2Stock-based compensation expense and non-recurring costs were included in the following GAAP consolidated statement of operations categories:
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Cost of revenue |
|
$ |
130 |
|
|
$ |
129 |
|
|
$ |
347 |
|
|
$ |
218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales and marketing |
|
|
917 |
|
|
|
856 |
|
|
|
2,540 |
|
|
|
1,176 |
|
Research and development |
|
|
1,326 |
|
|
|
2,043 |
|
|
|
4,317 |
|
|
|
2,768 |
|
General and administrative |
|
|
4,340 |
|
|
|
7,725 |
|
|
|
12,827 |
|
|
|
14,195 |
|
| Total operating expense |
|
|
6,583 |
|
|
|
10,624 |
|
|
|
19,684 |
|
|
|
18,139 |
|
| Total adjustments |
|
$ |
6,713 |
|
|
$ |
10,753 |
|
|
$ |
20,031 |
|
|
$ |
18,357 |
|
| MARKFORGED HOLDING CORPORATION |
|||||||||||||||||||||
| NON-GAAP RECONCILIATION |
|||||||||||||||||||||
| THREE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021 |
|||||||||||||||||||||
|
|
|||||||||||||||||||||
| (In thousands, except share data and per share data) (Unaudited) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended September 30, 2022 |
|
Three Months Ended September 30, 2021 |
||||||||||||||||||
|
|
GAAP |
|
Adjustments |
|
Non-GAAP |
|
GAAP |
|
Adjustments |
|
Non-GAAP |
||||||||||
| Revenue |
$ |
25,208 |
|
|
— |
|
|
$ |
25,208 |
|
|
$ |
24,045 |
|
|
— |
|
|
$ |
24,045 |
|
| Cost of revenue |
|
12,959 |
|
|
(130 |
) |
|
|
12,829 |
|
|
|
10,330 |
|
|
(129 |
) |
|
|
10,201 |
|
| Gross profit |
|
12,249 |
|
|
130 |
|
|
|
12,379 |
|
|
|
13,715 |
|
|
129 |
|
|
|
13,844 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Sales and marketing |
|
11,783 |
|
|
(917 |
) |
|
|
10,866 |
|
|
|
10,399 |
|
|
(856 |
) |
|
|
9,543 |
|
| Research and development |
|
10,421 |
|
|
(1,326 |
) |
|
|
9,095 |
|
|
|
9,761 |
|
|
(2,043 |
) |
|
|
7,718 |
|
| General and administrative |
|
12,873 |
|
|
(4,340 |
) |
|
|
8,533 |
|
|
|
15,935 |
|
|
(7,725 |
) |
|
|
8,210 |
|
| Total operating expenses |
|
35,077 |
|
|
(6,583 |
) |
|
|
28,494 |
|
|
|
36,095 |
|
|
(10,624 |
) |
|
|
25,471 |
|
| Loss from operations |
|
(22,828 |
) |
|
6,713 |
|
|
|
(16,115 |
) |
|
|
(22,380 |
) |
|
10,753 |
|
|
|
(11,627 |
) |
| Change in fair value of warrant liabilities |
|
(448 |
) |
|
448 |
|
|
|
— |
|
|
|
1,418 |
|
|
(1,418 |
) |
|
|
— |
|
| Change in fair value of contingent earnout liability |
|
(656 |
) |
|
656 |
|
|
|
— |
|
|
|
42,710 |
|
|
(42,710 |
) |
|
|
— |
|
| Other expense |
|
(39 |
) |
|
— |
|
|
|
(39 |
) |
|
|
(48 |
) |
|
— |
|
|
|
(48 |
) |
| Interest expense |
|
(2 |
) |
|
— |
|
|
|
(2 |
