Filed by one, pursuant to
Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange act of 1934
Subject Company: MarkForged, Inc.
Registration No.: 333-254973
[LOGO] |
Disclaimer . Th is p re s e n t a t ion (“Pre s e n t a t ion ”) c on t e m p la t e s a b us in e s s c om b in a t ion (t h e “Bus in e s s Com b in a t ion ”) b e t w e e n one (“one”) a n d Ma rkforge d, In c . (“Ma rkforge d” or t h e “Com p a n y”). Th e in form a t ion c on t a in e d h e re in doe s n ot p urp ort t o b e a ll-in c lus ive a n d n e it h e r of one, Ma rkforge d, n or a n y of t h e ir re s p e c t ive a ffilia t e s n or a n y of it s or t h e ir c on t rol p e rs on s , offic e rs , dire c t ors , e m p loye e s or re p re s e n t a t ive s m a ke s a n y re p re s e n t a t ion or w a rra n t y, e xp re s s or im p lie d, a s t o t h e a c c ura c y, c om p le t e n e s s or re lia b ilit y of t h e in form a t ion c on t a in e d in t h is Pre s e n t a t ion . You s h ould c on s ult your ow n c oun s e l a n d t a x a n d fin a n c ia l a dvis ors a s t o le ga l a n d re la t e d m a t t e rs c on c e rn in g t h e m a t t e rs de s c rib e d h e re in , a n d, b y a c c e p t in g t h is Pre s e n t a t ion , you c on firm t h a t you a re n ot re lyin g up on t h e in form a t ion c on t a in e d h e re in t o m a ke a n y de c is ion . Forward - Looking Statements. Ce rt a in s t a t e m e n t s in t h is Pre s e n t a t ion m a y b e c on s ide re d forw a rd - lookin g s t a t e m e n t s . Forw a rd-lookin g s t a t em en t s gen era lly re la t e t o future e ve n t s or one’s or t h e Com p a n y’s fut ure fin a n c ia l or op e ra t in g p e rform a n c e . For e xa m p le , s t a t e m e n t s c on c e rn in g t h e follow in g in c lude forw a rd-lookin g s ta te m e n t s : de ve lop m e n t p la n s for Ma rkforge d’s p roduc t s ; Ma rkforge d’s s a le s p roje c t ion s a n d fin a n c ia l e s t im a t e s ; t h e s ize a n d grow t h of t h e a ddit ive m a n ufa c t urin g m a rke t ; t h e a dop t ion of Ma rkforge d’s p roduc t s in t h e m a n ufa c t urin g in dus t ry a n d ot h e r in dus t rie s ; a n d t h e p ot e n t ia l e ffe c t s of t h e Bus in e s s Com b in a t ion on t h e Com p a n y. In s om e c a s e s , you c a n ide n t ify forw a rd-lookin g s t a t e m e n t s b y t e rm in ology s uc h a s “m a y”, “s h ould”, “e xp e c t ”, “in t e n d”, “w ill”, “e s t im a t e ”, “a n t ic ip a t e ”, “b e lie ve ”, “p re dic t ”, “p ot e n t ia l” or “c on t in ue ”, or t h e n e ga t ive s of t h e s e t e rm s or va ria t ion s of t h e m or s im ila r t e rm in ology. Suc h forw a rd-lookin g s ta te m e n t s a re s ub je c t t o ris ks , un c e rt a in t ie s , a n d ot h e r fa c t ors w h ic h c ould c a us e a c t ua l re s ults to differ m a t eria lly from t h os e exp res s e d or im p lied b y s uc h forw a rd lookin g s t a t em en t s . Th es e forw a rd-lookin g s t a t em en t s a re b a s ed up on e s t im a t e s a n d a s s um p t ion s t h a t , w h ile c on s ide re d re a s on a b le b y one a n d it s m a n a ge m e n t , a n d Ma rkforge d a n d it s m a n a ge m e n t , a s t h e c a s e m a y b e , a re in h e re n t ly un c e rt a in . Ne w ris ks a n d un c e rt a in t ie s m a y e m e rge from t im e t o t im e , a n d it is n ot p os s ib le t o p re dic t a ll ris ks a n d un c e rta in t ie s . Fa c tors th a t m a y c a us e a c t ua l re s ult s t o diffe r m a t e ria lly from c urre n t e xp e c t a t ion s in c lude , b ut a re n ot lim ite d t o, va rious fa c t ors b e yon d m a n a ge m e n t 's c on t rol in c ludin g (i) t h e in a b ilit y of t h e p a rt ie s t o s uc c e s s fully or t im e ly c on s um m a t e t h e p rop os e d b us in e s s c om b in a t ion , in c ludin g t h e ris k t h a t a n y re quire d re gula t ory a p p rova ls a re n ot ob t a in e d, a re de la ye d or a re s ub je c t t o un a n t ic ip a t e d c on dit ion s t h a t c ould a dve rs e ly a ffe c t t h e c om b in e d c om p a n y or t h e e xp e c t e d b e n e fit s of t h e p rop os e d b us in e s s c om b in a t ion or t h a t t h e a p p rova l of t h e s h a re h olde rs of one is n ot ob t a in e d; (ii) t h e a b ilit y t o m a in t a in t h e lis t in g of t h e c om b in e d c om p a n y’s s e c urit ie s on t h e NYSE; (iii) t h e in a b ilit y t o c om p le t e t h e PIPE; (iv) t h e ris k t h a t t h e p rop os e d b us in e s s c om b in a t ion dis rup t