$MKFG
Markforged Holding Corp

2022 Q1 Form 10-Q Financial Statement

#000095017022009709 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $21.86M $20.12M
YoY Change 8.64%
Cost Of Revenue $10.25M $7.939M
YoY Change 29.15%
Gross Profit $11.61M $12.18M
YoY Change -4.72%
Gross Profit Margin 53.09% 60.54%
Selling, General & Admin $22.19M $15.92M
YoY Change 39.39%
% of Gross Profit 191.2% 130.7%
Research & Development $10.57M $5.259M
YoY Change 100.93%
% of Gross Profit 91.05% 43.17%
Depreciation & Amortization $1.163M $430.0K
YoY Change 170.47%
% of Gross Profit 10.02% 3.53%
Operating Expenses $32.76M $21.18M
YoY Change 54.67%
Operating Profit -$21.15M -$8.998M
YoY Change 135.07%
Interest Expense $0.00 $4.000K
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$219.0K -$13.00K
YoY Change 1584.62%
Pretax Income $4.238M -$10.02M
YoY Change -142.28%
Income Tax -$1.000K -$4.000K
% Of Pretax Income -0.02%
Net Earnings $4.239M -$10.02M
YoY Change -142.31% 91.02%
Net Earnings / Revenue 19.39% -49.8%
Basic Earnings Per Share $0.02 -$0.25
Diluted Earnings Per Share $0.02 -$0.25
COMMON SHARES
Basic Shares Outstanding 186.4M 39.44M
Diluted Shares Outstanding 191.1M 39.44M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $269.1M $478.3K
YoY Change 56170.88%
Cash & Equivalents $269.1M $45.01M
Short-Term Investments
Other Short-Term Assets $1.887M $318.6K
YoY Change 492.33%
Inventory $12.80M
Prepaid Expenses $3.636M
Receivables $22.81M
Other Receivables $0.00
Total Short-Term Assets $310.3M $796.9K
YoY Change 38836.33%
LONG-TERM ASSETS
Property, Plant & Equipment $6.680M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $215.1M
YoY Change
Other Assets $1.012M
YoY Change
Total Long-Term Assets $19.39M $215.1M
YoY Change -90.98%
TOTAL ASSETS
Total Short-Term Assets $310.3M $796.9K
Total Long-Term Assets $19.39M $215.1M
Total Assets $329.7M $215.9M
YoY Change 52.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.653M $15.53K
YoY Change 42739.67%
Accrued Expenses $8.009M $1.812M
YoY Change 342.06%
Deferred Revenue $6.367M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.04M $1.827M
YoY Change 1215.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.953M $30.20M
YoY Change -93.53%
Total Long-Term Liabilities $1.953M $30.20M
YoY Change -93.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.04M $1.827M
Total Long-Term Liabilities $1.953M $30.20M
Total Liabilities $75.25M $32.03M
YoY Change 134.95%
SHAREHOLDERS EQUITY
Retained Earnings -$71.47M
YoY Change
Common Stock $19.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $254.4M $183.9M
YoY Change
Total Liabilities & Shareholders Equity $329.7M $215.9M
YoY Change 52.7%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $4.239M -$10.02M
YoY Change -142.31% 91.02%
Depreciation, Depletion And Amortization $1.163M $430.0K
YoY Change 170.47%
Cash From Operating Activities -$19.25M -$6.588M
YoY Change 192.15%
INVESTING ACTIVITIES
Capital Expenditures $798.0K $375.0K
YoY Change 112.8%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$798.0K -$375.0K
YoY Change 112.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 580.0K -6.738M
YoY Change -108.61%
NET CHANGE
Cash From Operating Activities -19.25M -6.588M
Cash From Investing Activities -798.0K -375.0K
Cash From Financing Activities 580.0K -6.738M
Net Change In Cash -19.47M -13.70M
YoY Change 42.07%
FREE CASH FLOW
Cash From Operating Activities -$19.25M -$6.588M
Capital Expenditures $798.0K $375.0K
Free Cash Flow -$20.05M -$6.963M
YoY Change 187.88%

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CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0
CY2022Q1 mkfg Deferred Transaction Costs Included In Accounts Payable And Accrued Expenses
DeferredTransactionCostsIncludedInAccountsPayableAndAccruedExpenses
0
CY2021Q1 mkfg Deferred Transaction Costs Included In Accounts Payable And Accrued Expenses
DeferredTransactionCostsIncludedInAccountsPayableAndAccruedExpenses
808000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q3 mkfg Business Acquisition Common Stock Exchange Ratio
BusinessAcquisitionCommonStockExchangeRatio
0.9522514
CY2021Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
143795504
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
5220000
CY2021Q3 mkfg Legacy Markforged Shares
LegacyMarkforgedShares
143795504
CY2021Q3 mkfg Common Stock Shares Issued Immediately After Merger
CommonStockSharesIssuedImmediatelyAfterMerger
185251837
CY2021Q3 mkfg Contingent Forfeited Sponsor Shares Pending Sponsor Earnout Triggering Event
ContingentForfeitedSponsorSharesPendingSponsorEarnoutTriggeringEvent
2610000
CY2021Q3 mkfg Convertible Legacy Markforged Shares
ConvertibleLegacyMarkforgedShares
151005831
CY2021Q3 mkfg Proceeds From Merger Including Contribution Cash Held In Trust
ProceedsFromMergerIncludingContributionCashHeldInTrust
360900000
CY2021Q3 us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
215100000
CY2021Q3 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
SharesSubjectToMandatoryRedemptionSettlementTermsAmount
64200000
CY2021Q3 mkfg Cash In Connection With Pipe Financing
CashInConnectionWithPipeFinancing
210000000.0
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s significant estimates include allowance for doubtful accounts, reserve for excess and obsolete inventory, fair value of contingent earnout liability, fair value of earnout share awards, fair value of the private placement warrant liability and assumptions in revenue recognition. Actual results could differ from those estimates.</span>
