Markforged holding company said its revenue rose 27% to $91.2 million in fiscal 2021 from $71.9 million in 2020. Gross profit rose 26% to 52.9 million, in 2021, compared to $41.9 million in 2020 and gross margin was 58% 2020. However, net operating loss also increased in Markforged’s 2021 fiscal year, reaching 61 $.0 million (compared to a net operating loss of $17.7 million the previous year). Quarterly revenue (Q4) also increased. The result is all the more significant as the company generated almost as much revenue as its competitor Dekstop Metal after acquiring two major AM companies (and several smaller ones).
“This year has been tremendous growth for Markforged. We have executed the plan we shared a year ago and exceeded our 2021 targets, making Markforged one of the fastest growing organic additive manufacturing companies. , with industry-leading gross margins,” said Shai Terem, President and CEO of Markforged. “Thanks to the hard work of our team, we exceeded our growth targets for both the fourth quarter and the full year. We delivered an organic growth rate of 27% in 2021 as Digital Forge continued to solve manufacturing challenges for customers around the world. Our tightly integrated hardware, software and materials are designed to enable our customers to overcome today’s global supply chain constraints by printing industrial-grade parts for mission-critical applications directly to the point of need.
In 2021, the Company continued to expand the addressable Digital Forge market by introducing 12 new solutions to the platform in the form of printers, software updates and hardware. Most notably, the FX20 with ULTEM 9085 filament with continuous fiber reinforcement has cemented the company’s position as a leader in point-of-need industrial strength parts production. Designed to scale global distributed production, the FX20 enables Markforged customers to take their additive operations to robust production with strong, precise parts that solve demanding end-use applications.
Markforged has also grown its team, nearly doubling in size with around 400 employees to close out 2021, including several key executive hires. The team is focused on developing multiple products concurrently to accelerate the growth of Digital Forge’s addressable market.
“Between the release of expanded new capabilities from Digital Forge and the material increase in FX20 shipment volume expected in the second half of this year, we remain confident in our ability to meet our targets again in 2022,” said Mark. Schwartz. , Financial director.
The company now expects to be able to generate between $114.0 and $123.0 million, representing 30% year-over-year growth in the middle of that range. Taking into account seasonality and FX20 revenue in the second half, Markforged expects 60% to 65% of revenue to be recognized in the second half. Expectations continue to generate industry-leading gross margins, with non-GAAP gross margin for the full year expected to be between 55% and 57%.
Beginning in the first quarter of 2022, Markforged management intends to supplement the reporting of GAAP results with certain non-GAAP results for gross profit, operating profit and earnings per share, intended to provide more insight. off the way the business is run. The company believes this will provide a more meaningful set of data points, for comparison purposes, than previous non-GAAP reports of Adjusted EBITDA.
