MARKFORGED, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of June 30, 2021 and December 31, 2020 (In thousands, except share data and par value amounts) (Unaudited)
|
|
June 30,
|
|
|
December 31,
|
|
||
Assets |
|
|
|
|||||
Current assets |
|
|
|
|||||
Cash and cash equivalents |
|
$ |
33,144 |
|
|
$ |
58,715 |
|
Accounts receivable, net |
|
|
17,567 |
|
|
|
16,601 |
|
Inventory |
|
|
7,926 |
|
|
|
6,553 |
|
Prepaid expenses |
|
|
1,691 |
|
|
|
1,496 |
|
Other current assets |
|
|
814 |
|
|
|
1,373 |
|
Total current assets |
|
|
61,142 |
|
|
|
84,738 |
|
Property and equipment, net |
|
|
4,480 |
|
|
|
4,281 |
|
Deferred transaction costs |
|
|
4,884 |
|
|
|
— |
|
Other assets |
|
|
645 |
|
|
|
584 |
|
Total assets |
|
$ |
71,151 |
|
|
$ |
89,603 |
|
| Liabilities, Convertible Preferred Stock, and Stockholders’ Deficit |
|
|
|
|||||
| Current liabilities |
|
|
|
|||||
| Accounts payable |
|
$ |
6,340 |
|
|
$ |
3,369 |
|
| Accrued expenses |
|
|
8,432 |
|
|
|
8,168 |
|
| Deferred revenue |
|
|
5,192 |
|
|
|
6,196 |
|
| Other current liabilities |
|
|
331 |
|
|
|
300 |
|
| Total current liabilities |
|
|
20,295 |
|
|
|
18,033 |
|
| Long-term debt |
|
|
— |
|
|
|
5,022 |
|
| Long-term deferred revenue |
|
|
2,820 |
|
|
|
2,905 |
|
| Deferred rent |
|
|
1,483 |
|
|
|
1,073 |
|
| Other liabilities |
|
|
— |
|
|
|
545 |
|
| Total liabilities |
|
|
24,598 |
|
|
|
27,578 |
|
| Commitments and contingencies (Note 12) |
|
|
|
|
|
|
||
| Convertible preferred stock (Note 8) |
|
|
137,952 |
|
|
|
137,497 |
|
| Stockholders’ deficit |
|
|
|
|
|
|
||
| Common stock, $0.00001 par value; 183,300,000 shares authorized at June 30, 2021 and December 31, 2020; 42,537,176 and 41,491,257 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively |
|
|
— |
|
|
|
— |
|
| Additional paid-in capital |
|
|
10,724 |
|
|
|
5,542 |
|
| Treasury stock, 507,722 shares at cost at June 30, 2021 and December 31, 2020 |
|
|
(1,450 |
) |
|
|
(1,450 |
) |
| Accumulated deficit |
|
|
(100,673 |
) |
|
|
(79,564 |
) |
| Total stockholders’ deficit |
|
|
(91,399 |
) |
|
|
(75,472 |
) |
| Total liabilities, convertible preferred stock, and stockholders’ deficit |
|
$ |
71,151 |
|
|
$ |
89,603 |
|
| MARKFORGED, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Three and Six Months Ended June 30, 2021 and 2020 (In thousands, except share data) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
| Revenue |
$ |
20,419 |
|
|
$ |
14,174 |
|
|
$ |
40,539 |
|
|
$ |
31,875 |
|
|
| Cost of revenue |
|
8,496 |
|
|
|
6,720 |
|
|
|
16,435 |
|
|
|
14,997 |
|
|
| Gross profit |
|
11,923 |
|
|
|
7,454 |
|
|
|
24,104 |
|
|
|
16,878 |
|
|
| Operating expense |
|
|
|
|
|
|
|
|
|
|
|
|||||
| Sales and marketing |
|
8,255 |
|
|
|
5,296 |
|
|
|
15,312 |
|
|
|
11,761 |
|
|
| Research and development |
|
6,444 |
|
|
|
4,206 |
|
|
|
11,703 |
|
|
|
8,852 |
|
|
| General and administrative |
|
7,959 |
|
|
|
3,623 |
|
|
|
16,822 |
|
|
|
7,250 |
|
|
| Total operating expense |
|
22,658 |
|
|
|
13,125 |
|
|
|
43,837 |
|
|
|
27,863 |
|
|
| Loss from operations |
|
(10,735 |
) |
|
|
(5,671 |
) |
|
|
(19,733 |
) |
|
|
(10,985 |
) |
|
| Other (expense) income, net |
|
(345 |
) |
|
|
10 |
|
|
|
(1,368 |
) |
|
|
23 |
|
|
| Interest expense |
|
(5 |
) |
|
|
(20 |
) |
|
|
(9 |
) |
|
|
(29 |
) |
|
| Interest income |
|
1 |
|
|
|
21 |
|
|
|
3 |
|
|
|
144 |
|
|
| Loss before income taxes |
|
(11,084 |
) |
|
|
(5,660 |
) |
|
|
(21,107 |
) |
|
|
(10,847 |
) |
|
| Income tax expense |
6 |
|
|
29 |
|
|
2 |
|
|
|
87 |
|
|
|||
| Net loss and comprehensive loss |
$ |
(11,090 |
) |
|
$ |
(5,689 |
) |
|
$ |
(21,109 |
) |
|
$ |
(10,934 |
) |
|
| Weighted average shares outstanding basic and diluted |
|
41,853,841 |
|
|
|
39,980,784 |
|
|
|
41,638,004 |
|
|
|
39,856,193 |
|
|
| Basic and diluted net loss per common share |
$ |
(0.26 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.27 |
) |
|
| MARKFORGED, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES For the Three and Six Months Ended June 30, 2021 and 2020 (In thousands, except share data) (Unaudited) |
||||||||
| |
|
Three Months Ended June 30, |
||||||
| |
|
2021 |
|
|
2020 |
|
||
| Total Revenue |
|
$ |
20,419 |
|
$ |
14,174 |
|
|
| Gross Profit |
|
|
11,923 |
|
|
7,454 |
|
|
| Gross Margin % |
|
|
58 |
% |
|
53 |
% |
|
| Operating Expenses |
|
|
22,658 |
|
|
13,125 |
|
|
| Operating Loss |
|
|
(10,735 |
) |
|
(5,671 |
) |
|
| Other Income (Expense) |
|
(345 |
) |
|
10 |
|
||
| Depreciation & Amortization |
|
411 |
|
|
456 |
|
||
| EBITDA |
|
(10,669 |
) |
|
(5,205 |
) |
||
| Stock-Based Compensation |
|
|
1,777 |
|
|
503 |
|
|
| Adjusted EBITDA |
$ |
(8,892 |
) |
$ |
(4,702 |
) |
||
