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Markforged Holding Corporation (MKFG-0.36%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Markforged's financial performance, reporting a decrease in revenue to $85.1 million from $93.8 million in the previous year. The decline is attributed to a challenging macroeconomic environment and increased competition.
The company reported a net loss of $85.6 million for the year, compared to a net loss of $103.6 million in the prior year. This includes a litigation judgment expense of $17.7 million related to a settlement with Continuous Composites.
Markforged's cost of revenue decreased to $44.0 million from $49.4 million, while gross profit decreased to $41.1 million from $44.4 million. The gross margin slightly improved to 48% from 47% due to operational efficiencies and product mix changes.
Operating expenses totaled $127.7 million, down from $155.8 million, primarily due to reductions in sales, marketing, and research and development expenses.
The company incurred $4.9 million in transaction costs related to a proposed merger with Nano Dimension Ltd., which is subject to regulatory approval and other closing conditions.
Markforged's cash and cash equivalents were $53.6 million as of December 31, 2024, and the company has expressed substantial doubt about its ability to continue as a going concern if the merger with Nano is not consummated.
The filing also notes that Markforged regained compliance with the NYSE's minimum bid price listing requirement following a 10-for-1 reverse stock split.
Markforged continues to focus on its growth strategy, which includes expanding its integrated platform with software solutions, increasing customer use cases, and driving deeper market coverage.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Markforged Holding Corporation annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.