Markforged’s Q2 results exceed expectations

August 19, 2022

Markforged, Watertown, Massachusetts, USA, has announced its results for the second quarter ended June 30, 2022. Revenue increased by 19% to $24.2 million in the second quarter of 2022, up from $20.4 million in Q2 2021. Net profit (loss) was a profit of $4.1 million in the second quarter of 2022, compared to a net loss of $11.1 million year over year.

“Demand for The Digital Forge continues to grow. Our customers realise the value of our additive solutions as they solve for a growing number of applications with high-quality parts right at the point of need, especially in the current global environment racked with supply chain challenges,” stated Shai Terem, president.

“We continue to make great strides in executing on our strategy thanks to great efforts from our talented team. We feel very confident in our long-term opportunity to extend our leadership position in distributed manufacturing as our product portfolio grows and evolves. The pending acquisition of Digital Metal, coupled with our organic product innovation engine, will continue to expand our addressable market and help our customers solve even more industrial manufacturing challenges.”

Gross margin was 53% in the second quarter of 2022 compared to 58% Q2; non-GAAP gross margin was 54% versus 59%. GAAP earnings per share was a profit of $0.02 for the second quarter of 2022, compared to a loss of $0.28 in the second quarter of 2021. Cash and cash equivalents were $243.2 million as of June 30, 2022.

The sales for the Digital Forge remained strong across products and continued to grow for Markforged’s newest Additive Manufacturing machine, the FX20. Global orders for the FX20, in particular, were said to have exceeded the company’s expectations.

“Our customers realise the value of The Digital Forge and, while our pipeline continues to grow, we have started to see the impact of the uncertainty created by global macroeconomic conditions,” added Mark Schwartz, Chief Financial Officer. “Our sales cycles are growing longer due to customers’ hesitation to commit to capital expenses in this current environment. We are therefore adjusting our guidance accordingly. Our confidence in our medium- to long-term outlook has not changed.”

www.markforged.com

In the latest issue of PIM International…

Download PDF

Extensive MIM, CIM industry and sinter-based AM industry news, plus the following exclusive deep-dive articles and reports:

  • Global Markets for Metal Injection Moulding: Data and insight from World PM2022 and beyond
  • HP Metal Jet: Growing momentum and new applications as Binder Jetting comes of age
  • Sintex: Exploring the full flexibility of metal powder-based processes for corrosion-resistant applications
  • Tritone’s MoldJet: The definition-defying AM technology advancing steadily toward commercialisation
  • The metal powder-based processing of titanium: MIM and AM-related highlights from the PMTi2022 conference
  • Opening the door to MIM parts: A case study on the conversion of die cast door hinges

The latest news from the MIM, CIM and sinter-based AM industries

Don't miss any new issue of PIM International, and stay up to date with the latest industry news. Sign up to our fortnightly newsletter.

Sign up

News from the industry…

    Discover our magazine archive…

    The free-to-access PIM International magazine archive offers unparalleled insight into the world of MIM, CIM and sinter-based AM from a commercial and technological perspective through:

    • Reports on visits to leading 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 suppliers of materials, production equipment and finished MIM, CIM or sinter-based AM parts?

    Discover suppliers of these and more in our advertisers’ index and buyer’s guide, available in the back of PIM International.

    • Metal powders
    • MIM, CIM & AM parts producers
    • Binders & feedstocks
    • Feedstock mixers
    • Furnaces & furnace supplies
    • Atmospheres & gas generation
    • HIP systems & services
    • Injection moulding machines
    • AM technology
    • Debinding systems
    Download PDF
    Share via
    Copy link
    Powered by Social Snap