Markforged Announces Third Quarter 2023 Results
- Markforged remains committed to pursuing profitable growth despite the challenging macroeconomic environment.
- The introduction of new products, such as the FX10 and Vega, expands Markforged's addressable market and provides potential for high-margin revenue streams in the future.
- Revenue, gross margin, and net loss for Q3 2023 decreased compared to the same period in 2022, reflecting worsening macroeconomic headwinds.
Announcing Cost Restructuring Initiatives
Third Quarter 2023 Financial Results Compared To Third Quarter 2022
-
Revenue was
$20.1 million $25.2 million -
Gross margin was
45.7% compared to48.6% . -
Non-GAAP gross margin was
46.9% compared to49.2% . -
Operating expenses were
$59.6 million $29.5 million $35.1 million -
Non-GAAP operating expenses were
$24.9 million $28.5 million -
Net loss was
$51.4 million $23.0 million -
Non-GAAP net loss was
$13.8 million $15.1 million -
Cash, cash equivalents, and short-term investments were
$126.0 million $136.0 million
Nine Months Ended September 30, 2023 Financial Results Compared To Nine Months Ended September 30, 2022
-
Revenue was
$69.6 million $71.3 million -
Gross margin was
47.0% compared to51.6% . -
Non-GAAP gross margin was
48.2% compared to52.1% . -
Net cash used in operating activities was
$40.0 million $65.3 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 under the heading “Non-GAAP Financial Measures.”
“While the medium-to-long-term opportunity for Markforged to help manufacturers reduce costs and strengthen supply chain resiliency remains intact, our third quarter results reflect worsening macroeconomic headwinds in the final weeks of the quarter, which delayed several large deals that we had expected to close,” said Shai Terem, President and CEO of Markforged. “We remain laser focused on profitability. In light of these headwinds, which have persisted into the fourth quarter, we have implemented cost reduction efforts to align our operating expenses to match anticipated near-term demand. With that, the overwhelming excitement surrounding our new product introductions at Formnext 2023 last week is a testament to the transformative impact our offerings are set to make in the manufacturing industry. In particular, the customer enthusiasm surrounding the FX10 is reinforcing our confidence that Markforged is well-positioned for strong growth as macroeconomic uncertainty clears.”
Business Updates
-
Accelerated Macroeconomic Uncertainty Impacts Near-Term Demand. In line with Markforged’s preliminary announced results, revenue for the third quarter was
$20.1 million
-
Accelerating Cost Reduction Efforts. In response to these continuing economic headwinds, Markforged has completed a restructuring that coupled with other cost reduction efforts is expected to deliver operating costs savings of approximately
$9 $12 million 10% headcount reduction.
- Digital Source Launch. In the third quarter, Markforged achieved another critical milestone toward the future of distributed manufacturing with the launch of Digital Source. Digital Source is an on-demand parts platform for the licensing and 3D-printing of manufacturer-certified parts when and where they are needed, without the cost or hassle of physical inventory. While the Company’s focus in 2024 is building out the Digital Source platform, the Company believes the opportunity for high margin revenue streams will be a growth catalyst in the years to come as Markforged is already seeing early engagement from customers.
- New Innovations Expand Addressable Market. Continuing Markforged’s track record of innovation, the Company introduced two new products last week at Formnext. The first, the FX10, is Markforged’s next generation composite 3D printer for the factory floor. Building on the precision and reliability of the X7, but nearly twice as large and twice as fast as its predecessor, the FX10 is built to supercharge manufacturing productivity and profitability by boosting production yields while decreasing operating costs. The company started building a backlog of orders for the FX10 into 2024. Markforged also introduced Vega, an ultra high-performance, carbon fiber filled PEKK material for 3D printing critical aerospace parts. These innovations complement the Digital Forge, and further increase the Company’s addressable market by helping customers solve more applications on the factory floor.
2023 Financial Outlook
The uncertain macro environment and relatively high cost of capital have weighed on Markforged’s customers’ purchasing behavior more than expected. Therefore, Markforged is maintaining its revised revenue guidance the Company shared with preliminary results of
Markforged expects Non-GAAP gross margins to be within the range of
Markforged is committed to pursuing profitable growth over time. As such, Markforged has recently announced a company-wide reorganization that coupled with additional cost reduction efforts is expected to generate annualized opex savings of
Non-GAAP EPS loss per share is expected to be between
Conference Call and Webcast Information
The Company will host a webcast and conference call at 5:00 p.m. ET today, Monday, November 13, 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 Monday, November 27, 2023, 11:59 PM ET by dialing 1-844-512-2921 or 1-412-317-6671, passcode 13737743.