s c urre n t p la n s a n d op e ra t ion s of Ma rkforge d a s a re s ult of t h e a n n oun c e m e n t a n d c on s um m a t ion of t h e t ra n s a c t ion de s c rib e d h e re in ; (v) t h e ris k t h a t a n y of t h e c on dit ion s t o c los in g a re n ot s a t is fie d in t h e a n t ic ip a t e d m a n n e r or on t h e a n t ic ip a t e d t im e lin e ; (vi) t h e fa ilure t o re a lize t h e a n t ic ip a t e d b e n e fit s of t h e p rop os e d b us in e s s c om b in a t ion ; (vii) ris ks re la t in g t o t h e un c e rt a in t y of t h e p roje c t e d fin a n c ia l in form a t ion w it h re s p e c t t o Ma rkforge d a n d c os t s re la te d t o th e p rop os e d b us in e s s c om b in a t ion ; (viii) t h e out c om e of a n y le ga l p roc e e din gs t h a t m a y b e in s t it ut e d a ga in s t t h e p a rt ie s follow in g t h e a n n oun c e m e n t of t h e p rop os e d b us in e s s c om b in a t ion ; (ix) t h e a m oun t of redem p t ion reques t s m a de b y one’s p ub lic s h a re h olde rs ; (x) t h e e ffe c t s of t h e COVID-19 p a n de m ic a n d ge n e ra l e c on om ic c on dit ion s ; (xi) a n d ot h e r a s s um p t ion s , ris ks , un c e rt a in t ie s a n d fa c t ors s e t fort h in t h e s e c t ion s e n t it le d “Proje c t e d Fin a n c ia l In form a t ion ,” “Ris k Fa c t ors ” a n d “Ca ut ion a ry Not e Re ga rdin g Forw a rd - Lookin g St a te m e n ts ” in one’s Am e n dm e n t No. 1 t o Re gis tra t ion St a te m e n t on Form S-4 re la t in g t o t h e Bus in e s s Com b in a t ion , da t e d Ma y 14 , 20 21 (t h e “Re gis t ra t ion St a t e m e n t ”), a n d ot h e r filin gs w it h t h e Se c urit ie s a n d Exc h a n ge Com m iss ion (‘SEC”), a s w e ll a s fa c t ors a ssoc ia t e d w it h c om p a n ie s, suc h a s t h e Com p a n y, t h a t a re e n ga ge d in a ddit ive m a n ufa c t urin g. Not h in g in t h is Pre s e n t a t ion s h ould b e re ga rde d a s a re p re s e n t a t ion b y a n y p e rs on t h a t t h e forw a rd-lookin g s t a t em en t s s et fort h h ere in w ill b e a c h ieved or t h a t a n y of t h e c on t e m p la t e d re s ult s of s uc h forw a rd-lookin g s t a t e m e n t s w ill b e a c h ie ve d. You s h ould n ot p la c e un due re lia n c e on forw a rd-lookin g s t a t e m e n t s in t h is Pre s e n t a t ion , w h ic h s p e a k on ly a s of t h e da t e t h ey a re m a de a n d a re qua lified in t h e ir en t iret y b y referen c e t o t h e c a ut ion a ry s t a t em en t s h ere in . Ne it h er one n or t h e Com p a n y un de rt a ke s a n y dut y t o up da t e t h e s e forw a rd-lookin g s ta te m e n t s . Additional Information.In c on n e c t ion w it h t h e p rop os e d Bus in e s s Com b in a t ion , one h a s file d t h e Re gis t ra t ion St a t e m e n t c on t a in in g a p re lim in a ry p roxy s t a t e m e n t / p ros p e c t us of one, a n d a ft e r th e re gis t ra t ion s t a t em en t is dec la red effec t ive, one w ill m a il a de fin it ive p roxy s t a t e m e n t / p ros p e c t us re la t in g t o t h e p rop os e d Bus in e s s Com b in a t ion t o it s s h a re h olde rs . Th is Pre se n t a t ion doe s n ot c on t a in a ll t h e in form a t ion t h a t s h ould b e c on s ide re d c on c e rn in g t h e p rop os e d Bus in e s s Com b in a t ion a n d is n ot in t e n de d t o form t h e b a s is of a n y in ve s t m e n t de c is ion or a n y ot h e r de c is ion in re s p e c t of t h e Bus in e s s Com b in a t ion . one’s s h a reh olders a n d ot h er in t eres t e d p ers on s a re a dvis ed t o rea d t h e Regis t ra t ion St a t em en t a n d t h e a m en dm en t s t h eret o a n d t h e de fin it ive p roxy s t a t e m e n t / p ros p e c t us a n d ot h e r doc um e n t s file d in c on n e c t ion w it h t h e p rop os e d Bus in e s s Com b in a t ion , a s t h e s e m a t e ria ls w ill c on t a in im p ort a n t in form a t ion a b out Ma rkforge d, one a n d t h e Bus in e s s Com b in a t ion . Wh e n a va ila b le , t h e de fin it ive p roxy s t a t e m e n t / p ros p e c t us a n d ot h e r re le va n t m a t e ria ls for t h e p rop os e d Bus in e s s Com b in a t ion w ill b e m a ile d t o s h a re h olde rs of one a s of a re c ord da t e t o b e e s t a b lis h e d for vot in g on t h e p rop os e d Bus in e s s Com b in a t ion . Sh a re h olde rs w ill a ls o b e a b le t o ob t a in c op ie s of t h e Re gis t ra t ion St a t e m e n t , t h e de fin it ive p roxy s t a t e m e n t / p ros p e c t us a n d ot h e r doc um e n t s file d w ith t h e SEC, w it h out c h a rge , on c e a va ila b le , a t t h e SEC’s w e b s it e a t www.s e c .gov, or b y dire c t in g a re que s t t o: one, 16 Fun s t on Ave n ue , Suit e A, Th e Pre s idio of Sa n Fra n c is c o, Sa n Fra n c is c o, CA 94 129. 2 |
