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Markforged Holding Corp (MKFG) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

Markforged Holding Corp

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CIK: 1816613 Ticker: MKFG

 

Exhibit 99.1

Markforged Announces Fourth Quarter and Full-Year 2022 Results

WATERTOWN, Mass. – Markforged Holding Corporation (NYSE: MKFG) (the “Company”), the company strengthening manufacturing resiliency by enabling industrial production at the point of need, today announced its results from the fourth quarter and full fiscal year ended December 31, 2022.

Financial Highlights for the Fourth Quarter of 2022

•
Revenue increased by 11%, to $29.7 million, in the fourth quarter of 2022 from $26.6 million in the fourth quarter of 2021.
•
Gross profit decreased 7%, to $13.9 million, in the fourth quarter of 2022 from $15.0 million in the fourth quarter of 2021.
•
Gross margin was 47% in the fourth quarter of 2022 compared to 56% in the fourth quarter of 2021.
•
Net loss was $10.7 million in the fourth quarter of 2022, compared to net profit of $3.3 million in the fourth quarter of 2021.
•
Non-GAAP net loss was a loss of $13.3 million in the fourth quarter of 2022, compared to a loss of $11.2 million in the fourth quarter of 2021.

Financial Highlights for Full-Year 2022

•
Revenue increased 11%, to $101.0 million, in 2022 as compared to $91.2 million in 2021.
•
Gross profit decreased 4%, to $50.7 million, in 2022 from $52.9 million in 2021.
•
Gross margin was 50% in 2022, a decline from 58% in 2021.
•
Net loss was $25.4 million in 2022, compared to net profit of $3.9 million in the year prior.
•
Non-GAAP net loss was $60.1 million in 2022, compared to a net loss of $35.1 million in 2021.
•
Cash, cash equivalents, and short-term investments were $167.9 million as of December 31, 2022.

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 under the heading “Non-GAAP Financial Measures.”

“We ended the year strong, with record quarterly revenues, as demand for The Digital Forge continued to grow worldwide despite a challenging operating environment. Supply chain disruption remains a key catalyst for growth, as manufacturers shorten their supply chains through point of need industrial production,” said Shai Terem, President and CEO of Markforged. “We made pivotal progress in 2022 on our strategy to achieve profitable growth. We materially expanded our addressable market organically, through the introduction of the FX20, and inorganically through our successful acquisitions of Teton Simulation and Digital Metal, and we are confident we will see material growth as a result in the coming years. And each step along the way we continued to develop operational efficiencies and implement cost controls to keep us on our path to profitability.”

Business Highlights

•
Strength in the APAC and EMEA region. Macroeconomic uncertainty led manufacturers to delay purchase decisions. However, Markforged still executed on its growth strategy in both the EMEA and APAC regions in the fourth quarter of 2022, with revenues growing 36% in EMEA and 20% in APAC year-over-year.

 