) |
|
|
(6 |
) |
|
— |
|
|
|
(6 |
) |
| Interest income |
|
1,006 |
|
|
— |
|
|
|
1,006 |
|
|
|
6 |
|
|
— |
|
|
|
6 |
|
| Profit (loss) before income taxes |
|
(22,967 |
) |
|
7,817 |
|
|
|
(15,150 |
) |
|
|
21,700 |
|
|
(33,375 |
) |
|
|
(11,675 |
) |
| Income tax (benefit) expense |
|
3 |
|
|
— |
|
|
|
3 |
|
|
|
(3 |
) |
|
— |
|
|
|
(3 |
) |
| Net profit (loss) and comprehensive income (loss) |
$ |
(22,970 |
) |
|
7,817 |
|
|
$ |
(15,153 |
) |
|
$ |
21,703 |
|
|
(33,375 |
) |
|
$ |
(11,672 |
) |
| Weighted average shares outstanding - basic |
|
189,766,945 |
|
|
|
|
|
189,766,945 |
|
|
|
162,942,990 |
|
|
|
|
|
162,942,990 |
|
||
| Weighted average shares outstanding - diluted |
|
189,766,945 |
|
|
|
|
|
189,766,945 |
|
|
|
167,091,320 |
|
|
|
|
|
167,091,320 |
|
||
| Net profit (loss) per share - basic |
$ |
(0.12 |
) |
|
|
|
$ |
(0.08 |
) |
|
$ |
0.13 |
|
|
|
|
$ |
(0.07 |
) |
||
| Net profit (loss) per share - diluted |
|
(0.12 |
) |
|
|
|
|
(0.08 |
) |
|
|
0.13 |
|
|
|
|
|
(0.07 |
) |
||
| MARKFORGED HOLDING CORPORATION |
|||||||||||||||||||||
| NON-GAAP RECONCILIATION |
|||||||||||||||||||||
| NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021 |
|||||||||||||||||||||
|
|
|||||||||||||||||||||
| (In thousands, except share data and per share data) (Unaudited) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Nine Months Ended September 30, 2022 |
|
Nine Months Ended September 30, 2021 |
||||||||||||||||||
|
|
GAAP |
|
Adjustments |
|
Non-GAAP |
|
GAAP |
|
Adjustments |
|
Non-GAAP |
||||||||||
| Revenue |
$ |
71,294 |
|
|
— |
|
|
$ |
71,294 |
|
|
$ |
64,584 |
|
|
— |
|
|
$ |
64,584 |
|
| Cost of revenue |
|
34,514 |
|
|
(347 |
) |
|
|
34,167 |
|
|
|
26,729 |
|
|
(218 |
) |
|
|
26,511 |
|
| Gross profit |
|
36,780 |
|
|
347 |
|
|
|
37,127 |
|
|
|
37,855 |
|
|
218 |
|
|
|
38,073 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Sales and marketing |
|
35,104 |
|
|
(2,540 |
) |
|
|
32,564 |
|
|
|
25,711 |
|
|
(1,176 |
) |
|
|
24,535 |
|
| Research and development |
|
31,375 |
|
|
(4,317 |
) |
|
|
27,058 |
|
|
|
21,487 |
|
|
(2,768 |
) |
|
|
18,719 |
|
| General and administrative |
|
38,094 |
|
|
(12,827 |
) |
|
|
25,267 |
|
|
|
32,770 |
|
|
(14,195 |
) |
|
|
18,575 |
|
| Total operating expenses |
|
104,573 |
|
|
(19,684 |
) |
|
|
84,889 |
|
|
|
79,968 |
|
|
(18,139 |
) |
|
|
61,829 |
|
| Loss from operations |
|
(67,793 |
) |
|
20,031 |
|
|
|
(47,762 |
) |
|
|
(42,113 |
) |
|
18,357 |
|
|
|
(23,756 |
) |
| Change in fair value of warrant liabilities |
|
1,221 |
|
|
(1,221 |
) |
|
|
— |
|
|
|
170 |
|
