Markforged releases second quarter 2021 results
August 13, 2021
Markforged, Watertown, Massachusetts, USA, has announced the results from its second quarter ending June 30, 2021. The figures are said to reaffirm previously provided guidance for a 2021 total annual revenue of $87.6 million, gross profit margin of 58% and adjusted EBITDA loss of $37 million.
“We are pleased with our results as we look to continue to build momentum for the remainder of the year,” said Shai Terem, president and CEO. “The Digital Forge is helping solve critical manufacturing and supply chain challenges for our customers. We launched new key products and software updates this quarter as part of our strategy to meet the growing demand for our solutions. Our recent debut on the New York Stock Exchange energised and motivated our talented and hardworking team, and I look forward to seeing what we will accomplish together in the remainder of 2021.”
Revenue increased by 44.1% to $20.4 million in the second quarter of 2021, up from $14.2 million in the second quarter of 2020. Gross profit grew 60% to $11.9 million in the second quarter of 2021, from $7.5 million in the same quarter of the previous year. Gross margins expanded to 58% in the second quarter of 2021 compared to 53% in Q2 2020.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) was ($10.7) million in the second quarter of 2021. Adjusted EBITDA was ($8.9) million in the second quarter of 2021 compared to ($4.7) million in the second quarter of 2020. Adjusted EBITDA includes non-recurring litigation; audit, legal and other expenses associated with the SPAC transaction; and other transitional 2021 public company expenses of $0.9 million and $0.3 million for the three months ending June 30, 2021 and 2020 respectively.
In the second quarter, Markforged launched products aimed at enhancing the Digital Forge to enable customers to better solve manufacturing and supply chain problems directly at the point of need. Metal X Gen 2, Next Day Metal and X7 Field Edition aimed to improve the speed, user experience, and allow users the ability to additively manufacture anywhere. The introduction of the FX20 – the company’s biggest, fastest, and most sophisticated AM machine – is intended to move the Digital Forge into robust production of high-strength, higher-performance parts for those operating in demanding and regulated industries like aerospace, defence, and automotive.