| MARKFORGED HOLDING CORPORATION | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| For the Years Ended December 31, 2022 and 2021 | |||||||
| (In thousands, except share data and per share data) (Unaudited) | |||||||
| Year Ended December 31, | |||||||
|
2022 |
|
|
2021 |
|
||
| Revenue | $ |
100,958 |
|
$ |
91,221 |
|
|
| Cost of revenue |
|
50,252 |
|
|
38,368 |
|
|
| Gross profit |
|
50,706 |
|
|
52,853 |
|
|
| Operating expenses | |||||||
| Sales and marketing |
|
44,975 |
|
|
35,966 |
|
|
| Research and development |
|
42,387 |
|
|
32,155 |
|
|
| General and administrative |
|
50,428 |
|
|
45,772 |
|
|
| Total operating expenses |
|
137,790 |
|
|
113,893 |
|
|
| Loss from operations |
|
(87,084 |
) |
|
(61,040 |
) |
|
| Change in fair value of warrant liabilities |
|
1,485 |
|
|
1,808 |
|
|
| Change in fair value of contingent earnout liability |
|
57,307 |
|
|
63,407 |
|
|
| Other expense |
|
(381 |
) |
|
(265 |
) |
|
| Interest expense |
|
(11 |
) |
|
(16 |
) |
|
| Interest income |
|
2,878 |
|
|
17 |
|
|
| Profit (loss) before income taxes |
|
(25,806 |
) |
|
3,911 |
|
|
| Income tax benefit |
|
(418 |
) |
|
56 |
|
|
| Net profit (loss) | $ |
(25,388 |
) |
$ |
3,855 |
|
|
| Weighted average shares outstanding - basic |
|
189,747,367 |
|
|
108,088,115 |
|
|
| Weighted average shares outstanding - diluted |
|
189,747,367 |
|
|
113,963,424 |
|
|
| Net profit (loss) per share - basic | $ |
(0.13 |
) |
$ |
0.04 |
|
|
| Net profit (loss) per share - diluted |
|
(0.13 |
) |
|
0.03 |
|
|
| MARKFORGED HOLDING CORPORATION | ||||||
| CONDENSED CONSOLIDATED STATEMENTS OF | ||||||
| COMPREHENSIVE INCOME (LOSS) | ||||||
| For the Years Ended December 31, 2022 and 2021 | ||||||
| (In thousands) | ||||||
| Year Ended December 31, | ||||||
|
|
2022 |
|
|
2021 |
||
| Net profit (loss) | $ |
(25,388 |
) |
$ |
3,855 |
|
| Other comprehensive income, net of taxes: | ||||||
| Foreign currency translation adjustment |
|
1,014 |
|
|
— |
|
| Total comprehensive income (loss), net of taxes of $0 | $ |
(24,374 |
) |
$ |
3,855 |
|
| MARKFORGED HOLDING CORPORATION | ||||||||||||||||
| RECONCILIATION OF US GAAP TO NON-GAAP MEASURES | ||||||||||||||||
| For the Years Ended December 31, 2022 and 2021 | ||||||||||||||||
| (In thousands) (Unaudited) | ||||||||||||||||
| | Three Months Ended
December 31, |
| Year Ended
December 31, |
|||||||||||||
| |
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
|||
| Net profit (loss) and comprehensive income (loss) | | $ |
(10,732 |
) |
$ |
3,261 |
|
| $ |
(25,388 |
) |
$ |
3,855 |
|
||
| Stock compensation expense | |
|
2,589 |
|
|
7,535 |
|
|
|
18,209 |
|
|
18,930 |
|
||
| Change in fair value of warrant liabilities |
|
(264 |
) |
|
(1,638 |
) |
|
(1,485 |
) |
|
(1,808 |
) |
||||
| Change in fair value of contingent earnout liability |
|
(6,325 |
) |
|
(20,697 |
) |
|
(57,307 |
) |
|
(63,407 |
) |
||||
| Amortization |
|
104 |
|
|
— |
|
|
146 |
|
|
— |
|
||||
| Non-recurring costs 1 |
|
1,299 |
|
|
377 |
|
|
|
5,719 |
|
|
7,339 |
|
|||
| Non-GAAP net loss 2 | | $ |
(13,329 |
) |
$ |
(11,162 |
) |
| $ |
(60,106 |
) |
$ |
(35,091 |
) |
||
| Three Months Ended December 31, | | Year Ended December 31, | |||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
2021 |
||||
| Cost of revenue | $ |
158 |
|
$ |
297 |
$ |
545 |
$ |
515 |
||||
| Sales and marketing |
|
(348 |
) |
|
1,219 |
|
2,203 |
|
2,395 |
||||
| Research and development |
|
267 |
|
|
1,846 |
|
4,584 |
|
4,614 |
||||
| General and administrative |
|
3,915 |
|
|
4,550 |
|
16,743 |
|
18,745 |
||||
| Total operating expense |
|
3,834 |
|
|
7,615 |
|
23,530 |
|
25,754 |
||||
| Total adjustments | $ |
3,992 |
|
$ |
7,912 |
$ |
24,075 |
$ |
26,269 |
||||
| MARKFORGED HOLDING CORPORATION | ||||||
| DISAGGREGATED REVENUE BY NATURE OF PRODUCTS AND SERVICES | ||||||
| (In thousands) (Unaudited) | ||||||
| Year Ended December 31, | ||||||
| (in thousands) |
|
2022 |
|
2021 |
||
| Hardware | $ |
69,112 |
$ |
64,974 |
||
| Consumables |
|
23,423 |
|
19,567 |
||
| Services |
|
8,423 |
|
6,680 |
||
| Total Revenue | $ |
100,958 |
$ |
91,221 |
||
| MARKFORGED HOLDING CORPORATION | ||||||
| DISAGGREGATED REVENUE BY GEOGRAPHIC LOCATION | ||||||
| (In thousands) (Unaudited) | ||||||
| Year Ended December 31, | ||||||
| (in thousands) |
|
2022 |
|
2021 |
||
| Americas | $ |
46,638 |
$ |
48,516 |
||
| EMEA | $ |
30,185 |
$ |
25,592 |
||
| APAC | $ |
24,135 |
$ |
17,113 |
||
| Total Revenue | $ |
100,958 |
$ |
91,221 |
||
