Markforged reports Q2 2021 results: 44% revenue increase
Company started trading as MKFG and launched new products
Markforged Holding Corporation (NYSE: MKFG) reported that revenues increased by 44.1% to $20.4 million in the second quarter of 2021, up from $14.2 million in the second quarter of 2020. Gross profit also grew 60.0% to $11.9 million in the second quarter of 2021 from $7.5 million in the second quarter of 2020. Gross margins expanded to 58% (compared to 53%).
On July 14, 2021, MarkForged, Inc. completed its previously-announced merger with one (NYSE: AONE), a special purpose acquisition company, and debuted as Markforged Holding Corporation on the New York Stock Exchange on July 15, 2021, under the ticker symbol “MKFG.”
“We are pleased with our results as we look to continue to build momentum for the remainder of the year,” said Shai Terem, Markforged’s President and Chief Executive Officer. “The Digital Forge is helping solve critical manufacturing and supply chain challenges for our customers. We launched new key products and software updates this quarter as part of our strategy to meet the growing demand for our solutions. Our recent debut on the New York Stock Exchange energized and motivated our talented and hardworking team, and I look forward to seeing what we will accomplish together in the remainder of 2021.”
In the second quarter, Markforged launched key products such as the new Metal X Gen 2, Next Day Metal and X7 Field Edition to improve the speed, user experience and ability to print anywhere, enabling the Digital Forge to help customers overcome challenges more quickly and easily than before. The introduction of the FX20 3D printer is intended for robust production of high-strength, higher performance parts for those operating in demanding and regulated industries like aerospace, defense, and automotive.
In preparation for becoming a public company, Markforged continued to build out its management team and Board of Directors with several experienced and talented additions. The company welcomed Mark Schwartz as the Chief Financial Officer and Ken Clayton as Senior Vice President of Global Sales. Kevin Hartz, Carol Meyers, former CMO of Rapid 7, and Alan Masarek, former CEO of Vonage, also joined the Board of Directors upon the completion of the merger.
