\nMarkforged Holding Corporation (NYSE: MKFG) (the \u201cCompany\u201d), the company strengthening manufacturing resiliency by enabling industrial production at the point of need, today announced its results from the first quarter ended March 31, 2023.<\/p>\n
Financial Highlights<\/b><\/p>\n \nReconciliations of the non-GAAP financial measures provided in this press release to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures and how they are calculated is also included under the heading \u201cNon-GAAP Financial Measures.\u201d<\/p>\n \n\u201cWe have started the year strong with another record first quarter revenues and the largest pipeline in our company\u2019s 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,\u201d said Shai Terem, President and CEO of Markforged. \u201cWe 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.\u201d<\/p>\n Business Highlights<\/b><\/p>\n Guidance<\/b><\/p>\n \nMarkforged is reiterating its full year 2023 guidance given continued macro uncertainties. Revenues are expected to be within the range of $101.0 million – $110.0 million. Markforged expects fiscal year 2023 non-GAAP gross margin to remain in the range of 47% – 49% and the company is confident that gross margins will continue to improve toward historical levels, longer-term. The company continues to expect the cost disciplines it exerts over operating expenses to result in a decline in 2023 operating expenses as a percentage of revenue, compared to 2022. Non-GAAP operating loss is expected to be in the range of $55.0 million – $58.0 million for the year, a loss in the range of $0.27 – $0.29 per share.<\/p>\n Conference Call and Webcast Information<\/b><\/p>\n \nThe Company will host a webcast and conference call at 5:00 p.m. ET today, Thursday, May 11, to discuss the results.<\/p>\n \nParticipants may access the earnings press release, related materials and the audio webcast by visiting the investors section of the Company’s website at https:\/\/investors.markforged.com\/<\/a><\/p>\n \nTo participate in the call, please dial 1-877-407-9039 or 1-201-689-8470 ten minutes before the scheduled start.<\/p>\n \nFor those unable to listen to the live conference call, a replay will be available on the Company’s website and telephonically till Thursday May 25, 2023, 11:59 PM ET by dialing 1-844-512-2921 or 1-412-317-6671, passcode 13737741.<\/p>\n About Markforged<\/b><\/p>\n \nMarkforged (NYSE:MKFG) is enabling more resilient and flexible supply chains by bringing industrial 3D printing right to the factory floor. Our additive manufacturing platform The Digital Forge allows manufacturers to create strong, accurate parts in both metal and advanced composites. With over 10,000 customers in 70+ countries, we\u2019re bringing on-demand industrial production to the point of need. We are headquartered in Waltham, Mass where we design the hardware, software and advanced materials that makes The Digital Forge reliable and easy to use. To learn more, visit www.markforged.com<\/a>.<\/p>\n Non-GAAP Financial Measures<\/b><\/p>\n \nIn addition to our financial results determined in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d), we believe that non-GAAP gross margin, non-GAAP operating profit (loss), and non-GAAP earnings per share, each a non-GAAP financial measure, is useful in evaluating the performance of our business.<\/p>\n \nThese non-GAAP measures have limitations as an analytical tool. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that the non-GAAP financial measures we use may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies, including other companies in our industry.<\/p>\n \nWe recommend that you review the reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures provided in the financial statement tables included below in this press release, and that you not rely on any single financial measure to evaluate our business. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.<\/p>\n \nInvestors should note that beginning with the second quarter of 2022, we have modified the presentation of \u201cnon-recurring costs\u201d included in non-GAAP gross margin, non-GAAP operating profit (loss), non-GAAP net profit (loss) and non-GAAP earnings per share metrics to include certain non-recurring litigation costs. Beginning with the fourth quarter of 2022, we modified the presentation to remove the impact of the amortization of our intangible assets. We use these metrics to provide an understanding of the results of our core business performance and believe these litigation and amortization costs are not indicative of the performance of our core business\u2019 operations. This change increases \u201cnon-recurring costs” by $0.6 million in the first quarter of 2022. The exclusion of amortization does not impact non-GAAP net profit (loss) for the quarter ended March 31, 2022. To conform to the current period\u2019s presentation, we have included non-recurring litigation costs as \u201cnon-recurring costs\u201d when presenting the foregoing non-GAAP figures for the year to date period.