Markforged Announces Third Quarter 2022 Results

1Non-recurring costs primarily relate to transaction and litigation expenses.
2Stock-based compensation expense and non-recurring costs were included in the following GAAP consolidated statement of operations categories:

 
 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

2022

 

 

2021

 

Cost of revenue

 

$

130

 

 

$

129

 

 

$

347

 

 

$

218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

917

 

 

 

856

 

 

 

2,540

 

 

 

1,176

 

Research and development

 

 

1,326

 

 

 

2,043

 

 

 

4,317

 

 

 

2,768

 

General and administrative

 

 

4,340

 

 

 

7,725

 

 

 

12,827

 

 

 

14,195

 

Total operating expense

 

 

6,583

 

 

 

10,624

 

 

 

19,684

 

 

 

18,139

 

Total adjustments

 

$

6,713

 

 

$

10,753

 

 

$

20,031

 

 

$

18,357

 

 

MARKFORGED HOLDING CORPORATION

NON-GAAP RECONCILIATION

THREE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2022

 

Three Months Ended September 30, 2021

 

GAAP

 

Adjustments

 

Non-GAAP

 

GAAP

 

Adjustments

 

Non-GAAP

Revenue

$

25,208

 

 

 

 

$

25,208

 

 

$

24,045

 

 

 

 

$

24,045

 

Cost of revenue

 

12,959

 

 

(130

)

 

 

12,829

 

 

 

10,330

 

 

(129

)

 

 

10,201

 

Gross profit

 

12,249

 

 

130

 

 

 

12,379

 

 

 

13,715

 

 

129

 

 

 

13,844

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

11,783

 

 

(917

)

 

 

10,866

 

 

 

10,399

 

 

(856

)

 

 

9,543

 

Research and development

 

10,421

 

 

(1,326

)

 

 

9,095

 

 

 

9,761

 

 

(2,043

)

 

 

7,718

 

General and administrative

 

12,873

 

 

(4,340

)

 

 

8,533

 

 

 

15,935

 

 

(7,725

)

 

 

8,210

 

Total operating expenses

 

35,077

 

 

(6,583

)

 

 

28,494

 

 

 

36,095

 

 

(10,624

)

 

 

25,471

 

Loss from operations

 

(22,828

)

 

6,713

 

 

 

(16,115

)

 

 

(22,380

)

 

10,753

 

 

 

(11,627

)

Change in fair value of warrant liabilities

 

(448

)

 

448

 

 

 

 

 

 

1,418

 

 

(1,418

)

 

 

 

Change in fair value of contingent earnout liability

 

(656

)

 

656

 

 

 

 

 

 

42,710

 

 

(42,710

)

 

 

 

Other expense

 

(39

)

 

 

 

 

(39

)

 

 

(48

)

 

 

 

 

(48

)

Interest expense

 

(2

)

 

 

 

 

(2

)

 

 

(6

)

 

 

 

 

(6

)

Interest income

 

1,006

 

 

 

 

 

1,006

 

 

 

6

 

 

 

 

 

6

 

Profit (loss) before income taxes

 

(22,967

)

 

7,817

 

 

 

(15,150

)

 

 

21,700

 

 

(33,375

)

 

 

(11,675

)

Income tax (benefit) expense

 

3

 

 

 

 

 

3

 

 

 

(3

)

 

 

 

 

(3

)

Net profit (loss) and comprehensive income (loss)

$

(22,970

)

 

7,817

 

 

$

(15,153

)

 

$

21,703

 

 

(33,375

)

 

$

(11,672

)

Weighted average shares outstanding - basic

 

189,766,945

 

 

 

 

 

189,766,945

 

 

 

162,942,990

 

 

 

 

 

162,942,990

 

Weighted average shares outstanding - diluted

 

189,766,945

 

 

 

 

 

189,766,945

 

 

 

167,091,320

 

 

 

 

 

167,091,320

 

Net profit (loss) per share - basic

$

(0.12

)

 

 

 

$

(0.08

)

 

$

0.13

 

 

 

 

$

(0.07

)

Net profit (loss) per share - diluted

 

(0.12

)

 

 

 

 

(0.08

)

 

 

0.13

 

 

 

 

 

(0.07

)

MARKFORGED HOLDING CORPORATION

NON-GAAP RECONCILIATION

NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2022

 

