Markforged Holding Corporation (the “Company”), the company strengthening manufacturing resiliency by enabling industrial production at the point of need, announced preliminary financial results for the third quarter ended September 30, 2023.
Revenue for the third quarter was approximately $20 million, and the Company ended the September quarter with a cash, cash equivalent, and short-term investment balance of approximately $126 million.
Macroeconomic headwinds accelerated towards the end of the quarter, which led to unexpected delays in closing deals that the Company had expected to close in the third quarter. The Company anticipates these headwinds will continue in the fourth quarter and is adjusting its full year guidance to reflect these challenges. The Company now expects 2023 revenue to be between $90 and $95 million, which is below $101 million, the low end of the range previously provided.
The Company will provide additional details on the third quarter results and the updated outlook for the full year 2023 when it reports third quarter earnings which is scheduled to take place on Monday, November 13, 2023.
“Towards the end of September we experienced a meaningful slowdown in deal conversion which caused third quarter revenues to come in below our expectations,” said Shai Terem, President and CEO of Markforged. “Additionally, as we progressed into the fourth quarter, the persistent high cost of capital and uncertainty in the macro environment is continuing to restrict capital investments more than anticipated. As a result, we now expect 2023 revenues to come in lower than prior expectations. In light of these headwinds, we are accelerating cost reduction efforts to align our operating expenses to match anticipated near term demand trends. Despite these near term challenges, our conviction in our long-term growth trajectory is unchanged as we bring industrial production to the point of need. We believe the FX20, PX100, Digital Source and an additional new product release coming this quarter will drive our growth over time as the macro uncertainty clears.”
All information in this press release is preliminary and subject to change pending the completion of the Company's standard quarter-end review procedures.
Conference Call and Webcast Information
Markforged plans to release financial results for the third quarter ended September 30, 2023 after the market closes on Monday, November 13, 2023. The Company will host a webcast and conference call at 5:00 PM ET on the same day to discuss the results.
Participants 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/
To participate in the call, please dial 1-877-407-9039 or 1-201-689-8470 ten minutes before the scheduled start.
For those unable to listen to the live conference call, a replay will be available on the Company's website and telephonically until Monday, November 27, 2023, 11:59 PM ET by dialing 1-844-512-2921 or 1-412-317-6671, passcode 13737743.
