Markforged, Watertown, Massachusetts, USA, has announced its results for the first quarter, ending March 31, 2021. Markforged expects to complete its previously announced merger with one (NYSE: AONE) later this summer, whereupon it will be listed on the New York Stock Exchange as MKFG.
The company reported revenue increased by 14.7% to $20.3 million in the first quarter of 2021, compared to $17.7 million in the same period in 2020. Gross profits also grew 31.9%, from $9.4 million in Q1 2020 to $12.4 million in the same quarter of 2021. This is largely attributed to increased revenue and cost reductions achieved via operational efficiencies.
Gross margins also expanded to 61% in the first quarter of 2021 versus 53% in the first quarter of 2020.
“We are pleased with our results from the first quarter of the year, building on our strong momentum from 2020,” stated Shai Terem, Markforged’s president and Chief Executive Officer. “These results reflect the growing demand for our unique Digital Forge platform and the strength of our partners and team.”
“Earlier this year, we achieved an important milestone with the release of our AI-powered Blacksmith software. Blacksmith inspects parts in real time while printing and learns through AI to streamline workflow and give manufacturers accurate, repeatable parts on our Markforged X7 printers. We continue to add deep industry expertise to our sales channels through the addition of global partners such as Phillips Corporation, a manufacturing-focused reseller with a strong Haas footprint.”
“The addition of seasoned leaders such as Mark Schwartz, our Chief Financial Officer, and Ken Clayton, our SVP, Global Sales, speaks volumes to our ability to scale and meet the requirements of our customers, partners and investors. We’re committed to continuing to accelerate product innovation and expand customer adoption as we finalise the merger transaction with one and begin trading under the Markforged ticker MKFG,” Terem concluded.