Markforged posts record first quarter results

May 15, 2023

Markforged acquired Sweden’s Digital Metal in 2022 (Courtesy Markforged/Digital Metal)
Markforged acquired Sweden’s Digital Metal in 2022 (Courtesy Markforged/Digital Metal)

Markforged, Watertown, Massachusetts, USA, has shared its financial report for the first quarter 2023. As of March 31, the company has reported a revenue increase of 10% to $24.1 million, up from $21.9 million in the first quarter of 2022.

Shai Terem, President and CEO of Markforged shared, “We have started the year strong with another record first quarter revenues and the largest pipeline in our company’s history. Demand for the Digital Forge grew across all geographies in Q1, as an increasing number of manufacturers are choosing our metal and composite solutions to solve mission-critical metal applications at the point of need.”

Subscribe to our weekly newsletter
Sign up

Gross profit remained stable generating $11.6 million in both the first quarters of 2023 and 2022. Furthermore, non-GAAP gross profit was $11.9 million in the first quarter of 2023 compared to $11.7 million in the first quarter of 2022.

However, Markforged reported a net loss of $19.0 million in the first quarter of 2023, compared to a net profit of $4.2 million in the first quarter of 2022. Whereas non-GAAP net loss marked a loss of $13.3 million in the first quarter of 2023, compared to a loss of $14.9 million in the first quarter of 2022.

“We believe our Q1 results are a reflection of strong execution of our strategy and an early indicator of the meaningful opportunity for Markforged in the coming quarters as we remain laser focused on margin expansion and driving profitable growth,” Terem concluded.

Download Metal AM magazine

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

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

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
Share via
Copy link
Powered by Social Snap