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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 | |
---|---|---|---|---|---|---|---|---|
0.0169 | 4.07% | 0.4325 | 0.4366 | 0.4181 | 0.4181 | 193,298 | 18:43:40 |
Markforged Holding Corporation (NYSE: MKFG) (the “Company”), the company strengthening manufacturing resiliency by enabling industrial production at the point of need, today announced its financial results for the fourth quarter and full year ended December 31, 2023.
Fourth Quarter 2023 Financial Results Compared To Fourth Quarter 2022
Full Year 2023 Financial Results Compared To Full Year 2022
Reconciliations of the non-GAAP financial measures provided in this press release to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures and how they are calculated is also included below under the heading “Non-GAAP Financial Measures.”
“We ended the year with positive momentum as we continued to execute our strategy to lead the adoption of additive manufacturing on the factory floor,” said Shai Terem, President and CEO of Markforged. “Although in the near term we expect elevated interest rates will continue to impact capital spending, the need for manufacturers to reduce costs and build more resilient supply chains remains a long-term tailwind driving demand for the Digital Forge. We have a strong product portfolio and are encouraged by robust utilization across our global fleet network. We look forward to realizing the growth potential our new products provide, especially in the second half of the year. We believe this, combined with our tight cost controls and strong balance sheet, keeps us on a clear path to profitability.”
Business Updates
Markforged Announces Assaf Zipori as Chief Financial Officer
Markforged also announced today that Assaf Zipori, Markforged’s Acting Chief Financial Officer, has assumed the role of Chief Financial Officer.
“I am very pleased to announce the appointment of Assaf as our CFO,” said Shai Terem. “Assaf has been a key member of our executive team for over four years and has repeatedly demonstrated the business acumen and leadership to head our financial organization. I’m confident in his continued leadership to help us on our journey to profitable growth.”
Zipori has deep experience since joining Markforged more than four years ago. He served as Acting Chief Financial Officer from November 2019 through March 2021 and again from May 2023 until March 2024, and as Markforged’s head of Strategy and Corporate Development since April 2021.
“Since joining Markforged I’ve been inspired by our fantastic team, the power of our technology and our mission to bring industrial production to the point of need. I am grateful for this opportunity and am confident in our team’s ability to drive success,” said Zipori.
2024 Financial Outlook
Markforged anticipates fiscal year 2024 revenues to be within the range of $95 - $105 million. In line with seasonal industry trends, Markforged expects to see the normal mid-teen percentage sequential revenue decline in the first quarter and then expects revenues to grow sequentially throughout the year. While Markforged’s guidance acknowledges the persistence of macroeconomic headwinds throughout the year, Markforged holds a more positive outlook for the second half of the year, accompanied by accelerated growth. Our positive outlook is underpinned by the introduction of new products, particularly the FX10. Markforged expects non-GAAP gross margins to be within the range of 48% - 50%. Non-GAAP operating loss is expected to be in the range of $42.5 million - $47.0 million for the year, resulting in a non-GAAP loss per share in the range of $0.19 - $0.22 per share.
Conference Call and Webcast Information
The Company will host a webcast and conference call at 5:00 p.m. ET today, Thursday, March 7, to discuss the results.
Participants may access the earnings press release, related materials and 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 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 until Thursday, March 21, 2024, 11:59 PM ET by dialing 1-844-512-2921 or 1-412-317-6671, passcode 13743010.
Amounts herein pertaining to December 31, 2023 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 year ended December 31, 2023 will be provided upon filing our Annual Report on Form 10-K with the SEC.
About Markforged
Markforged (NYSE:MKFG) is enabling more resilient and flexible supply chains by bringing industrial 3D printing right to the factory floor. Our additive manufacturing platform The Digital Forge allows manufacturers to create strong, accurate parts in both metal and advanced composites. With over 10,000 customers in 70+ countries, we’re bringing on-demand industrial production to the point of need. We are headquartered in Waltham, Mass where we design the hardware, software and advanced materials that makes The Digital Forge reliable and easy to use. 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 each of non-GAAP gross margin, non-GAAP operating profit (loss), non-GAAP net profit (loss) and non-GAAP earnings per share, each a non-GAAP financial measure, is useful in evaluating the performance of our business.
These non-GAAP measures have 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 these non-GAAP measures to the most directly comparable GAAP financial measures 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. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.
Investors should note that beginning with the second quarter of 2022, we have modified the presentation of “non-recurring costs” included in non-GAAP gross margin, non-GAAP operating profit (loss), non-GAAP net profit (loss) and non-GAAP earnings per share metrics to include certain non-recurring litigation costs. Beginning with the fourth quarter of 2022, we modified the presentation to remove the impact of the amortization of our intangible assets. We use these metrics to provide an understanding of the results of our core business performance and believe these litigation and amortization costs are not indicative of the performance of our core business’ operations. This change increases “non-recurring costs'' by $0.6 million, $1.0 million, $0.8 million, and $1.4 million in the first through fourth quarters of 2022, respectively. The exclusion of amortization impacts non-GAAP net profit (loss) by $5.0 thousand, $37.0 thousand, and $104.0 thousand in the second through fourth quarters of 2022, respectively. To conform to the current period’s presentation, we have included non-recurring litigation costs as “non-recurring costs” when presenting the foregoing non-GAAP figures for the year to date period.
