Markforged Holding Corporation (NYSE: MKFG) (the “Company” or
“Markforged”), the company strengthening manufacturing resiliency
by enabling industrial production at the point of need, today
announced its financial results for the third quarter ended
September 30, 2024.
Third Quarter 2024 Financial Results
Compared To Third Quarter 2023
- Revenue was $20.5 million compared to $20.1 million.
- Gross margin was 49.0% compared to 45.7%.
- Non-GAAP gross margin was 50.9% compared to 46.9%.
- Operating expenses were $27.6 million compared to $59.6
million.
- Non-GAAP operating expenses were $20.5 million compared to
$24.9 million.
- Net loss was $23.4 million compared to net loss of $51.4
million.
- Non-GAAP net loss was $9.5 million compared to a loss of $13.8
million.
- Cash and cash equivalents, including restricted cash, were
$79.5 million as of September 30, 2024, compared to $93.9 million
as of June 30 2024. The balance sheet for the quarter ended
September 30, 2024 includes restricted cash in the amount of $19.4
million relating to the surety bond entered into following the jury
verdict in Continuous Composites litigation. The surety bond was
terminated as of October 30, 2024 in connection with the settlement
of the Continuous Composites litigation announced on September 23,
2024.
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 are pleased with our results in Q3 that were
supported by the encouraging adoption of our latest product
innovations despite facing a challenging industrial environment,”
said Shai Terem, President and CEO of Markforged. “We see positive
momentum following the successful launch of metal printing
capability for the FX10 in Q3, which is the world’s first
industrial 3D printer for metals and composites. Furthermore, we
remain excited about the pending acquisition by Nano Dimension and
our ability to bring together our pioneering, complementary product
portfolios that we expect will further enhance our ability to serve
our customers on the manufacturing floor with a more complete
offering of highly innovative solutions and a stronger balance
sheet to weather this industrial slowdown cycle.”
Business Updates
- Nano Dimension Ltd. (“Nano Dimension”) to Acquire
Markforged: On September 25, 2024, Markforged jointly
announced with Nano Dimension that Markforged entered into a
definitive agreement pursuant to which Nano Dimension will acquire
all outstanding shares of Markforged in an all-cash transaction for
$5.00 per share, without interest and less any applicable tax
withholdings. The transaction, which was unanimously approved by
the Boards of Directors of both companies, is expected to close by
the first quarter of 2025, subject to the satisfaction or waiver of
certain closing conditions, including the approval of the
transaction by Markforged’s stockholders, and required regulatory
approvals.
- Q3 Performance: Markforged revenues increased
by 2.0% year-over-year to $20.5 million in Q3, despite persistently
tough market conditions that continue to impact system sales.
Consumable and services sales were healthy, up 11.8% and 13.2%
year-over-year, respectively. Following the first shipment in Q2,
Markforged saw continued traction for its PX100 metal binder
jetting system by shipping a second system in Q3. Non-GAAP gross
margin for the quarter was 50.9%, up 4.0% from the third quarter of
2023, which was driven by operational efficiencies and product
mix.
- Markforged Announces Settlement In IP
Litigation: On September 23, 2024, Markforged announced
that it entered into a Settlement and Patent License Agreement (the
“Settlement Agreement”) in connection with the patent infringement
litigation brought by Continuous Composites Inc. (“Continuous
Composites”). The Settlement Agreement resolved all claims and
counterclaims in this litigation. Under the terms of the Settlement
Agreement, Markforged made an up-front payment of $18 million to
Continuous Composites on October 10, 2024, and is required to make
three additional installment payments thereafter of $1 million, $2
million and $4 million in the fourth quarters of fiscal years 2025,
2026 and 2027, respectively.
No Earnings Call and Guidance
In light of the pending merger transaction with
Nano Dimension announced on September 25, 2024, and as is customary
during the pendency of such transactions, Markforged will not host
an earnings conference call and is not providing forward-looking
guidance.
About Markforged
Markforged (NYSE:MKFG) is enabling more resilient
and flexible manufacturing 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) and non-GAAP net profit (loss), 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.
The following are the non-GAAP financial measures
referenced in this press release and presented in the tables
below:
- Non-GAAP gross margin is defined as GAAP gross profit (loss),
less stock-based compensation expense, amortization, and certain
non-recurring costs, divided by revenue.
