$MKFG
Markforged Holding Corp

2023 Q1 Form 10-K Financial Statement

#000095017023008640 Filed on March 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $24.09M $29.66M $101.0M
YoY Change 10.21% 11.36% 10.67%
Cost Of Revenue $12.51M $15.74M $50.25M
YoY Change 21.99% 35.22% 30.97%
Gross Profit $11.58M $13.93M $50.71M
YoY Change -0.21% -7.15% -4.06%
Gross Profit Margin 48.08% 46.95% 50.22%
Selling, General & Admin $22.70M $22.21M $95.40M
YoY Change 2.31% -4.52% 16.72%
% of Gross Profit 196.03% 159.45% 188.15%
Research & Development $10.38M $11.01M $42.39M
YoY Change -1.77% 3.22% 31.82%
% of Gross Profit 89.62% 79.08% 83.59%
Depreciation & Amortization $2.430M $2.873M $9.181M
YoY Change 108.94% 537.03% 433.78%
% of Gross Profit 20.98% 20.63% 18.11%
Operating Expenses $33.08M $33.22M $137.8M
YoY Change 1.0% -2.09% 20.98%
Operating Profit -$21.50M -$19.29M -$87.08M
YoY Change 1.65% 1.92% 42.67%
Interest Expense $1.880M $1.762M $11.00K
YoY Change 7.11% -31.25%
% of Operating Profit
Other Income/Expense, Net -$204.0K $6.373M -$381.0K
YoY Change -6.85% -69.06% 43.77%
Pretax Income -$19.02M -$11.16M -$25.81M
YoY Change -548.75% -436.23% -759.83%
Income Tax $1.000K -$424.0K -$418.0K
% Of Pretax Income
Net Earnings -$19.02M -$10.73M -$25.39M
YoY Change -548.67% -429.1% -758.57%
Net Earnings / Revenue -78.95% -36.18% -25.15%
Basic Earnings Per Share -$0.10 -$0.13
Diluted Earnings Per Share -$0.10 -$0.06 -$0.13
COMMON SHARES
Basic Shares Outstanding 195.6M 194.1M 189.7M
Diluted Shares Outstanding 195.4M 189.7M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $151.4M $167.9M $167.9M
YoY Change -43.74% -41.83% -41.83%
Cash & Equivalents $90.67M $124.2M $124.2M
Short-Term Investments $60.76M $43.64M $43.64M
Other Short-Term Assets $3.362M $3.334M $6.181M
YoY Change 78.17% 552.45% 39.46%
Inventory $29.27M $26.41M $26.41M
Prepaid Expenses $2.336M $2.847M
Receivables $26.12M $29.29M $29.29M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $212.5M $229.8M $229.8M
YoY Change -31.51% -30.4% -30.42%
LONG-TERM ASSETS
Property, Plant & Equipment $19.12M $18.30M $64.25M
YoY Change 186.26% 188.2% 912.02%
Goodwill $31.19M $31.12M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.043M $3.130M $3.130M
YoY Change 200.69% 303.35% 303.35%
Total Long-Term Assets $115.4M $116.1M $116.1M
YoY Change 494.89% 1529.82% 1529.82%
TOTAL ASSETS
Total Short-Term Assets $212.5M $229.8M $229.8M
Total Long-Term Assets $115.4M $116.1M $116.1M
Total Assets $327.9M $345.9M $345.9M
YoY Change -0.54% 2.56% 2.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.52M $14.43M $14.43M
YoY Change 58.05% 26.5% 26.5%
Accrued Expenses $11.46M $9.663M $17.69M
YoY Change 43.08% 30.39% 138.63%
Deferred Revenue $9.174M $8.854M
YoY Change 44.09% 40.81%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.13M $40.96M $40.96M
YoY Change 62.73% 61.2% 61.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.867M $4.042M $52.42M
YoY Change 98.0% 52.76% -22.6%
Total Long-Term Liabilities $3.867M $4.042M $52.42M
YoY Change 98.0% 52.76% -22.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.13M $40.96M $40.96M
Total Long-Term Liabilities $3.867M $4.042M $52.42M
Total Liabilities $89.83M $93.39M $93.39M
YoY Change 19.37% 0.26% 0.26%
SHAREHOLDERS EQUITY
Retained Earnings -$120.1M -$101.1M
YoY Change 68.06% 33.53%
Common Stock $19.00K $19.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $238.1M $252.6M $252.5M
YoY Change
Total Liabilities & Shareholders Equity $327.9M $345.9M $345.9M
YoY Change -0.54% 2.56% 2.54%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$19.02M -$10.73M -$25.39M
YoY Change -548.67% -429.1% -758.57%
Depreciation, Depletion And Amortization $2.430M $2.873M $9.181M
YoY Change 108.94% 537.03% 433.78%
Cash From Operating Activities -$15.54M -$8.204M -$73.52M
YoY Change -19.25% 18.78% 60.87%
INVESTING ACTIVITIES
Capital Expenditures $1.646M $5.420M $11.42M
YoY Change 106.27% -469.97% 201.35%
Acquisitions $35.94M
YoY Change
Other Investing Activities -$16.45M -$43.85M -$79.48M
YoY Change
Cash From Investing Activities -$18.10M -$49.27M -$90.90M
YoY Change 2167.67% 3263.07% 2299.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 62.00K -47.00K 1.552M
YoY Change -89.31% -119.58% -99.44%
NET CHANGE
Cash From Operating Activities -15.54M -8.204M -73.52M
Cash From Investing Activities -18.10M -49.27M -90.90M
Cash From Financing Activities 62.00K -47.00K 1.552M
Net Change In Cash -33.57M -57.52M -162.9M
YoY Change 72.45% 607.33% -170.87%
FREE CASH FLOW
Cash From Operating Activities -$15.54M -$8.204M -$73.52M
Capital Expenditures $1.646M $5.420M $11.42M
Free Cash Flow -$17.19M -$13.62M -$84.94M
YoY Change -14.25% 150.35% 71.62%

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CY2021 mkfg Depreciation Amortization And Non Cash Lease Interest
DepreciationAmortizationAndNonCashLeaseInterest
1720000
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
545000
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
263000
CY2022 us-gaap Inventory Write Down
InventoryWriteDown
544000
CY2021 us-gaap Inventory Write Down
InventoryWriteDown
151000
CY2022 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-1485000
CY2021 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-1808000
CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-57307000
CY2021 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-63407000
CY2022 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
92000
CY2021 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
0
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
18209000
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