The following are the non-GAAP financial measures referenced in this press release and presented in the tables below:
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,” “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 impact of infrastructure investments; the impact of the company-wide restructuring; the contributions of our executive officers, timing for achieving profitability; the impact of product utilization rates on our revenue; our ability to fulfill orders for our products in a timely fashion in the future; expected growth of the size of and opportunity to increase our addressable market; the timing of launches and the rate and extent of adoption of our products, including, but not limited to, our most recently introduced products; market trends in the manufacturing industry; the duration and impact of macroeconomic factors; 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; 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 CONSOLIDATED BALANCE SHEETS As of December 31, 2023 and 2022 (In thousands, except share data and par value amounts) (Unaudited) December 31,2023 December 31,2022 Assets Current assets Cash and cash equivalents$
116,854
$
124,242
Short-term investments
—
43,690
Accounts receivable, net of allowance for expected credit losses ($360 and $1,559, respectively)
24,059
29,294
Inventory
26,773
26,409
Prepaid expenses
2,756
2,847
Other current assets
2,022
3,334
Total current assets
172,464
229,816
Property and equipment, net
17,713
18,298
Goodwill
—
31,116
Intangible assets, net
17,128
17,626
Right-of-use assets
36,884
45,955
Other assets
3,763
3,130
Total assets
$
247,952
$
345,941
Liabilities and Stockholders’ Equity Current liabilities Accounts payable
$
13,235
$
14,425
Accrued expenses
9,840
9,663
Deferred revenue
8,779
8,854
Lease liabilities
7,368
8,022
Other current liabilities
1,526
—
Total current liabilities
40,748
40,964
Long-term deferred revenue
6,083
5,358
Contingent earnout liability
1,379
2,415
Long-term lease liabilities
35,771
40,608
Other liabilities
2,361
4,042
Total liabilities
86,342
93,387
Commitments and contingencies Stockholders’ equity Common stock, $0.0001 par value; 1,000,000,000 shares authorized at December 31, 2023 and December 31, 2022; 198,581,263 and 194,560,946 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively
19
19
Additional paid-in capital
366,281
352,564
Accumulated deficit
(204,664
)
(101,097
)
Accumulated other comprehensive income
(26
)
1,068
Total stockholders’ equity
161,610
252,554
Total liabilities and stockholders’ equity
$
247,952
$
345,941
MARKFORGED HOLDING CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended December 31, 2023 and 2022 (In thousands, except share data and per share data) Year Ended December 31,
2023
2022
Revenue
$
93,784
$
100,958
Cost of revenue
49,370
50,252
Gross profit
44,414
50,706
Operating expenses Sales and marketing
37,830
44,975
Research and development
40,737
42,387
General and administrative
47,761
50,428
Goodwill impairment
29,467
—
Total operating expenses
155,795
137,790
Loss from operations
(111,381
)
(87,084
)
Change in fair value of derivative liabilities
472
1,485
Change in fair value of contingent earnout liability
1,036
57,307
Other expense, net
(307
)
(381
)
Interest expense
(373
)
(11
)
Interest income
6,400
2,878
Loss before income taxes
(104,153
)
(25,806
)
Income tax (benefit) expense
(586
)
(418
)
Net loss$
(103,567
)
$
(25,388
)
Weighted average shares outstanding - basic and diluted
196,896,011
189,747,367
Net loss per share - basic and diluted
$
(0.53
)
$
(0.13
)
MARKFORGED HOLDING CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS For the Years Ended December 31, 2023 and 2022 (In thousands) Year Ended December 31,
2023
2022
Net loss
$
(103,567
)
$
(25,388
)
Other comprehensive loss, net of taxes: Unrealized loss on available-for-sale marketable securities, net
(54
)
54
Foreign currency translation adjustment
(1,040
)
1,014
Total comprehensive loss
$
(104,661
)
$
(24,320
)
MARKFORGED HOLDING CORPORATION DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES (In thousands) (Unaudited) Three Months Ended December 31, Year Ended December 31, (in thousands)
2023
2022
2023
2022
Hardware$
15,432
$
21,015
$
59,287
$
69,112
Consumables
5,897
6,510
23,996
23,423
Services
2,841