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; timing for achieving profitability; 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; 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.
| MARKFORGED HOLDING CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| As of September 30, 2023 and December 31, 2022 | ||||||||
| (In thousands, except share data and par value amounts) (Unaudited) | ||||||||
| September 30, 2023 |
December 31, 2022 |
|||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ |
98,166 |
|
$ |
124,242 |
|
||
| Short-term investments |
|
27,800 |
|
|
43,690 |
|
||
| Accounts receivable, net of allowance for expected credit losses ( |
|
22,298 |
|
|
29,294 |
|
||
| Inventory |
|
28,720 |
|
|
26,409 |
|
||
| Prepaid expenses |
|
2,172 |
|
|
2,847 |
|
||
| Other current assets |
|
3,296 |
|
|
3,334 |
|
||
| Total current assets |
|
182,452 |
|
|
229,816 |
|
||
| Property and equipment, net |
|
17,210 |
|
|
18,298 |
|
||
| Goodwill |
|
— |
|
|
31,116 |
|
||
| Intangible assets |
|
16,182 |
|
|
17,626 |
|
||
| Right-of-use assets |
|
38,080 |
|
|
45,955 |
|
||
| Other assets |
|
3,520 |
|
|
3,130 |
|
||
| Total assets | $ |
257,444 |
|
$ |
345,941 |
|
||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ |
11,612 |
|
$ |
14,425 |
|
||
| Accrued expenses |
|
8,352 |
|
|
9,663 |
|
||
| Deferred revenue |
|
8,423 |
|
|
8,854 |
|
||
| Operating lease liabilities |
|
7,592 |
|
|
8,022 |
|
||
| Other current liabilities |
|
44 |
|
|
— |
|
||
| Total current liabilities |
|
36,023 |
|
|
40,964 |
|
||
| Long-term deferred revenue |
|
5,689 |
|
|
5,358 |
|
||
| Contingent earnout liability |
|
4,924 |
|
|
2,415 |
|
||
| Long-term operating lease liabilities |
|
37,060 |
|
|
40,608 |
|
||
| Other liabilities |
|
3,104 |
|
|
4,042 |
|
||
| Total liabilities |
|
86,800 |
|
|
93,387 |
|
||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common stock, |
|
19 |
|
|
19 |
|
||
| Additional paid-in capital |
|
362,604 |
|
|
352,564 |
|
||
| Accumulated deficit |
|
(190,466 |
) |
|
(101,097 |
) |
||
| Accumulated other comprehensive (loss) income |
|
(1,513 |
) |
|
1,068 |
|
||
| Total stockholders’ equity |
|
170,644 |
|
|
252,554 |
|
||
| Total liabilities and stockholders’ equity | $ |
257,444 |
|
$ |
345,941 |
|
||
| MARKFORGED HOLDING CORPORATION | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| For the Three and Nine Months Ended September 30, 2023 and 2022 | ||||||||||||||||
| (In thousands, except share data and per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
| Revenue | $ |
20,075 |
|
$ |
25,208 |
|
$ |
69,614 |
|
$ |
71,294 |
|
||||
| Cost of revenue |
|
10,907 |
|
|
12,959 |
|
|
36,891 |
|
|
34,514 |
|
||||
| Gross profit |
|
9,168 |
|
|
12,249 |
|
|
32,723 |
|
|
36,780 |
|
||||
| Operating expenses | ||||||||||||||||
| Sales and marketing |
|
8,194 |
|
|
11,783 |
|
|
28,436 |
|
|
35,104 |
|
||||
| Research and development |
|
9,724 |
|
|
10,421 |
|
|
30,390 |
|
|
31,375 |
|
||||
| General and administrative |
|
12,202 |
|
|
12,873 |
|
|
36,450 |
|
|
38,094 |
|
||||
| Goodwill impairment |
|
29,467 |
|
|
— |
|
|
29,467 |
|
|
— |
|
||||
| Total operating expenses |
|
59,587 |
|
|
35,077 |
|
|
124,743 |
|
|
104,573 |
|
||||
| Loss from operations |
