Markforged Announces Second Quarter 2021 Results

MARKFORGED, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of June 30, 2021 and December 31, 2020 (In thousands, except share data and par value amounts) (Unaudited)

 

 

June 30,
2021

 

 

December 31,
2020

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

 

$

33,144

 

 

$

58,715

 

Accounts receivable, net

 

 

17,567

 

 

 

16,601

 

Inventory

 

 

7,926

 

 

 

6,553

 

Prepaid expenses

 

 

1,691

 

 

 

1,496

 

Other current assets

 

 

814

 

 

 

1,373

 

Total current assets

 

 

61,142

 

 

 

84,738

 

Property and equipment, net

 

 

4,480

 

 

 

4,281

 

Deferred transaction costs

 

 

4,884

 

 

 

 

Other assets

 

 

645

 

 

 

584

 

Total assets

 

$

71,151

 

 

$

89,603

 

Liabilities, Convertible Preferred Stock, and Stockholders’ Deficit

 

 

 

Current liabilities

 

 

 

Accounts payable

 

$

6,340

 

 

$

3,369

 

Accrued expenses

 

 

8,432

 

 

 

8,168

 

Deferred revenue

 

 

5,192

 

 

 

6,196

 

Other current liabilities

 

 

331

 

 

 

300

 

Total current liabilities

 

 

20,295

 

 

 

18,033

 

Long-term debt

 

 

 

 

 

5,022

 

Long-term deferred revenue

 

 

2,820

 

 

 

2,905

 

Deferred rent

 

 

1,483

 

 

 

1,073

 

Other liabilities

 

 

 

 

 

545

 

Total liabilities

 

 

24,598

 

 

 

27,578

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Convertible preferred stock (Note 8)

 

 

137,952

 

 

 

137,497

 

Stockholders’ deficit

 

 

 

 

 

 

Common stock, $0.00001 par value; 183,300,000 shares authorized at June 30, 2021 and December 31, 2020; 42,537,176 and 41,491,257 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

10,724

 

 

 

5,542

 

Treasury stock, 507,722 shares at cost at June 30, 2021 and December 31, 2020

 

 

(1,450

)

 

 

(1,450

)

Accumulated deficit

 

 

(100,673

)

 

 

(79,564

)

Total stockholders’ deficit

 

 

(91,399

)

 

 

(75,472

)

Total liabilities, convertible preferred stock, and stockholders’ deficit

 

$

71,151

 

 

$

89,603

 

MARKFORGED, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE LOSS

For the Three and Six Months Ended June 30, 2021 and 2020

(In thousands, except share data) (Unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

$

20,419

 

 

$

14,174

 

 

$

40,539

 

 

$

31,875

 

 

Cost of revenue

 

8,496

 

 

 

6,720

 

 

 

16,435

 

 

 

14,997

 

 

Gross profit

 

11,923

 

 

 

7,454

 

 

 

24,104

 

 

 

16,878

 

 

Operating expense

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

8,255

 

 

 

5,296

 

 

 

15,312

 

 

 

11,761

 

 

Research and development

 

6,444

 

 

 

4,206

 

 

 

11,703

 

 

 

8,852

 

 

General and administrative

 

7,959

 

 

 

3,623

 

 

 

16,822

 

 

 

7,250

 

 

Total operating expense

 

22,658

 

 

 

13,125

 

 

 

43,837

 

 

 

27,863

 

 

Loss from operations

 

(10,735

)

 

 

(5,671

)

 

 

(19,733

)

 

 

(10,985

)

 

Other (expense) income, net

 

(345

)

 

 

10

 

 

 

(1,368

)

 

 

23

 

 

Interest expense

 

(5

)

 

 

(20

)

 

 

(9

)

 

 

(29

)

 

Interest income

 

1

 

 

 

21

 

 

 

3

 

 

 

144

 

 

Loss before income taxes

 

(11,084

)

 

 

(5,660

)

 

 

(21,107

)

 

 

(10,847

)

 

Income tax expense

6

 

 

29

 

 

2

 

 

 

87

 

 

Net loss and comprehensive loss

$

(11,090

)

 

$

(5,689

)

 

$

(21,109

)

 

$

(10,934

)

 

Weighted average shares outstanding basic and diluted

 

41,853,841

 

 

 

39,980,784

 

 

 

41,638,004

 

 

 

39,856,193

 

 

Basic and diluted net loss per common share

$

(0.26

)

 

$

(0.14

)

 

$

(0.51

)

 

$

(0.27

)

 

MARKFORGED, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

For the Three and Six Months Ended June 30, 2021 and 2020

(In thousands, except share data) (Unaudited)

 

Three Months Ended June 30,

 

2021

 

 

2020

 

Total Revenue

$

20,419

 

$

14,174

 

Gross Profit

 

11,923

 

 

7,454

 

Gross Margin %

 

58

%

 

53

%

Operating Expenses

 

22,658

 

 

13,125

 

Operating Loss

 

(10,735

)

 

(5,671

)

Other Income (Expense)

 

(345

)

 

10

 

Depreciation & Amortization

 

411

 

 

456

 

EBITDA

 

(10,669

)

 

(5,205

)

Stock-Based Compensation

 

1,777

 

 

503

 

Adjusted EBITDA

$

(8,892

)

$

(4,702

)





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