Markforged Holding Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets (Tables)

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

This impairment was driven by the decline in the Company’s actual and forecasted operating results, as well as a decline in market capitalization.

The following tables summarizes the Company’s intangible assets (in thousands):


		September 30, 2024							December 31, 2023
	Estimated Useful Life	Gross Carrying Value		Accumulated Amortization			Net Book Value		Gross Carrying Value		Accumulated Amortization			Net Book Value
Acquired technology	7 - 20 years	$	16,800	$	(2,026	)	$	14,774	$	16,800	$	(970	)	$	15,830
Customer relationships	9 years		560		(129	)		431		560		(83	)		477
Trade names	1 year		90		(90	)		—		90		(90	)		—
Licenses	23 years		5,457		—			5,457		—		—			—
Foreign currency translation			743		(77	)		666		848		(27	)		821
Intangible Assets, net		$	23,650	$	(2,322	)	$	21,328	$	18,298	$	(1,170	)	$	17,128

Schedule of Amortization Expense to the Cost of Revenue and Operating Expense

The Company recognized the following amortization expense to cost of revenue and operating expense during the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	357	$	214	$	1,065	$	660
Operating expenses		35		35		76		120
Total	$	392	$	249	$	1,141	$	780

Summary of amortization expense for amortizable assets

The estimated future amortization expense for amortizable assets to be recognized was as follows as of September 30, 2024 (in thousands):


2024 (remaining three months)	$	394
2025		2,294
2026		2,506
2027		2,257
2028		1,878
Thereafter		11,999
Total	$	21,328