- Non-GAAP operating profit (loss) is defined as GAAP operating
profit (loss) less stock-based compensation expense, amortization,
and certain non-recurring costs.
- Non-GAAP net profit (loss) is defined as GAAP net profit (loss)
less stock-based compensation expense, net change in fair value of
warrant liabilities and contingent earnout liabilities,
amortization, and certain non-recurring costs.
Additional Information and Where to Find
It
In connection with the proposed transaction between
Markforged and Nano Dimension, Markforged filed a preliminary proxy
statement on Schedule 14A (the “preliminary proxy statement”)
relating to a special meeting of its stockholders with the
Securities and Exchange Commission (“SEC”) on October 21, 2024.
Promptly after filing its definitive proxy statement with the SEC,
Markforged intends to mail the definitive proxy statement (the
“definitive proxy statement”) and a proxy card to each stockholder
entitled to vote at the special meeting relating to the proposed
transaction. Markforged may also file other relevant documents with
the SEC in connection with the proposed transaction. This document
is not a substitute for the preliminary proxy statement, the
definitive proxy statement or any other document that Markforged
may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO
READ THE PRELIMINARY PROXY STATEMENT, THE DEFINITIVE PROXY
STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH
THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE
DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME
AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security
holders will be able to obtain free copies of the definitive proxy
statement (if and when available) and other filings containing
important information about Markforged and the proposed
transaction, once such documents are filed with the SEC through the
website maintained by the SEC at http://www.sec.gov. Copies of the
documents filed with the SEC by Markforged will be available free
of charge on Markforged’s website at
https://investors.markforged.com/sec-filings.
Participants in the
Solicitation
Markforged, Nano Dimension and certain of their
respective directors and executive officers may be deemed to be
participants in the solicitation of proxies in respect of the
proposed transaction. Information about the directors and executive
officers of Markforged is set forth in Markforged’s proxy statement
for its 2024 Annual Meeting of Stockholders, which was filed with
the SEC on April 26, 2024. Information about the directors and
executive officers of Nano Dimension is set forth in Nano
Dimension’s Annual Report on Form 20-F, which was filed with the
SEC on March 21, 2024. Markforged stockholders may obtain
additional information regarding the direct and indirect interests
of the participants in the solicitation of proxies in connection
with the proposed transaction, including the interests of the
Markforged directors and executive officers in the transaction,
which may be different than those of Markforged’s stockholders
generally, by reading the preliminary proxy statement, definitive
proxy statement (if and when available) and any other relevant
documents that are filed or will be filed with the SEC relating to
the transaction. You may obtain free copies of these documents
using the sources indicated above.
Forward-Looking Statements
Any statements in this message about Markforged’s
future expectations, plans and prospects, as well as any other
statements regarding matters that are not historical facts, may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
are subject to risks and uncertainties and actual results may
differ materially from those expressed or implied by such
forward-looking statements. Such forward-looking statements include
statements relating to the proposed transaction between Markforged
and Nano Dimension, the benefits sought to be achieved through the
transaction, the anticipated timing of the transaction, the
potential effects of the transaction, the possibility of any
termination of the merger agreement, the ability of Markforged and
Nano Dimension to complete the transactions contemplated by the
merger agreement, including the parties’ ability to satisfy the
conditions to the consummation of the merger contemplated thereby
and the other conditions set forth in the merger agreement,
Markforged’s business and expectations regarding outlook and all
underlying assumptions, Nano Dimension’s and Markforged’s
objectives, plans and strategies, operating trends in markets where
Markforged operates, projections of results of operations or of
financial condition and all other statements other than statements
of historical fact that address activities, events or developments
that Markforged intends, expects, projects, believes or anticipates
will or may occur in the future. Such statements are based on
management’s beliefs and assumptions made based on information
currently available to management. All statements in this
communication, other than statements of historical fact, are
forward-looking statements that may be identified by the use of the
words “outlook,” “guidance,” “expects,” “believes,” “anticipates,”
“should,” “estimates,” “may,” “will,” “intends,” “projects,”
“could,” “would,” “estimate,” “potential,” “continue,” “plan,”
“target,” or the negative of these words or similar expressions.
