| MARKFORGED HOLDING CORPORATION | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| For the Three and Nine Months Ended September 30, 2024 and 2023 | |||||||||||||||
| (In thousands, except share data and per share data) | |||||||||||||||
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 20,484 | $ | 20,075 | $ | 62,719 | $ | 69,614 | |||||||
| Cost of revenue | 10,441 | 10,907 | 31,665 | 36,891 | |||||||||||
| Gross profit | 10,043 | 9,168 | 31,054 | 32,723 | |||||||||||
| Operating expenses | |||||||||||||||
| Sales and marketing | 8,144 | 8,194 | 24,514 | 28,436 | |||||||||||
| Research and development | 7,850 | 9,724 | 26,845 | 30,390 | |||||||||||
| General and administrative | 11,162 | 12,202 | 33,661 | 36,450 | |||||||||||
| Goodwill impairment | — | 29,467 | — | 29,467 | |||||||||||
| Litigation judgment | 423 | — | 17,723 | — | |||||||||||
| Total operating expenses | 27,579 | 59,587 | 102,743 | 124,743 | |||||||||||
| Loss from operations | (17,536 | ) | (50,419 | ) | (71,689 | ) | (92,020 | ) | |||||||
| Change in fair value of derivative liabilities | 63 | (94 | ) | 189 | 220 | ||||||||||
| Change in fair value of contingent earnout liability | (7,408 | ) | (2,502 | ) | (6,274 | ) | (2,509 | ) | |||||||
| Other income (expense), net | 471 | (55 | ) | 252 | (277 | ) | |||||||||
| Interest expense | (169 | ) | (127 | ) | (493 | ) | (243 | ) | |||||||
| Interest income | 1,021 | 1,602 | 3,651 | 4,870 | |||||||||||
| Loss before income taxes | (23,558 | ) | (51,595 | ) | (74,364 | ) | (89,959 | ) | |||||||
| Income tax (benefit) expense | (188 | ) | (233 | ) | (650 | ) | (590 | ) | |||||||
| Net loss | $ | (23,370 | ) | $ | (51,362 | ) | $ | (73,714 | ) | $ | (89,369 | ) | |||
| Weighted average shares outstanding - basic and diluted | 20,330,917 | 19,741,014 | 20,129,099 | 19,639,131 | |||||||||||
| Net loss per share - basic and diluted | $ | (1.15 | ) | $ | (2.60 | ) | $ | (3.66 | ) | $ | (4.55 | ) | |||
Markforged Announces Third Quarter 2024 Results
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