|
(50,419 |
) |
|
(22,828 |
) |
|
(92,020 |
) |
|
(67,793 |
) |
||||
| Change in fair value of derivative liabilities |
|
(94 |
) |
|
(448 |
) |
|
220 |
|
|
1,221 |
|
||||
| Change in fair value of contingent earnout liability |
|
(2,502 |
) |
|
(656 |
) |
|
(2,509 |
) |
|
50,982 |
|
||||
| Other expense, net |
|
(55 |
) |
|
(39 |
) |
|
(277 |
) |
|
(429 |
) |
||||
| Interest expense |
|
(127 |
) |
|
(2 |
) |
|
(243 |
) |
|
(11 |
) |
||||
| Interest income |
|
1,602 |
|
|
1,006 |
|
|
4,870 |
|
|
1,380 |
|
||||
| Loss before income taxes |
|
(51,595 |
) |
|
(22,967 |
) |
|
(89,959 |
) |
|
(14,650 |
) |
||||
| Income tax (benefit) expense |
|
(233 |
) |
|
3 |
|
|
(590 |
) |
|
6 |
|
||||
| Net loss | $ |
(51,362 |
) |
$ |
(22,970 |
) |
$ |
(89,369 |
) |
$ |
(14,656 |
) |
||||
| Weighted average shares outstanding - basic |
|
197,410,137 |
|
|
189,766,945 |
|
|
196,391,315 |
|
|
188,225,543 |
|
||||
| Weighted average shares outstanding - diluted |
|
197,410,137 |
|
|
189,766,945 |
|
|
196,391,315 |
|
|
188,255,543 |
|
||||
| Net loss per share - basic | $ |
(0.26 |
) |
$ |
(0.12 |
) |
$ |
(0.46 |
) |
$ |
(0.08 |
) |
||||
| Net loss per share - diluted |
|
(0.26 |
) |
|
(0.12 |
) |
|
(0.46 |
) |
|
(0.08 |
) |
||||
| MARKFORGED HOLDING CORPORATION | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF | ||||||||||||||||
| COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
| For the Three and Nine Months Ended September 30, 2023 and 2022 | ||||||||||||||||
| (In thousands) (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
| Net loss | $ |
(51,362 |
) |
$ |
(22,970 |
) |
$ |
(89,369 |
) |
$ |
(14,656 |
) |
||||
| Other comprehensive loss, net of taxes: | ||||||||||||||||
| Unrealized loss on available-for-sale marketable securities, net |
|
(17 |
) |
|
— |
|
|
(42 |
) |
|
— |
|
||||
| Foreign currency translation adjustment |
|
(993 |
) |
|
(1,612 |
) |
|
(2,539 |
) |
|
(1,612 |
) |
||||
| Total comprehensive loss | $ |
(52,372 |
) |
$ |
(24,582 |
) |
$ |
(91,950 |
) |
$ |
(16,268 |
) |
||||
| MARKFORGED HOLDING CORPORATION | ||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||||||||
| For the Three and Nine Months Ended September 30, 2023 and 2022 | ||||||||||||||||
| (In thousands) (Unaudited) | ||||||||||||||||
| | Three Months Ended September 30, |
| Nine Months Ended September 30, |
|||||||||||||
| |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|||
| Net loss | | $ |
(51,362 |
) |
$ |
(22,970 |
) |
| $ |
(89,369 |
) |
$ |
(14,656 |
) |
||
| Stock compensation expense | |
|
4,112 |
|
|
5,286 |
|
|
|
10,158 |
|
|
15,620 |
|
||
| Change in fair value of warrant liabilities |
|
94 |
|
|
448 |
|
|
(220 |
) |
|
(1,221 |
) |
||||
| Change in fair value of contingent earnout liability |
|
2,502 |
|
|
656 |
|
|
2,509 |
|
|
(50,982 |
) |
||||
| Amortization |
|
249 |
|
|
37 |
|
|
780 |
|
|
42 |
|
||||
| Goodwill impairment |
|
29,467 |
|
|
— |
|
|
29,467 |
|
|
— |
|
||||
| Non-recurring costs1 |
|
1,147 |
|
|
1,436 |
|
|
|
7,039 |
|
|
4,420 |
|
|||
| Non-GAAP net loss 2 | | $ |
(13,791 |
) |
$ |
(15,107 |
) |
| $ |
(39,636 |
) |
$ |
(46,777 |
) |
||
| Three Months Ended September 30, |
| Nine Months Ended September 30, |
|||||||||||
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
