Markforged Holding Corporation (NYSE: MKFG), maker of the integrated metal and carbon fiber additive manufacturing platform, generated $21.9 million in revenue in the fiscal first quarter, which ended May 31 March 2022. This represents year-over-year growth of 8.6%. , compared to $20.1 million in the first quarter of 2021. Gross margin was 53.1% in the first quarter of 2022 compared to 60.5% in the first quarter of 2021.
“Markforged is a differentiated player in additive manufacturing. We bring a strong balance sheet and track record of execution to our industry. Our focus on high-value, point-of-need, end-use manufacturing applications solves the extreme challenges of today’s supply chain, resulting in a growing install base and leading gross margins. We are accelerating organic product innovation as planned and increasing our potential market. I am so proud of our team for executing against our plan,” said Shai Terem, President and CEO of Markforged. “We also welcome the Biden administration’s Additive Manufacturing Forward initiative, announced earlier this month, which we believe will help accelerate the adoption of additive technologies and create more agile and resilient supply chains. . Markforged is thrilled to be part of this important initiative to strengthen American manufacturing. »
Among the highlights of the quarter, production and delivery of Markforged’s newest printer, the FX20, continued as planned this quarter. The majority of shipments will take place in the second half of the year, but printers already in the field are generating excellent feedback and increased interest. The FX20 will premiere in North America next week at the Rapid+ TCT 2022 show in Detroit.
The company launched Precise PLA in the first quarter as part of our strategy to expand our addressable market. This economical and specialized version of polylactic acid allows our customers to use the Markforged solution for the complete product life cycle, from design to tooling and production.
Subsequent to the end of the quarter, Markforged completed its acquisition of cloud-native software provider Teton Simulation Software. Teton’s SmartSlice™ technology will be integrated with Markforged’s Eiger software as a subscription add-on, allowing customers to optimize and validate advanced composite parts for the most demanding production applications.
As part of Markforged’s long-term growth strategy, the company has made continuous, yet measured, investments to accelerate R&D innovation efforts and expand its go-to-market organization. The Markforged organization grew to over 400 team members this quarter.
Markforged reaffirmed its full-year 2022 guidance. Revenue is expected to be between $114 million and $123 million, and non-GAAP gross margins are expected to be between 55% and 57%. Non-GAAP earnings per share results for the full year are expected to be a loss in the range of $0.28 to $0.31 per share, based on number of shares in outstanding of approximately 187 million shares.
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