Markforged reveals 10% increase in revenue amid strong manufacturing resiliency

The new Markforged Global Headquarters in Waltham, Massachusetts. Image credit: Markforged

American additive manufacturing company Markforged has reported that its first quarter results revenue increased by 10 per cent, to $24.1 million (AUD 36 million) from $21.9 million (AUD 32.7 million) in the same period of the prior year. 

Shai Terem, president and CEO of Markforged, said the sales growth is brought about by increasing demand for the Digital Forge across all geographies as more manufacturers opted for the company’s metal and composite solutions to address mission-critical metal applications at the point of need.

“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 remarked. 

Revenue for the FX20 large-format 3D printer continues to surpass the company’s expectations, and the backlog of new orders is expanding as businesses look for production-grade solutions for their manufacturing facilities. 

Markforged said its engineering and operations teams have been working hard to reduce the costs associated with manufacturing the FX20, which is assisting in the sequential growth of gross margin.

The goals of Markforged are still to increase margins and promote profitable growth, according to the company.  

In the first quarter of 2023, GAAP gross margins exceeded 48 per cent and on a non-GAAP basis reached 49 per cent, up from both 47 per cent and 47 per cent, respectively, in the fourth quarter of 2022. 

With a decrease of $3.7 million (AUD 5.5 million), or around 20 per cent, from the first quarter of 2022, net cash utilised in operating operations during the first quarter decreased year over year. 

At the conclusion of the first quarter, Markforged’s new global headquarters in Massachusetts officially opened, consolidating Engineering, Operations, and Product under one roof with Sales, Marketing, and other departments.

The updated consumer product demo room, together with operations and customer experience laboratories, are all part of the new corporate headquarters, which is situated at 60 Tower Road in Waltham.

Over time, it is anticipated that the enthusiasm and energy generated by this renovated environment and the closer, in-person cooperation will result in even greater operational efficiency.

Nonetheless, Markforged maintained its outlook for this year and said it sees revenue of $101 million to $110 million.