18930000
CY2022 mkfg Transaction Costs Expensed
TransactionCostsExpensed
0
CY2021 mkfg Transaction Costs Expensed
TransactionCostsExpensed
1996000
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2469000
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10439000
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
14050000
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3975000
CY2022 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-1144000
CY2021 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
2425000
CY2022 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
2604000
CY2021 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-862000
CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
922000
CY2021 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
191000
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
3401000
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
7277000
CY2022 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-135000
CY2021 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
10000
CY2022 mkfg Increase Decrease In Deferred Rent Credit Non Current
IncreaseDecreaseInDeferredRentCreditNonCurrent
0
CY2021 mkfg Increase Decrease In Deferred Rent Credit Non Current
IncreaseDecreaseInDeferredRentCreditNonCurrent
550000
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
3756000
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
929000
CY2022 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-5849000
CY2021 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
0
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-73521000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-45702000
CY2021 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-90898000
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11415000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3788000
CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
35939000
CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0
CY2022 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
43544000
CY2021 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
0
CY2022 mkfg Common Stock Issued In Connection With Acquisition Earnout Achievement
CommonStockIssuedInConnectionWithAcquisitionEarnoutAchievement
750000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3788000
CY2022 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
0
CY2021 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-5022000
CY2022 mkfg Proceeds From Merger
ProceedsFromMerger
0
CY2021 mkfg Proceeds From Merger
ProceedsFromMerger
132926000
CY2022 mkfg Proceeds From Pipe Investment
ProceedsFromPIPEInvestment
0
CY2021 mkfg Proceeds From Pipe Investment
ProceedsFromPIPEInvestment
210000000
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
45000000
CY2022 us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
0
CY2021 us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
16043000
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
550000
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2216000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1967000
CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
664000
CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1552000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
279378000
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-64000
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-162931000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
229888000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
288603000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58715000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
125672000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
288603000
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
124242000
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
288603000
CY2022Q4 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
1430000
CY2021Q4 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
0
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
125672000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
288603000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
4347000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
532000
CY2022 mkfg Recognition Of Contingent Earnout Liability Related To Earnout Shares
RecognitionOfContingentEarnoutLiabilityRelatedToEarnoutShares
0
CY2021 mkfg Recognition Of Contingent Earnout Liability Related To Earnout Shares
RecognitionOfContingentEarnoutLiabilityRelatedToEarnoutShares
123129000
CY2022 mkfg Recognition Of One Public Warrant Acquired As Part Of The Merger In Additional Paid In Capital
RecognitionOfOnePublicWarrantAcquiredAsPartOfTheMergerInAdditionalPaidInCapital
0
CY2021 mkfg Recognition Of One Public Warrant Acquired As Part Of The Merger In Additional Paid In Capital
RecognitionOfOnePublicWarrantAcquiredAsPartOfTheMergerInAdditionalPaidInCapital
9729000
CY2022 mkfg Recognition Of Private Placement Warrant Liability Upon Merger
RecognitionOfPrivatePlacementWarrantLiabilityUponMerger
0
CY2021 mkfg Recognition Of Private Placement Warrant Liability Upon Merger
RecognitionOfPrivatePlacementWarrantLiabilityUponMerger
5702000
CY2022 mkfg Exercise Of Common Stock Warrants Net Of Shares Withheld For Exercise
ExerciseOfCommonStockWarrantsNetOfSharesWithheldForExercise
0
CY2021 mkfg Exercise Of Common Stock Warrants Net Of Shares Withheld For Exercise
ExerciseOfCommonStockWarrantsNetOfSharesWithheldForExercise
1793000
CY2022 mkfg Conversion Of Convertible Preferred Stock Into Common Stock Upon Reverse Recapitalization
