Markforged Holding Corporation (NYSE: MKFG), Watertown, Massachusetts, USA, has announced its results for the first quarter ended March 31, 2022, reporting an increase in revenue to $21.9 million, up 8.6% on Q1 2021 figures. Net profit for the quarter was reported to be $4.2 million, compared to a net loss of $10.0 million in the first quarter of 2021.
The company’s president and CEO stated, Shai Terem, stated, “Markforged is a differentiated player in Additive Manufacturing. We bring a strong balance sheet and a track record of execution to our industry. Our focus on high-value, end-use manufacturing applications, printed at the point of need, solves for today’s extreme supply chain challenges, resulting in a growing install base and leading gross margins. We are accelerating organic product innovation as planned and increasing our addressable market. I’m so proud of our team for their execution against our plan.”
“We also applaud the Biden administration’s Additive Manufacturing Forward initiative, announced earlier this month, which we believe will help accelerate adoption of additive technologies and create more agile and resilient supply chains. Markforged is excited to be part of this important initiative to help strengthen American manufacturing,” added Terem.
Subsequent to the quarter-end, Markforged completed its acquisition of cloud-native software provider Teton Simulation Software. Teton’s SmartSlice™ technology will be integrated into Markforged’s Eiger software as a subscription add-on, enabling customers to optimise and validate advanced composite parts for the most demanding production applications
Markforged reaffirmed its full-year 2022 guidance. Revenue is expected to be within the range of $114-123 million, and non-GAAP gross margins are expected to be within the range of 55%-57%.