Markforged (MKFG) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue declined to $22.4M from $24.2M year-over-year; full-year revenue was $85.1M, down from $93.8M.

• Net loss for Q4 2024 was $11.9M, improved from $14.2M in Q4 2023; full-year net loss was $85.6M, compared to $103.6M in 2023.

• Pending all-cash acquisition by Nano Dimension at $5.00 per share, expected to close by Q2 2025.

Financial highlights

• Q4 gross margin was 44.8% (46.4% non-GAAP), down from 48.4% (49.5% non-GAAP) year-over-year.

• Full-year gross margin improved to 48.3% (50.1% non-GAAP) from 47.4% (48.6% non-GAAP) in 2023.

• Q4 non-GAAP net loss was $9.0M, improved from $11.6M; full-year non-GAAP net loss was $40.5M, better than $51.2M in 2023.

• Cash and equivalents fell to $53.6M at year-end from $116.9M a year earlier.

• Net cash used in operations increased to $61.3M from $48.9M year-over-year.

Segment performance

• Hardware revenue for 2024 was $49.1M, consumables $23.4M, and services $12.6M.

• Americas contributed $41.3M, EMEA $25.4M, and APAC $18.4M to full-year revenue.