Participants in the Solicitation. one, Ma rkforge d a n d t h e ir res p ec t ive direc t ors a n d exec ut ive offic ers m a y b e deem ed p a rt ic ip a n t s in t h e s olic it a t ion of p roxies from one’s s h a reh olders w it h res p ec t t o t h e p rop os e d Bus in e s s Com b in a t ion . A lis t of t h e n a m e s of one a n d Ma rkforge d’s direc t ors a n d exec ut ive offic ers , a des c rip t ion of t h e ir in t eres t s in ea c h of one a n d Ma rkforge d a n d a ddit ion a l in form a t ion re ga rdin g t h e in t e re s t s of t h e p a rt ic ip a n t s in t h e s olic it a t ion of p roxie s from one’s s h a re h olde rs is c on t a in e d in t h e Re gis t ra t ion St a t e m e n t w h ic h w a s file d w it h t h e SEC a n d is a va ila b le fre e of c h a rge a t t h e SEC’s w e b s ite a t www.s e c .gov, or b y dire c t in g a re que s t t o one, 16 Fun s t on Ave n ue , Suit e A, Th e Pre s idio of Sa n Fra n c is c o, Sa n Fra n c is c o, CA 94 129. No Offer or Solicitation. Th is c om m un ic a t ion is for in form a t ion a l p urp os e s on ly a n d doe s n ot c on s t it ut e , or form a p a rt of, a n offe r t o s e ll or t h e s olic it a t ion of a n offe r t o s e ll or a n offe r t o b uy or t h e s olic it a t ion of a n offe r t o b uy a n y s e c urit ie s , a n d t h e re s h a ll b e n o s a le of s e c urit ie s , in a n y juris dic t ion in w h ic h s uc h offe r, s olic it a t ion or s a le w ould b e un la w ful p rior t o re gis t ra t ion or qua lific a t ion un de r t h e s e c urit ie s la w s of a n y s uc h juris dic t ion . No offer of s ec urit ies s h a ll b e m a de exc ep t b y m ea n s of a p ros p ec t us m eet in g t h e requirem en t s of Sec t ion 10 of t h e Sec urit ies Ac t of 193 3 , a s a m en ded, a n d ot h erw is e in a c c orda n c e w it h a p p lic a b le la w . Ce rt a in in form a t ion c on t a in e d in t h is Pre s e n t a t ion re la t e s t o or is b a s e d on p ub lic a t ion s , s urve ys a n d t h e Com p a n y’s ow n in t e rn a l e s t im a t e s a n d re s e a rc h . In a ddit ion , a ll of t h e m a rke t da t a in c lude d in t h is Pre s e n t a t ion in volve s a n um b e r of a s s um p t ion s a n d lim it a t ion s , a n d t h e re c a n b e n o gua ra n t e e a s t o t h e a c c ura c y or re lia b ilit y of s uc h a s s um p t ion s . Ple a s e s e e th e Re gis t ra t ion Sta te m e n t for furt h e r in form a t ion . Fin a lly, w h ile t h e Com p a n y b e lie ve s it s in t e rn a l re s e a rc h is re lia b le , s uc h re s e a rc h h a s n ot b e e n ve rifie d b y a n y in de p e n de n t sourc e . Th is m e e t in g a n d a n y in form a t ion c om m un ic a t e d a t t h is m e e t in g a re s t ric t ly c on fide n t ia l a n d s h ould n ot b e dis c us s e d out s ide your orga n iza t ion . Use of Non - GAAP Financial Metrics . Th is Pre s e n t a t ion in c lude s c e rt a in n on - GAAP fin a n c ia l m e a s ure s (in c ludin g on a forw a rd-lookin g b a s is ) s uc h a s Adjus t e d EBITDA a n d Adjus t ed Free Ca s h Flow . Th es e n on - GAAP m e a s ure s a re a n a ddit ion t o, a n d n ot a s ub s t it ut e for or s up e rior t o, m e a s ure s of fin a n c ia l p e rform a n c e p re p a re d in a c c orda n c e w it h GAAP a n d s h ould n ot b e c on s ide re d a s a n a lt e rn a t ive t o n e t in c om e , op e ra t in g in c om e or a n y ot h e r p e rform a n c e m e a s ure s de rive d in a c c orda n c e w it h GAAP. Re c on c ilia t ion s of n on - GAAP m e a s ure s t o t h e ir m os t dire c t ly c om p a ra b le GAAP c oun t e rp a rt s a re in c lude d in t h e Ap p e n dix t o t h is p re s e n t a t ion . Ma rkforge d b e lieves t h a t t h es e n on - GAAP m e a s ure s of fin a n c ia l re s ult s (in c ludin g on a forw a rd-lookin g b a s is ) p rovide us e ful s up p le m e n t a l in form a t ion t o in ve s t ors a b out Ma rkforge d. Ma rkforge d’s m a n a ge m e n t us e s forw a rd-lookin g n on - GAAP m ea s ures t o eva lua t e Ma rkforge d’s p rojec t ed fin a n c ia ls a n d op era t in g p erform a n c e. How ever, t h ere a