Markforged Holding Posts Mixed Q2 Results; Shares Drop 4%

Shares of Markforged Holding Corporation (MKFG) were down almost 4% in Thursday’s extended trading session after the company delivered mixed debut second-quarter earnings results since its NYSE listing in July this year.

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Markforged Holding, with a market capitalization of about $1.8 billion, is well known for its integrated metal and carbon-fiber additive manufacturing platform, The Digital Forge. (See Markforged Holding stock charts on TipRanks).

On July 15, MarkForged, Inc. debuted as Markforged Holding Corporation on the NYSE after it completed its merger with a special purpose acquisition company (SPAC) One.

Revenues jumped 44% year-over-year to $20.4 million compared to $14.2 million in the prior-year quarter.

Furthermore, gross margins jumped 500 basis points to 58% compared to 53% in the prior-year quarter.

However, the company reported a net loss of $0.26 per share in Q2 versus a loss of $0.14 per share in the prior-year period.

Markforged’s CEO Shai Terem commented, “The Digital Forge is helping solve critical manufacturing and supply chain challenges for our customers. We launched new key products and software updates this quarter as part of our strategy to meet the growing demand for our solutions.”

The company reiterated its prior guidance for FY2021. Revenues are forecast to be $87.6 million, while gross margin is expected to be 58%.

William Blair analyst Brian Drab recently initiated coverage on Markforged Holding with a Buy rating.

Overall, the stock has a Strong Buy consensus rating based on 3 Buys and 1 Hold. The average Markforged Holding price target of $13.17 implies 34% upside potential from current levels.