Nine Months Ended September 30, 2021

 

GAAP

 

Adjustments

 

Non-GAAP

 

GAAP

 

Adjustments

 

Non-GAAP

Revenue

$

71,294

 

 

 

 

$

71,294

 

 

$

64,584

 

 

 

 

$

64,584

 

Cost of revenue

 

34,514

 

 

(347

)

 

 

34,167

 

 

 

26,729

 

 

(218

)

 

 

26,511

 

Gross profit

 

36,780

 

 

347

 

 

 

37,127

 

 

 

37,855

 

 

218

 

 

 

38,073

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

35,104

 

 

(2,540

)

 

 

32,564

 

 

 

25,711

 

 

(1,176

)

 

 

24,535

 

Research and development

 

31,375

 

 

(4,317

)

 

 

27,058

 

 

 

21,487

 

 

(2,768

)

 

 

18,719

 

General and administrative

 

38,094

 

 

(12,827

)

 

 

25,267

 

 

 

32,770

 

 

(14,195

)

 

 

18,575

 

Total operating expenses

 

104,573

 

 

(19,684

)

 

 

84,889

 

 

 

79,968

 

 

(18,139

)

 

 

61,829

 

Loss from operations

 

(67,793

)

 

20,031

 

 

 

(47,762

)

 

 

(42,113

)

 

18,357

 

 

 

(23,756

)

Change in fair value of warrant liabilities

 

1,221

 

 

(1,221

)

 

 

 

 

 

170

 

 

(170

)

 

 

 

Change in fair value of contingent earnout liability

 

50,982

 

 

(50,982

)

 

 

 

 

 

42,710

 

 

(42,710

)

 

 

 

Other expense

 

(429

)

 

 

 

 

(429

)

 

 

(168

)

 

 

 

 

(168

)

Interest expense

 

(11

)

 

 

 

 

(11

)

 

 

(15

)

 

 

 

 

(15

)

Interest income

 

1,380

 

 

 

 

 

1,380

 

 

 

9

 

 

 

 

 

9

 

Profit (loss) before income taxes

 

(14,650

)

 

(32,172

)

 

 

(46,822

)

 

 

593

 

 

(24,523

)

 

 

(23,930

)

Income tax (benefit) expense

 

6

 

 

 

 

 

6

 

 

 

(1

)

 

 

 

 

(1

)

Net profit (loss) and comprehensive income (loss)

$

(14,656

)

 

(32,172

)

 

$

(46,828

)

 

$

594

 

 

(24,523

)

 

$

(23,929

)

Weighted average shares outstanding - basic

 

188,225,543

 

 

 

 

 

188,225,543

 

 

 

81,373,265

 

 

 

 

 

81,373,265

 

Weighted average shares outstanding - diluted

 

188,225,543

 

 

 

 

 

188,225,543

 

 

 

85,407,166

 

 

 

 

 

85,407,166

 

Net profit (loss) per share - basic

$

(0.08

)

 

 

 

$

(0.25

)

 

$

0.01

 

 

 

 

$

(0.29

)

Net profit (loss) per share - diluted

 

(0.08

)

 

 

 

 

(0.25

)

 

 

0.01

 

 

 

 

 

(0.28

)

 

MARKFORGED HOLDING CORPORATION

 

DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES

 

(In thousands) (Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Hardware

 

$

17,571

 

 

$

17,469

 

 

$

48,098

 

 

$

46,039

 

Consumables

 

 

5,568

 

 

 

4,899

 

 

 

16,913

 

 

 

14,295

 

Services

 

 

2,069

 

 

 

1,677

 

 

 

6,283

 

 

 

4,250

 

Total Revenue

 

$

25,208

 

 

$

24,045

 

 

$

71,294

 

 

$

64,584

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKFORGED HOLDING CORPORATION

 

DISAGGREGATED REVENUE BY GEOGRAPHIC LOCATION

 

(In thousands) (Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Americas

 

$

12,591

 

 

$

14,937

 

 

$

34,150

 

 

$

35,169

 

EMEA

 

$

5,353

 

 

$

5,118

 

 

$

19,618

 

 

$

17,804

 

APAC

 

$

7,264

 

 

$

3,990

 

 

$

17,526

 

 

$

11,611

 

Total Revenue

 

$

25,208

 

 

$

24,045

 

 

$

71,294

 

 

$

64,584

 


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