Markforged Announces Third Quarter 2024 Results
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MARKFORGED HOLDING CORPORATION | |
CONSOLIDATED STATEMENTS OF OPERATIONS | |
For the Three and Nine Months Ended September 30, 2024 and 2023 | |
(In thousands, except share data and per share data) | | | | | | | | | | | |
Three Months Ended
September 30, | |
Nine Months Ended
September 30, | | | |
2024 | | | |
2023 | | | |
2024 | | | |
2023 | | | Revenue | $ | 20,484 | | | $ | 20,075 | | | $ | 62,719 | | | $ | 69,614 | | | Cost of revenue | | 10,441 | | | | 10,907 | | | | 31,665 | | | | 36,891 | | | Gross profit | | 10,043 | | | | 9,168 | | | | 31,054 | | | | 32,723 | | |
Operating expenses | | | | | | | | | Sales and marketing | | 8,144 | | | | 8,194 | | | | 24,514 | | | | 28,436 | | | Research and development | | 7,850 | | | | 9,724 | | | | 26,845 | | | | 30,390 | | | General and administrative | | 11,162 | | | | 12,202 | | | | 33,661 | | | | 36,450 | | | Goodwill impairment | | — | | | | 29,467 | | | | — | | | | 29,467 | | | Litigation judgment | | 423 | | | | — | | | | 17,723 | | | | — | | | Total operating expenses | | 27,579 | | | | 59,587 | | | | 102,743 | | | | 124,743 | | |
Loss from operations | | (17,536 | ) | | | (50,419 | ) | | | (71,689 | ) | | | (92,020 | ) | | Change in fair value of derivative liabilities | | 63 | | | | (94 | ) | | | 189 | | | | 220 | | | Change in fair value of contingent earnout liability | | (7,408 | ) | | | (2,502 | ) | | | (6,274 | ) | | | (2,509 | ) | | Other income (expense), net | | 471 | | | | (55 | ) | | | 252 | | | | (277 | ) | | Interest expense | | (169 | ) | | | (127 | ) | | | (493 | ) | | | (243 | ) | | Interest income | | 1,021 | | | | 1,602 | | | | 3,651 | | | | 4,870 | | |
Loss before income taxes | | (23,558 | ) | | | (51,595 | ) | | | (74,364 | ) | | | (89,959 | ) | | Income tax (benefit) expense | | (188 | ) | | | (233 | ) | | | (650 | ) | | | (590 | ) | |
Net loss | $ | (23,370 | ) | | $ | (51,362 | ) | | $ | (73,714 | ) | | $ | (89,369 | ) | | Weighted average shares outstanding - basic and diluted | | 20,330,917 | | | | 19,741,014 | | | | 20,129,099 | | | | 19,639,131 | | | Net loss per share - basic and diluted | $ | (1.15 | ) | | $ | (2.60 | ) | | $ | (3.66 | ) | | $ | (4.55 | ) | | | | | | | | | | | | | | | | | | |
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