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1021000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1070000
CY2022Q1 mkfg Accounts Receivable Allowance For Credit Loss Additions
AccountsReceivableAllowanceForCreditLossAdditions
128000
CY2021Q1 mkfg Accounts Receivable Allowance For Credit Loss Additions
AccountsReceivableAllowanceForCreditLossAdditions
77000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
7000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
171000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
134000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
971000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1012000
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Concentration of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents held on deposit at one financial institution and accounts receivable. The Company does not require collateral from customers for amounts owed. At March 31, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> customer represented </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">12</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">% of the accounts receivable balance and at </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">December 31, 2021 </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> one customer represented greater than </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">10</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">% of the accounts receivable balance. For the </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">three months ended March 31, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> customer represented </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">11</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">% of the total revenue. For the </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">three months ended March 31, 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> one customer represented more than </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">10</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">% of total revenue. Historically, the Company has not experienced any significant credit loss related to any individual customer</span>
CY2022Q1 us-gaap Extended Product Warranty Accrual Payments
ExtendedProductWarrantyAccrualPayments
139000
CY2021Q1 us-gaap Extended Product Warranty Accrual Payments
ExtendedProductWarrantyAccrualPayments
293000
CY2022Q1 us-gaap Advertising Expense
AdvertisingExpense
1000000.0
CY2021Q1 us-gaap Advertising Expense
AdvertisingExpense
1800000
CY2021Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
658000
CY2020Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
564000
CY2022Q1 us-gaap Extended Product Warranty Accrual Warranties Issued
ExtendedProductWarrantyAccrualWarrantiesIssued
286000
CY2021Q1 us-gaap Extended Product Warranty Accrual Warranties Issued
ExtendedProductWarrantyAccrualWarrantiesIssued
267000
CY2022Q1 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
805000
CY2021Q1 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
538000
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2022Q1 mkfg Increase In Total Assets Due To Recently Adopted Accounting Pronouncements
IncreaseInTotalAssetsDueToRecentlyAdoptedAccountingPronouncements
12200000
CY2022Q1 mkfg Increase In Total Liabilities Due To Recently Adopted Accounting Pronouncements
IncreaseInTotalLiabilitiesDueToRecentlyAdoptedAccountingPronouncements
14000000.0
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12475000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6592000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6126000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6680000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6349000
CY2022Q1 mkfg Depreciation Expense
DepreciationExpense
500000
CY2021Q1 mkfg Depreciation Expense
DepreciationExpense
400000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1900000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2000000.0
CY2022Q1 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
5500000
CY2022Q1 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
2900000
CY2022Q1 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
1500000
CY2022Q1 mkfg Contractual Obligation Due After Second Year
ContractualObligationDueAfterSecondYear
300000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
21859000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
20120000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13272000
CY2022Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
1662000
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
853000
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
111000
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
77000
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
11028000
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
9447000
CY2022Q1 us-gaap Inventory Net
InventoryNet
12801000
CY2021Q4 us-gaap Inventory Net
InventoryNet
10377000
CY2022Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1100000
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1000000.0
CY2022Q1 mkfg Finished Goods Impairment Charges
FinishedGoodsImpairmentCharges
900000
CY2022Q1 mkfg Raw Materials Impairment Charges
RawMaterialsImpairmentCharges
200000
CY2021 mkfg Finished Goods Impairment Charges
FinishedGoodsImpairmentCharges
800000
CY2021 mkfg Raw Materials Impairment Charges
RawMaterialsImpairmentCharges
200000
