Markforged – a leading manufacturer of industrial 3D printers for high-performance plastics and metals, has announced financial results for 2022. The company’s revenue increased by +11% to USD 101 million. Gross profit fell -4% to $50.7 million and gross margin on products was 50% compared to 58% in 2021. The total net loss was -$25.4 million, compared to a net profit of $3.9 million a year earlier. This was the result of several acquisitions of other companies that took place last year. At the same time, the company’s financial position is very good, as cash, cash equivalents and short-term investments amounted to USD 167.9 million at the end of last year.
Markforged performed best in the APAC and EMEA regions with revenue growth of +36% in EMEA and +20% in APAC year-on-year. Last year, Markforged began commercializing the FX20 3D printer – its largest solution for the production of parts with high industrial strength and heat resistance. Demand for the FX20 exceeded the manufacturer’s expectations…
In 2022, Markforged made two successful acquisitions – Teton Simulation and Digital Metal, whose products are expected to increase the company’s market opportunities in 2023 and beyond. Last November, Markforged integrated Teton technology into its own The Digital Forge software using Eiger Simulation and released a free beta to all of its customers. Customer response has been positive and thousands of reports have been registered so far. The company intends to offer the program as part of a multi-tiered software subscription offering it plans to launch later this year.
Markforged met its operating cost target in Q4 2022, and has removed nearly $20 million from its cost structure since Q2 2022 following the implementation of its Teton Simulation and Digital Metal acquisitions. The key infrastructure investments the company has made over the past 18 months have started to deliver financial and operational leverage. The Company expects this effect to become even more pronounced in 2023 as it expects cash consumption to decline on the path to profitability.
Markforged projects full-year 2023 revenues to be in the range of $101.0 million – $110.0 million. These guidelines assume the continuation of existing global economic uncertainties and challenges, but do not assume a deep recession in 2023.
Source: www.markforged.com