Markforged announces Q3 2022 results reporting a slight increase in revenues

Markforged today announced its results for the third quarter ended September 30, 2022. Revenues increased 5% to $ 25.2 million compared to $ 24 million in the third quarter of 2021. Net loss was -23 million dollars compared to +21 . $ 7 million in net profit last year. While the financial loss is largely due to the acquisition of Digital Metal, the much worse news is that the current + 5% year-on-year quarterly growth looks really weak when you consider that the growth between Q3 2021 and Q3 2020 was + 53.8% …

Markforged has updated its financial forecasts for 2022 to reflect the forecast for the current fiscal year, which takes into account current market conditions. The company expects fourth-quarter revenue to be in the range of $ 28 million to $ 32 million, which would result in total revenue for 2022 close to the lower end of the range previously stated. At the moment, Markforged’s financial stability is unwavering – cash and cash equivalents totaled $ 181.8 million as of September 30, 2022.

On the good news – the latest Markforged 3D printer – FX20, according to the manufacturer, generates unprecedented interest, and the orders continue to exceed his expectations. At the same time, problems with the supply of parts worldwide meant Markforged was unable to meet the demand for the FX20, and the cost of its production exceeded the company’s earlier estimates.

Markforged also completed its acquisition of Digital Metal in the third quarter. The addition of Binder Jetting technology in the area of ​​3D metal printing to the offer expands the range and sales prospects.

Source: www.markforged.com