Markforged Announces First Quarter 2022 Results

MARKFORGED HOLDING CORPORATION

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

As of March 31, 2022 and December 31, 2021

 

(In thousands, except share data and par value amounts) (Unaudited)

 

 

 

 

 

 

 

 

 

 

March 31,
2022

 

 

December 31,
2021

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

 

$

269,138

 

 

$

288,603

 

Accounts receivable, net

 

 

22,806

 

 

 

26,777

 

Inventory

 

 

12,801

 

 

 

10,377

 

Prepaid expenses

 

 

3,636

 

 

 

3,921

 

Other current assets

 

 

1,887

 

 

 

511

 

Total current assets

 

 

310,268

 

 

 

330,189

 

Property and equipment, net

 

 

6,680

 

 

 

6,349

 

Right-of-use assets

 

 

11,702

 

 

 

 

Other assets

 

 

1,012

 

 

 

776

 

Total assets

 

$

329,662

 

 

$

337,314

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

 

$

6,653

 

 

$

11,403

 

Accrued expenses

 

 

8,009

 

 

 

7,411

 

Deferred revenue

 

 

6,367

 

 

 

6,288

 

Operating lease liabilities

 

 

2,962

 

 

 

 

Other current liabilities

 

 

53

 

 

 

310

 

Total current liabilities

 

 

24,044

 

 

 

25,412

 

Long-term deferred revenue

 

 

3,808

 

 

 

3,742

 

Deferred rent

 

 

 

 

 

1,623

 

Contingent earnout liability

 

 

34,826

 

 

 

59,722

 

Long-term operating lease liabilities

 

 

10,621

 

 

 

 

Other liabilities

 

 

1,953

 

 

 

2,646

 

Total liabilities

 

 

75,252

 

 

 

93,145

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2022 and December 31, 2021; 187,117,960 and 185,993,058 shares issued at March 31, 2022 and December 31, 2021, respectively

 

 

19

 

 

 

19

 

Additional paid-in capital

 

 

325,861

 

 

 

319,859

 

Accumulated deficit

 

 

(71,470

)

 

 

(75,709

)

Total stockholders’ equity

 

 

254,410

 

 

 

244,169

 

Total liabilities and stockholders’ equity

 

$

329,662

 

 

$

337,314

 

MARKFORGED HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

For the three months ended March 31, 2022 and 2021

(In thousands, except share data and per share data) (Unaudited)

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

Revenue

$

21,859

 

 

$

20,120

 

 

Cost of revenue

 

10,253

 

 

 

7,939

 

 

Gross profit

 

11,606

 

 

 

12,181

 

 

Operating expenses

 

 

 

 

 

 

Sales and marketing

 

10,448

 

 

 

7,057

 

 

Research and development

 

10,567

 

 

 

5,259

 

 

General and administrative

 

11,743

 

 

 

8,863

 

 

Total operating expenses

 

32,758

 

 

 

21,179

 

 

Loss from operations

 

(21,152

)

 

 

(8,998

)

 

Change in fair value of warrant liabilities

 

693

 

 

 

(1,010

)

 

Change in fair value of contingent earnout liability

 

24,896

 

 

 

 

 

Other expense

 

(219

)

 

 

(13

)

 

Interest expense

 

 

 

 

(4

)

 

Interest income

 

20

 

 

 

2

 

 

Profit (loss) before income taxes

 

4,238

 

 

 

(10,023

)

 

Income tax benefit

 

(1

)

 

 

(4

)

 

Net profit (loss) and comprehensive income (loss)

$

4,239

 

 

$

(10,019

)

 

Weighted average shares outstanding - basic

 

186,383,312

 

 

 

39,440,986

 

 

Weighted average shares outstanding - diluted

 

191,100,683

 

 

 

39,440,986

 

 

Net profit (loss) per share - basic

$

0.02

 

 

$

(0.25

)

 

Net profit (loss) per share - diluted

 

0.02

 

 

 

(0.25

)

 

MARKFORGED HOLDING CORPORATION

 

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

 

For the three months and years ended March 31, 2022 and 2021

 

(In thousands) (Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended
March 31,

 

 

2022

 

 

2021

 

Net profit (loss) and comprehensive income (loss)

$

4,239

 

 

$

(10,019

)

Stock compensation expense

 

5,422

 

 

 

1,194

 

Change in fair value of warrant liabilities

 

 

(693

)

 

 

1,010

 

Change in fair value of contingent earnout liability

 

 

(24,896

)

 

 

 

Transaction costs expensed

 

400

 

 

 

 

Non-GAAP loss 1

$

(15,528

)

 

$

(7,815

)

 

 

 

 

 

 

 

1 Stock-based compensation expense and transaction costs were included in the following GAAP consolidated statement of operations categories:

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Cost of revenue

 

$

115

 

 

$

27

 

 

 

 

 

 

 

 

Sales and marketing

 

 

848

 

 

 

84

 

Research and development

 

 

1,419

 

 

 

331

 

General and administrative

 

 

3,440

 

 

 

752

 

Total operating expense

 

 

5,707

 

 

 

1,167

 

Total adjustments

 

$

5,822

 

 

$

1,194

 

MARKFORGED HOLDING CORPORATION

 

DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES

 

(In thousands) (Unaudited)

 

 

 

Three Months Ended March 31,

 

(in thousands)

 

2022

 

 

2021

 

Hardware

 

$

14,517

 

 

$

14,239

 

Consumables

 

 

5,456

 

 

 

4,617

 

Services

 

 

1,886

 

 

 

1,264

 

Total Revenue

 

$

21,859

 

 

$

20,120

 





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