| MARKFORGED HOLDING CORPORATION | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| For the Three and Six Months Ended June 30, 2024 and 2023 | |||||||||||||||
| (In thousands, except share data and per share data) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | 21,688 | 25,449 | $ | 42,235 | $ | 49,539 | |||||||||
| Cost of revenue | 10,810 | 13,476 | 21,224 | 25,984 | |||||||||||
| Gross profit | 10,878 | 11,973 | 21,011 | 23,555 | |||||||||||
| Operating expenses | |||||||||||||||
| Sales and marketing | 8,526 | 9,666 | 16,370 | 20,242 | |||||||||||
| Research and development | 9,060 | 10,286 | 18,995 | 20,666 | |||||||||||
| General and administrative | 10,334 | 12,120 | 22,499 | 24,248 | |||||||||||
| Litigation judgment | — | — | 17,300 | — | |||||||||||
| Total operating expenses | 27,920 | 32,072 | 75,164 | 65,156 | |||||||||||
| Loss from operations | (17,042 | ) | (20,099 | ) | (54,153 | ) | (41,601 | ) | |||||||
| Change in fair value of derivative liabilities | 95 | 125 | 126 | 314 | |||||||||||
| Change in fair value of contingent earnout liability | 1,295 | (817 | ) | 1,134 | (7 | ) | |||||||||
| Other expense, net | (84 | ) | (16 | ) | (219 | ) | (222 | ) | |||||||
| Interest expense | (170 | ) | (116 | ) | (324 | ) | (116 | ) | |||||||
| Interest income | 1,230 | 1,577 | 2,630 | 3,268 | |||||||||||
| Loss before income taxes | (14,676 | ) | (19,346 | ) | (50,806 | ) | (38,364 | ) | |||||||
| Income tax (benefit) expense | (278 | ) | (358 | ) | (462 | ) | (357 | ) | |||||||
| Net loss | $ | (14,398 | ) | $ | (18,988 | ) | $ | (50,344 | ) | $ | (38,007 | ) | |||
| Weighted average shares outstanding - basic and diluted | 201,252,969 | 196,372,157 | 200,273,880 | 195,873,471 | |||||||||||
| Net loss per share - basic and diluted | $ | (0.07 | ) | $ | (0.10 | ) | $ | (0.25 | ) | $ | (0.19 | ) | |||
Markforged Announces Second Quarter 2024 Results
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