|||||
| Cost of revenue | $ |
253 |
$ |
156 |
$ |
861 |
$ |
378 |
|||||
| Sales and marketing |
|
483 |
|
928 |
|
1,543 |
|
2,551 |
|||||
| Research and development |
|
1,195 |
|
1,326 |
|
3,524 |
|
4,317 |
|||||
| General and administrative |
|
3,577 |
|
4,349 |
|
12,049 |
|
12,836 |
|||||
| Goodwill impairment |
|
29,467 |
|
— |
|
29,467 |
|
— |
|||||
| Total operating expense |
|
34,722 |
|
6,603 |
|
46,583 |
|
19,704 |
|||||
| Total adjustments | $ |
34,975 |
$ |
6,759 |
$ |
47,444 |
$ |
20,082 |
|||||
| MARKFORGED HOLDING CORPORATION | |||||||||||||
| DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES | |||||||||||||
| (In thousands) (Unaudited) | |||||||||||||
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||
| (in thousands) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||
| Hardware | $ |
12,154 |
$ |
17,571 |
$ |
43,855 |
$ |
48,098 |
|||||
| Consumables |
|
5,162 |
|
5,568 |
|
18,099 |
|
16,913 |
|||||
| Services |
|
2,759 |
|
2,069 |
|
7,660 |
|
6,283 |
|||||
| Total Revenue | $ |
20,075 |
$ |
25,208 |
$ |
69,614 |
$ |
71,294 |
|||||
| MARKFORGED HOLDING CORPORATION | |||||||||||||
| DISAGGREGATED REVENUE BY GEOGRAPHIC LOCATION | |||||||||||||
| (In thousands) (Unaudited) | |||||||||||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||
| (in thousands) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||
$ |
10,047 |
$ |
12,591 |
$ |
32,487 |
$ |
34,150 |
||||||
| EMEA |
|
5,713 |
|
5,353 |
|
21,823 |
|
19,618 |
|||||
| APAC |
|
4,315 |
|
7,264 |
|
15,304 |
|
17,526 |
|||||
| Total Revenue | $ |
20,075 |
$ |
25,208 |
$ |
69,614 |
$ |
71,294 |
|||||
| MARKFORGED HOLDING CORPORATION | ||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||||||||
| For the Three and Nine Months Ended September 30, 2023 and 2022 | ||||||||||||||||
| (In thousands) (Unaudited) | ||||||||||||||||
| | Three Months Ended September 30, |
| Nine Months Ended September 30, |
|||||||||||||
| |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|||
| Net loss | | $ |
(51,362 |
) |
$ |
(22,970 |
) |
| $ |
(89,369 |
) |
$ |
(14,656 |
) |
||
| Stock compensation expense | |
|
4,112 |
|
|
5,286 |
|
|
|
10,158 |
|
|
15,620 |
|
||
| Change in fair value of warrant liabilities |
|
94 |
|
|
448 |
|
|
(220 |
) |
|
(1,221 |
) |
||||
| Change in fair value of contingent earnout liability |
|
2,502 |
|
|
656 |
|
|
2,509 |
|
|
(50,982 |
) |
||||
| Amortization |
|
249 |
|
|
37 |
|
|
780 |
|
|
42 |
|
||||
| Goodwill impairment |
|
29,467 |
|
|
— |
|
|
29,467 |
|
|
— |
|
||||
| Non-recurring costs1 |
|
1,147 |
|
|
1,436 |
|
|
7,039 |
|
|
4,420 |
|
||||
| Non-GAAP net loss | | $ |
(13,791 |
) |
$ |
(15,107 |
) |
| $ |
(39,636 |
) |
$ |
(46,777 |
) |
||
| 1Non-recurring costs incurred during the three months ended September 30, 2023 relate to litigation expenses of |
||||||||||||||||
| | Three Months Ended September 30, |
| Nine Months Ended September 30, |
|||||||||||||
| Non-GAAP Cost of Revenue | |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
||
| Cost of revenue | | $ |
10,907 |
|
$ |
12,959 |
|
| $ |
36,891 |
|
$ |
34,514 |
|
||
| Stock compensation expense | |
|
39 |
|
|
130 |
|
|
|
201 |
|
|
347 |
|
||
| Amortization |
|
214 |
|
|
26 |
|
|
660 |
|
|
31 |
|
||||
