Markforged

Markforged is a seller of 3D printers with material and software solutions for tooling, fixtures, functional prototyping, and high-value end-use production. It targets various industries including aerospace, automotive, consumer packaged goods, electronics manufacturing, medical, and industrial equipment. The company launched an on-demand parts platform called Digital Source in September 2023, which facilitates the licensing and 3D printing of manufacturer-certified parts, eliminating the need for physical inventory management for manufacturers.

Markforged’s line of 3D printers includes a metal printer, a series of industrial composite printers, and a series of desktop composite printers, using metal (a range of metals from stainless steel to copper), plastics, and continuous fiber. The company also offers several software solutions including Eiger, a cloud-based digital repository, and Blacksmith, which connects part design, production, and inspection using AI. It also offers software to scale up AM operations by giving role-based access control to team members. In November 2022, Markforged introduced new simulation features for its software, the Digital Forge, enabling customers to replace tooling and end-use metal parts with optimized 3D-printed advanced composite parts.

Markforged uses several patented technologies. For example, for thermoplastic printing, the company uses a combination of fused filament fabrication (FFF) printing and continuous fiber fabrication (CFF) technologies that harness the heat of the nozzle to make a thermoplastic layer; for metal printing, it uses atomic diffusion additive manufacturing (ADAM), which is a specialized form of FFF.

In April 2022, Markforged acquired engineering software developer Teton Simulation to expand its AM solutions by integrating technologies. In August 2022, it also acquired Digital Metal, a Swedish developer of binder jetting technology, to enable Markforged to produce high-throughput metal additive parts.

Key customers and partnerships

Markforged claims to own the largest fleet of cloud-based industrial 3D printers (with a 13,000+ connected installed base and 10 million+ parts printed, as of January 2024). Markforged has served the top nine global manufacturing companies and top 10 aerospace companies, including notable clients (disclosed) including RPG industries, Caldwell, and Cashco, Inc. Another notable customer is Phillips Corporation, which became the first customer of Markforged’s FX20 industrial composite printer, introduced in November 2021. Markforged also entered into technology partnerships with Siemens and Indian tech company TechNova. It has remote teams in over 70 countries and 100+ channel partners across the US, Canada, Europe, UK, Asia, and Australia. 

Funding and financials

Markforged was listed on the NYSE (MKFG) in July 2021 through a SPAC deal, receiving approximately USD 361 million in gross proceeds. The company had planned to use the new funding to accelerate innovation and expand its customer base. 

In 2022, Markforged achieved a revenue of USD 101.0 million, recording a growth of 10.7% YoY. Revenue growth was driven by strong demand for the FX20 printer which was commercialized in 2022. However, it reported an operating loss of USD 87.1 million in 2022 compared to a loss of USD 61.0 million in 2021 on the back of increased spending on research and marketing activities. Markforged guided revenue in 2023 to reach USD 90 million–95 million. The company also expects to achieve an operating loss of USD 59 million–61 million translating to a loss per share of USD 0.26–0.28 in 2023.

In November 2023, Markforged announced that it has undergone a restructuring process, along with other cost-cutting measures, citing ongoing economic challenges, projected to result in operating cost savings ranging from USD 9 million to USD 12 million in 2024. The majority of these savings were attributed to a reduction in headcount by around 10%.