|
MARKFORGED HOLDING CORPORATION |
||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
|
As of September 30, 2021 and December 31, 2020 |
||||||||
|
(In thousands, except share data and par value amounts) (Unaudited) |
||||||||
|
September 30,
|
December 31,
|
|||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents |
$ |
296,735 |
|
$ |
58,715 |
|
||
| Accounts receivable, net |
|
24,071 |
|
|
16,601 |
|
||
| Inventory |
|
11,270 |
|
|
6,553 |
|
||
| Prepaid expenses |
|
5,397 |
|
|
1,496 |
|
||
| Other current assets |
|
511 |
|
|
1,373 |
|
||
| Total current assets |
|
337,984 |
|
|
84,738 |
|
||
| Property and equipment, net |
|
5,335 |
|
|
4,281 |
|
||
| Other assets |
|
773 |
|
|
584 |
|
||
| Total assets |
$ |
344,092 |
|
$ |
89,603 |
|
||
| Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit) | ||||||||
| Current liabilities | ||||||||
| Accounts payable |
$ |
2,213 |
|
$ |
3,369 |
|
||
| Accrued expenses |
|
13,641 |
|
|
8,168 |
|
||
| Deferred revenue |
|
5,552 |
|
|
6,196 |
|
||
| Other current liabilities |
|
294 |
|
|
300 |
|
||
| Total current liabilities |
|
21,700 |
|
|
18,033 |
|
||
| Long-term debt |
|
— |
|
|
5,022 |
|
||
| Long-term deferred revenue |
|
3,130 |
|
|
2,905 |
|
||
| Deferred rent |
|
1,426 |
|
|
1,073 |
|
||
| Contingent earnout liability |
|
80,419 |
|
|
— |
|
||
| Other liabilities |
|
4,284 |
|
|
545 |
|
||
| Total liabilities |
|
110,959 |
|
|
27,578 |
|
||
| Commitments and contingencies | ||||||||
| Convertible preferred stock |
|
— |
|
|
137,497 |
|
||
| Stockholders’ equity (deficit) | ||||||||
| Common stock, $0.0001 par value; 1,000,000,000 and 183,300,000 shares authorized at September 30, 2021 and December 31, 2020; 185,697,959 and 39,510,108 shares issued at September 30, 2021 and December 31, 2020, respectively |
|
19 |
|
|
4 |
|
||
| Additional paid-in capital |
|
312,084 |
|
|
5,538 |
|
||
| Treasury stock, 0 shares at September 30, 2021 and 483,479 shares at December 31, 2020 |
|
— |
|
|
(1,450 |
) |
||
| Accumulated deficit |
|
(78,970 |
) |
|
(79,564 |
) |
||
| Total stockholders’ equity (deficit) |
|
233,133 |
|
|
(75,472 |
) |
||
| Total liabilities, convertible preferred stock, and stockholders’ equity (deficit) |
$ |
344,092 |
|
$ |
89,603 |
|
||
|
MARKFORGED HOLDING CORPORATION |
||||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND |
||||||||||||||||
|
COMPREHENSIVE INCOME (LOSS) |
||||||||||||||||
|
For the three and nine months ended September 30, 2021 and 2020 |
||||||||||||||||
|
(In thousands, except share data and per share data) (Unaudited) |
||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
| Revenue |
$ |
24,045 |
|
$ |
15,639 |
|
$ |
64,584 |
|
$ |
47,514 |
|
||||
| Cost of revenue |
|
10,330 |
|
|
6,319 |
|
|
26,729 |
|
|
21,316 |
|
||||
| Gross profit |
|
13,715 |
|
|
9,320 |
|
|
37,855 |
|
|
26,198 |
|
||||
| Operating expenses | ||||||||||||||||
| Sales and marketing |
|
10,399 |
|
|
4,982 |
|
|
