Markforged posted an adjusted EPS of USD 0.06 in Q4, beating analyst consensus estimates of USD 0.07 per share and improving from an EPS of USD 0.07 per share in Q4 2021.
Q4 revenue improved by around 11% YoY to USD 29.7 million; however, it missed analysts’ expectations by 1.1%. Meanwhile, full-year 2022 revenue increased by 10.7% YoY to USD 101.0 million. Revenue growth was driven by strong demand for the FX20 printer which was commercialized in 2022. Revenue growth was supported by the strong demand from the APAC region with revenue growing 41.0% YoY to USD 24 million in 2022.
The gross profit declined to USD 13.9 million (47% margin) in Q4 2022 from USD 15 million (margin of 56%) in Q4 2021. Gross profit for the year was USD 50.7 million (50% margin), a 4.1% YoY decline from USD 52.9 million (58% margin) in 2021. The company recorded an operating loss of USD 87.1 million in 2022 compared to a loss of USD 61.0 million in 2021. Total operating expenses for the year grew by 21.0% YoY with R&D expenses growing at 31.8% YoY and marketing expenses growing at 25.0% YoY.
Markforged guided for revenue in 2023 to reach USD 101–110 million, implying a marginal decline of 0.04% YoY for the lower end and a growth of 9% YoY for the higher end. The company also expects to achieve an adjusted operating loss of USD 55–58 million translating to an adjusted loss per share of USD 0.27–0.29 in 2023.
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