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WALTHAM, Mass. - Markforged Holding Corporation (NYSE: MKFG), a company specializing in industrial 3D printing for manufacturing with a market capitalization of $374.9 million, disclosed its financial outcomes for the fourth quarter and full year of 2024. According to InvestingPro data, the company’s stock has declined nearly 19% in the past week, trading near its 52-week low. The firm reported a decrease in quarterly revenue to $22.4 million, down from $24.2 million in the same period the previous year. Despite the dip in revenue, the company saw a reduced net loss of $11.9 million compared to a net loss of $14.2 million in the fourth quarter of 2023.
The company’s gross margin also saw a decline, standing at 44.8% in the fourth quarter of 2024 compared to 48.4% in the same quarter of the previous year. The non-GAAP gross margin, which excludes certain expenses, was reported at 46.4%, a decrease from 49.5% year-over-year.
Operating expenses showed a significant reduction, dropping from $31.1 million in the fourth quarter of 2023 to $25.0 million in the same period of 2024. Non-GAAP operating expenses, which adjust for specific items, were $19.9 million, down from $24.9 million.
For the full year of 2024, Markforged’s revenue was $85.1 million, a decrease from $93.8 million in 2023. The gross margin for the year improved slightly to 48.3% from 47.4%, with the non-GAAP gross margin reaching 50.1%, up from 48.6%. The company used $61.3 million in net cash for operating activities, an increase from $48.9 million in the previous year.
The company’s cash and cash equivalents, including restricted cash, totaled $53.6 million as of December 31, 2024, which was a significant decrease from $116.9 million at the end of 2023. InvestingPro analysis indicates the company is quickly burning through cash, though it maintains a strong current ratio of 28.65 and holds more cash than debt on its balance sheet. Get access to over 15 additional ProTips and comprehensive financial metrics with InvestingPro’s detailed research report.
Markforged’s President and CEO Shai Terem expressed optimism about the adoption of their next-generation product line despite challenging market conditions. Additionally, the company is looking forward to its acquisition by Nano Dimension, which is expected to close by the second quarter of 2025, subject to regulatory approval and other closing conditions. InvestingPro analysis shows Nano Dimension has been aggressively buying back shares and maintains strong liquidity, with analysts anticipating sales growth in the current year.
In light of the pending merger, Markforged will not be hosting an earnings conference call and has not provided forward-looking guidance.
This report is based on a press release statement and includes reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures. Markforged emphasizes that these non-GAAP measures should not be considered in isolation or as a substitute for financial information prepared in accordance with GAAP.
In other recent news, Desktop Metal, Inc. is moving forward with its merger with Nano Dimension following a Delaware Court of Chancery ruling. The court mandated Nano Dimension to finalize the merger, citing a breach of the original agreement. This decision has set a deadline for the merger’s completion, with the possibility of an extension by Desktop Metal. Meanwhile, Nano Dimension has announced a new strategic direction, including a $150 million share repurchase program aimed at improving financial performance. The company provided preliminary revenue figures for the fourth quarter of 2024, reporting approximately $14.6 million in revenue, with a slight annual increase. Nano Dimension also appointed David Stehlin to its board, following Kenneth Traub’s resignation. Additionally, Markforged Holding Corporation is involved in a lawsuit with Desktop Metal over its pending merger with Nano Dimension. The lawsuit challenges the legality of the Markforged-Nano Dimension merger, which Desktop Metal claims breaches their previous agreement with Nano Dimension.
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