25,711 |
|
|
16,744 |
|
||||
| Research and development |
|
9,761 |
|
|
4,031 |
|
|
21,487 |
|
|
12,883 |
|
||||
| General and administrative |
|
15,935 |
|
|
3,889 |
|
|
32,770 |
|
|
11,138 |
|
||||
| Total operating expenses |
|
36,095 |
|
|
12,902 |
|
|
79,968 |
|
|
40,765 |
|
||||
| Loss from operations |
|
(22,380 |
) |
|
(3,582 |
) |
|
(42,113 |
) |
|
(14,567 |
) |
||||
| Change in fair value of warrant liabilities |
|
1,418 |
|
|
(66 |
) |
|
170 |
|
|
(79 |
) |
||||
| Change in fair value of contingent earnout liability |
|
42,710 |
|
|
- |
|
|
42,710 |
|
|
- |
|
||||
| Other (expense) income, net |
|
(48 |
) |
|
(25 |
) |
|
(168 |
) |
|
11 |
|
||||
| Interest expense |
|
(6 |
) |
|
(23 |
) |
|
(15 |
) |
|
(51 |
) |
||||
| Interest income |
|
6 |
|
|
3 |
|
|
9 |
|
|
146 |
|
||||
| Profit (loss) before income taxes |
|
21,700 |
|
|
(3,693 |
) |
|
593 |
|
|
(14,540 |
) |
||||
| Income tax (benefit) expense |
|
(3 |
) |
|
26 |
|
|
(1 |
) |
|
113 |
|
||||
| Net profit (loss) and comprehensive income (loss) |
$ |
21,703 |
|
$ |
(3,719 |
) |
$ |
594 |
|
$ |
(14,653 |
) |
||||
| Weighted average shares outstanding - basic |
|
162,942,990 |
|
|
38,545,607 |
|
|
81,373,265 |
|
|
38,149,992 |
|
||||
| Weighted average shares outstanding - diluted |
|
167,091,320 |
|
|
38,545,607 |
|
|
85,407,166 |
|
|
38,149,992 |
|
||||
| Net profit (loss) per share - basic |
$ |
0.13 |
|
$ |
(0.10 |
) |
$ |
0.01 |
|
$ |
(0.38 |
) |
||||
| Net profit (loss) per share - diluted |
|
0.13 |
|
|
(0.10 |
) |
|
0.01 |
|
|
(0.38 |
) |
||||
|
MARKFORGED HOLDING CORPORATION |
||||||||||||||||
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES |
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2021 and 2020 |
||||||||||||||||
|
(In thousands, except share data) (Unaudited) |
||||||||||||||||
| � | � |
Three Months Ended
|
� |
For the Nine Months
|
||||||||||||
| (dollars in thousands) | � |
2021 |
2020 |
� |
2021 |
2020 |
||||||||||
| Net profit (loss) and comprehensive income (loss) | � |
$ |
21,703 |
|
$ |
(3,719 |
) |
� |
$ |
594 |
|
$ |
(14,653 |
) |
||
| Interest income | � |
|
(6 |
) |
|
(3 |
) |
� |
|
(9 |
) |
|
(146 |
) |
||
| Interest expense | � |
|
6 |
|
|
23 |
|
� |
|
15 |
|
|
51 |
|
||
| Income tax expense | � |
|
(3 |
) |
|
26 |
|
� |
|
(1 |
) |
|
113 |
|
||
| Depreciation and amortization | � |
|
429 |
|
|
455 |
|
� |
|
1,269 |
|
|
1,361 |
|
||
| EBITDA | � |
$ |
22,129 |
|
$ |
(3,218 |
) |
� |
$ |
1,868 |
|
$ |
(13,274 |
) |
||
| Stock compensation expense | � |
|
8,421 |
|
|
521 |
|
� |
|
11,395 |
|
|
1,528 |
|
||
| Change in fair value of warrant liabilities |
|
(1,418 |
) |
|
66 |
|
|
(170 |
) |
|
79 |
|
||||
| Change in fair value of contingent earnout liability |
|
(42,710 |
) |
|
- |
|
|
(42,710 |
) |
|
- |
|
||||
| Transaction costs expensed | � |
|
1,996 |
|
|
- |
|
� |
|
1,996 |
|
|
- |
|
||
| Adjusted EBITDA | � |
$ |
(11,582 |
) |
$ |
(2,631 |
) |
� |
$ |
(27,621 |
) |
$ |
(11,667 |
) |
||
