현금 및 현금성 자산: 9,390만 달러
회사는 첫 번째 PX100 금속 바인더 제팅 시스템을 발송했으며 FX10 발송을 가속화했습니다. Markforged는 2024년 전망을 업데이트하며 매출이 9천만에서 9,500만 달러 사이가 될 것으로 예상하고 비GAAP 총 이익률이 48-50% 상단 범위에 이를 것으로 예상하고 있습니다. 이 회사는 2024년 하반기에 연간 매출 성장으로 돌아갈 것으로 기대하고 있습니다.
Markforged (NYSE: MKFG) a annoncé ses résultats financiers pour le deuxième trimestre 2024 et une initiative de réduction des coûts de 25 millions de dollars. Points clés :
- Chiffre d'affaires : 21,7 millions de dollars (contre 25,4 millions au T2 2023)
- Marge brute : 50,2 % (contre 47,0 %)
- Perte nette : 14,4 millions de dollars (contre 19,0 millions)
- Liquidités et équivalents : 93,9 millions de dollars
L'entreprise a expédié son premier système de jetting à liant métallique PX100 et a accéléré les expéditions du FX10. Markforged a mis à jour ses prévisions pour 2024, s'attendant à un chiffre d'affaires compris entre 90 et 95 millions de dollars et à des marges brutes non GAAP dans la fourchette supérieure de 48 à 50 %. L'entreprise prévoit de revenir à une croissance du chiffre d'affaires d'une année sur l'autre au second semestre 2024.
Markforged (NYSE: MKFG) gab die finanziellen Ergebnisse für das zweite Quartal 2024 und eine Kostenreduktionsinitiative in Höhe von 25 Millionen Dollar bekannt. Wichtige Highlights:
- Umsatz: 21,7 Millionen Dollar (gegenüber 25,4 Millionen im Q2 2023)
- Bruttomarge: 50,2% (gegenüber 47,0%)
- Nettoverlust: 14,4 Millionen Dollar (gegenüber 19,0 Millionen)
- Bargeld und Äquivalente: 93,9 Millionen Dollar
Das Unternehmen hat sein erstes PX100 Metallbinder-Jetting-System ausgeliefert und die Lieferungen des FX10 beschleunigt. Markforged hat seine Prognose für 2024 aktualisiert und erwartet einen Umsatz zwischen 90 und 95 Millionen Dollar sowie eine nicht-GAAP Bruttomarge im oberen Bereich von 48-50%. Das Unternehmen rechnet damit, in der zweiten Hälfte von 2024 wieder ein Umsatzwachstum im Jahresvergleich zu erreichen.
- Gross margin improved to 50.2% from 47.0% in Q2 2023
- Non-GAAP gross margin increased to 51.9% from 48.3% in Q2 2023
- Operating expenses decreased to $27.9M from $32.1M in Q2 2023
- Net loss reduced to $14.4M from $19.0M in Q2 2023
- Shipped first PX100 metal binder jetting system
- Accelerated FX10 shipments in Q2
- Qualified two additional materials for FX series printers
- Revenue decreased to $21.7M from $25.4M in Q2 2023
- Cash and cash equivalents declined to $93.9M from $109.4M in Q1 2024
- Lowered 2024 revenue guidance to $90-95M from previous $95-105M
- Expects non-GAAP operating loss of $42.5-47.0M for 2024
- Facing persistent macroeconomic headwinds affecting sales
Insights
Markforged's Q2 2024 results reveal a challenging period with revenue declining to
- Improved gross margin at
50.2% (vs47.0% in Q2 2023) - Reduced operating expenses to
$27.9 million (from$32.1 million ) - Narrowed net loss to
$14.4 million (from$19.0 million )
The $25 million cost reduction initiative is a strategic move to align with current market conditions. While the revised 2024 revenue outlook of
Markforged's product innovations are promising amid challenging market conditions. The shipment of the first PX100 metal binder jetting system marks a significant milestone, potentially opening new markets in automotive, medical and aerospace sectors. The accelerated shipments of the FX10 and introduction of new materials like Onyx FR and high temperature continuous fiber (CF-HT) for the FX20 demonstrate Markforged's commitment to innovation. These advancements could differentiate Markforged in the competitive 3D printing market, especially in high-demand industrial applications. The company's ability to execute on its product roadmap, despite financial headwinds, is important for its long-term competitiveness and growth prospects.