These forward-looking statements involve known and unknown risks
and uncertainties, which may cause Markforged’s actual results and
performance to be materially different from those expressed or
implied in the forward-looking statements. Factors and risks that
may cause Markforged’s or Nano Dimension’s actual results or
performance to be materially different from those expressed or
implied in the forward-looking statements include, but are not
limited to: (i) the occurrence of any event, change or other
circumstance that could give rise to the termination of the merger
agreement; (ii) the effect of the announcement of the proposed
transaction on the ability of Markforged to operate its business
and retain and hire key personnel and to maintain favorable
business relationships; (iii) the ability of the parties to
consummate the proposed transaction in a timely manner or at all;
(iv) the occurrence of any event, change or other circumstance that
could give rise to the termination of the merger agreement; (v) the
satisfaction (or waiver) of closing conditions to the consummation
of the proposed transaction, including the receipt of required
regulatory approvals and the requisite approval of Markforged
stockholders; (vi) the response of competitors, suppliers and
customers to the proposed transaction; (vii) risks associated with
the disruption of management’s attention from ongoing business
operations due to the proposed transaction; (viii) significant
costs associated with the proposed transaction; (ix) potential
litigation relating to the proposed transaction; (x) restrictions
during the pendency of the proposed transaction that may impact
Markforged’s ability to pursue certain business opportunities; and
(xi) other risks, uncertainties and factors discussed and described
in reports filed with the SEC by Markforged and Nano Dimension from
time to time, including those under the heading “Risk Factors” in
their respective most recently filed reports on Form 10-K, 10-Q or
20-F, as applicable, and subsequent filings with the SEC.
The forward-looking statements included in this
communication are made only as of the date hereof. Markforged
undertakes no obligation to update any forward-looking statements
to reflect subsequent events or circumstances, except as required
by law.
MediaSam Manning, Public Relations
Managersam.manning@markforged.com
InvestorsAustin Bohlig, Director of Investor
Relationsinvestors@markforged.com
|
MARKFORGED
HOLDING CORPORATION |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
As of
September 30, 2024 and December 31, 2023 |
(In
thousands, except share data and par value amounts)
(Unaudited) |
|
|
|
|
|
September 30, 2024 |
|
December 31, 2023 |
Assets |
|
Current
assets |
|
Cash and cash equivalents |
$ |
59,279 |
|
|
$ |
116,854 |
|
Restricted
cash |
|
19,371 |
|
|
|
— |
|
Accounts
receivable, net of allowance for expected credit losses ($461 and
$360, respectively) |
|
19,899 |
|
|
|
24,059 |
|
Inventory |
|
21,672 |
|
|
|
26,773 |
|
Prepaid
expenses |
|
3,141 |
|
|
|
2,756 |
|
Other
current assets |
|
2,218 |
|
|
|
2,022 |
|
Total
current assets |
|
125,580 |
|
|
|
172,464 |
|
Property and
equipment, net |
|
15,864 |
|
|
|
17,713 |
|
Intangible
assets, net |
|
21,328 |
|
|
|
17,128 |
|
Right-of-use
assets |
|
31,496 |
|