re a n um b er of lim it a t ion s re la t ed t o t h e us e of t h e s e n on - GAAP m ea s ures a n d t h e ir n ea res t GAAP equiva len t s , in c ludin g t h a t t h ey exc lude s ign ific a n t exp en s es t h a t a re required b y GAAP t o b e re c orde d in Ma rkforge d’s fin a n c ia l m e a s ure s . In a ddit ion , ot h e r c om p a n ie s m a y c a lc ula t e n on - GAAP m ea s ures differen t ly, or m a y us e ot h er m ea s ures t o c a lc ula t e t h e ir fin a n c ia l p erform a n c e, a n d t h erefore, Ma rkforge d’s n on - GAAP m ea s ures m a y n ot b e direc t ly c om p a ra b le t o s im ila rly t it le d m e a s ure s of ot h e r c om p a n ie s . Addit ion a lly, t o t h e e xt e n t t h a t forw a rd - lookin g n on - GAAP fin a n c ia l m e a s ure s a re p rovided, t h ey a re p res en t ed on a n on - GAAP b a s is w it h out re c on c ilia t ion s of s uc h forw a rd-lookin g n on - GAAP m e a s ure s due t o t h e in h e re n t diffic ult y in fore c a s t in g a n d qua n t ifyin g c e rt a in a m oun t s t h a t a re n e c e s s a ry for s uc h re c on c ilia t ion s . Th e re a de r s h a ll n ot re ly up on a n y s t a t e m e n t , re p re s e n t a t ion or w a rra n t y m a de b y a n y ot h e r p e rs on , firm or c orp ora t ion in m a kin g it s in ve s t m e n t or de c is ion t o in ve s t in t h e Com p a n y. Ne it h e r of one, t h e Com p a n y, n or a n y of t h e ir re s p e c t ive a ffilia t e s n or a n y of it s or t h e ir c on t rol p e rs on s , offic e rs , dire c t ors , e m p loye e s or re p re s e n t a t ive s , s h a ll b e lia b le t o t h e re a de r for a n y in form a t ion s e t fort h h e re in or a n y a c t ion t a ke n or n ot t a ke n b y a n y re a de r, in c ludin g a n y in ve s t m e n t in s h a re s of one or t h e Com p a n y. 3 |
Up g ra d in g m e t a l wit h a d va n c e d c om p os it e s High a n d t a n g ib le c u s t om er ROI In t eg ra t ed , m od e rn s oft wa re p la t form Sc a le t od a y drive s virt uous c yc le Wid e ra n g e of p rop rie t a ry c omp os ite a n d me ta l m at e ria ls ad d re s s b road ra n g e of a p p lic a t ion s Mis s ion - c rit ic a l a pp lic a t ion for b lue - c h ip c u s t om ers wit h evid en c ed la n d - an d - e xp a n d Con t in u ou s s oft wa re upda t e s drive fa s t e r innova t ion a nd de p loym e n t More c u s t om e rs > More p a rt d a ta > Prin te rs g e t s ma rte r > Be tte r p a rts 4 |
The Future is More Than Metal Ma n u fa c t u rin g b ec om es s t ron g er, lig h t e r, fa s t er a n d le s s wa s t efu l. Th e Boe in g 78 7 Dre a m lin e r a irfra m e is n e a rly 5 0 % ca rb on fib er re in forced p la s t ic a n d ot h er a dva n c e d c om pos it e s 1 EU Ins t it u t e of Innova t ion & Te c hnolog y: Lig h t we ig h t com p os it e m a t eria ls a re t h e key t o t h e n ext g en era t io n of e lect ric veh ic les 2 (1)ht t ps :/ / www.boe ing.c om / co m m e rcial/ a ero m ag azin e / a rtic le s / q tr_ 4 _ 0 6/ a rtic le _ 0 4 _ 2h tml 5(2)ht t ps :/ / eit .eu rop a.eu / n e ws - e ve nt s / n e ws / light w e ight - c om pos it e - m a t e ria ls - ke y-n e xt - g en erat ion - ele ct ric - ve h ic le s |
The Future of Distributed Ma n u fa c t u rin g Ma n ufa c t u re rs m us t ove rcom e t h e lim it s of e xis t in g g lob a l s u p p ly c h a in s . 6 |
The Markforged Solution Th e Dig it a l Forg e The m ini fa c t ory of t he fut u re – d e live rin g p rod u c t ion p a rts a t th e p oin t - of-n eed . “Rig ht now, t he s ky is t he lim it hone s t ly wit h t h is prin t e r. If you c a n t h in k of it , we c a n lit e ra lly d o it .” ht t p:/ / www.s t ripe s .c om / n e ws / pa c ific / c ut t ing - ed g e - Okin a wa - m arin es - s ay-n ew-m et al-3d - print e r-ope ns - up - a - wh ole - 1.616 511 Not e: Us e of q u ot e d oes n ot im p ly en d ors em en t . Qu ot e refers t o Met al X Sys t em (n ot p ic t u red ). – Ma rin e St a ff Sg t . Qu in c y Re yn old s of t h e III Ma rin e Exp e d it ion a ry Force ’s 3 rd Ma in t e n an ce Bat t a lion 1 |
Markforged’s Digital Forge A Diffe re n t ia te d a n d In te g ra te d Pla t form Soft wa re Prin t e rs Ma t e ria ls Clou d - first a rc h it e c t u re p rovid e s p owe rfu l ye t e a sy-to-us e s olut ions 9 m e t a l a nd c om pos it e print e rs a nd s int e ring furna c e s , wh ic h c ont inue t o g e t sm a rt e r1 Un loc ks ra nge of ne w a pp lic a t ions a c ross 14 p rop rie t a ry m a t e ria ls 1 X7Me t a l X Ma rk Two (1) As of J a n u a ry 20 21. |
