Markforged announces increased revenue in third quarter 2021 results
November 19, 2021
Markforged, Watertown, Massachusetts, USA, has announced its results for the third quarter, ending September 30, 2021. Revenue was reported to have increased by 54% (to $24 million) in the third quarter of 2021 from the third quarter of 2020 and 36% (to $64.6 million) for the nine months ended September 30, 2021, from the same timespan in 2020.
Gross profit grew 47%, to $13.7 million, in the third quarter of 2021 from $9.3 million in the third quarter of 2020 and 44%, to $37.9 million in the year to date. Gross margins were 57% in Q3 2021 compared to 60% in the same quarter of 2020, and up 59% for the year to date.
Net profit from operations was $23.9 million in the Q3 2021, compared to a net loss from operations of $3.7 million in Q3 2020. Net profit from operations was $2.8 million for the year to date compared to a net loss from operations of $14.6 million for the nine months ended September 30, 2020. Adjusted EBITDA (earnings before interest, taxes, depreciation) was a loss of $11.6 million in the third quarter of 2021, compared to a loss of $2.6 million in the third quarter of 2020. Adjusted EBITDA was a loss of $27.6 million for the year to date, compared to a loss of $11.7 million over the same period in 2020.
“I am so proud of our team, who continues to execute successfully on our plans to build the future of distributed manufacturing,” stated Shai Terem, president and CEO. “Our systems sales grew 58% in the third quarter, as compared to the same period last year, which demonstrates the strong demand for our Digital Forge solution. Growth across all geographies and products delivered another strong quarter for our company, with $24 million in revenue – a 54% growth year over year. The supply chain disruptions felt by manufacturers all over the world are amplifying the need for solutions like the Digital Forge, which should translate directly into increasing market adoption and customer penetration and create opportunities for revenue growth.”
The Digital Forge has grown with two software and materials updates intending to enable scaling and expanding of Additive Manufacturing operations. The company also added Eiger Fleet to its software portfolio.
Markforged launched Onyx™ FR-A and Carbon Fiber FR-A, aerospace-ready versions of Onyx FR and Carbon Fiber FR materials, this quarter. These new materials are now said to be undergoing qualification through the National Center for Advanced Materials Performance, with the intention of increasing Markforged’s addressable market by strategically supporting highly regulated industries like aerospace and defence and enabling the wider adoption of AM.
The company also welcomed John Howard as VP of Engineering in the third quarter.
Terem concluded, “Our customers continue to recognise the value of our end-to-end platform and its ability to address mission critical problems at the point of need, overcome the global shortage of parts, and ensure their production line resiliency. We see great opportunities to continue helping our customers reinvent manufacturing today so they can build anything they imagine tomorrow.”