The ongoing legal battle with Continuous Composites poses significant risks for Markforged. The
Announcing
WALTHAM, Mass., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Markforged Holding Corporation (NYSE: MKFG) (the “Company”), the company strengthening manufacturing resiliency by enabling industrial production at the point of need, today announced its financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial Results Compared To Second Quarter 2023
- Revenue was
$21.7 million compared to$25.4 million . - Gross margin was
50.2% compared to47.0% . - Non-GAAP gross margin was
51.9% compared to48.3% . - Operating expenses were
$27.9 million compared to$32.1 million . - Non-GAAP operating expenses were
$23.3 million compared to$26.6 million . - Net loss was
$14.4 million compared to net loss of$19.0 million . - Non-GAAP net loss was
$10.8 million compared to a loss of$12.5 million . - Cash and cash equivalents including restricted cash were
$93.9M million as of June 30, 2024, compared to$109.4 million as of March 31 2024. The balance at the end June 30, 2024 includes the funding of a$19.1 million surety bond recorded as restricted cash on the Company's balance sheet. This surety bond includes the$17.3 million verdict awarded in the Continuous Composite lawsuit in April 2024, plus$1.8 million of estimated interest on the judgment for the prejudgment period and duration of the appeal process.
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 demonstrated strong execution in Q2 while effectively navigating the persistent macroeconomic headwinds,” said Shai Terem, President and CEO of Markforged. “During the quarter we shipped the first PX100 metal binder jetting system, the latest in a series of innovations Markforged is bringing to market. FX10 shipments have also accelerated in the 2nd quarter. The positive feedback and growing pipeline underscore the strength of our recent innovations, and positions the Company to return to growth in the second half of year. The continued rollout of new products, combined with our cost realignment initiatives, keeps us on a path to achieve sustainable growth.”
Business Updates
$25 million Cost Reduction Initiative: Given the macroeconomic challenges and Markforged’s commitment to achieve sustainable growth, the Company is announcing a$25 million cost reduction initiative that Markforged expects to reduce the Company’s operating expenses to a yearly run rate of approximately$70 million . Markforged expects that most of these cost reductions will be completed in the second half of this year.- 1st PX100 Shipped: Markforged shipped the first PX100 metal binder jetting system in Q2. The PX100’s innovative technology offers customers in the automotive, medical, aerospace, luxury goods, and other demanding markets a cost effective way to mass produce precise metal parts that would be challenging or impossible using traditional manufacturing methods. Markforged remains on plan to ship additional units in the second half of the year.
- New Material Innovations: Markforged qualified two additional materials for FX series printers in the second quarter. Onyx FR, a flame retardant variant of Onyx® designed for aerospace and other applications on the factory floor requiring non-flammable parts, is now available for the FX10. And, high temperature continuous fiber (CF-HT) now enables FX20 customers to reinforce parts printed with Vega™ to achieve the strength of aluminum for aerospace and other demanding manufacturing applications.
- Accelerating FX10 Shipments: Markforged also accelerated shipments of the FX10 in Q2, underscoring the product's innovative features and superior capabilities for printing mission critical parts for the factory floor. The Company enters Q3 with a robust pipeline and intends to release additional capabilities prior to the IMTS conference in Q3 to drive growth in the second half of the year.
2024 Financial Outlook
Markforged anticipates fiscal year 2024 revenues to be between
This guidance does not reflect any additional relief Continuous Composites may receive as a result of its post-trial claims. Continuous Composites has asserted through post-trial motions claims for royalty payments for sales of certain products manufactured or sold in the United States after December 31, 2023. Markforged anticipates a final ruling to occur in the second half of 2024. Markforged strongly disagrees with the verdict handed down in the Continuous Composites litigation and with the associated post-trial royalty claims. Markforged has retained a leading law firm to support efforts to overturn the verdict.