Accessible Additive Composites Onyx base material Ma rkforg e d ’s Con t in u ou s Fib e r Re in forcem en t p rop rie t a ry p roc e s s for Ad va n c e d Com p os it e s . Continuous fiber inlay 9 |
Replacing Traditionally Manufactured Steel and Aluminum Parts Cu s t om ers a re rep la c in g leg a cy p la s t ic a n d m et a l p a rt s wit h Ma rkforge d proprie t a ry Con t in uous Fibe r Re in forc e d (CFR) c om pos it e s CFR is 11x s t ronge r t ha n Onyx a nd 25 x s t ronge r t ha n ABS p la s t ic 1 Ma jorit y a re re p la c in g m e t al p art s 2 Te ns ile St re ngt h (MPa )Fre que nc y of Origina l Ma t e ria l Re pla c e m e nt by Surve y Re s pon de n t Applic a t ion 1000 800 800 600 310 200 71 32 0 ABS PlasticMarkforged - OnyxAluminum (Aircraft Grade 6061) Markforg ed in t ern al t es t res u lt s as of Dec em b er 20 20 . 10(2)Ma rkforg e d Prop rie t a ry Su rve y of 90 Cu s t om e rs a s of Oc t ob e r 20 19. Markforged - CFR72% |
Markforged 2.0– From Ac ce s s ib le En d - Use Pa rt s t o Robus t Produc t ion |
Large & Growing Addressable Market Opportunity Additive Manufacturing Industry Expected to Grow $100B+ by 2030 $120B $100B $50B $47B $115B $0B $2B $12B $18B 2012201320142015201620172018201920202021202220232024202520262027202820292030 Source: Wohlers Report 2021 . |
Blue-Chip Customer - Base Across Key Verticals Industrial Automation Replacing traditional infrastructure. Aerospace Flying on business jets and military aircraft. Military & Defense Supporting troops in combat zones. Space Orbiting on the International Space Station. Healthcare & Medical Protecting lives with critical medical equipment. Automotive Enabling vehicle production. Note: Select customers included. Not inclusive of entire customer base. Use of logos does not imply endorsement. |
Executing on the Company’s Growth St ra te g y Ma rkforg e d is in a n e s t im a t e d 10 ,0 0 0 fa c ilit ie s t od a y a n d p la n s t o b e in Ac ce lera t e d Prod u c t In n ova t ion Powered by Software (Blacksmith + Eiger) Continue to Expand Customer Use Cases 10 0 ,0 0 0 in 5 ye a rs Op e ra t ion a l Exp e rt is e 3Deeper and More Efficient Go -to-Market Coverage 1 Million fa c ilit ie s Number of Facilities with Markforged Printers M&A 5Accelerating Growth Strategy 10 ,000 fa c ilit ie s 100 ,00 0 fa c ilit ie s Time 14 |
Financial Ove rvie w |
(USD in m illion s ) Year Ended December 31, 2018A2019A2020A2021E Total Revenue$61.7$72.6$71.9$87.6 Growth - %108.3%17.7%(1.0%)21.9% Gross Profit$29.7$36.3$41.9$50.7 Margin - %48.1%49.9%58.3%57.9% EBIT(1)($12.8)($29.2)($15.7)($42.0) Sou rc e: Man ag em en t p rojec t ion s . Exc lude s $0 .6M, $2.1M, a nd $7.6M of non - rec u rrin g c os t s ac ros s 20 19A, 20 20 A, an d 20 21E, res p ec t ively, relat ed t o lit ig at ion an d a udit , le ga l a nd ot he r c os t s a s s oc ia t e d wit h t he t ra ns a c t ion. Addit iona lly, no ongoing public c om pa ny c os t s a re a s s um e d. Adj. EBITDA is a djus t e d for s t oc k-b as ed c om p en s at ion . Pleas e referen c e s lid e 4 8 “Rec on c iliat ion of Non - GAAP Fina nc ia ls ” for inform a t ion re ga rding t he non - GAAP m e a s u re s . |
(1)Exc lude s $0 .2M a nd $3.7M of non - re c urring c os t s a c ros s Q1 20 20 A a nd Q1 20 21A, re s pe c t ive ly, re la t e d t o lit iga t ion a nd a udit , le ga l a nd ot he r c os t s a s s oc ia t e d wit h t he t ra ns a c t ion. Adj. EBITDA is a djus t e d for s t oc k-ba s e d c om pe ns a t ion. Pleas e referen c e s lid e 4 8 “Rec on c iliat ion of Non - GAAP Fina nc ia ls ” for inform a t ion re ga rding t he non - GAAP m e a s u re s . |
Tot a l Reven u e (USD in m illion s ) $ 17.7 $ 20 .1 Gros s Profit (USD in m illion s ) $ 9.4 $ 12.2 Q1 20 20 AQ1 20 21A Q1 20 20 AQ1 20 21A EBIT(1) (USD in m illion s ) Ad j. EBITDA(1) (USD in m illion s ) Q1 20 20 AQ1 20 21A Q1 20 20 AQ1 20 21A ($ 6.3 ) ($4.1)($4.7) (1)Exc lude s $0 .2M a nd $3.7M of non - re c urring c os t s a c ros s Q1 20 20 A a nd Q1 20 21A, re s pe c t ive ly, re la t e d t o lit iga t ion a nd a udit , le ga l a nd ot he r c os t s a s s oc ia t e d wit h t he t ra ns a c t ion. Adj. EBITDA is a djus t e d for s t oc k-ba s e d c om pe ns a t ion. Pleas e referen c e s lid e 4 8 “Rec on c iliat ion of Non - GAAP Fina nc ia ls ” for inform a t ion re ga rding t he non - GAAP m e a s u re s . |
