1 |
|
Non-recurring costs primarily relate to transaction and litigation expenses. Expenses for the six months ended June 30, 2022, includes $1,047 of non-recurring litigation and transaction costs incurred in the first quarter of 2022. |
2 |
|
Stock-based compensation expense and non-recurring costs were included in the following GAAP consolidated statement of operations categories: |
|
Three Months Ended
June 30, |
| Six Months Ended
June 30, |
|||||||||
|
2022 |
2021 |
| 2022 |
2021 |
|||||||
Cost of revenue |
$ |
102 |
$ |
62 |
$ |
217 |
$ |
89 |
||||
|
||||||||||||
Sales and marketing |
775 |
237 |
1,624 |
320 |
||||||||
Research and development |
1,572 |
394 |
2,991 |
725 |
||||||||
General and administrative |
4,400 |
2,014 |
8,486 |
6,470 |
||||||||
Total operating expense |
6,747 |
2,645 |
13,101 |
7,515 |
||||||||
Total adjustments |
$ |
6,849 |
$ |
2,707 |
$ |
13,318 |
$ |
7,604 |
||||
| MARKFORGED HOLDING CORPORATION | |||||||||||||||||||||
| NON-GAAP RECONCILIATION | |||||||||||||||||||||
| THREE MONTHS ENDED JUNE 30, 2022 AND 2021 | |||||||||||||||||||||
| (In thousands, except share data and per share data) (Unaudited) | |||||||||||||||||||||
| Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | ||||||||||||||||||||
| GAAP | Adjustments | Non-GAAP* | GAAP | Adjustments | Non-GAAP* | ||||||||||||||||
| Revenue | $ |
24,227 |
|
— |
|
$ |
24,227 |
|
$ |
20,419 |
|
— |
|
$ |
20,419 |
|
|||||
| Cost of revenue |
|
11,302 |
|
(102 |
) |
|
11,200 |
|
|
8,496 |
|
(62 |
) |
|
8,434 |
|
|||||
| Gross profit |
|
12,925 |
|
102 |
|
|
13,027 |
|
|
11,923 |
|
62 |
|
|
11,985 |
|
|||||
| Operating expenses | |||||||||||||||||||||
| Sales and marketing |
|
12,873 |
|
(775 |
) |
|
12,098 |
|
|
8,255 |
|
(237 |
) |
|
8,018 |
|
|||||
| Research and development |
|
10,387 |
|
(1,572 |
) |
|
8,815 |
|
|
6,444 |
|
(394 |
) |
|
6,050 |
|
|||||
| General and administrative |
|
13,478 |
|
(4,400 |
) |
|
9,078 |
|
|
7,959 |
|
(2,014 |
) |
|
5,945 |
|
|||||
| Total operating expenses |
|
36,738 |
|
(6,747 |
) |
|
29,991 |
|
|
22,658 |
|
(2,645 |
) |
|
20,013 |
|
|||||
| Loss from operations |
|
(23,813 |
) |
6,849 |
|
|
(16,964 |
) |
|
(10,735 |
) |
2,707 |
|
|
(8,028 |
) |
|||||
| Change in fair value of warrant liabilities |
|
976 |
|
(976 |
) |
|
— |
|
|
(241 |
) |
241 |
|
|
— |
|
|||||
| Change in fair value of contingent earnout liability |
|
26,742 |
|
(26,742 |
) |
|
— |
|
|
— |
|
— |
|
|
— |
|
|||||
| Other expense |
|
(171 |
) |
— |
|
|
(171 |
) |
|
(104 |
) |
— |
|
|
(104 |
) |
|||||
| Interest expense |
|
(9 |
) |
— |
|
|
(9 |
) |
|
(5 |
) |
— |
|
|
(5 |
) |
|||||
| Interest income |
|
354 |
|
— |
|
|
354 |
|
|
1 |
|
— |
|
|
1 |
|
|||||
| Profit (loss) before income taxes |
|
4,079 |
|
(20,869 |
) |
|
(16,790 |
) |
|
(11,084 |
) |
2,948 |
|
|
(8,136 |
) |
|||||
| Income tax (benefit) expense |
|
4 |
|
|
4 |
|
|
6 |
|
|
6 |
|
|||||||||
| Net profit (loss) and comprehensive income (loss) |
$ |
4,075 |
|
(20,869 |
) |
$ |
(16,794 |
) |
$ |
(11,090 |
) |
2,948 |
|
$ |
(8,142 |
) |
|||||
| Weighted average shares outstanding - basic |
|
188,102,342 |
|
|
188,102,342 |
|
|
39,855,379 |
|
|
39,855,379 |
|
|||||||||
| Weighted average shares outstanding - diluted |
|
188,876,763 |
|
|
188,876,763 |