Conference Call and Webcast Information
The Company will host a webcast and conference call at 5:00 p.m. ET today, Thursday, August 8, 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 till Thursday, August 22, 2024, 11:59 PM ET by dialing 1-844-512-2921 or 1-412-317-6671, passcode 13743375.
About Markforged
Markforged (NYSE:MKFG) is enabling more resilient and flexible manufacturing 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 Waltham, Mass where we design the hardware, software and advanced materials that makes The Digital Forge reliable and easy to use. To learn more, visit www.markforged.com.
Non-GAAP Financial Measures
In addition to our financial results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we believe that each of non-GAAP gross margin, non-GAAP operating profit (loss), non-GAAP net profit (loss) and non-GAAP earnings per share, each a non-GAAP financial measure, is useful in evaluating the performance of our business.
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.
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 contributions of our directors; the timing of launches and the rate and extent of adoption of our products, including, but not limited to, our most recently introduced products and the FX10; market trends in the manufacturing industry; the duration and impact of macroeconomic factors; the benefits to consumers, functionality and applications of Markforged’s products; statements regarding our expectations concerning any impact to our business, balance sheet and cost structure; any statement regarding post-trial motions and appeal related to the Continuous Composites litigation; our disagreement with the Continuous Composites verdict; and our intention to challenge the Continuous Composites judgment. 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.
MediaSam Manning, Public Relations Manager
sam.manning@markforged.com
Investors
Austin Bohlig, Director of Investor Relations
investors@markforged.com
| MARKFORGED HOLDING CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| As of June 30, 2024 and December 31, 2023 | ||||||||
| (In thousands, except share data and par value amounts) (Unaudited) | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 73,390 | $ | 116,854 | ||||
| Restricted cash | 19,122 | — | ||||||
| Accounts receivable, net of allowance for expected credit losses ( | 21,605 | 24,059 | ||||||
| Inventory | 22,557 | 26,773 | ||||||
| Prepaid expenses | 2,052 | 2,756 | ||||||
| Other current assets | 1,940 | 2,022 | ||||||
| Total current assets | 140,666 | 172,464 | ||||||
| Property and equipment, net | 16,945 | 17,713 | ||||||
| Intangible assets, net | 15,596 | 17,128 | ||||||
| Right-of-use assets | 34,819 | 36,884 | ||||||
| Other assets | 3,768 | 3,763 | ||||||
| Total assets | $ | 211,794 | $ | 247,952 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 8,749 | $ | 13,235 | ||||
| Accrued expenses | 11,276 | 9,840 | ||||||
| Litigation payable | 17,511 | — | ||||||
| Deferred revenue | 8,997 | 8,779 | ||||||
| Lease liabilities | 7,361 | 7,368 | ||||||
| Other current liabilities | — | 1,526 | ||||||
| Total current liabilities | 53,894 | 40,748 | ||||||
| Long-term deferred revenue | 5,187 | 6,083 | ||||||
| Contingent earnout liability | 245 | 1,379 | ||||||
| Long-term lease liabilities | 33,420 | 35,771 | ||||||
| Other liabilities | 1,652 | 2,361 | ||||||
| Total liabilities | 94,398 | 86,342 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common stock, | 19 | 19 | ||||||
| Additional paid-in capital | 373,397 | 366,281 | ||||||
| Accumulated deficit | (255,008 | ) | (204,664 | ) | ||||
| Accumulated other comprehensive income | (1,012 | ) | (26 | ) | ||||
| Total stockholders’ equity | 117,396 | 161,610 | ||||||
| Total liabilities and stockholders’ equity | $ | 211,794 | $ | 247,952 | ||||
| MARKFORGED HOLDING CORPORATION | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| For the Three and Six Months Ended June 30, 2024 and 2023 | |||||||||||||||
