MKFG - Earnings call transcript Q1 2022 | Markforged Holding Corporation

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Operator

Good afternoon, and welcome to the Markforged First Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to hand the conference over to Austin Bohlig, Director of Investor Relations. ahead. go Please

Austin Bohlig

am Markforged I fiscal Director Investor of XXXX Good Corporation. Austin Welcome of Holding conference quarter to Relations, results afternoon. call. Bohlig, our year first

discussing today. With Schwartz. on earnings be We CEO, in President is me results our Shai after close issued Terem the our and will market press the our release and call announced Mark CFO,

Markforged. XXXX. to available the over to of disclaims and during that the after actual call will I views Shai today law, we revise material forward-looking our There Also, GAAP statements. cause is as financial estimates we to May showing management any Private also forward-looking now non-GAAP the be the call results to our I'll of statements turn like contained update Act should are a started, deemed uncertainties materially. which of today's currently by certain except that call obligation, harbor to versus pursuant other are close website non-GAAP Terem, results release risks XX, refer be on schedule and issued Reform course that call, today, found press and in would XXXX as required market could are be can of which at measures. or the or intention and be get that differ CEO to reconciliation Markforged These investors.markforged.com. during made the President subject this management’s not Any Before everyone remind making Securities safe forward-looking Litigation include of to of represent facts, statements statements, to statements historical statements. in statements provisions

Shai Terem

our thank I'm at happy on the us We the first the both finished per and all and to Austin, non-GAAP our and targets performance. share year about more topline $XX.X to today quarter our revenues you, at execute achieved million loss to that successfully very QX plan $X.XX growth of continue and in XXXX of bottom line. joining we learn for Thank you share.

We continue The and strong. to across underlying business are feel confident our for all outlook XXXX. of segments demand momentum our trends about

mission-critical solve technology. to more continue our and more customers applications with Our

increased coming chains, realizing value solution. sustainable idea alleviate of more supply to no pressure buzzword, a the With for out on is are White the these to the help are a House. of and a longer manufacturers directive additive concerns but just Markforged turning This

to XD administration strengthen saw chains. you the Initiative, printing last to companies Additive Forward to week, As bolster technologies, adopt Manufacturing encourage Biden and announced the supply their

Of been course, as quarter We significant the of our second particularly future, we high-temp expect have addressable in material several a the in resistant transform all and impact to mentioned size, doing on our enabling to forward on proud to in U.S. Markforged efforts expect chains supply From previously. to very to since production aerospace automotive pace with and their of among others. I'm into the has de-globalization is we've part to shipped back year our the team, bringing and focused amazing businesses beginning, and partners systems accelerate adoption robust across share track. The on FXXX thanks by helping our bring America. efforts line FXXX it shipments the half manufacturing industries, the increases delivery to to applaud the look this already our larger and accelerate first and and and government production applications inception. FXXX our our point-of-need. market customers We manufacturing applications, in production, the and have to channel of been plans we we

and are positive excited see As FXXX people increased action, we interest feedback. the humbled the in more and by

in There Next and will is first the Forge. holds a aha helping TCT of The I this time. of attending magic be am the accurate I this a + The Digital time platform first moment problems with the in for someone Detroit the love begin people power on next week, explain spending Digital FXXX literally trade wait field, our can I their time. in team FXXX such part when energy lot North the for the can our see for can’t they to parts. America the gears and Rapid turning printed to imagine connect in week. to to solve quality hand the mental team high floor Forge show manufacturing I as bring and they strong

the we same molding phase the satisfied platform. Digital injection to other an market the version with from of results. addition materials shop with expanding Zero PLA Precise materials. applications for In early portfolio of customer, This the strategy were of use the specialized addition our part or design full life design The Forge continue end product FXXX stage and and addressable our their production, drive for not development cost-effective, enables the Markforged on to acid, to address of of validation cycle and used XD all PLA robust now printers Tolerance, of PLA to polylactic machine as our quality to

and can carbon same into platform. the with strength, quality Now production print and with that for directly continuous high on design all Markforged Onyx using Precise Markforged PLA move reliable

us ever With is the works. development, the reliable just full the lifecycle used. additive It we most platform customer this told

to been always core Software differentiator The and Forge key for Digital solution. Markforged a has

performance parts. grade our Teton into if quarter-end. team the So first is as for SmartSlice fiber very consuming welcome in configuring end a of automates understanding deeper technology, company add customers of composition I'm helps a for technology replacing for it's This to parameters requirements, will the software providing excited applications, validation, our Software utilization understanding like integrate composites, to our a applications our deal reinforcement goes in value The utilize with applications. by far software additive slicing continuous add-on, our including validation time relationships critical our manufacturing subsequent optimizes Simulation advanced means and will Teton’s wasteful customers. subscription a physical and to more customer manufacturing better streamlined critical and of sticky engineer Eiger it workflow, that testing manufacturing anticipate virtual user their natural the who in will our Digital with the deeper technology parts a give the acquisition Forge customers. of production high This of strengths will their technology that capabilities

directly the does do not I state done clearly so. want well Russia intend across As has everyone escalated. global against that is in Ukraine and landscape to as to has aware, never business war challenges the continues Markforged

and to player we personally these especially to like secure Ukraine chain. different confident Our [indiscernible] the has very have more customers. the experiencing a world, clear uncertainties I continuing created our the to resolution to continue market. team demand that customers supply in overcome our the navigate share that to meet this challenges is shutdowns, a Between conflict conflict in supply inside. worsen disruption would I we in are to additive along work COVID now Markforged with why, regional every from global remain To believe and the creatively with other ongoing date, without company will continue you

mission point-of-need production. our our high to enabling focus it's and applications, help for value customers mission-critical solve First, end-use

platform technology a is Digital our [indiscernible] advanced reliable, a easy-to-use customer Forge composite driven platform our that and Second, affordable by love.