|
(170 |
) |
|
|
— |
|
| Change in fair value of contingent earnout liability |
|
50,982 |
|
|
(50,982 |
) |
|
|
— |
|
|
|
42,710 |
|
|
(42,710 |
) |
|
|
— |
|
| Other expense |
|
(429 |
) |
|
— |
|
|
|
(429 |
) |
|
|
(168 |
) |
|
— |
|
|
|
(168 |
) |
| Interest expense |
|
(11 |
) |
|
— |
|
|
|
(11 |
) |
|
|
(15 |
) |
|
— |
|
|
|
(15 |
) |
| Interest income |
|
1,380 |
|
|
— |
|
|
|
1,380 |
|
|
|
9 |
|
|
— |
|
|
|
9 |
|
| Profit (loss) before income taxes |
|
(14,650 |
) |
|
(32,172 |
) |
|
|
(46,822 |
) |
|
|
593 |
|
|
(24,523 |
) |
|
|
(23,930 |
) |
| Income tax (benefit) expense |
|
6 |
|
|
— |
|
|
|
6 |
|
|
|
(1 |
) |
|
— |
|
|
|
(1 |
) |
| Net profit (loss) and comprehensive income (loss) |
$ |
(14,656 |
) |
|
(32,172 |
) |
|
$ |
(46,828 |
) |
|
$ |
594 |
|
|
(24,523 |
) |
|
$ |
(23,929 |
) |
| Weighted average shares outstanding - basic |
|
188,225,543 |
|
|
|
|
|
188,225,543 |
|
|
|
81,373,265 |
|
|
|
|
|
81,373,265 |
|
||
| Weighted average shares outstanding - diluted |
|
188,225,543 |
|
|
|
|
|
188,225,543 |
|
|
|
85,407,166 |
|
|
|
|
|
85,407,166 |
|
||
| Net profit (loss) per share - basic |
$ |
(0.08 |
) |
|
|
|
$ |
(0.25 |
) |
|
$ |
0.01 |
|
|
|
|
$ |
(0.29 |
) |
||
| Net profit (loss) per share - diluted |
|
(0.08 |
) |
|
|
|
|
(0.25 |
) |
|
|
0.01 |
|
|
|
|
|
(0.28 |
) |
||
| MARKFORGED HOLDING CORPORATION |
|
|||||||||||||||
| DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES |
|
|||||||||||||||
| (In thousands) (Unaudited) |
|
|||||||||||||||
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
| (in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
| Hardware |
|
$ |
17,571 |
|
|
$ |
17,469 |
|
|
$ |
48,098 |
|
|
$ |
46,039 |
|
| Consumables |
|
|
5,568 |
|
|
|
4,899 |
|
|
|
16,913 |
|
|
|
14,295 |
|
| Services |
|
|
2,069 |
|
|
|
1,677 |
|
|
|
6,283 |
|
|
|
4,250 |
|
| Total Revenue |
|
$ |
25,208 |
|
|
$ |
24,045 |
|
|
$ |
71,294 |
|
|
$ |
64,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
| MARKFORGED HOLDING CORPORATION |
|
|||||||||||||||
| DISAGGREGATED REVENUE BY GEOGRAPHIC LOCATION |
|
|||||||||||||||
| (In thousands) (Unaudited) |
|
|||||||||||||||
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
| (in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
| Americas |
|
$ |
12,591 |
|
|
$ |
14,937 |
|
|
$ |
34,150 |
|
|
$ |
35,169 |
|
| EMEA |
|
$ |
5,353 |
|
|
$ |
5,118 |
|
|
$ |
19,618 |
|
|
$ |
17,804 |
|
| APAC |
|
$ |
7,264 |
|
|
$ |
3,990 |
|
|
$ |
17,526 |
|
|
$ |
11,611 |
|
| Total Revenue |
|
$ |
25,208 |
|
|
$ |
24,045 |
|
|
$ |
71,294 |
|
|
$ |
64,584 |
|
