Markforged Announces Fourth Quarter and Full-Year 2022 Results

These non-GAAP measures have limitations as an analytical tool. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that the non-GAAP financial measures we use may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies, including other companies in our industry.

We recommend that you review the reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures provided in the financial statement tables included below in this press release, and that you not rely on any single financial measure to evaluate our business. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.

Investors should note that beginning with the second quarter of 2022, we have modified the presentation of “non-recurring costs” included in non-GAAP gross margin, non-GAAP operating profit (loss), non-GAAP net profit (loss) and non-GAAP earnings per share metrics to include certain non-recurring litigation costs. Beginning in the fourth quarter of 2022, we have modified the presentation to remove the impact of the amortization of our intangible assets. We use these metrics to provide an understanding of the results of our core business performance and believe these litigation and amortization costs are not indicative of the performance of our core business’ operations. This change increases “non-recurring costs" by $0.6 million, $1.0 million, $0.8 million, and $1.4 million in the first through fourth quarters of 2022, respectively, and by $3.7 million, $0.9 million, $0.3 million, and $0.4 million in the first through fourth quarters of 2021, respectively. The exclusion of amortization increases non-GAAP net profit (loss) by $0.1 million for the quarter and year ended December 31, 2022, and does not change the presentation of the year ended December 31, 2021. To conform to the current period’s presentation, we have included non-recurring litigation costs as “non-recurring costs” when presenting the foregoing non-GAAP figures for the year to date period and periods presented for 2021.

The following are the non-GAAP financial measures referenced in this press release and presented in the tables below:

  • Non-GAAP gross margin is defined as GAAP operating profit (loss), less stock-based compensation expense, amortization, and certain non-recurring costs, divided by revenue.
  • Non-GAAP operating profit (loss) is defined as GAAP operating profit (loss) less stock-based compensation expense, amortization, and certain non-recurring costs.
  • Non-GAAP net profit (loss) is defined as GAAP net profit (loss) less stock-based compensation expense, net change in fair value of warrant liabilities and contingent earnout liabilities, amortization, and certain non-recurring costs.
  • Non-GAAP earnings per share is defined as GAAP net profit (loss) less stock-based compensation expense, net change in fair value of warrant liabilities and contingent earnout liabilities, amortization, and certain non-recurring costs, divided by diluted weighted average shares outstanding for the period.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “strategy,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “opportunity” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although Markforged believes that it has a reasonable basis for each forward-looking statement contained in this press release, Markforged cautions you that these statements are based on a combination of facts and factors currently known by it and its projections of the future, about which it cannot be certain. Forward-looking statements in this press release include, but are not limited to, future growth rate, revenue, gross profit margin and earnings guidance; the impact of infrastructure investments; timing for achieving profitability; our ability to fulfill orders for our products in a timely fashion in the future; expected growth, the size of and opportunity to increase our addressable market; the anticipated benefits of the acquisition of each of Teton Simulation and Digital Metal, the timing of launches and the rate and extent of adoption of our products, including, but not limited to, our most recently introduced products; market trends in the manufacturing industry; the effects of macroeconomic factors; and the benefits to consumers, functionality and applications of Markforged’s products. Markforged cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, general economic, political and business conditions; the ability of Markforged to maintain its listing on the New York Stock Exchange; the effect of COVID-19 on Markforged’s business and financial results; the outcome of any legal proceedings against Markforged; and those factors discussed under the header “Risk Factors” in Markforged’s most recent periodic and other filings with the SEC. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that Markforged will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent Markforged’s views as of the date of this press release. Markforged anticipates that subsequent events and developments will cause its views to change. However, while Markforged may elect to update these forward-looking statements at some point in the future, Markforged has no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing Markforged’s views as of any date subsequent to the date of this press release.

MARKFORGED HOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS 
As of December 31, 2022 and 2021
(In thousands, except share data and par value amounts) (Unaudited)
         
    December 31,
2022
  December 31,
2021
Assets
Current assets    
Cash and cash equivalents

 $

124,242

 

 $

288,603

 

Short-term investments

 

                      43,636

 

 

  —

 

Accounts receivable, net  

 

  29,294

 

 

 

  26,777

 

Inventory

 

  26,409

 

 

  10,377

 

Prepaid expenses  

 

  2,847

 

 

 

  3,921

 

Other current assets

 

  3,334

 

 

  511

 

Total current assets  

 

  229,762

 

 

 

  330,189

 

Property and equipment, net

 

  18,298

 

 

  6,349

 

Goodwill

 

  31,116

 

 

  —

 

Intangible assets

 

  17,626

 

 

  —

 

Right-of-use assets

 

  45,955

 

 

  —

 

Other assets  

 

  3,130

 

 

 

  776

 

Total assets

 $

345,887

 

 $

337,314

 

Liabilities and Stockholders’ Equity     
Current liabilities
Accounts payable  

 $

14,425

 

 

 $

11,403

 

Accrued expenses

 

  9,663

 

 

  7,411

 

Deferred revenue  

 

  8,854

 

 

 

  6,288

 

Operating lease liabilities  

 

  8,022

 

 

 

  —

 

Other current liabilities

 

  —

 

 

  310

 

Total current liabilities  

 

  40,964

 

 

 

  25,412

 

Long-term deferred revenue  

 

  5,358

 

 

 

  3,742

 

Deferred rent

 

  —

 

 

  1,623

 

Contingent earnout liability  

 

  2,415

 

 

 

  59,722

 

Long-term operating lease liabilities  

 

  40,608

 

 

 

  —

 

Other liabilities

 

  4,042

 

 

  2,646

 

Total liabilities  

 

  93,387

 

 

 

  93,145

 

Commitments and contingencies
Stockholders’ equity 
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at December 31, 2022 and December 31, 2021; 194,560,946 and 185,993,058 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively  

 

  19

 

 

 

  19

 

Additional paid-in capital

 

  352,564

 

 

  319,859

 

Accumulated deficit

 

  (101,097

)

 

  (75,709

)

Accumulated other comprehensive loss

 

  1,014

 

 

  —

 

Total stockholders’ equity   

 

  252,500

 

 

 

  244,169

 

Total liabilities and stockholders’ equity 

 $

345,887

 

 $

337,314

 


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