|
|
36,884 |
|
Other
assets |
|
2,976 |
|
|
|
3,763 |
|
Total
assets |
$ |
197,244 |
|
|
$ |
247,952 |
|
Liabilities and Stockholders’ Equity |
|
Current
liabilities |
|
Accounts
payable |
$ |
10,319 |
|
|
$ |
13,235 |
|
Accrued
expenses |
|
10,061 |
|
|
|
9,840 |
|
Settlement
payable |
|
18,000 |
|
|
|
— |
|
Deferred
revenue |
|
8,343 |
|
|
|
8,779 |
|
Lease
liabilities |
|
5,758 |
|
|
|
7,368 |
|
Other
current liabilities |
|
— |
|
|
|
1,526 |
|
Total
current liabilities |
|
52,481 |
|
|
|
40,748 |
|
Long-term
settlement payable |
|
5,181 |
|
|
|
— |
|
Long-term
deferred revenue |
|
4,686 |
|
|
|
6,083 |
|
Contingent
earnout liability |
|
7,653 |
|
|
|
1,379 |
|
Long-term
lease liabilities |
|
27,809 |
|
|
|
35,771 |
|
Other
liabilities |
|
1,476 |
|
|
|
2,361 |
|
Total
liabilities |
|
99,286 |
|
|
|
86,342 |
|
Commitments
and contingencies |
|
|
|
Stockholders’ equity |
|
|
|
Common
stock, $0.0001 par value; 100,000,000 shares authorized at
September 30, 2024 and December 31, 2023; 20,495,979 and 19,858,127
shares issued and outstanding at September 30, 2024 and December
31, 2023, respectively |
|
19 |
|
|
|
19 |
|
Additional
paid-in capital |
|
376,435 |
|
|
|
366,281 |
|
Accumulated
deficit |
|
(278,378 |
) |
|
|
(204,664 |
) |
Accumulated
other comprehensive (loss) income |
|
(118 |
) |
|
|
(26 |
) |
Total
stockholders’ equity |
|
97,958 |
|
|
|
161,610 |
|
Total
liabilities and stockholders’ equity |
$ |
197,244 |
|
|
$ |
247,952 |
|
|
|
|
|
|
|
|
|
|
MARKFORGED
HOLDING CORPORATION |
CONSOLIDATED
STATEMENTS OF OPERATIONS |
For the
Three and Nine Months Ended September 30, 2024 and
2023 |
(In
thousands, except share data and per share data) |
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
20,484 |
|
|
$ |
20,075 |
|
|
$ |
62,719 |
|
|
$ |
69,614 |
|
Cost of
revenue |
|
10,441 |
|
|
|
10,907 |
|
|
|
31,665 |
|
|
|
36,891 |
|
Gross
profit |
|
10,043 |
|
|
|
9,168 |
|
|
|
31,054 |
|
|
|
32,723 |
|
Operating expenses |
|
|
|
|
|
|
|
Sales and
marketing |
|
8,144 |
|
|
|
8,194 |
|
|
|
24,514 |
|
|
|
28,436 |
|
Research and
development |
|
7,850 |
|
|
|
9,724 |
|
|
|
26,845 |
|
|
|
30,390 |
|
General and
administrative |
|
11,162 |
|
|
|
12,202 |
|
|
|
33,661 |
|
|
|
36,450 |
|
Goodwill
impairment |
|
— |
|
|
|
29,467 |
|
|
|
— |
|
|
|
29,467 |
|
Litigation
judgment |
|
423 |
|
|
|
— |
|
|
|
17,723 |
|
|
|
— |
|
Total
operating expenses |
|
27,579 |
|
|
|
59,587 |
|
|
|
102,743 |
|
|
|
124,743 |
|
Loss
from operations |
|
(17,536 |
) |
|
|
(50,419 |
) |
|
|
(71,689 |
) |
|
|
(92,020 |
) |
Change in
fair value of derivative liabilities |
|
63 |
|
|
|
(94 |
) |
|
|
189 |
|
|
|
220 |
|
Change in
fair value of contingent earnout liability |
|
(7,408 |
) |
|
|
(2,502 |
) |
|
|
(6,274 |
) |
|
|
(2,509 |
) |
Other income
(expense), net |
|
471 |
|
|
|
(55 |
) |
|
|
252 |
|
|
|
(277 |
) |
Interest
expense |
|
(169 |
) |
|
|
(127 |
) |
|
|
(493 |
) |
|
|
(243 |
) |
Interest
income |
|
1,021 |
|
|
|
1,602 |
|
|
|
3,651 |
|
|
|
4,870 |
|
Loss
before income taxes |
|
(23,558 |
) |
|
|
(51,595 |
) |
|
|
(74,364 |
) |
|
|
(89,959 |
) |
Income tax
(benefit) expense |
|
(188 |
) |
|
|
(233 |
) |
|
|
(650 |
) |
|
|
(590 |
) |
Net
loss |
$ |
(23,370 |
) |
|
$ |
(51,362 |
) |
|
$ |
(73,714 |
) |
|
$ |
(89,369 |
) |
Weighted
average shares outstanding - basic and diluted |