Ha rd wa re (USD in m illion s ) Con s um a b le s (USD in m illion s ) $ 12.6 $ 14.2 $4.2$4.6 Q1 20 20Q1 20 21 Q1 20 20Q1 20 21 Servic es (USD in m illion s ) Tot a l Reven u e (USD in m illion s ) $ 17.7 $ 20 .1 $ 1.0$ 1.3 Q1 20 20Q1 20 21 19 Q1 20 20Q1 20 21 |
Appendix |
~10 x fa s t e r for ke y a p p lic a t ion 4 c ont ine nt s wit h Ma rkforge d p rint e rs 4 - >23 Printers KEY APPLICATION Tool for Axle Ma nufa c t uring $ 270 k/ yr c os t s a vin g s on ke y a p p lic a t ion 3 m ont hs firs t p rin t e r p a yb a c k p e riod 2 - >29 Printers KEY APPLICATION Tool for Fie ld Re p a ir 4 5x c os t s a vin g s on ke y a p p lic a t ion 9 m ont hs firs t p rin t e r p a yb a c k p e riod 1->35 Printers KEY APPLICATION Tool for Au t om a t e d Asse m b ly Lin e Sou rc es : Man ag em en t p rep ared in form at ion c ollec t ed from c u s t om er in t erviews an d in t ern al d at a. Not e : Us e of logos doe s not im ply e ndors e m e nt . |
Cus t om ize d Pa rt s Gripping Fingers for Manufacturing Robots Complex Composite Parts Holding Tool for Machining, Assembly, and Welding Metal End-Use Parts Replacement Carburetor Casing ConventionalMarkforged ConventionalMarkforged ConventionalMarkforged Time Cost 10 weeks2 days $400$10 Time Cost weeks2 days $2400$130 Time Cost months3 days $10k+$282 Sources: Management prepared information collected from customer interviews and internal data. |
Onyx 1 Ma rk Two X7Me t a l XSin t e r-2 De s kt op 3D prin t e r for s t ron g pa rt s bu ilt wit h c h oppe d c a rbon fibe r Powe rfu l p rofe s s ion a l Con t in uous Fibe r Re inforc e m e nt 3 D p rint e rs for a lu m inum s tre n g th p a rts St a n dout in dus t ria l Con t in uous Fibe r Re inforc e m e nt 3 D p rin t e r for m a n ufa c t urin g Acces s ib le en d t o en d m e t a l 3 D p rin t in g s olu t ion for fu n c t ion a l m e t al p art s Au t om a t ing t he m os t com p lex s t ep in m et a l p rint ing wit h t he t ou c h of a b u t t on Shipping since 2016 23 Shipping since 2016 Shipping since 2016 Shipping since 2018 Shipping since 2019 |
Wide Range of Proprietary Materials Unlocks Broad Se t of Ap p lic a t ion s Com p os it e s Carbon FibersKevlarFiberglass OnyxOnyx FR (for Aerospace)Onyx ESD (for Electronics) Me t a ls Continuous Fiber Chopped Fiber Stainless Steel 24 Inconel 625H13 Tool SteelD2 Tool SteelA2 Tool SteelCopper |
Differentiated Software Platform… Delivering Key Benefits Clou d Firs t Arc h it e c t u re OTA Up d a t e s Glob a l Fle e t Ma n a g e m e n t Exp ert is e Emb e d d e d (P roc e s s Kn owle d g e & Sin t e rin g ) In c rea s ed p rin t er s p eed b y 2x Re duc e d s in t e rin g ru n t ime b y 4 2% Re duc e d g a s c ost b y 6 5% In c rea s ed p rin t volu me b y 15 % In c rea s ed fea t u re u s a ge b y 25 0 % All imp rove m e n t s a c h ie ve d t h rou g h s oft wa re u p d a t e s 25Sou rc e : Markforg ed an alys is of c on n ec t ed fleet d at a. |
Our Scale Advantage; Fue lin g Th e Ma rkforge d Flywh eel Grow Expertise at the Speed of Global Production New printers are added to network to scale manufacturing capacity More Customers Consistent Improvement Fe de ra te d fle e t le a rning combine d with rea l-time pa rt corrections crea te a re lia ble a nd re pe a ta ble production proce s s Better Parts Printers Get Smarter More Part Data Part Prep and Fleet Management De vices a re cons tantly s treaming ba ck da ta on pa rts a nd pe rforma nce Part Scanning + Industrial IoT Drives AI-powered part quality improvements across entire fleet 26 |
Strong Distribution Channels with Global Coverage 10 0 + c ert ifie d c ha nne l p a rt n e rs ~1,0 0 0 + GTM t a le nt wit h in c ha nne l p a rt n e r n e t work Ma rkforge d dis t ribut ion c ha nne l pre s e nc e a s of J a nua ry 20 21. |
VAR Network We h a ve s t ra t eg ic a lly c on s t ru ct e d ou r res e llin g n e t work t o d rive ou r b u s in e s s . Glob a l Ad d it ive Soft wa re - b a s e d Fed e ra l Glob a l foot p rin t p rovid e s sc a le a n d wid e c ove ra g e Foc us e d on provid ing b e st - in - c la ss a d d it ive s olu t ion s Le ve ra g ing la rge in s t a ll b a s e t o d e live r c om p le t e solu t ion s Foc us e d on Gove rnm e nt , Milit a ry & De fe n s e Not e : Se le c t VARs in c lu d e d . Not in c lu s ive of e nt ire dis t ribut ion ne t work. |
