Markforged Announces First Quarter 2024 Results


MARKFORGED HOLDING CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands) (Unaudited)
     
  Three Months Ended March 31,
    2024    2023 
Net loss$(35,946) $(19,019)
Stock compensation expense 3,461   4,356 
Change in fair value of derivative liabilities  (31)  (189)
Change in fair value of contingent earnout liability  161   (808)
Amortization  378   277 
Litigation judgment  17,300    
Non-recurring costs1  2,446   2,081 
Non-GAAP net loss$(12,231) $(13,302)
     
1Non-recurring costs incurred during the three months ended March 31, 2024 and 2023 relate to litigation expense.
 
  Three Months Ended March 31,
Non-GAAP Cost of Revenue   2024       2023  
Cost of revenue $ 10,414     $ 12,508  
Stock compensation expense   49       73  
Amortization     357       228  
Non-GAAP Cost of Revenue     10,008       12,207  
         
  Three Months Ended March 31,
Non-GAAP Gross Profit   2024       2023  
Gross profit $ 10,133     $ 11,582  
Stock compensation expense   49       73  
Amortization     357       228  
Non-GAAP gross profit     10,539       11,883  
         
  Three Months Ended March 31,
Non-GAAP Sales and Marketing Expenses   2024       2023  
Sales and marketing expenses $ 7,844     $ 10,576  
Stock compensation expense   405       475  
Amortization     21       49  
Non-GAAP sales and marketing expenses     7,418       10,052  
         
  Three Months Ended March 31,
Non-GAAP Research and Development Expenses   2024       2023  
Research and development expenses $ 9,935     $ 10,380  
Stock compensation expense   1,100       1,147  
Non-GAAP research and development expenses     8,835       9,233  
         
  Three Months Ended March 31,
Non-GAAP General and Administrative Expenses   2024       2023  
General and administrative expenses $ 12,165     $ 12,128  
Stock compensation expense   1,907       2,661  
Non-recurring costs 1     2,446       2,081  
Non-GAAP general and administrative expenses     7,812       7,386  
         
  Three Months Ended March 31,
Non-GAAP Operating Loss   2024       2023  
Operating loss $ (37,111 )   $ (21,502 )
Stock compensation expense   3,461       4,356  
Amortization     378       277  
Litigation judgment     17,300        
Non-recurring costs 1     2,446       2,081  
Non-GAAP operating loss     (13,526 )     (14,788 )
         
1 Non-recurring costs incurred during the three months ended March 31, 2024 and 2023 relate to litigation expense.
         

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