|
20,330,917 |
|
|
|
19,741,014 |
|
|
|
20,129,099 |
|
|
|
19,639,131 |
|
Net loss per
share - basic and diluted |
$ |
(1.15 |
) |
|
$ |
(2.60 |
) |
|
$ |
(3.66 |
) |
|
$ |
(4.55 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKFORGED
HOLDING CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF |
COMPREHENSIVE INCOME (LOSS) |
For the
Three and Nine Months Ended September 30, 2024 and
2023 |
(In
thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net
loss |
$ |
(23,370 |
) |
|
$ |
(51,362 |
) |
|
$ |
(73,714 |
) |
|
$ |
(89,369 |
) |
Other
comprehensive loss, net of taxes: |
|
|
|
|
|
|
|
Unrealized
loss on available-for-sale marketable securities, net |
|
— |
|
|
|
(17 |
) |
|
|
— |
|
|
|
(42 |
) |
Foreign
currency translation adjustment |
|
894 |
|
|
|
(993 |
) |
|
|
(92 |
) |
|
|
(2,539 |
) |
Total comprehensive income (loss) |
$ |
(22,476 |
) |
|
$ |
(52,372 |
) |
|
$ |
(73,806 |
) |
|
$ |
(91,950 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKFORGED
HOLDING CORPORATION |
DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND
SERVICES |
(In
thousands) (Unaudited) |
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
(in thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
Hardware |
$ |
11,591 |
|
$ |
12,154 |
|
$ |
35,515 |
|
$ |
43,855 |
Consumables |
|
5,770 |
|
|
5,162 |
|
|
18,088 |
|
|
18,099 |
Services |
|
3,123 |
|
|
2,759 |
|
|
9,116 |
|
|
7,660 |
Total
Revenue |
$ |
20,484 |
|
$ |
20,075 |
|
$ |
62,719 |
|
$ |
69,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKFORGED
HOLDING CORPORATION |
DISAGGREGATED REVENUE BY GEOGRAPHIC LOCATION |
(In
thousands) (Unaudited) |
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
(in
thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
Americas |
$ |
10,351 |
|
$ |
10,047 |
|
$ |
30,134 |
|
$ |
32,487 |
EMEA |
|
6,259 |
|
|
5,713 |
|
|
19,379 |
|
|
21,823 |
APAC |
|
3,874 |
|
|
4,315 |
|
|
13,206 |
|
|
15,304 |
Total
Revenue |
$ |
20,484 |
|
$ |
20,075 |
|
$ |
62,719 |
|
$ |
69,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKFORGED
HOLDING CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP MEASURES |
(In
thousands) (Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net
loss |
$ |
(23,370 |
) |
|
$ |
(51,362 |
) |
|
$ |
(73,714 |
) |
|
$ |
(89,369 |
) |
Stock
compensation expense |
|
3,142 |
|
|
|
4,112 |
|
|
|
9,848 |
|
|
|
10,158 |
|
Change in
fair value of derivative liabilities |
|
(63 |
) |
|
|
94 |
|
|
|
(189 |
) |
|
|
(220 |
) |
Change in
fair value of contingent earnout liability |
|
7,408 |
|
|
|
2,502 |
|
|
|
6,274 |
|
|
|
2,509 |
|
Amortization |
|
392 |
|
|
|
249 |
|
|
|
1,141 |
|
|
|
780 |
|
Goodwill
impairment |
|
— |
|
|
|
29,467 |
|
|
|
— |
|
|
|
29,467 |
|
Litigation
judgment |
|
423 |
|
|
|
— |
|
|
|
17,723 |
|
|
|
— |
|
Non-recurring costs1 |
|
2,519 |
|
|
|
1,147 |
|
|
|
6,360 |
|
|
|
7,039 |
|
Non-GAAP net
loss |
$ |
(9,549 |
) |
|
$ |
(13,791 |
) |
|
$ |
(32,557 |
) |
|
$ |
(39,636 |
) |
|
|
|
|
|
|
|
|
1Non-recurring costs
incurred during the three and nine months ended September 30,
2024 and 2023 relate to litigation, severance costs, transaction
expenses, and gain on lease termination. |
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
Non-GAAP Cost of Revenue |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cost of