Experienced & Visionary Management Team to Drive Us Forward Founders Leadership Leadership Greg Mark Co-Founder & Chairman Dorit Libe rm a n Chief Human Resources Officer David Benhaim Co-Founder & Chief Technology Officer Ma t t Ga nnon VP , Ope ra tions Shai Terem President & Chief Executive Officer St e phe n Ka rp Ge ne ra l Couns e l Engineering Mark Schwartz Chief Finance Officer Da n Eire f S e nior Dire ctor P roduct Ma na ge me nt Ke n Cla yt on S VP , Globa l S a le s J oe Roy-Ma yhe w S e nior Dire ctor Materials Go-to - Market Ved Narayan VP Sales, APAC 29 Brian Houle VP Sales, EMEA Bryan Painter VP Sales, Americas Patrick Shea VP Demand Generation Michael Papish VP Marketing |
La rg e & Growin g Ma rke t Opport u n it y Addit ive m a nufa c t urin g m a rke t t o grow $100B+ in 10 years 1 Acceleration of existing supply chain consolidation and reshoring trends Vis ion a ry + Exp e rie n c e d Lea d ers h ip Tea m Reinvented the industrywit h c ont inuous fibe r proc e s s Building a s m a rt , fleet - learning, AI - powered additive platform Deep experienc e in software, printing technology, hardware, operations Soft wa re Is t h e En g in e for t he Ma rkforg e d Pla t form Addit ive proc e s s t ha t monitors part production and connects in real-time Soft wa re ena bles a c c e s s ibilit y a nd faster adoption of technology Cont inu ous le a rning c re a t e s sustainable competitive advantage In ve n t e d Ne w In dus t ria l Gra d e Proc e s s Exc e pt iona lly s t rong c om pos it e m a t e ria ls replacing traditionally manufactured metal end-use parts High and tangible customer ROIs upport s la nd a nd e xpa nd Robust IP in metal and carbon fiberwit h ove r 170 is s ue d a nd pe ndin g pa t e nt s Prove n in t he Mos t De m a n d in g Ap p lic a t ion s Large and growing global installed baseof c onne c t e d print e rs (~10k) 2 Blue - c hip c us t om e rs , inc luding le a ding aerospace , automotivea nd major US Armed Forcesbra nc h e s Hig h ly At t ra c t ive , Sc a la b le Fin a n c ia l Mod e l (1) Woh le rs Re p ort 20 21. (2) As of J a n u a ry 20 21. Scalable growthfue le d by strong global distribution partner networkc ove ring ~70 c ount rie s 2 Compelling gross marginsa nd strong, expanding unit economicsdrive n by re c urring re ve nue |
Conne c t e d Print e rs 76,334 41,460 23,962 1,0202,538 4,821 8,1309,286 11,520 15,573 2016A2017A2018A2019A2020A2021E2022E2023E2024E2025E Sou rc e: Man ag em en t p rojec t ion s . |
His t oric a l Pe rform a n c e Tot a l Reven u e (USD in m illion s ) $ 73$ 72* $ 62 $5$ 11 $ 30 20 15 A Re ve n u e Growt h - % 20 16A20 17A20 18 A20 19A20 20 A NM121%173 %10 8 %18 %(1%) Forec a s t ed Pe rform a n c e Tot a l Reven u e (USD in m illion s ) $88* $ 122 $ 226 $ 3 98 $ 70 6 20 21E Re ve n u e Growt h - % 20 22E 20 23 E20 24 E 20 25 E 22%40 %84%76%77% Sou rc e: Man ag em en t p rojec t ion s . 32* COVID-19 im p ac t ed . |
Gros s Profit / Gros s Ma rg in % (USD in m illion s ) Gros s Profit Gros s Ma rg in % 58 %58 %5 9% 50 % 48% 5 9% $ 13 3 60 % $ 23 9 $43 4 62% Gros s p rofit c on s is t in g of Ha rdwa re , Con s um a b le s , Su cces s Pla n , Soft wa re, s h ip p ing , wa rra nt y, a nd ot he r in d ire c t COGS 20 18 A – 20 20 A m a rg in im prove m e n t due t o op era t ion a l effic ien c ies , Go To Marke t Op t im izat io n an d a growin g ba s e of re c urrin g re ve nue $ 30 $ 36 $42 $ 72 $ 51$ 72 4% m a rg in e xp a ns ion b e t we e n 20 20 A-20 25E drive n by 20 18 A 20 19A20 20 A20 21E20 22E20 23E20 24 E20 25E in crea s ed s ca le a n d op era t in g levera g e Sou rc e: Man ag em en t p rojec t ion s . |
Ad j. EBITDA1 2 / Ad j. EBITDA1 2 Ma rg in % (USD in m illion s ) $ 172 St rea m lin e d cos t s t ru ct u re durin g 20 20 A Ad j. EBITDA Ad j. EBITDA Ma rg in % (19%) (3 7%) ($ 12) ($ 27) (16%) ($ 11.3 ) $ 51 (4 2%) ($ 3 7) (3 1%) ($3 8) (6%) ($ 14) $4224 % 11% Pla nne d inve s t m e nt in fu t u re produc t de ve lopm e n t 20 21E-20 23 E, b e n e fit in g from op e ra t ion a l le ve ra g e in la t e r ye a rs Hig h ly c a p it a l e ffic ie n t b u s ine s s , g e ne ra t in g ~$72m m of s a le s on a t ot a l of ~n e a rly $ 95m m c a p it a l in ve s t e d t o da t e 20 18 A 20 19A20 20 A20 21E20 22E20 23E20 24 E20 25E Sou rc e: Man ag em en t p rojec t ion s . (1)Exc lude s $0 .6M, $2.1M, a nd $7.6M of non - rec u rrin g c os t s ac ros s 20 19A, 20 20 A, an d 20 21E, res p ec t ively, relat ed t o lit ig at ion an d a udit , le ga l a nd ot he r c os t s a s s oc ia t e d wit h t he t ra ns a c t ion. Addit iona lly, no ongoing public c om pa ny c os t s a re a s s um e d. (2)Adj. EBITDA is a djus t e d for s t oc k-b as ed c om p en s at ion . Pleas e referen c e s lid e 4 8 “Rec on c iliat ion of Non - GAAP Fin a n c ia ls ” for in form a t ion re ga rding t he non - GAAP m e a s u re s . |
