Q1 2024 Markforged Holding Corp Earnings Call Transcript
Key Points
- Markforged Holding Corp (MKFG) started 2024 with strong execution and optimism for growth in the second half of the year, driven by new product introductions.
- The company has successfully shipped the first units of its next-generation 3D printer, the FX.10, which offers significant improvements in print quality and speed.
- Markforged Holding Corp (MKFG) reported a healthy adoption rate for its subscription-based software and services, with revenue growing 18% year over year.
- Operational efficiencies and product mix improvements led to a gross margin increase to 51.3% in Q1 2024, up from the previous quarter and year.
- The company has managed to reduce operating expenses and optimize cash utilization, leading to improved financial performance compared to the previous year.
- Revenue for Q1 2024 was down 15% from the first quarter of 2023, primarily due to lower system revenue influenced by a challenging macroeconomic environment.
- Markforged Holding Corp (MKFG) faced a significant legal setback with a jury awarding $17.3 million in damages for patent infringement, although the company is seeking to overturn the verdict.
- The company's international performance was notably weak, particularly in Europe and Asia, reflecting broader economic challenges.
- Despite new product launches, the company anticipates continued pressure on gross margins due to the ramp-up of new technologies and market conditions.
- Markforged Holding Corp (MKFG) is still navigating through a tough market environment, which could impact its ability to meet its financial targets for 2024.
Hello, and welcome to the mark for the first quarter 2024 earnings conference call. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Austin Blake, Director of Investor Relations.
Please go ahead that afternoon. I'm often bowling Director of Investor Relations, Mark board Holding Corp. Welcome to our first quarter of 2024 Results Conference Call. We will be discussing the results announced in our earnings press release issued after market close today. With me on the call is our President and CEO, Shai Terem; and CFO, Assaf Zipori.
Before we get started, I'd like to remind everyone that management will be making statements during this call that include estimates and other forward-looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
