Markforged Announces Second Quarter 2021 Results

Markforged Holding Corporation (NYSE: MKFG), creator of the integrated metal and carbon fiber additive manufacturing platform, The Digital Forge, today announced the results of MarkForged, Inc. from the second quarter ended June 30, 2021.[1]

 

Financial Highlights

• Revenue increased by 44.1% to $20.4 million in the second quarter of 2021 from $14.2 million in the second quarter of 2020.

• Gross profit grew 60.0% to $11.9 million in the second quarter of 2021 from $7.5 million in the second quarter of 2020.

• Gross margins expanded to 58% in the second quarter of 2021 compared to 53% in the second quarter of 2020.

• EBITDA was ($10.7) million in the second quarter of 2021.

• Adjusted EBITDA was ($8.9) million in the second quarter of 2021 compared to ($4.7) million in the second quarter of 2020. Adjusted EBITDA includes non-recurring litigation; audit, legal and other expenses associated with the SPAC transaction; and other transitional 2021 public company expenses of $0.9 million and $0.3 million for the three months ending June 30, 2021 and 2020 respectively.

• Reaffirms previously provided guidance for 2021 annual revenue of $87.6 million, gross profit margin of 58% and Adjusted EBITDA loss of $37 million.

 

Adjusted EBITDA is a non-GAAP measure. A reconciliation of the GAAP to non-GAAP measure and an explanation of this measure is included below.

On July 14, 2021, MarkForged, Inc. completed its previously-announced merger with one (NYSE: AONE), a special purpose acquisition company, and debuted as Markforged Holding Corporation on the New York Stock Exchange on July 15, 2021 under the ticker symbol “MKFG.”

“We are pleased with our results as we look to continue to build momentum for the remainder of the year,” said Shai Terem, Markforged’s President and Chief Executive Officer. “The Digital Forge is helping solve critical manufacturing and supply chain challenges for our customers. We launched new key products and software updates this quarter as part of our strategy to meet the growing demand for our solutions. Our recent debut on the New York Stock Exchange energized and motivated our talented and hardworking team, and I look forward to seeing what we will accomplish together in the remainder of 2021.”

 

Business Highlights

In the second quarter Markforged launched key products aimed at enhancing the Digital Forge to enable customers to better solve for their manufacturing and supply chain problems directly at the point of need. Metal X Gen 2, Next Day Metal and X7 Field Edition improve the speed, user experience, and ability to print anywhere, enabling the Digital Forge to help our customers overcome challenges more quickly and easily than before. The introduction of the FX20, our biggest, fastest, and most sophisticated 3D printer, is intended to move the Digital Forge into robust production and help customers produce high-strength, higher performance parts for those operating in demanding and regulated industries like aerospace, defense, and automotive.

The financial guidance provided above includes forward-looking statements within the meaning of U.S. securities laws. Markforged’s actual results may differ materially. See “Special Note Regarding Forward-Looking Statements” below.

In preparation for becoming a public company, Markforged continued to build out its management team and Board of Directors with several experienced and talented additions. The company welcomed Mark Schwartz as the Chief Financial Officer and Ken Clayton as Senior Vice President of Global Sales. Kevin Hartz, Carol Meyers, former CMO of Rapid 7, and Alan Masarek, former CEO of Vonage, also joined the Board of Directors upon the completion of the merger.

 

Conference Call and Webcast Information

Markforged will host a conference call to discuss these financial results and other matters for investors and analysts at 5 p.m ET on August 12, 2021. To participate in the call, please dial 1-877-423-9813, or 1-201-689-8573 for international participants, ten minutes before the scheduled start.

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/

For those unable to listen to the live conference call, a replay will be available on the Company’s website and telephonically through August 26, 2021 by dialing 1-844-512-2921 (U.S. domestic) or 1-412-317-6671 (International), passcode 21996548.

 

[1] The results reported in this press release reflect the performance of MarkForged, Inc. prior to the completion of its merger with one on July 14, 2021.