Tod a y Tom orrow1 Key Metric s 2 Illu s t ra t ive Gros s Profit p e r Prin t e r (USD in 000 ’s ) Key Metric s LTV: ~$ 25.4 k2 LTV / CAC: ~2.6x Illu s t ra t ive Gros s Profit p e r Prin t e r (USD in 000 ’s ) LTV: ~$ 37.4 k LTV / CAC: ~7.3x In c lude s h a rdw a re s a le $ 10 .5 $ 21.0 $ 3 7.4 Im m e d ia t e Payb ack Up on In it ia l Tra n s a c t ion $ 14.9 Im m e d ia t e Payb ack Up on In it ia l Tra n s a c t ion $ 16.4 ($ 5 .1) CAC In it ia l Tra n s a c t ionYe a rs 2-8LTV In it ia l Tra n s a c t ionYe a rs 2-8LTV Gross Profit - % Gross Profit - % Gross Profit - % Gross Profit - % 64%68% 68%76 % Sou rc e : Man ag em en t p rojec t ion s . 20 23E a n d a ft e r. (2)Cu m u lat ive g ros s p rofit over averag e c u s t om er life of 8 years (exc lu d in g c u s t om er ac q u is it ion c os t s ). |
Transaction Ove rvie w & Va lu a t ion |
Detailed Tra n s a c t ion Ove rvie w Va lu e s in Million s Exc e p t pe r Sha re a nd Pe rc e nt a ge Da t a Sources & UsesPro Forma Valuation & Ownership 1 2 3 4 5 Sour ce sPr o For m a V aluation UsesPr o For m a Ow ne r s hip Existing Shareholders Equity1$1,611 Cash to Balance Sheet$399 Transaction Expenses$35 Cash to Sellers$45 Total Uses$2,089 PIPE Investors 10% SPAC Sponsor 1% SPAC IPO Investors 10% Existing Shareholders 78% Tran s ac t ion c los e a nt ic ip at e d in Su mme r 20 21 Not e : Exc lude s im p ac t of t h e exerc is e of Sp on s or or IPO warran t s wh ic h b ot h h ave a s t rike p ric e of $ 11.50 . Perc en t ag es m ay n ot s u m t o 10 0 % g ive n rounding. Exc lude s s ha re s re s e rve d for is s ua nc e unde r m a na ge m e nt e quit y inc e nt ive pla n. As s um e s $ 10 .0 0 s ha re pric e a nd no re de m pt ions from public s ha re holde rs . Inc lude s 161.1M e xis t ing Ma rkforge d e quit y holde rs sh a re s, 21.5M SPAC IPO sh a re s, 2.7M SPAC sp on sor sh a re s, a n d 21.0 M PIPE In ve st or sh a re s. Exc lude s 2.7m m SPAC s pons or s ha re s ve s t ing in 1.3m m s ha re inc re m e nt s a t $ 12.50 a nd $ 15.0 0 . 37(5)Exc lu d es ad d it ion al s eller earn - ou t of 8 .0 M s h ares t h at ves t at $ 12.50 an d 6.7M s h ares t h at ves t at $ 15.0 0 . |
Annex |
Ad j. EBITDA1 2018A 2019A 2020A 2021E Operating income (loss) ($12.8) ($29.2) ($15.7) ($42.0) Depreciation & amortization 0.7 1.4 2.6 1.7 Stock-based compensation 0.6 0.9 1.8 3.7 Adjusted EBITDA1 ($11.6) ($27.0) ($11.3) ($36.6) Year Ended December 31, Sou rc e: Man ag em en t p rojec t ion s . Ope ra t ing inc om e (los s ) e xc lude s $0 .6M, $2.1M, a nd $7.6M of non - re c u rrin g c os t s a c ros s 20 19A, 20 20 A, a n d 20 21E, re s p e c t ive ly, re la t e d t o lit iga t ion a nd a udit , le ga l a nd ot he r c os t s a s s oc ia t e d wit h t he t ra ns a c t ion. Addit iona lly, no ongoing public c om pa ny c os t s a re a s s um e d. 39(2)Ope ra t ing inc om e (los s ) e xc lude s $0 .2M a nd $3.7M of non - rec u rrin g c os t s ac ros s Q1 20 20 A an d Q1 20 21A, res p ec t ively, relat ed t o lit iga t ion a nd a udit , le ga l a nd ot he r c os t s a s s oc ia t e d wit h t he t ra ns a c t ion. |
Continuous Fiber Reinforcement Ma rkforge d proprie t a ry a dd it ive m a n ufa c t u rin g p roc e ss – Con t in u ou s Fib er Re in forcem en t (CFR) Continuous Fiber Routed Through Part Adds c on t in uou s s t ra n ds of fibe r m a t e ria l t o a pa rt , t o a c h ieve m et a l-s tre n g th p rop e rt ie s a t a fra c t ion of t h e we ig h t Proc e s s a llows for fle xib ilit y of fib e r t yp e a n d loc a t ion of fib e r la ye rs t o a c h ie ve m a xim u m c on t rol ove r p a rt b e h a vior Th e p owe r of CFR c om e s from t h e c on t in u it y of t h e s t ra n ds . Our pa t e n t e d CFR s t ra n ds c a n a bs orb a n d d is t rib u t e loa d s a c ros s t h e ir e n t ire le n g t h Matrix Materials 40 |
Com m e rc ia lly Via b le Me t a l Prin t in g Su b $ 10 0 k Broa d ra n g e of m e t a ls for s im p le a n d a c c e s s ib le produc t ion Ac c e s s ib le m e t hod t o p rint Inc one l 625 n ic ke l-ba s e d s upe ra lloy a n d Pure Coppe r Un loc king h ig he s t - va lu e a p p lic a t ion s t o d a t e in c lu d in g we ld s ha n ks a nd h ig h - t e m p t oolin g 41 Au t om ot ive We ld in g Sh a n k Traditional PartMarkforged Part |
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