In its second full quarter since going public and the third of the current fiscal year, Markforged Holding Corporation (NYSE: MKFG) reported a revenue increase of 53.8%, to $24.0 million, from $15.6 million in the third quarter of 2020 35.9%. For the nine months ended September 30, 2021, revenues were $64.6 million, from $47.5 million for the nine months ended September 30, 2020.
Gross profit grew 47.2%, to $13.7 million, in the third quarter of 2021 from $9.3 million in the third quarter of 2020 and 44.5%, to $37.9 million, for the nine months ended September 30, 2021 from $26.2 million for the nine months ended September 30, 2020. Gross margins were 57.0% in the third quarter of 2021 compared to 59.6% in the third quarter of 2020 and 58.6% for the nine months ended September 30, 2021 compared to 55.1% for the nine months ended September 30, 2020. Net profit from operations was $23.9 million in the third quarter of 2021, compared to a net loss from operations of $3.7 million in the third quarter of 2020. Net profit from operations was $2.8 million for the nine months ended September 30, 2021, compared to a net loss from operations of $14.6 million for the nine months ended September 30, 2020.
Adjusted EBITDA was a loss of $11.6 million in the third quarter of 2021, compared to a loss of $2.6 million in the third quarter of 2020. Adjusted EBITDA was a loss of $27.6 million for the nine months ended September 30, 2021, compared to a loss of $11.7 million, for the nine months ended September 30, 2020.
Adjusted EBITDA is a non-GAAP measure. A reconciliation of the GAAP to non-GAAP measure and an explanation of this measure is included below.
“I am so proud of our team, who continues to execute successfully on our plans to build the future of distributed manufacturing,” said Shai Terem, President and CEO of Markforged. “Our systems sales grew 58% in the third quarter, as compared to the same period last year, which demonstrates the strong demand for our Digital Forge solution. Growth across all geographies and products delivered another strong quarter for our company, with $24 million in revenue, a 54% growth year over year. The supply chain disruptions felt by manufacturers all over the world are amplifying the need for solutions like the Digital Forge, which should translate directly into increasing market adoption and customer penetration and creating opportunities for revenue growth. Our customers continue to recognize the value of our end-to-end platform and its ability to address mission-critical problems at the point of need, overcome the global shortage of parts, and ensure their production line resiliency. We see great opportunities to continue helping our customers reinvent manufacturing today so they can build anything they imagine tomorrow.”
The Digital Forge grew over the third quarter with two innovations in software and materials to better serve our customers in scaling and expanding their additive manufacturing operations. Eiger Fleet, the newest addition to Markforged’s software portfolio, is a cloud-based enterprise solution designed to provide access controls, management and visibility and accelerate the adoption of additive manufacturing on a global scale. The solution’s enterprise-level features centralize the management of resources, devices and data with greater control and efficiency to print parts on-demand at the point of need, all over the world, with the push of a button, enabling our customers to implement fleets of Markforged mini-factories to drive the future of distributed manufacturing.
Markforged launched Onyx FR-A and Carbon Fiber FR-A, aerospace-ready versions of our Onyx™ FR and Carbon Fiber FR materials, this quarter. These new materials are currently undergoing qualification through the National Center for Advanced Materials Performance, with the goal of increasing Markforged’s addressable market by strategically supporting highly regulated industries like aerospace and defense. Our continuous fiber reinforcement technology enables greater adoption of additive manufacturing in these industries by providing high-strength, lightweight parts.
Markforged also welcomed John Howard as Vice President of Engineering in the third quarter. John brings more than 30 years of experience in engineering and product design to Markforged’s engineering team. John has held senior positions at Amazon and Apple, among others, and his creative thinking and innovation skills will help drive the company’s product roadmap.