MARKFORGED HOLDING CORPORATION |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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As of March 31, 2022 and December 31, 2021 |
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(In thousands, except share data and par value amounts) (Unaudited) |
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March 31,
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December 31,
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
269,138 |
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$ |
288,603 |
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Accounts receivable, net |
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22,806 |
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26,777 |
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Inventory |
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12,801 |
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10,377 |
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Prepaid expenses |
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3,636 |
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3,921 |
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Other current assets |
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1,887 |
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|
511 |
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Total current assets |
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310,268 |
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330,189 |
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Property and equipment, net |
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6,680 |
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6,349 |
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Right-of-use assets |
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11,702 |
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— |
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| Other assets |
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1,012 |
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|
776 |
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| Total assets |
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$ |
329,662 |
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$ |
337,314 |
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| Liabilities and Stockholders’ Equity |
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| Current liabilities |
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| Accounts payable |
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$ |
6,653 |
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$ |
11,403 |
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| Accrued expenses |
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8,009 |
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7,411 |
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| Deferred revenue |
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6,367 |
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6,288 |
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| Operating lease liabilities |
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2,962 |
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— |
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| Other current liabilities |
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53 |
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310 |
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| Total current liabilities |
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24,044 |
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25,412 |
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| Long-term deferred revenue |
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3,808 |
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3,742 |
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| Deferred rent |
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— |
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1,623 |
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| Contingent earnout liability |
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34,826 |
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59,722 |
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| Long-term operating lease liabilities |
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10,621 |
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— |
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| Other liabilities |
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1,953 |
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2,646 |
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| Total liabilities |
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75,252 |
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93,145 |
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| Commitments and contingencies |
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| Stockholders’ equity |
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| Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2022 and December 31, 2021; 187,117,960 and 185,993,058 shares issued at March 31, 2022 and December 31, 2021, respectively |
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19 |
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19 |
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| Additional paid-in capital |
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325,861 |
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319,859 |
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| Accumulated deficit |
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(71,470 |
) |
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(75,709 |
) |
| Total stockholders’ equity |
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254,410 |
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244,169 |
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| Total liabilities and stockholders’ equity |
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$ |
329,662 |
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$ |
337,314 |
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| MARKFORGED HOLDING CORPORATION |
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| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND |
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| COMPREHENSIVE INCOME (LOSS) |
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| For the three months ended March 31, 2022 and 2021 |
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| (In thousands, except share data and per share data) (Unaudited) |
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Three Months Ended March 31, |
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2022 |
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2021 |
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| Revenue |
$ |
21,859 |
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$ |
20,120 |
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| Cost of revenue |
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10,253 |
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7,939 |
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| Gross profit |
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11,606 |
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12,181 |
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| Operating expenses |
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| Sales and marketing |
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10,448 |
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7,057 |
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| Research and development |
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10,567 |
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5,259 |
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| General and administrative |
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11,743 |
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8,863 |
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| Total operating expenses |
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32,758 |
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21,179 |
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| Loss from operations |
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(21,152 |
) |
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(8,998 |
) |
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| Change in fair value of warrant liabilities |
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693 |
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(1,010 |
) |
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| Change in fair value of contingent earnout liability |
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24,896 |
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— |
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| Other expense |
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(219 |
) |
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(13 |
) |
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| Interest expense |
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— |
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(4 |
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| Interest income |
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20 |
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2 |
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| Profit (loss) before income taxes |
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4,238 |
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(10,023 |
) |
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| Income tax benefit |
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(1 |
) |
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(4 |
) |
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| Net profit (loss) and comprehensive income (loss) |
$ |
4,239 |
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$ |
(10,019 |
) |
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| Weighted average shares outstanding - basic |
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186,383,312 |
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39,440,986 |
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| Weighted average shares outstanding - diluted |
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191,100,683 |
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39,440,986 |
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| Net profit (loss) per share - basic |
$ |
0.02 |
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$ |
(0.25 |
) |
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| Net profit (loss) per share - diluted |
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0.02 |
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(0.25 |
) |
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| MARKFORGED HOLDING CORPORATION |
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| RECONCILIATION OF GAAP TO NON-GAAP MEASURES |
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| For the three months and years ended March 31, 2022 and 2021 |
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| (In thousands) (Unaudited) |
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Three Months Ended
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2022 |
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2021 |
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| Net profit (loss) and comprehensive income (loss) |
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$ |
4,239 |
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$ |
(10,019 |
) |
| Stock compensation expense |
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5,422 |
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1,194 |
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| Change in fair value of warrant liabilities |
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(693 |
) |
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1,010 |
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| Change in fair value of contingent earnout liability |
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(24,896 |
) |
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— |
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| Transaction costs expensed |
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400 |
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— |
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| Non-GAAP loss 1 |
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$ |
(15,528 |
) |
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$ |
(7,815 |
) |
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| 1 Stock-based compensation expense and transaction costs were included in the following GAAP consolidated statement of operations categories: |
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Three Months Ended March 31, |
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2022 |
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2021 |
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| Cost of revenue |
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$ |
115 |
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$ |
27 |
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| Sales and marketing |
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848 |
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84 |
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| Research and development |
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1,419 |
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331 |
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| General and administrative |
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3,440 |
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|
752 |
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| Total operating expense |
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5,707 |
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1,167 |
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| Total adjustments |
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$ |
5,822 |
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$ |
1,194 |
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| MARKFORGED HOLDING CORPORATION |
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| DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES |
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| (In thousands) (Unaudited) |
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Three Months Ended March 31, |
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| (in thousands) |
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2022 |
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2021 |
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| Hardware |
|
$ |
14,517 |
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$ |
14,239 |
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| Consumables |
|
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5,456 |
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4,617 |
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| Services |
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1,886 |
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1,264 |
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| Total Revenue |
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$ |
21,859 |
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$ |
20,120 |
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