3D printing company Markforged’s revenue increased to $101 million in 2022

3D printer manufacturer Markforged increased its revenue by 11% in fiscal 2022, reaching $101 million in sales. The result is all the more significant given that the majority of Markforged’s growth is organic. The company’s fourth-quarter 2022 revenue also increased 11% to $29.7 million, compared with $26.6 million in the fourth quarter of 2021.

“We ended the year strong, with record quarterly revenues, as demand for The Digital Forge continued to grow worldwide despite a challenging operating environment. Supply chain disruption remains a key catalyst for growth, as manufacturers shorten their supply chains through point of need industrial production,” said Shai Terem, President and CEO of Markforged. “We made pivotal progress in 2022 on our strategy to achieve profitable growth. We materially expanded our addressable market organically, through the introduction of the FX20, and inorganically through our successful acquisitions of Teton Simulation and Digital Metal, and we are confident we will see material growth as a result in the coming years. And each step along the way we continued to develop operational efficiencies and implement cost controls to keep us on our path to profitability.”

Financial Highlights for the Fourth Quarter of 2022

• Revenue increased by 11%, to $29.7 million, in the fourth quarter of 2022 from $26.6 million in the fourth quarter of 2021.
• Gross profit decreased 7%, to $13.9 million, in the fourth quarter of 2022 from $15.0 million in the fourth quarter of 2021.
• Gross margin was 47% in the fourth quarter of 2022 compared to 56% in the fourth quarter of 2021.
• Net loss was $10.7 million in the fourth quarter of 2022, compared to net profit of $3.3 million in the fourth quarter of 2021.
• Non-GAAP net loss was a loss of $13.3 million in the fourth quarter of 2022, compared to a loss of $11.2 million in the fourth quarter of 2021.

Financial Highlights for Full-Year 2022

• Revenue increased 11%, to $101.0 million, in 2022 as compared to $91.2 million in 2021.
• Gross profit decreased 4%, to $50.7 million, in 2022 from $52.9 million in 2021.
• Gross margin was 50% in 2022, a decline from 58% in 2021.
• Net loss was $25.4 million in 2022, compared to net profit of $3.9 million in the year prior.
• Non-GAAP net loss was $60.1 million in 2022, compared to a net loss of $35.1 million in 2021.
• Cash, cash equivalents, and short-term investments were $167.9 million as of December 31, 2022.

Reconciliations of the non-GAAP financial measures provided in this press release to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures and how they are calculated is also included under the heading “Non-GAAP Financial Measures.”

Guidance

Markforged anticipates full year 2023 revenues to be within the range of $101.0 million – $110.0 million. This guidance assumes a continuation of the existing global economic uncertainties and challenges but does not assume a deep recession in 2023. Markforged expects to continue to generate strong gross margins, with full year non-GAAP gross margins expected to be in the range of 47% – 49%. Markforged expects operating expenses to decline as a percentage of revenues, including the impact of the two acquisitions we completed in 2022, resulting in a non-GAAP operating loss in the range of $55.0 million – $58.0 million for the year. This translates into non-GAAP EPS results for the full year to be a loss in the range of $0.27 – $0.29 per share.

Find out more about Markforged at markforged.com.