We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Markforged Holding Corporation | NYSE:MKFG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.0159 | 3.83% | 0.4315 | 0.4366 | 0.4181 | 0.4181 | 205,134 | 18:59:05 |
Company Exceeds 2021 Growth Targets
Markforged Holding Corporation (NYSE: MKFG) (the “Company”), creator of the integrated metal and carbon fiber additive manufacturing platform, The Digital Forge, today announced its results from the fourth quarter and full fiscal year ended December 31, 2021.
“This has been a tremendous growth year for Markforged. We executed on the plan we shared a year ago and beat our targets for 2021, making Markforged one of the fastest organically growing additive manufacturing companies, with industry-leading gross margins,” said Shai Terem, President and CEO of Markforged. “Thanks to the hard work of our team, we exceeded growth targets for both the fourth quarter and full fiscal year. We saw a 27% organic growth rate in 2021, as the Digital Forge continued to solve manufacturing challenges for customers around the world. Our closely integrated hardware, software and materials are designed to allow our customers to overcome ongoing global supply chain constraints by printing industrial-strength parts for critical applications directly at the point-of-need.”
Financial Highlights for Full-Year 2021
Financial Highlights for the Fourth Quarter of 2021
Adjusted EBITDA is a non-GAAP measure. Please see “Non-GAAP Financial Measures” below for a reconciliation of Adjusted EBITDA to the most directly comparable non-GAAP measure.
Business Highlights
In 2021, the Company continued to expand the addressable market of the Digital Forge by introducing 12 major, new solutions to the platform in the form of printers, software updates and materials. Most notably, the FX20 with ULTEM™ 9085 Filament with Continuous Fiber Reinforcement advanced the Company’s position as a leader in point-of-need production in industrial-strength parts. Built to scale distributed global production, the FX20 empowers Markforged customers to move their additive operations into robust production with strong, accurate parts that solve demanding, end-use applications.
Markforged also grew its greatest asset - its team. Having nearly doubled in size with approximately 400 employees to close out 2021, including several key executive hires, the team is sharply focused on developing multiple products simultaneously to accelerate the growth of the Digital Forge’s addressable market.
“Between the release of new, expanded capabilities of the Digital Forge and the material uptick in volume shipment of the FX20 expected in the latter half of this year, we remain confident in our ability to achieve our targets again in 2022,” says Mark Schwartz, Chief Financial Officer.
Business Outlook for Full-Year 2022
Conference Call and Webcast Information
The Company will host a webcast and conference call at 5:00 p.m. ET today, Tuesday, March 15, to discuss the results.
Participants may access the audio webcast by visiting the investors section of the Company's website at https://investors.markforged.com/.
To participate in the call, please dial 1-877-407-9039, or 1-201-689-8470 for international participants, ten minutes before the scheduled start.
For those unable to listen to the live conference call, a replay will be available on the Company's website and telephonically through March 29, 2022 by dialing 1-844-512-2921 (U.S. domestic) or 1-412-317-6671 (International), passcode 13727359.
Amounts herein pertaining to December 31, 2021 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Annual Report on Form 10-K with the Securities and Exchange Commission (the “SEC”). More information on our results of operations for the three and twelve months ended December 31, 2021 will be provided upon filing our Annual Report on Form 10-K with the SEC.
About Markforged
Markforged (NYSE: MKFG) is reimagining how humans build everything by leading a technology-driven transformation of manufacturing with solutions for enterprises and societies throughout the world. The Markforged Digital Forge brings the power and speed of agile software development to industrial manufacturing, combining hardware, software, and materials to solve supply chain problems right at the point-of-need. Engineers, designers, and manufacturing professionals all over the world rely on Markforged metal and composite printers for tooling, fixtures, functional prototyping, and high-value end-use production. Markforged is headquartered in Watertown, Mass., where it designs its products with over 400 employees worldwide. To learn more, visit www.markforged.com.
Non-GAAP Financial Measures
In addition to our financial results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we believe that Adjusted EBITDA, a non-GAAP financial measure, is useful in evaluating the performance of our business.
This non-GAAP measure has limitations as an analytical tool. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that the non-GAAP financial measures we use may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies, including other companies in our industry.
We recommend that you review the reconciliation of this non-GAAP measure to the most directly comparable GAAP financial measure provided in the financial statement tables included below in this press release, and that you not rely on any single financial measure to evaluate our business.
Adjusted EBITDA
We define Adjusted EBITDA, a non-GAAP financial measure, as net profit (loss) and comprehensive loss less interest income, interest expense, income tax expense, depreciation and amortization expense, stock-based compensation expense, net change in fair value of warrant liabilities and contingent earnout liabilities, and non-recurring transaction costs. We monitor Adjusted EBITDA as a measure of our overall business performance, which enables us to analyze our past and future performance without the effects of certain non-cash items and or one-time charges. While we believe that Adjusted EBITDA is useful in evaluating our business, Adjusted EBITDA is a non-GAAP financial measure that has limitations as an analytical tool. Adjusted EBITDA can be useful in evaluating our performance by eliminating the effect of financing, capital expenditures, and non-cash expenses such as stock-based compensation, however, we may incur such expenses in the future which could impact future results.
