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 contributions of our directors; the timing of launches and the rate and extent of adoption of our products, including, but not limited to, our most recently introduced products and the FX10; market trends in the manufacturing industry; the duration and impact of macroeconomic factors; the benefits to consumers, functionality and applications of Markforged’s products; statements regarding our expectations concerning any impact to our business, balance sheet and cost structure; any potential post-trial motions and appeal related to the Continuous Composites litigation; our disagreement with the Continuous Composites verdict; and our intention to challenge the Continuous Composites judgment. 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; 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.
MediaSam Manning, Public Relations Manager
sam.manning@markforged.com
Investors
Austin Bohlig, Director of Investor Relations
investors@markforged.com
| MARKFORGED HOLDING CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| As of March 31, 2024 and December 31, 2023 | ||||||||
| (In thousands, except share data and par value amounts) (Unaudited) | ||||||||
| March 31, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 107,924 | $ | 116,854 | ||||
| Accounts receivable, net of allowance for expected credit losses ($271 and $360, respectively) | 21,493 | 24,059 | ||||||
| Inventory | 23,792 | 26,773 | ||||||
| Prepaid expenses | 3,328 | 2,756 | ||||||
| Other current assets | 1,733 | 2,022 | ||||||
| Total current assets | 158,270 | 172,464 | ||||||
| Property and equipment, net | 17,893 | 17,713 | ||||||
| Intangible assets, net | 15,924 | 17,128 | ||||||
| Right-of-use assets | 35,809 | 36,884 | ||||||
| Other assets | 3,734 | 3,763 | ||||||
| Total assets | $ | 231,630 | $ | 247,952 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 11,877 | $ | 13,235 | ||||
| Accrued expenses | 12,451 | 9,840 | ||||||
| Litigation judgment payable | 17,300 | — | ||||||
| Deferred revenue | 9,609 | 8,779 | ||||||
| Lease liabilities | 7,316 | 7,368 | ||||||
| Other current liabilities | 1,500 | 1,526 | ||||||
| Total current liabilities | 60,053 | 40,748 | ||||||
| Long-term deferred revenue | 5,457 | 6,083 | ||||||
| Contingent earnout liability | 1,540 | 1,379 | ||||||
| Long-term lease liabilities | 34,647 | 35,771 | ||||||
| Other liabilities | 2,030 | 2,361 | ||||||
| Total liabilities | 103,727 | 86,342 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2024 and December 31, 2023; 199,399,503 and 198,581,263 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 19 | 19 | ||||||
| Additional paid-in capital | 369,561 | 366,281 | ||||||
| Accumulated deficit | (240,610 | ) | (204,664 | ) | ||||
| Accumulated other comprehensive income | (1,067 | ) | (26 | ) | ||||
| Total stockholders’ equity | 127,903 | 161,610 | ||||||
| Total liabilities and stockholders’ equity | $ | 231,630 | $ | 247,952 | ||||
