Markforged Announces Third Quarter 2024 Results


MARKFORGED HOLDING CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands) (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Net loss	$	(23,370	)	$	(51,362	)	$	(73,714	)	$	(89,369	)
Stock compensation expense		3,142			4,112			9,848			10,158
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
Amortization		392			249			1,141			780
Goodwill impairment		—			29,467			—			29,467
Litigation judgment		423			—			17,723			—
Non-recurring costs1		2,519			1,147			6,360			7,039
Non-GAAP net loss	$	(9,549	)	$	(13,791	)	$	(32,557	)	$	(39,636	)

¹ Non-recurring costs incurred during the three and nine months ended September 30, 2024 and 2023 relate to litigation, severance costs, transaction expenses, and gain on lease termination.

	Three Months Ended September 30,						Nine Months Ended September 30,
Non-GAAP Cost of Revenue		2024			2023			2024			2023
Cost of revenue	$	10,441		$	10,907		$	31,665		$	36,891
Stock compensation expense		28			39			112			201
Amortization		357			214			1,065			660
Non-GAAP Cost of Revenue		10,056			10,654			30,488			36,030

	Three Months Ended September 30,						Nine Months Ended September 30,
Non-GAAP Gross Profit		2024			2023			2024			2023
Gross profit	$	10,043		$	9,168		$	31,054		$	32,723
Stock compensation expense		28			39			112			201
Amortization		357			214			1,065			660
Non-GAAP gross profit		10,428			9,421			32,231			33,584

	Three Months Ended September 30,						Nine Months Ended September 30,
Non-GAAP Sales and Marketing Expenses		2024			2023			2024			2023
Sales and marketing expenses	$	8,144		$	8,194		$	24,514		$	28,436
Stock compensation expense		360			448			1,152			1,423
Amortization		35			35			76			120
Non-recurring costs ¹		313			—			313			—
Non-GAAP sales and marketing expenses		7,436			7,711			22,973			26,893

	Three Months Ended September 30,						Nine Months Ended September 30,
Non-GAAP Research and Development Expenses		2024			2023			2024			2023
Research and development expenses	$	7,850		$	9,724		$	26,845		$	30,390
Stock compensation expense		804			1,195			2,913			3,524
Non-recurring costs ¹		880			—			880			—
Non-GAAP research and development expenses		6,166			8,529			23,052			26,866

	Three Months Ended September 30,						Nine Months Ended September 30,
Non-GAAP General and Administrative Expenses		2024			2023			2024			2023
General and administrative expenses	$	11,162		$	12,202		$	33,661		$	36,450
Stock compensation expense		1,950			2,430			5,671			5,010
Non-recurring costs ¹		2,299			1,147			6,140			7,039
Non-GAAP general and administrative expenses		6,913			8,625			21,850			24,401

	Three Months Ended September 30,						Nine Months Ended September 30,
Non-GAAP Operating Loss		2024			2023			2024			2023
Operating loss	$	(17,536	)	$	(50,419	)	$	(71,689	)	$	(92,020	)
Stock compensation expense		3,142			4,112			9,848			10,158
Amortization		392			249			1,141			780
Goodwill impairment		—			29,467			—			29,467
Litigation judgment		423			—			17,723			—
Non-recurring costs ¹		3,492			1,147			7,333			7,039
Non-GAAP operating loss		(10,087	)		(15,444	)		(35,644	)		(44,576	)

¹ Non-recurring costs incurred during the three and nine months ended September 30, 2024 and 2023 relate to litigation, severance costs, transaction expenses, and gain on lease termination.

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