Exhibit 99.1
Markforged Announces Fourth Quarter and Full-Year 2023 Results
WALTHAM, Mass. – 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 |
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CONSOLIDATED BALANCE SHEETS |
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As of December 31, 2023 and 2022 |
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(In thousands, except share data and par value amounts) (Unaudited) |
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December 31, |
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December 31, |
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Assets |
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Current assets |
|
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|||||
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 |
|
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|
17,626 |
|
Right-of-use assets |
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|
36,884 |
|
|
|
45,955 |
|
Other assets |
|
|
3,763 |
|
|
|
3,130 |
|
Total assets |
|
$ |
247,952 |
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$ |
345,941 |
|
Liabilities and Stockholders’ Equity |
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Current liabilities |
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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 |
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|
40,748 |
|
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|
40,964 |
|
Long-term deferred revenue |
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|
6,083 |
|
|
|
5,358 |
|
Contingent earnout liability |
|
|
1,379 |
|
|
|
2,415 |
|
Long-term lease liabilities |
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|
35,771 |
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|
40,608 |
|
Other liabilities |
|
|
2,361 |
|
|
|
4,042 |
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Total liabilities |
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86,342 |
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|
|
93,387 |
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Commitments and contingencies |
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Stockholders’ equity |
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Common stock, $0.0001 par value; 1,000,000,000 shares authorized at December 31, 2023 and December 31, 2022; 198,581,263 and 194,560,946 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively |
|
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19 |
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19 |
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Additional paid-in capital |
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366,281 |
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352,564 |
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Accumulated deficit |
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(204,664 |
) |
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(101,097 |
) |
Accumulated other comprehensive income |
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(26 |
) |
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|
1,068 |
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Total stockholders’ equity |
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161,610 |
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|
252,554 |
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Total liabilities and stockholders’ equity |
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$ |
247,952 |
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$ |
345,941 |
|
MARKFORGED HOLDING CORPORATION |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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For Years Ended December 31, 2023 and 2022 |
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(In thousands, except share data and per share data) (Unaudited) |
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Year Ended December 31, |
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2023 |
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2022 |
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Revenue |
$ |
93,784 |
|
|
$ |
100,958 |
|
Cost of revenue |
|
49,370 |
|
|
|
50,252 |
|
Gross profit |
|
44,414 |
|
|
|
50,706 |
|
Operating expenses |
|
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|
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Sales and marketing |
|
37,830 |
|
|
|
44,975 |
|
Research and development |
|
40,737 |
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|
|
42,387 |
|
General and administrative |
|
47,761 |
|
|
|
50,428 |
|
Goodwill impairment |
|
29,467 |
|
|
|
— |
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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 |
|
(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) (Unaudited)
|
|
Year Ended December 31, |
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2023 |
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2022 |
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Net loss |
|
$ |
(103,567 |
) |
|
$ |
(25,388 |
) |
Other comprehensive loss, net of taxes: |
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Unrealized loss on available-for-sale marketable securities, net |
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(54 |
) |
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54 |
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Foreign currency translation adjustment |
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|
(1,040 |
) |
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|
1,014 |
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Total comprehensive loss |
|
$ |
(104,661 |
) |
|
$ |
(24,320 |
) |
MARKFORGED HOLDING CORPORATION |
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DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES |
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(In thousands) (Unaudited) |
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Three Months Ended December 31, |
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Year Ended December 31, |
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(in thousands) |
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2023 |
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2022 |
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2023 |
|
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2022 |
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Hardware |
|
$ |
15,432 |
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$ |
21,015 |
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|
$ |
59,287 |
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|
$ |
69,112 |
|
Consumables |
|
|
5,897 |
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6,510 |
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23,996 |
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|
|
23,423 |
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Services |
|
|
2,841 |
|
|
|
2,139 |
|
|
|
10,501 |
|
|
|
8,423 |
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Total Revenue |
|
$ |
24,170 |
|
|
$ |
29,664 |
|
|
$ |
93,784 |
|
|
$ |
100,958 |
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MARKFORGED HOLDING CORPORATION |
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DISAGGREGATED REVENUE BY GEOGRAPHIC LOCATION |
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(In thousands) (Unaudited) |
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Three Months Ended December 31, |
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Year Ended December 31, |
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(in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
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Americas |
|
$ |
11,228 |
|
|
$ |
12,488 |
|
|
$ |
43,715 |
|
|
$ |
46,638 |
|
EMEA |
|
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7,921 |
|
|
|
10,567 |
|
|
|
29,744 |
|
|
|
30,185 |
|
APAC |
|
|
5,021 |
|
|
|
6,609 |
|
|
|
20,325 |
|
|
|
24,135 |
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Total Revenue |
|
$ |
24,170 |
|
|
$ |
29,664 |
|
|
$ |
93,784 |
|
|
$ |
100,958 |
|
MARKFORGED HOLDING CORPORATION |
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RECONCILIATION OF GAAP TO NON-GAAP MEASURES |
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(In thousands) (Unaudited) |
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Three Months Ended |
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Year Ended |
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2023 |
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2022 |
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2023 |
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2022 |
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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 |
) |
|
|
|
|
|
|
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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. |
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|||||||||
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Three Months Ended |
|
|
Year Ended |
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||||||||||
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 Ended |
|
|
Year Ended |
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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 |
|
|
|
|
|
|
|
|
|
|
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|
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|
||||
|
|
Three Months Ended |
|
|
Year Ended |
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||||||||||
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 Ended |
|
|
Year Ended |
|
||||||||||
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 Ended |
|
|
Year Ended |
|
||||||||||
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Markforged Contacts:
Media
Sam Manning, Public Relations Manager
sam.manning@markforged.com
Investors
Austin Bohlig, Director of Investor Relations
investors@markforged.com