<\/p>\n \nThe following are the non-GAAP financial measures referenced in this press release and presented in the tables below:<\/p>\n Special Note Regarding Forward-Looking Statements<\/b><\/p>\n \nThis press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: \u201cmay,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cstrategy,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201congoing,\u201d \u201copportunity\u201d or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although Markforged believes that it has a reasonable basis for each forward-looking statement contained in this press release, Markforged cautions you that these statements are based on a combination of facts and factors currently known by it and its projections of the future, about which it cannot be certain. Forward-looking statements in this press release include, but are not limited to, future growth rate, revenue, gross profit margin and earnings guidance; the impact of infrastructure investments; timing for achieving profitability; our ability to fulfill orders for our products in a timely fashion in the future; expected growth of the size of and opportunity to increase our addressable market; the timing of launches and the rate and extent of adoption of our products, including, but not limited to, our most recently introduced products; market trends in the manufacturing industry; the effects of macroeconomic factors; and the benefits to consumers, functionality and applications of Markforged\u2019s products. Markforged cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, general economic, political and business conditions; the ability of Markforged to maintain its listing on the New York Stock Exchange; the effect of COVID-19 on Markforged\u2019s business and financial results; the outcome of any legal proceedings against Markforged; and those factors discussed under the header \u201cRisk Factors\u201d in Markforged\u2019s most recent periodic and other filings with the SEC. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that Markforged will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent Markforged\u2019s views as of the date of this press release. Markforged anticipates that subsequent events and developments will cause its views to change. However, while Markforged may elect to update these forward-looking statements at some point in the future, Markforged has no current intention of doing so except to the extent required by applicable law. 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\n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(21,152<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n189<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n693<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n808<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24,896<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(204<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(219<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1,691<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(19,018<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,238<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(19,019<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,239<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n195,369,245<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n186,383,312<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n195,369,245<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n191,100,683<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(0.10<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.02<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(0.10<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.02<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(19,019<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,239<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(50<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n158<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(18,911<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,239<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(19,019<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,239<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n4,356<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,422<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(189<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(693<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(808<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24,896<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n277<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2,081<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,047<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(13,302<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(14,881<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1<\/sup> Non-recurring costs primarily relate to litigation expenses. 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n301<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n115<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n520<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n848<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1,147<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,419<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n4,746<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,087<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n6,413<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,354<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n6,714<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,469<\/p>\n<\/td>\n<\/tr>\n\n
\n
\n
\n
\n \u00a0<\/td>\n<\/tr>\n \n MARKFORGED HOLDING CORPORATION<\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/td>\n<\/tr>\n \n As of March 31, 2023 and December 31, 2022<\/b><\/td>\n<\/tr>\n \n (In thousands, except share data and par value amounts) (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n March 31,
2023<\/b><\/td>\n\n December 31,
