Markforged posts record first quarter results
May 15, 2023
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.”
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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.