revenue |
$ |
10,441 |
|
|
$ |
10,907 |
|
|
$ |
31,665 |
|
|
$ |
36,891 |
|
Stock
compensation expense |
|
28 |
|
|
|
39 |
|
|
|
112 |
|
|
|
201 |
|
Amortization |
|
357 |
|
|
|
214 |
|
|
|
1,065 |
|
|
|
660 |
|
Non-GAAP
Cost of Revenue |
|
10,056 |
|
|
|
10,654 |
|
|
|
30,488 |
|
|
|
36,030 |
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
Non-GAAP Gross Profit |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross
profit |
$ |
10,043 |
|
|
$ |
9,168 |
|
|
$ |
31,054 |
|
|
$ |
32,723 |
|
Stock
compensation expense |
|
28 |
|
|
|
39 |
|
|
|
112 |
|
|
|
201 |
|
Amortization |
|
357 |
|
|
|
214 |
|
|
|
1,065 |
|
|
|
660 |
|
Non-GAAP
gross profit |
|
10,428 |
|
|
|
9,421 |
|
|
|
32,231 |
|
|
|
33,584 |
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
Non-GAAP Sales and Marketing Expenses |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Sales and
marketing expenses |
$ |
8,144 |
|
|
$ |
8,194 |
|
|
$ |
24,514 |
|
|
$ |
28,436 |
|
Stock
compensation expense |
|
360 |
|
|
|
448 |
|
|
|
1,152 |
|
|
|
1,423 |
|
Amortization |
|
35 |
|
|
|
35 |
|
|
|
76 |
|
|
|
120 |
|
Non-recurring costs1 |
|
313 |
|
|
|
— |
|
|
|
313 |
|
|
|
— |
|
Non-GAAP
sales and marketing expenses |
|
7,436 |
|
|
|
7,711 |
|
|
|
22,973 |
|
|
|
26,893 |
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
Non-GAAP Research and Development Expenses |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Research and
development expenses |
$ |
7,850 |
|
|
$ |
9,724 |
|
|
$ |
26,845 |
|
|
$ |
30,390 |
|
Stock
compensation expense |
|
804 |
|
|
|
1,195 |
|
|
|
2,913 |
|
|
|
3,524 |
|
Non-recurring costs1 |
|
880 |
|
|
|
— |
|
|
|
880 |
|
|
|
— |
|
Non-GAAP
research and development expenses |
|
6,166 |
|
|
|
8,529 |
|
|
|
23,052 |
|
|
|
26,866 |
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
Non-GAAP General and Administrative Expenses |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
General and
administrative expenses |
$ |
11,162 |
|
|
$ |
12,202 |
|
|
$ |
33,661 |
|
|
$ |
36,450 |
|
Stock
compensation expense |
|
1,950 |
|
|
|
2,430 |
|
|
|
5,671 |
|
|
|
5,010 |
|
Non-recurring costs1 |
|
2,299 |
|
|
|
1,147 |
|
|
|
6,140 |
|
|
|
7,039 |
|
Non-GAAP
general and administrative expenses |
|
6,913 |
|
|
|
8,625 |
|
|
|
21,850 |
|
|
|
24,401 |
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
Non-GAAP Operating Loss |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating
loss |
$ |
(17,536 |
) |
|
$ |
(50,419 |
) |
|
$ |
(71,689 |
) |
|
$ |
(92,020 |
) |
Stock
compensation expense |
|
3,142 |
|
|
|
4,112 |
|
|
|
9,848 |
|
|
|
10,158 |
|
Amortization |
|
392 |
|
|
|
249 |
|
|
|
1,141 |
|
|
|
780 |
|
Goodwill
impairment |
|
— |
|
|
|
29,467 |
|
|
|
— |
|
|
|
29,467 |
|
Litigation
judgment |
|
423 |
|
|
|
— |
|
|
|
17,723 |
|
|
|
— |
|
Non-recurring costs1 |
|
3,492 |
|
|
|
1,147 |
|
|
|
7,333 |
|
|
|
7,039 |
|
Non-GAAP
operating loss |
|
(10,087 |
) |
|
|
(15,444 |
) |
|
|
(35,644 |
) |
|
|
(44,576 |
) |
|
|
|
|
|
|
|
|
1Non-recurring costs
incurred during the three and nine months ended September 30,
2024 and 2023 relate to litigation, severance costs, transaction
expenses, and gain on lease termination. |
Grafico Azioni Markforged (NYSE:MKFG)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Markforged (NYSE:MKFG)
Storico
Da Dic 2023 a Dic 2024