2022<\/b><\/td>\n<\/tr>\n\n Assets<\/b><\/td>\n \n <\/tr>\n \n Current assets<\/td>\n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n \n Short-term investments<\/td>\n \n \n \n \n \n \n \n \n \n Accounts receivable, net of allowance for expected credit losses ($768 and $971, respectively)<\/td>\n \n \n \n \n \n \n \n \n \n Inventory<\/td>\n \n \n \n \n \n \n \n \n \n Prepaid expenses<\/td>\n \n \n \n \n \n \n \n \n \n Other current assets<\/td>\n \n \n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n \n \n Property and equipment, net<\/td>\n \n \n \n \n \n \n \n \n \n Goodwill<\/td>\n \n \n \n \n \n \n \n \n \n Intangible assets<\/td>\n \n \n \n \n \n \n \n \n \n Right-of-use assets<\/td>\n \n \n \n \n \n \n \n \n \n Other assets<\/td>\n \n \n \n \n \n \n \n \n \n Total assets<\/td>\n \n \n \n \n \n \n \n \n \n Liabilities and Stockholders\u2019 Equity<\/b><\/td>\n \n <\/tr>\n \n Current liabilities<\/td>\n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n \n \n Accrued expenses<\/td>\n \n \n \n \n \n \n \n \n \n Deferred revenue<\/td>\n \n \n \n \n \n \n \n \n \n Operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Long-term deferred revenue<\/td>\n \n \n \n \n \n \n \n \n \n Deferred rent<\/td>\n \n \n \n \n \n \n \n \n \n Contingent earnout liability<\/td>\n \n \n \n \n \n \n \n \n \n Long-term operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Other liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Total liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Commitments and contingencies<\/td>\n \n \n \n <\/tr>\n \n Stockholders\u2019 equity<\/td>\n \n \n \n <\/tr>\n \n Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2023 and December 31, 2022; 195,643,620 and 194,560,946 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively<\/td>\n \n \n \n \n \n \n \n \n \n Additional paid-in capital<\/td>\n \n \n \n \n \n \n \n \n \n Accumulated deficit<\/td>\n \n \n \n \n \n \n \n \n \n Accumulated other comprehensive income<\/td>\n \n \n \n \n \n \n \n \n \n Total stockholders\u2019 equity<\/td>\n \n \n \n \n \n \n \n \n \n Total liabilities and stockholders\u2019 equity<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n MARKFORGED HOLDING CORPORATION<\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/td>\n<\/tr>\n \n For the Three Months Ended March 31, 2023 and 2022<\/b><\/td>\n<\/tr>\n \n (In thousands, except share data and per share data) (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Three Months Ended March 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n Revenue<\/td>\n \n \n \n \n \n \n \n \n Cost of revenue<\/td>\n \n \n \n \n \n \n \n \n Gross profit<\/td>\n \n \n \n \n \n \n \n \n Operating expenses<\/b><\/td>\n \n \n <\/tr>\n \n Sales and marketing<\/td>\n \n \n \n \n \n \n \n \n Research and development<\/td>\n \n \n \n \n \n \n \n \n General and administrative<\/td>\n \n \n \n \n \n \n \n \n Total operating expenses<\/td>\n \n \n \n \n \n \n \n \n Loss from operations<\/b><\/td>\n \n \n \n \n \n \n \n \n Change in fair value of warrant liabilities<\/td>\n \n \n \n \n \n \n \n \n Change in fair value of contingent earnout liability<\/td>\n \n \n \n \n \n \n \n \n Other expense<\/td>\n \n \n \n \n \n \n \n \n Interest income<\/td>\n \n \n \n \n \n \n \n \n Profit (loss) before income taxes<\/b><\/td>\n \n \n \n \n \n \n \n \n Income tax benefit<\/td>\n \n \n \n \n \n \n \n \n Net (loss) profit<\/b><\/td>\n \n \n \n \n \n \n \n \n Weighted average shares outstanding – basic<\/td>\n \n \n \n \n \n \n \n \n Weighted average shares outstanding – diluted<\/td>\n \n \n \n \n \n \n \n \n Net profit (loss) per share – basic<\/td>\n \n \n \n \n \n \n \n \n Net profit (loss) per share – diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n <\/tr>\n \n MARKFORGED HOLDING CORPORATION<\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED STATEMENTS OF<\/b><\/td>\n<\/tr>\n \n COMPREHENSIVE INCOME (LOSS)<\/b><\/td>\n<\/tr>\n \n For the Three Months Ended March 31, 2023 and 2022<\/b><\/td>\n<\/tr>\n \n (In thousands) (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Three Months Ended March 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n Net (loss) profit<\/td>\n \n \n \n \n \n \n \n Other comprehensive income, net of taxes:<\/td>\n \n \n <\/tr>\n \n Unrealized (loss) on available-for-sale marketable securities, net<\/td>\n \n \n \n \n \n \n \n Foreign currency translation adjustment<\/td>\n \n \n \n \n \n \n \n Total comprehensive (loss) income<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n <\/tr>\n \n MARKFORGED HOLDING CORPORATION<\/b><\/td>\n<\/tr>\n \n RECONCILIATION OF GAAP TO NON-GAAP MEASURES<\/b><\/td>\n<\/tr>\n \n For the Three Months Ended March 31, 2023 and 2022<\/b><\/td>\n<\/tr>\n \n (In thousands) (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u200b<\/b><\/td>\n Three Months Ended
March 31,<\/b><\/td>\n<\/tr>\n\n \n \u200b<\/b><\/td>\n \n \n \n \n \n \n \n \n Net profit (loss) and comprehensive income (loss)<\/td>\n \u200b<\/td>\n \n \n \n \n \n \n \n \n Stock compensation expense<\/td>\n \u200b<\/td>\n \n \n \n \n \n \n \n \n Change in fair value of warrant liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Change in fair value of contingent earnout liability<\/td>\n \n \n \n \n \n \n \n \n \n Amortization<\/td>\n \n \n \n \n \n \n \n \n \n Non-recurring costs1<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n Non-GAAP net loss 2<\/sup><\/b><\/td>\n \u200b<\/td>\n \n \n \n \n \n \n \n
\n
2 <\/sup>Stock-based compensation expense, amortization, and non-recurring costs were included in the following GAAP consolidated statement of operations categories:<\/p>\n\n
\n \n \n Three Months Ended March 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n Cost of revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Sales and marketing<\/td>\n \n \n \n \n \n \n \n Research and development<\/td>\n \n \n \n \n \n \n \n General and administrative<\/td>\n \n \n \n \n \n \n \n Total operating expense<\/td>\n \n \n \n \n \n \n \n Total adjustments<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230511005722\/en\/1768967\/3\/Markforged_logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n