| (In thousands, except share data and per share data) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | 21,688 | 25,449 | $ | 42,235 | $ | 49,539 | |||||||||
| Cost of revenue | 10,810 | 13,476 | 21,224 | 25,984 | |||||||||||
| Gross profit | 10,878 | 11,973 | 21,011 | 23,555 | |||||||||||
| Operating expenses | |||||||||||||||
| Sales and marketing | 8,526 | 9,666 | 16,370 | 20,242 | |||||||||||
| Research and development | 9,060 | 10,286 | 18,995 | 20,666 | |||||||||||
| General and administrative | 10,334 | 12,120 | 22,499 | 24,248 | |||||||||||
| Litigation judgment | — | — | 17,300 | — | |||||||||||
| Total operating expenses | 27,920 | 32,072 | 75,164 | 65,156 | |||||||||||
| Loss from operations | (17,042 | ) | (20,099 | ) | (54,153 | ) | (41,601 | ) | |||||||
| 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 | ) | |||||||||
| Other expense, net | (84 | ) | (16 | ) | (219 | ) | (222 | ) | |||||||
| Interest expense | (170 | ) | (116 | ) | (324 | ) | (116 | ) | |||||||
| Interest income | 1,230 | 1,577 | 2,630 | 3,268 | |||||||||||
| Loss before income taxes | (14,676 | ) | (19,346 | ) | (50,806 | ) | (38,364 | ) | |||||||
| Income tax (benefit) expense | (278 | ) | (358 | ) | (462 | ) | (357 | ) | |||||||
| Net loss | $ | (14,398 | ) | $ | (18,988 | ) | $ | (50,344 | ) | $ | (38,007 | ) | |||
| Weighted average shares outstanding - basic and diluted | 201,252,969 | 196,372,157 | 200,273,880 | 195,873,471 | |||||||||||
| Net loss per share - basic and diluted | $ | (0.07 | ) | $ | (0.10 | ) | $ | (0.25 | ) | $ | (0.19 | ) | |||
| MARKFORGED HOLDING CORPORATION | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF | |||||||||||||||
| COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
| For the Three and Six Months Ended June 30, 2024 and 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (14,398 | ) | $ | (18,988 | ) | $ | (50,344 | ) | $ | (38,007 | ) | |||
| Other comprehensive loss, net of taxes: | |||||||||||||||
| Unrealized loss on available-for-sale marketable securities, net | — | 25 | — | (25 | ) | ||||||||||
| Foreign currency translation adjustment | 55 | (1,704 | ) | (986 | ) | (1,546 | ) | ||||||||
| Total comprehensive loss | $ | (14,343 | ) | $ | (20,667 | ) | $ | (51,330 | ) | $ | (39,578 | ) | |||
| MARKFORGED HOLDING CORPORATION | ||||||||||||
| DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES | ||||||||||||
| (In thousands) (Unaudited) | ||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Hardware | $ | 12,650 | $ | 16,506 | $ | 23,924 | $ | 31,701 | ||||
| Consumables | 5,914 | 6,482 | 12,318 | 12,937 | ||||||||
| Services | 3,124 | 2,461 | 5,993 | 4,901 | ||||||||
| Total Revenue | $ | 21,688 | $ | 25,449 | $ | 42,235 | $ | 49,539 | ||||
| MARKFORGED HOLDING CORPORATION | ||||||||||||
| DISAGGREGATED REVENUE BY GEOGRAPHIC LOCATION | ||||||||||||
| (In thousands) (Unaudited) | ||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Americas | $ | 9,688 | $ | 11,982 | $ | 19,783 | $ | 22,440 | ||||
| EMEA | 6,785 | 7,618 | 13,120 | 16,110 | ||||||||
| APAC | 5,215 | 5,849 | 9,332 | 10,989 | ||||||||
| Total Revenue | $ | 21,688 | $ | 25,449 | $ | 42,235 | $ | 49,539 | ||||
| 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 costs1 | 1,395 | 3,812 | 3,841 | 5,893 | ||||||||||||
| Non-GAAP net loss | | $ | (10,777 | ) | $ | (12,540 | ) | | $ | (23,008 | ) | $ | (25,844 | ) | ||
| 1Non-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 costs1 | 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 costs1 | 1,395 | 3,812 | 3,841 | 5,893 | ||||||||||||
| Non-GAAP operating loss | (12,031 | ) | (14,343 | ) | (25,557 | ) | (29,131 | ) | ||||||||
| 1Non-recurring costs incurred during the three and six months ended June 30, 2024 and 2023 relate to litigation expense. | ||||||||||||||||
FAQ
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