Markforged announces increased revenue in third quarter 2021 results

Companies & MarketsNews
November 19, 2021

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.”

Companies & MarketsNews
November 19, 2021

About Metal Additive Manufacturing magazine

Metal AM magazine, published quarterly in digital and print formats, is read by a rapidly expanding international audience.

Our audience includes component manufacturers, end-users, materials and equipment suppliers, analysts, researchers and more.

In addition to providing extensive industry news coverage, Metal AM magazine is known for exclusive, in-depth articles and technical reports.

Our focus is the entire metal AM process from design to application.

Each issue is available as an easy-to-navigate digital edition and a high-quality print publication.

In the latest issue of Metal AM magazine

Download PDF

Extensive AM industry news coverage, as well as the following exclusive deep-dive articles:

  • Metal powders in Additive Manufacturing: An exploration of sustainable production, usage and recycling
  • Inside Wayland Additive: How innovation in electron beam PBF is opening new markets for AM
  • An end-to-end production case study: Leveraging data-driven machine learning and autonomous process control in AM
  • Consolidation, competition, and the cost of certification: Insight from New York’s AM Strategies 2024
  • Scandium’s impact on the Additive Manufacturing of aluminium alloys
  • AM for medical implants: An analysis of the impact of powder reuse in Powder Bed Fusion

The world of metal AM to your inbox

Don't miss any new issue of Metal AM magazine, and get the latest industry news. Sign up to our twice weekly newsletter.

Sign up

Looking for AM machines, metal powders or part manufacturing services?

Discover suppliers of these and more in our comprehensive advertisers’ index and buyer’s guide, available in the back of Metal AM magazine.

  • AM machines
  • Process monitoring & calibration
  • Heat treatment & sintering
  • HIP systems & services
  • Pre- & post-processing technology
  • Powders, powder production and analysis
  • Part manufacturers
  • Consulting, training & market data
View online

Discover our magazine archive…

The free to access Metal Additive Manufacturing magazine archive offers unparalleled insight into the world of metal Additive Manufacturing from a commercial and technological perspective through:

  • Reports on visits to leading metal AM part manufacturers and industry suppliers
  • Articles on technology and application trends
  • Information on materials developments
  • Reviews of key technical presentations from the international conference circuit
  • International industry news

All past issues are available to download as free PDFs or view in your browser.

Browse the archive

Share via
Copy link
Powered by Social Snap