|
|
39,855,379 |
|
|
39,855,379 |
|
|||||||||
| Net profit (loss) per share - basic | $ |
0.02 |
|
$ |
(0.09 |
) |
$ |
(0.28 |
) |
$ |
(0.20 |
) |
|||||||||
| Net profit (loss) per share - diluted |
|
0.02 |
|
|
(0.09 |
) |
|
(0.28 |
) |
|
(0.20 |
) |
|||||||||
| MARKFORGED HOLDING CORPORATION | |||||||||||||||||||||
| NON-GAAP RECONCILIATION | |||||||||||||||||||||
| SIX MONTHS ENDED JUNE 30, 2022 AND 2021 | |||||||||||||||||||||
| (In thousands, except share data and per share data) (Unaudited) | |||||||||||||||||||||
| Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||||
| GAAP | Adjustments | Non-GAAP* | GAAP | Adjustments | Non-GAAP* | ||||||||||||||||
| Revenue | $ |
46,086 |
|
— |
|
$ |
46,086 |
|
$ |
40,539 |
|
— |
|
$ |
40,539 |
|
|||||
| Cost of revenue |
|
21,555 |
|
(217 |
) |
|
21,338 |
|
|
16,435 |
|
(89 |
) |
|
16,346 |
|
|||||
| Gross profit |
|
24,531 |
|
217 |
|
|
24,748 |
|
|
24,104 |
|
89 |
|
|
24,193 |
|
|||||
| Operating expenses | |||||||||||||||||||||
| Sales and marketing |
|
23,321 |
|
(1,624 |
) |
|
21,697 |
|
|
15,312 |
|
(320 |
) |
|
14,992 |
|
|||||
| Research and development |
|
20,954 |
|
(2,991 |
) |
|
17,963 |
|
|
11,703 |
|
(725 |
) |
|
10,978 |
|
|||||
| General and administrative |
|
25,221 |
|
(8,486 |
) |
|
16,735 |
|
|
16,822 |
|
(6,470 |
) |
|
10,352 |
|
|||||
| Total operating expenses |
|
69,496 |
|
(13,101 |
) |
|
56,395 |
|
|
43,837 |
|
(7,515 |
) |
|
36,322 |
|
|||||
| Loss from operations |
|
(44,965 |
) |
13,318 |
|
|
(31,647 |
) |
|
(19,733 |
) |
7,604 |
|
|
(12,129 |
) |
|||||
| Change in fair value of warrant liabilities |
|
1,669 |
|
(1,669 |
) |
|
— |
|
|
(1,251 |
) |
1,251 |
|
|
— |
|
|||||
| Change in fair value of contingent earnout liability |
|
51,638 |
|
(51,638 |
) |
|
— |
|
|
— |
|
— |
|
|
— |
|
|||||
| Other expense |
|
(390 |
) |
— |
|
|
(390 |
) |
|
(117 |
) |
— |
|
|
(117 |
) |
|||||
| Interest expense |
|
(9 |
) |
— |
|
|
(9 |
) |
|
(9 |
) |
— |
|
|
(9 |
) |
|||||
| Interest income |
|
374 |
|
— |
|
|
374 |
|
|
3 |
|
— |
|
|
3 |
|
|||||
| Profit (loss) before income taxes |
|
8,317 |
|
(39,989 |
) |
|
(31,672 |
) |
|
(21,107 |
) |
8,855 |
|
|
(12,252 |
) |
|||||
| Income tax (benefit) expense |
|
3 |
|
— |
|
|
3 |
|
|
2 |
|
— |
|
|
2 |
|
|||||
| Net profit (loss) and comprehensive income (loss) |
$ |
8,314 |
|
(39,989 |
) |
$ |
(31,675 |
) |
$ |
(21,109 |
) |
8,855 |
|
$ |
(12,254 |
) |
|||||
| Weighted average shares outstanding - basic |
|
187,247,566 |
|
|
187,247,566 |
|
|
39,649,848 |
|
|
39,649,848 |
|
|||||||||
| Weighted average shares outstanding - diluted |
|
188,329,331 |
|
|
188,329,331 |
|
|
39,649,848 |
|
|
39,649,848 |
|
|||||||||
| Net profit (loss) per share - basic | $ |
0.04 |
|
$ |
(0.17 |
) |
$ |
(0.53 |
) |
$ |
(0.31 |
) |
|||||||||
| Net profit (loss) per share - diluted |
|
0.04 |
|
|
(0.17 |
) |
|
(0.53 |
) |
|
(0.31 |
) |
|||||||||
| 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) | 2022 |
2021 |
2022 |
2021 |
||||||||
| Hardware | $ |
16,011 |
$ |
14,331 |
$ |
30,527 |
$ |
28,569 |
||||
| Consumables |
|
5,889 |
|
4,780 |
|
11,345 |
|
9,397 |
||||
| Services |
|
2,327 |
|
1,308 |
|
4,214 |
|
2,573 |
||||
| Total Revenue | $ |
24,227 |
$ |
20,419 |
$ |
46,086 |
$ |
40,539 |
||||
