Markforged Announces First Quarter 2022 Results

MARKFORGED HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
As of March 31, 2022 and December 31, 2021
(In thousands, except share data and par value amounts) (Unaudited)

	March 31, 2022			December 31, 2021
Assets
Current assets
Cash and cash equivalents	$	269,138		$	288,603
Accounts receivable, net		22,806			26,777
Inventory		12,801			10,377
Prepaid expenses		3,636			3,921
Other current assets		1,887			511
Total current assets		310,268			330,189
Property and equipment, net		6,680			6,349
Right-of-use assets		11,702			—
Other assets		1,012			776
Total assets	$	329,662		$	337,314
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	6,653		$	11,403
Accrued expenses		8,009			7,411
Deferred revenue		6,367			6,288
Operating lease liabilities		2,962			—
Other current liabilities		53			310
Total current liabilities		24,044			25,412
Long-term deferred revenue		3,808			3,742
Deferred rent		—			1,623
Contingent earnout liability		34,826			59,722
Long-term operating lease liabilities		10,621			—
Other liabilities		1,953			2,646
Total liabilities		75,252			93,145
Commitments and contingencies
Stockholders’ equity
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2022 and December 31, 2021; 187,117,960 and 185,993,058 shares issued at March 31, 2022 and December 31, 2021, respectively		19			19
Additional paid-in capital		325,861			319,859
Accumulated deficit		(71,470	)		(75,709	)
Total stockholders’ equity		254,410			244,169
Total liabilities and stockholders’ equity	$	329,662		$	337,314

MARKFORGED HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
For the three months ended March 31, 2022 and 2021
(In thousands, except share data and per share data) (Unaudited)

	Three Months Ended March 31,
	2022			2021
Revenue	$	21,859		$	20,120
Cost of revenue		10,253			7,939
Gross profit		11,606			12,181
Operating expenses
Sales and marketing		10,448			7,057
Research and development		10,567			5,259
General and administrative		11,743			8,863
Total operating expenses		32,758			21,179
Loss from operations		(21,152	)		(8,998	)
Change in fair value of warrant liabilities		693			(1,010	)
Change in fair value of contingent earnout liability		24,896			—
Other expense		(219	)		(13	)
Interest expense		—			(4	)
Interest income		20			2
Profit (loss) before income taxes		4,238			(10,023	)
Income tax benefit		(1	)		(4	)
Net profit (loss) and comprehensive income (loss)	$	4,239		$	(10,019	)
Weighted average shares outstanding - basic		186,383,312			39,440,986
Weighted average shares outstanding - diluted		191,100,683			39,440,986
Net profit (loss) per share - basic	$	0.02		$	(0.25	)
Net profit (loss) per share - diluted		0.02			(0.25	)

MARKFORGED HOLDING CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
For the three months and years ended March 31, 2022 and 2021
(In thousands) (Unaudited)

	Three Months Ended March 31,
	2022			2021
Net profit (loss) and comprehensive income (loss)	$	4,239		$	(10,019	)
Stock compensation expense		5,422			1,194
Change in fair value of warrant liabilities		(693	)		1,010
Change in fair value of contingent earnout liability		(24,896	)		—
Transaction costs expensed		400			—
Non-GAAP loss ¹	$	(15,528	)	$	(7,815	)

¹ Stock-based compensation expense and transaction costs were included in the following GAAP consolidated statement of operations categories:

MARKFORGED HOLDING CORPORATION
DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES
(In thousands) (Unaudited)
	Three Months Ended March 31,
(in thousands)	2022		2021
Hardware	$	14,517	$	14,239
Consumables		5,456		4,617
Services		1,886		1,264
Total Revenue	$	21,859	$	20,120