Special Note Regarding Forward-Looking Statements
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,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” 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 and gross profit margin guidance; expected growth, the size of and opportunity to increase our addressable market; the rate and extent of adoption of our products, including, but not limited to, our most recently introduced products; the effects of the global supply chain disruptions; the contributions of individual executive team members; and the benefits to consumers, functionality and applications of Markforged’s products. 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; the effect of COVID-19 on Markforged’s business and financial results; the 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.
MARKFORGED HOLDING CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS As of December 31, 2021 and 2020 (In thousands, except share data and par value amounts) (Unaudited) December 31, 2021 December 31,2020 Assets Current assets Cash and cash equivalents$
288,603
$
58,715
Accounts receivable, net
26,777
16,601
Inventory
10,377
6,553
Prepaid expenses
3,921
1,496
Other current assets
511
1,373
Total current assets
330,189
84,738
Property and equipment, net
6,349
4,281
Other assets
776
584
Total assets
$
337,314
$
89,603
Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit) Current liabilities Accounts payable
$
11,403
$
3,369
Accrued expenses
7,411
8,168
Deferred revenue
6,288
6,196
Other current liabilities
310
300
Total current liabilities
25,412
18,033
Long-term debt
—
5,022
Long-term deferred revenue
3,742
2,905
Deferred rent
1,623
1,073
Contingent earnout liability
59,722
—
Other liabilities
2,646
545
Total liabilities
93,145
27,578
Commitments and contingencies Convertible preferred stock
—
137,497
Stockholders’ equity (deficit) Common stock, $0.0001 par value; 1,000,000,000 and 183,300,000 shares authorizedon December 31, 2021 and 2020; 185,993,058 and 39,510,108shares issued on December 31, 2021 and 2020, respectively
19
4
Additional paid-in capital
319,859
5,538
Treasury stock, 0 and 483,479 shares on December 31, 2021 and 2020, respectively
—
(1,450
)
Accumulated deficit
(75,709
)
(79,564
)
Total stockholders’ equity (deficit)
244,169
(75,472
)
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)$
337,314
$
89,603
MARKFORGED HOLDING CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the three months and years ended December 31, 2021 and 2020 (In thousands, except share data and per share data) (Unaudited) Three Months Ended December 31, Year Ended December 31,
2021
2020
2021
2020
Revenue
$
26,637
$
24,337
$
91,221
$
71,851
Cost of revenue
11,603
8,605
38,368
29,921
Gross profit
15,034
15,732
52,853
41,930
Operating expenses Sales and marketing
10,255
5,669
35,966
22,413
Research and development
10,691
4,293
32,155
17,176
General and administrative
13,015
8,942
45,772
20,080
Total operating expenses
33,961
18,904
113,893
59,669
Loss from operations
(18,927
)
(3,172
)
(61,040
)
(17,739
)
Change in fair value of warrant liabilities
1,638
(96
)
1,808
(175
)
Change in fair value of contingent earnout liability
20,697
—
63,407
—
Other expense
(97
)
(20
)
(265
)
(9
)
Interest expense
(1
)
(47
)
(16
)
(98
)
Interest income
8
1
17
147
Profit (loss) before income taxes
3,318
(3,334
)
3,911
(17,874
)
Income tax (benefit) expense
57
(2
)
56
111
Net profit (loss) and comprehensive income (loss)
$
3,261
$
(3,332
)
$
3,855
$
(17,985
)
Deemed dividend - redemption of common stock
—
(826
)
—
(826
)
Net loss attributable to common stockholders$
3,261
$
(4,158
)
$
3,855
$
(18,811
)
Weighted average shares outstanding - basic
185,857,298
39,324,355
108,088,115
38,336,659
Weighted average shares outstanding - diluted
190,535,066
39,324,355
113,963,424
38,336,659
Net profit (loss) per share - basic
$
0.02
$
(0.11
)
$
0.04
$
(0.49
)
Net profit (loss) per share - diluted$
0.02
$
(0.11
)
$
0.03
$
(0.49
)
MARKFORGED HOLDING CORPORATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES For the three months and years ended December 31, 2021 and 2020 (In thousands) (Unaudited) Three Months Ended December 31, Year Ended December 31,
2021
2020
2021
2020
Net profit (loss) and comprehensive income (loss)
$
3,261
$
(3,332
)
$
3,855
$
(17,985
)
Interest income
(8
)
(1
)
(17
)
(147
)
Interest expense
1
47
16
98
Income tax expense
57
(2
)
56
111
Depreciation and amortization
451
434
1,720
1,795
EBITDA
$
3,762
$
(2,854
)
$
5,630
$
(16,128
)
Stock compensation expense
7,535
1,041
18,930
2,569
Change in fair value of warrant liabilities
(1,638
)
96
(1,808
)
175
Change in fair value of contingent earnout liability
(20,697
)
—
(63,407
)
—
Transaction costs expensed
—
—
1,996
—
Adjusted EBITDA
$
(11,038
)
$
(1,717
)
$
(38,659
)
$
(13,384
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20220315006264/en/
Media Paulina Bucko, Head of Communications press@markforged.com Austin Bohlig, Director of Investor Relations investors@markforged.com
1 Year Markforged Chart |
1 Month Markforged Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions