Markforged Announces Second Quarter 2024 Results
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MARKFORGED HOLDING CORPORATION | |
CONSOLIDATED STATEMENTS OF OPERATIONS | |
For the Three and Six Months Ended June 30, 2024 and 2023 | |
(In thousands, except share data and per share data) | | | | | | | | | | | |
Three Months Ended June 30, | |
Six Months Ended June 30, | | | |
2024 | | | |
2023 | | | |
2024 | | | |
2023 | | | Revenue | | 21,688 | | | | 25,449 | | | $ | 42,235 | | | $ | 49,539 | | | Cost of revenue | | 10,810 | | | | 13,476 | | | | 21,224 | | | | 25,984 | | | Gross profit | | 10,878 | | | | 11,973 | | | | 21,011 | | | | 23,555 | | |
Operating expenses | | | | | | | | | Sales and marketing | | 8,526 | | | | 9,666 | | | | 16,370 | | | | 20,242 | | | Research and development | | 9,060 | | | | 10,286 | | | | 18,995 | | | | 20,666 | | | General and administrative | | 10,334 | | | | 12,120 | | | | 22,499 | | | | 24,248 | | | Litigation judgment | | — | | | | — | | | | 17,300 | | | | — | | | Total operating expenses | | 27,920 | | | | 32,072 | | | | 75,164 | | | | 65,156 | | |
Loss from operations | | (17,042 | ) | | | (20,099 | ) | | | (54,153 | ) | | | (41,601 | ) | | Change in fair value of derivative liabilities | | 95 | | | | 125 | | | | 126 | | | | 314 | | | Change in fair value of contingent earnout liability | | 1,295 | | | | (817 | ) | | | 1,134 | | | | (7 | ) | | Other expense, net | | (84 | ) | | | (16 | ) | | | (219 | ) | | | (222 | ) | | Interest expense | | (170 | ) | | | (116 | ) | | | (324 | ) | | | (116 | ) | | Interest income | | 1,230 | | | | 1,577 | | | | 2,630 | | | | 3,268 | | |
Loss before income taxes | | (14,676 | ) | | | (19,346 | ) | | | (50,806 | ) | | | (38,364 | ) | | Income tax (benefit) expense | | (278 | ) | | | (358 | ) | | | (462 | ) | | | (357 | ) | |
Net loss | $ | (14,398 | ) | | $ | (18,988 | ) | | $ | (50,344 | ) | | $ | (38,007 | ) | | Weighted average shares outstanding - basic and diluted | | 201,252,969 | | | | 196,372,157 | | | | 200,273,880 | | | | 195,873,471 | | | Net loss per share - basic and diluted | $ | (0.07 | ) | | $ | (0.10 | ) | | $ | (0.25 | ) | | $ | (0.19 | ) | | | | | | | | | |
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