In its first official financial statement, Markforged reported revenues increasing by 14.7% to $20.3 million in the first quarter of 2021, up from $17.7 million in the first quarter of 2020. Gross profit also grew by 31.9% to $12.4 million in the first quarter of 2021, up from $9.4 million in the first quarter of 2020, largely due to increased revenues and cost reductions gained through operational efficiencies.
Markforged is now working to complete the merger with one (NYSE: AONE), a special purpose acquisition company, founded and led by technology industry veteran Kevin Hartz, later this summer. Upon completion, Markforged will be listed on the New York Stock Exchange under the ticker symbol “MKFG.”
“We are pleased with our results from the first quarter of the year, building on our strong momentum from 2020,” said Shai Terem, Markforged’s President and Chief Executive Officer. “These results—Terem continued—reflect the growing demand for our unique Digital Forge platform and the strength of our partners and team. Earlier this year, we achieved an important milestone with the release of our AI-powered Blacksmith software. Blacksmith inspects parts in real-time while printing and learns through AI to streamline workflow and give manufacturers accurate, repeatable parts on our Markforged X7 printers. We continue to add deep industry expertise to our sales channels through the addition of global partners such as Phillips Corporation, a manufacturing-focused reseller with a strong Haas footprint. The addition of seasoned leaders such as Mark Schwartz, our Chief Financial Officer, and Ken Clayton, our SVP, Global Sales, speaks volumes to our ability to scale and meet the requirements of our customers, partners and investors. We’re committed to continuing to accelerate product innovation and expand customer adoption as we finalize the merger transaction with one and begin trading under the Markforged ticker MKFG.”
Gross margins expanded to 61% in the first quarter of 2021 compared to 53% in the first quarter of 2020. The company is reaffirming previously provided 2021 full-year guidance of revenues of $88 million and gross profit of $51 million.