Markforged Announces Fourth Quarter and Full-Year 2022 Results

 

MARKFORGED HOLDING CORPORATION 
CONSOLIDATED STATEMENTS OF OPERATIONS  
For the Years Ended December 31, 2022 and 2021
(In thousands, except share data and per share data) (Unaudited)
       
  Year Ended December 31,
 

 

2022

 

 

2021

 

Revenue

 $

100,958

 

 $

91,221

 

Cost of revenue

 

50,252

 

 

 

38,368

 

Gross profit

 

50,706

 

 

52,853

 

Operating expenses      
Sales and marketing

 

44,975

 

 

35,966

 

Research and development

 

42,387

 

 

 

32,155

 

General and administrative

 

50,428

 

 

45,772

 

Total operating expenses

 

137,790

 

 

 

113,893

 

Loss from operations

 

(87,084

)

 

(61,040

)

Change in fair value of warrant liabilities

 

1,485

 

 

 

1,808

 

Change in fair value of contingent earnout liability

 

57,307

 

 

63,407

 

Other expense

 

(381

)

 

 

(265

)

Interest expense

 

(11

)

 

(16

)

Interest income

 

2,878

 

 

 

17

 

Profit (loss) before income taxes

 

(25,806

)

 

3,911

 

Income tax benefit

 

(418

)

 

 

56

 

Net profit (loss) 

 $

(25,388

)

 $

3,855

 

Weighted average shares outstanding - basic

 

189,747,367

 

 

 

108,088,115

 

Weighted average shares outstanding - diluted

 

189,747,367

 

 

113,963,424

 

Net profit (loss) per share - basic 

 $

(0.13

)

 $

0.04

 

Net profit (loss) per share - diluted

 

(0.13

)

 

 

0.03

 

MARKFORGED HOLDING CORPORATION 
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
For the Years Ended December 31, 2022 and 2021
(In thousands)
       
  Year Ended December 31,

 

2022

 

 

2021

Net profit (loss)

 $

(25,388

)

 $

3,855

Other comprehensive income, net of taxes:
Foreign currency translation adjustment

 

1,014

 

 

Total comprehensive income (loss), net of taxes of $0

 $

                  (24,374

)

 $

                      3,855

MARKFORGED HOLDING CORPORATION
RECONCILIATION OF US GAAP TO NON-GAAP MEASURES
For the Years Ended December 31, 2022 and 2021
(In thousands) (Unaudited)
                 
  Three Months Ended
December 31,
Year Ended
December 31,
 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net profit (loss) and comprehensive income (loss)

 $

(10,732

)

 $

3,261

 

 $

(25,388

)

 $

3,855

 

Stock compensation expense

 

2,589

 

 

7,535

 

 

18,209

 

 

18,930

 

Change in fair value of warrant liabilities  

 

(264

)

 

(1,638

)

 

 

(1,485

)

 

(1,808

)

Change in fair value of contingent earnout liability  

 

(6,325

)

 

(20,697

)

 

 

(57,307

)

 

(63,407

)

Amortization

 

104

 

 

 

 

 

146

 

 

 

Non-recurring costs 1

 

1,299

 

 

377

 

 

5,719

 

 

7,339

 

Non-GAAP net loss 2

 $

(13,329

)

 $

(11,162

)

 $

(60,106

)

 $

(35,091

)

                 
         
         
         
Three Months Ended December 31, Year Ended December 31,

 

2022

 

 

2021

 

2022

 

2021

Cost of revenue

 $

158

 

 $

297

 $

545

 $

515

 
Sales and marketing

 

(348

)

 

1,219

 

2,203

 

2,395

Research and development

 

267

 

 

1,846

 

4,584

 

4,614

General and administrative

 

3,915

 

 

4,550

 

16,743

 

18,745

Total operating expense

 

3,834

 

 

7,615

 

23,530

 

25,754

Total adjustments

 $

3,992

 

 $

7,912

 $

24,075

 $

26,269

MARKFORGED HOLDING CORPORATION
DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES
(In thousands) (Unaudited)
Year Ended December 31,
(in thousands)

 

2022

 

2021

Hardware

 $

69,112

 $

64,974

Consumables

 

23,423

 

19,567

Services

 

8,423

 

6,680

Total Revenue

 $

100,958

 $

91,221

 
 
 
 
MARKFORGED HOLDING CORPORATION
DISAGGREGATED REVENUE BY GEOGRAPHIC LOCATION
(In thousands) (Unaudited)
Year Ended December 31,
(in thousands)

 

2022

 

2021

Americas

 $

46,638

 $

48,516

EMEA

 $

30,185

 $

25,592

APAC

 $

24,135

 $

17,113

Total Revenue

 $

100,958

 $

91,221


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