CY2022Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
805000
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
658000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3557000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4360000
CY2022Q1 mkfg Var Commissions
VarCommissions
150000
CY2021Q4 mkfg Var Commissions
VarCommissions
265000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2562000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1725000
CY2022Q1 mkfg Accrued Marketing And Advertising Costs Current
AccruedMarketingAndAdvertisingCostsCurrent
116000
CY2021Q4 mkfg Accrued Marketing And Advertising Costs Current
AccruedMarketingAndAdvertisingCostsCurrent
122000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
819000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
281000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8009000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7411000
CY2020Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
113419184
CY2020Q4 mkfg Temporary Equity Shares Issued And Outstanding
TemporaryEquitySharesIssuedAndOutstanding
107592801
CY2020Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
137497000
CY2020Q4 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
137876000
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
55282507
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
56394803
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
29900000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5422000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1194000
CY2022Q1 mkfg Earnout Period
EarnoutPeriod
P5Y
CY2022Q1 us-gaap Share Price
SharePrice
3.99
CY2021Q3 us-gaap Share Price
SharePrice
8.56
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6500
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0242
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0085
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y3M18D
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2022Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2022Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000
CY2022Q1 mkfg Annual Rent Increase Percentage
AnnualRentIncreasePercentage
0.03
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
600000
CY2022Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2254000
CY2022Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3069000
CY2022Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2131000
CY2022Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2087000
CY2022Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2135000
CY2022Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
3843000
CY2022Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
15519000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1936000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
13583000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
613000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y10M24D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.032
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
5499000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
8314000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
7507000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
7594000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
7775000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
31412000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
68101000
CY2022Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
0
CY2022Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
0
CY2022Q1 us-gaap Common Stock Conversion Features
CommonStockConversionFeatures
As a result of the Merger, the Company has retroactively adjusted the weighted-average number of shares of common stock outstanding prior to the Merger closing date by multiplying them by the Exchange Ratio used to determine the number of shares of common stock into which they converted
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
4239000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-10019000
CY2022Q1 mkfg Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
4239000
CY2021Q1 mkfg Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-10019000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
186383312
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39440986
CY2022Q1 mkfg Weighted Average Number Of Unvested Options Shares Outstanding
WeightedAverageNumberOfUnvestedOptionsSharesOutstanding
4576079
CY2022Q1 mkfg Dilutive Effect Of Restricted Units Issued
DilutiveEffectOfRestrictedUnitsIssued
141292
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
191100683
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39440986
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.25
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.25
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27799368
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
125687642
CY2022Q1 us-gaap Revenues
Revenues
21859000
CY2021Q1 us-gaap Revenues
Revenues
20120000

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0000950170-22-009709-index-headers.html Edgar Link pending
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0000950170-22-009709.txt Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
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mkfg-20220331.htm Edgar Link pending
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mkfg-20220331_cal.xml Edgar Link unprocessable
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