2,139
10,501
8,423
Total Revenue$
24,170
$
29,664
$
93,784
$
100,958
MARKFORGED HOLDING CORPORATION DISAGGREGATED REVENUE BY GEOGRAPHIC LOCATION (In thousands) (Unaudited) Three Months Ended December 31, Year Ended December 31, (in thousands)
2023
2022
2023
2022
Americas$
11,228
$
12,488
$
43,715
$
46,638
EMEA
7,921
10,567
29,744
30,185
APAC
5,021
6,609
20,325
24,135
Total Revenue$
24,170
$
29,664
$
93,784
$
100,958
MARKFORGED HOLDING CORPORATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In thousands) (Unaudited) Three Months EndedDecember 31, Year EndedDecember 31,
2023
2022
2023
2022
Net loss
$
(14,198
)
$
(10,732
)
$
(103,567
)
$
(25,388
)
Stock compensation expense
3,829
2,589
13,987
18,209
Change in fair value of derivative liabilities
646
(264
)
426
(1,485
)
Change in fair value of contingent earnout liability
(3,545
)
(6,325
)
(1,036
)
(57,307
)
Amortization
244
104
1,024
146
Goodwill impairment
—
—
29,467
—
Non-recurring costs1
1,412
1,299
8,451
5,719
Non-GAAP net loss
$
(11,612
)
$
(13,329
)
$
(51,248
)
$
(60,106
)
1Non-recurring costs incurred during the year ended December 31, 2023 primarily relate to litigation expenses, long-lived asset impairment, and one-time restructuring costs. Non-recurring costs incurred during the year ended December 31, 2022 primarily relate to litigation and transaction expenses. Three Months EndedDecember 31, Year EndedDecember 31, Non-GAAP Cost of Revenue
2023
2022
2023
2022
Cost of revenue
$
12,479
$
15,738
$
49,370
$
50,252
Stock compensation expense
57
7
259
354
Amortization
217
66
877
97
Non-recurring costs1
—
85
—
94
Non-GAAP Cost of Revenue
12,205
15,580
48,234
49,707
Three Months EndedDecember 31, Year EndedDecember 31, Non-GAAP Gross Profit
2023
2022
2023
2022
Gross profit
$
11,691
$
13,926
$
44,414
$
50,706
Stock compensation expense
57
7
259
354
Amortization
217
66
877
97
Non-recurring costs1
—
85
—
94
Non-GAAP gross profit
11,965
14,084
45,550
51,251
Three Months EndedDecember 31, Year EndedDecember 31, Non-GAAP Sales and Marketing Expenses
2023
2022
2023
2022
Sales and marketing expenses
$
9,394
$
9,871
$
37,830
$
44,975
Stock compensation expense
429
(382
)
1,851
2,158
Amortization
27
38
147
49
Change in fair value of derivative liabilities
898
—
898
—
Non-GAAP sales and marketing expenses
8,040
10,215
34,934
42,768
Three Months EndedDecember 31, Year EndedDecember 31, Non-GAAP Research and Development Expenses
2023
2022
2023
2022
Research and development expenses
$
10,347
$
11,012
$
40,737
$
42,387
Stock compensation expense
1,125
267
4,649
4,584
Non-GAAP research and development expenses
9,222
10,745
36,088
37,803
Three Months EndedDecember 31, Year EndedDecember 31, Non-GAAP General and Administrative Expenses
2023
2022
2023
2022
General and administrative expenses
$
11,311
$
12,334
$
47,761
$
50,428
Stock compensation expense
2,218
2,697
7,228
11,113
Non-recurring costs1
1,412
1,214
8,451
5,625
Non-GAAP general and administrative expenses
7,681
8,423
32,082
33,690
1Non-recurring costs incurred during the year ended December 31, 2023 primarily relate to litigation expenses, long-lived asset impairment, and one-time restructuring costs. Non-recurring costs incurred during the year ended December 31, 2022 primarily relate to litigation and transaction expenses. Three Months EndedDecember 31, Year EndedDecember 31, Non-GAAP Operating Loss
2023
2022
2023
2022
Operating loss
$
(19,361
)
$
(19,291
)
$
(111,381
)
$
(87,084
)
Stock compensation expense
3,829
2,589
13,987
18,209
Amortization
244
104
1,024
146
Goodwill impairment
—
—
29,467
—
Change in fair value of derivative liabilities
898
—
898
—
Non-recurring costs1
1,412
1,299
8,451
5,719
Non-GAAP operating loss
(12,978
)
(15,299
)
(57,554
)
(63,010
)
1Non-recurring costs incurred during the year ended December 31, 2023 primarily relate to litigation expenses, long-lived asset impairment, and one-time restructuring costs. Non-recurring costs incurred during the year ended December 31, 2022 primarily relate to litigation and transaction expenses.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240307965010/en/
Media Sam Manning, Public Relations Manager sam.manning@markforged.com Investors Austin Bohlig, Director of Investor Relations investors@markforged.com
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