| Non-GAAP Cost of Revenue |
|
10,654 |
|
|
12,803 |
|
|
36,030 |
|
|
34,136 |
|
||||
| | Three Months Ended September 30, |
| Nine Months Ended September 30, |
|||||||||||||
| Non-GAAP Gross Profit | |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
||
| Gross profit | | $ |
9,168 |
|
$ |
12,249 |
|
| $ |
32,723 |
|
$ |
36,780 |
|
||
| Stock compensation expense | |
|
39 |
|
|
130 |
|
|
|
201 |
|
|
347 |
|
||
| Amortization |
|
214 |
|
|
26 |
|
|
660 |
|
|
31 |
|
||||
| Non-GAAP gross profit |
|
9,421 |
|
|
12,405 |
|
|
33,584 |
|
|
37,158 |
|
||||
| | Three Months Ended September 30, |
| Nine Months Ended September 30, |
|||||||||||||
| Non-GAAP Sales and Marketing Expenses | |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
||
| Sales and marketing expenses | | $ |
8,194 |
|
$ |
11,783 |
|
| $ |
28,436 |
|
$ |
35,104 |
|
||
| Stock compensation expense | |
|
448 |
|
|
917 |
|
|
|
1,423 |
|
|
2,540 |
|
||
| Amortization |
|
35 |
|
|
11 |
|
|
120 |
|
|
11 |
|
||||
| Non-GAAP sales and marketing expenses |
|
7,711 |
|
|
10,855 |
|
|
26,893 |
|
|
32,553 |
|
||||
| | Three Months Ended September 30, |
| Nine Months Ended September 30, |
|||||||||||||
| Non-GAAP Research and Development Expenses | |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
||
| Research and development expenses | | $ |
9,724 |
|
$ |
10,421 |
|
| $ |
30,390 |
|
$ |
31,375 |
|
||
| Stock compensation expense | |
|
1,195 |
|
|
1,326 |
|
|
|
3,524 |
|
|
4,317 |
|
||
| Non-GAAP research and development expenses |
|
8,529 |
|
|
9,095 |
|
|
26,866 |
|
|
27,058 |
|
||||
| | Three Months Ended September 30, |
| Nine Months Ended September 30, |
|||||||||||||
| Non-GAAP General and Administrative Expenses | |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
||
| General and administrative expenses | | $ |
12,202 |
|
$ |
12,873 |
|
| $ |
36,450 |
|
$ |
38,094 |
|
||
| Stock compensation expense | |
|
2,430 |
|
|
2,913 |
|
|
|
5,010 |
|
|
8,416 |
|
||
| Non-recurring costs1 |
|
1,147 |
|
|
1,436 |
|
|
7,039 |
|
|
4,420 |
|
||||
| Non-GAAP general and administrative expenses |
|
8,625 |
|
|
8,524 |
|
|
24,401 |
|
|
25,258 |
|
||||
| 1Non-recurring costs incurred during the three months ended September 30, 2023 relate to litigation expenses of |
||||||||||||||||
| | Three Months Ended September 30, |
| Nine Months Ended September 30, |
|||||||||||||
| Non-GAAP Operating Loss | |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
||
| Operating loss | | $ |
(50,419 |
) |
$ |
(22,828 |
) |
| $ |
(92,020 |
) |
$ |
(67,793 |
) |
||
| Stock compensation expense | |
|
4,112 |
|
|
5,286 |
|
|
|
10,158 |
|
|
15,620 |
|
||
| Amortization |
|
249 |
|
|
37 |
|
|
780 |
|
|
42 |
|
||||
| Goodwill impairment |
|
29,467 |
|
|
— |
|
|
29,467 |
|
|
— |
|
||||
| Non-recurring costs1 |
|
1,147 |
|
|
1,436 |
|
|
7,039 |
|
|
4,420 |
|
||||
| Non-GAAP operating loss |
|
(15,444 |
) |
|
(16,069 |
) |
|
(44,576 |
) |
|
(47,711 |
) |
||||
| 1Non-recurring costs incurred during the three months ended September 30, 2023 relate to litigation expenses of |
||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20231113508146/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
FAQ
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