ConversionOfConvertiblePreferredStockIntoCommonStockUponReverseRecapitalization
0
CY2021 mkfg Conversion Of Convertible Preferred Stock Into Common Stock Upon Reverse Recapitalization
ConversionOfConvertiblePreferredStockIntoCommonStockUponReverseRecapitalization
138047000
CY2022 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
12194000
CY2022 mkfg Additions To Right Of Use Assets And Liabilities
AdditionsToRightOfUseAssetsAndLiabilities
12248000
CY2021 mkfg Additions To Right Of Use Assets And Liabilities
AdditionsToRightOfUseAssetsAndLiabilities
0
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1559000
CY2022 mkfg Additions To Right Of Use Assets And Liabilities Post Adoption
AdditionsToRightOfUseAssetsAndLiabilitiesPostAdoption
37861000
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
CY2021Q3 us-gaap Payments For Merger Related Costs
PaymentsForMergerRelatedCosts
34500000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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, assumptions in revenue recognition, and valuation of intangibles and goodwill. The Company evaluates its estimates based on historical experience, current conditions, and various other assumptions that it believes are reasonable under the circumstances.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1070000
CY2022 mkfg Accounts Receivable Allowance For Credit Loss Additions
AccountsReceivableAllowanceForCreditLossAdditions
1435000
CY2021 mkfg Accounts Receivable Allowance For Credit Loss Additions
AccountsReceivableAllowanceForCreditLossAdditions
709000
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
7000
CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
312000
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
890000
CY2021 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
446000
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
0
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1021000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1021000
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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. As of and for the year ended December 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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> customer represented greater than </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of the accounts receivable balance and total revenue. There was </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> customer representing greater than </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of the accounts receivable balance as of </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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">December 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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> one customer represented more than </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of total revenue for the year ended December 31, 2021. Historically, the Company has not experienced any significant credit loss related to any individual customer.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2021 us-gaap Extended Product Warranty Accrual Warranties Issued
ExtendedProductWarrantyAccrualWarrantiesIssued
529000
CY2022 us-gaap Extended Product Warranty Accrual Payments
ExtendedProductWarrantyAccrualPayments
850000
CY2022 us-gaap Advertising Expense
AdvertisingExpense
4100000
CY2021 us-gaap Advertising Expense
AdvertisingExpense
6000000.0
CY2021Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
658000
CY2020Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
564000
CY2022 us-gaap Extended Product Warranty Accrual Warranties Issued
ExtendedProductWarrantyAccrualWarrantiesIssued
812000
CY2021 us-gaap Extended Product Warranty Accrual Payments
ExtendedProductWarrantyAccrualPayments
435000
CY2022Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
620000
CY2021Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
658000
CY2022 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
0
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2022Q4 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
3300000
CY2022Q4 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
1600000
CY2022Q4 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
8800000
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
500000
CY2022 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
10000
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
CY2022 us-gaap Business Combination Consideration Transferred Other1
BusinessCombinationConsiderationTransferredOther1
1600000
CY2022 us-gaap Asset Acquisition Consideration Transferred Equity Interest Issued And Issuable
AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable
250000
CY2022 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P7Y
CY2022 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
102739000
CY2021 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
95097000
CY2022 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-27863000
CY2021 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
3858000
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5900000
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5900000
CY2022Q4 mkfg Contractual Obligation Due After Third Year
ContractualObligationDueAfterThirdYear
500000
CY2022Q4 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P1Y
CY2021Q4 us-gaap Inventory Work In Process
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mkfg-ex23_1.htm Edgar Link pending
mkfg-ex31_1.htm Edgar Link pending
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