The following information was filed by Markforged Holding Corp (MKFG) on Monday, March 6, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Markforged Holding Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Convertible Preferred Stock And Stockholders' Equity (Deficit)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (Loss)
Consolidated Statements Of Operations
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Summary Of Accrued Expenses (Detail)
Acquisitions
Acquisitions (Additional Information) (Details)
Acquisitions (Tables)
Acquisitions - Schedule Of Finite-Lived Intangible Assets (Details)
Acquisitions - Schedule Of Unaudited Pro Forma Financial Information (Details)
Acquisitions - Summary Of Acquisitions Data Fair Value Of Thecosideration Transferred (Details)
Acquisitions - Summary Of Fair Values Of Assets Acquired And Liabilities Assumed (Details)
Borrowings
Borrowings - Additional Information (Detail)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Detail)
Commitments And Contingencies - Schedule Of Future Minimum Rental Payments (Detail)
Convertible Preferred Stock, Common Stock And Stockholders' Equity Deficit - Additional Information (Detail)
Convertible Preferred Stock, Common Stock And Stockholders' Equity Deficit - Summary Of Common Stock Reserved For Future Issuance (Detail)
Convertible Preferred Stock, Common Stock And Stockholders' Equity Deficit - Summary Of Convertible Preferred Stock Authorized, Issued And Outstanding (Details)
Convertible Preferred Stock, Common Stock And Stockholders??? Deficit
Convertible Preferred Stock, Common Stock And Stockholders??? Deficit (Tables)
Earnout
Earnout (Tables)
Earnout - Additional Information (Details)
Earnout - Assumptions Used In The Valuation (Details)
Earnout - Summary Of The Number Of Earnout Shares Allocated To Each Unit Of Account (Details)
Equity Based Awards
Equity Based Awards (Tables)
Equity Based Awards - Additional Information (Detail)
Equity Based Awards - Schedule Of Share-Based Payment Award, Stock Options, Valuation Assumptions (Detail)
Equity Based Awards - Summary Of Additional Information Regarding Exercise Of Stock Options (Detail)
Equity Based Awards - Summary Of Recognized Stock-Based Compensation Expense (Detail)
Equity Based Awards - Summary Of Restricted Stock Units Activity (Detail)
Equity Based Awards - Summary Of Stock Option Activity (Detail)
Equity Based Awards - Summary Of Stock-Based Compensation Based On Awards Granted (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Additional Information) (Details)
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Summary Of Amortization Expense For Amortizable Assets (Details)
Goodwill And Intangible Assets - Summary Of Goodwill And Intangible Asset (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Components Of Company's Income (Loss) Before Income Taxes (Details)
Income Taxes - Schedule Of Components Of The Company's Net Deferred Tax Assets (Details)
Income Taxes - Schedule Of Components Of The Income Tax Provision (Details)
Income Taxes - Schedule Of Deferred Income Tax Asset Valuation Allowance (Details)
Income Taxes - Schedule Of Overall Effective Income Tax Rate (Details)
Inventory
Inventory (Tables)
Inventory - Additional Information (Detail)
Inventory - Summary Of Inventory (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Future Minimum Lease Payments (Details)
Leases - Future Minimum Lease Payments 1 (Details)
Leases - Other Lease Information - (Details)
Leases - Supplemental Cash Flow Information: (Details)
Merger And Reserve Recapitalization
Merger And Reverse Recapitalization (Tables)
Merger And Reverse Recapitalization - Additional Information (Detail)
Merger And Reverse Recapitalization - Schedule Of Common Stock Issued Following Consummation Of Merger (Details)
Merger And Reverse Recapitalization - Schedule Of Common Stock Issued Following Consummation Of Merger (Parenthetical) (Details)
Net (Loss) Profit Per Share
Net (Loss) Profit Per Share (Tables)
Net (Loss) Profit Per Share - Summary Of Earnings Per Share, Basic And Diluted (Detail)
Net (Loss) Profit Per Share- Summary Of Dilutive Securities Are Excluded From The Denominator (Detail)
Organization, Nature Of The Business, And Risks And Uncertainties
Organization, Nature Of The Business, And Risks And Uncertainties - Additional Information (Detail)
Other Lease Information (Tables)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Additional Information (Detail)
Property And Equipment, Net - Summary Of Property And Equipment (Detail)
Revenue
Revenue (Tables)
Revenue - Additional Information (Detail)
Revenue - Summary Of Company's Revenue Based On Nature Of Products And Services (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Summary Of Disaggregated Revenue Data For Those Markets (Detail)
Stock Warrants
Stock Warrants (Tables)
Stock Warrants - Additional Information (Detail)
Stock Warrants - Schedule Of Private Placement Warrants Valued Under Binomial Lattice Model (Details)
Stock Warrants - Summary Of Black- Scholes Model Using The Following Inputs (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Summary Of Allowance For Doubtful Accounts (Detail)
Summary Of Significant Accounting Policies - Summary Of Balance Of The Company's Warranty Reserve (Detail)
Summary Of Significant Accounting Policies - Summary Of Cash Equivalents And Short-Term Investments (Details)
Summary Of Significant Accounting Policies - Summary Of Changes In Fair Value Of The Derivative Warrant Liabilities (Detail)
Summary Of Significant Accounting Policies - Summary Of Fair Value Hierarchy Of The Valuation (Detail)
Summary Of Significant Accounting Policies -Schedule Of Estimated Future Life Of Property (Details)
Ticker: MKFG
CIK: 1816613
Form Type: 10-K Annual Report
Accession Number: 0000950170-23-008640
Submitted to the SEC: Fri Mar 17 2023 4:07:23 PM EST
Accepted by the SEC: Fri Mar 17 2023
Period: Saturday, December 31, 2022
Industry: Computer Peripheral Equipment

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