discipline accelerate software we to organic and over platform our product come. engine to our market model are talent Third, thanks installed over and create growing AI with and to operational infrastructure our financial improves base leading results our learns robust addressable Coupled our product balance a the able time. would ensures leverage more with base, time. strong sheet economics Blacksmith and This gross rigorous and Fourth, unit increase strong innovation FXXX continuously our with like margins. and this very in

our many global capabilities and and in we execution As support challenges, to strategy that such, beyond. of in XXXX growth remain continue our and will confident spite

going financial the will more performance say we what Mark, now just do. in to who pride over I details. will doing we We to continue to our review take are in call turn

Mark Schwartz

for Shai. results and I review reflect results our quarter comments now our will my update Thanks, the Please that full-year financial outlook. non-GAAP XXXX. for first outlook our and note

first release For afternoon for the Relations XXXX. of issued of first our GAAP reconciliation compared of quarter with earlier non-GAAP increased profit website to to Gross million earnings press X.X% $XX.X the $XX.X to million revenue this $XX.X XXXX, was Investor and first includes assist the $XX.X your quarter XXXX. Revenue of commentary. for posted million million quarter QX to compared to our in our reference, my with for

result, we quarter to compared margin of profit a generated XX% a XX% first the in gross of XXXX. As

the backdrop, sold, ability accurate, this the market crowded a cost associated the Certainly, by broadly, labor freight manufacturing, well strength, successful to of material material our our single to commoditized, of on continue was more added but high with impacted goods to margin for differentiator new logistics for Our margin as labor to and advantage. QX our more Forge opposed product for The by in component Digital Digital FXXX, creates ramping the hardware. mission-critical gross powerful pressure component production. costs Forge and commercial against as supporting customers platform as prototyping exert costs use costs unlocks this parts and increases launch produce rising gross which

long-term In XXXX, first a our of quarter teams compared activities execute efforts, parallel million continue multiple that growth to significant our increase strategy. we doubling roughly quarter with Moving year-over-year to planned and for capacity spend to The $X.X innovation accelerated the during the the operating for with to our $X.X in go-to-market in strategy bringing to and on, infrastructure as million company products development long-term investment major increase expenses, a by first A driven costs to every for million XXXX. continued quarter first we of goal incurred research of our XXXX. $XX.X expenses million growth the to new quarter market R&D grow in is operating component on compared year. public of for of the product our plan $XX achieve we line nearly was largely develop

For our $XX.X was the XXXX, a of million loss loss or per net $X.XX share. first of quarter

growth at range. We on guidance, of our guidance. $XXX to to XXXX reaffirm million. year-over-year the XX% be within year represents This compared Now of to range to the for the XXXX revenue anticipating that again midpoint our $XXX of million revenue

With the revenues the XX%. within be to to will second XX% XX% margin margin our of gross our to this expecting gross expected the the in during of fall reaffirm year. commercial to for guidance XX% in XXXX second accelerated of we half year, the the we of recognized expect continue Further, year, of ramp the XXXX FXXX half range

full-year the remains continue in challenges the gross will to quarter, QX outlook present margin unchanged. experienced While we what first for to our similar

operating the in reaffirm for also anticipating a the an for of $XX the the for range and results our to share. million We range operating be previous loss million guidance in loss and profit full-year EPS $X.XX year to per $XX $X.XX of EPS, to

our we financial remarks like our call approximately revenue through us forecast, to further carry to up will including and cost questions. reiterate our open discipline. Since ago, to months while prepared we this plan our please to we'd revenue even to the targets sustained Finally, have consistently continuing for goals expense expense our Operator, controls development strong concludes we achieved capital, the need first balance raise to spending sheet expectation activities. our planned continue without and within That our provided that today. corporate and XX adhere profitability publicly

Operator

We Instructions] first with Our question-and-answer Brian William question session. will come Drab now begin from will [Operator the Blair.

may go You ahead. now

Brian Drab

evening. Thanks taking questions. Good my for Hey.

can OpEx, us much the stick for it's OpEx kind can First, to just is for and where extent of have mentioned a how year but just sales, can sense you that ramp in or R&D, – great. continue G&A forward would those how and you it up the lines the give to each – you up? and you you still plans on that Just can, how second? that gave now, one year-over-year guidance, just on Mark, for of going the are You earnings detail you be R&D need trend any to added going marketing, people the

Mark Schwartz

Yes. Brian, and your Thanks, thanks for question.

leverage near-term, the R&D, to we but sales and So that leverage our G&A teams And the of what and longer research in principally model to innovation, levels for that enable the come toward maybe operating that toward with see and additions that's revenues a see of created continued these the we've over ability continue term, G&A, will making as each you the of we think speaks not four there we've our we're and down. are to percentage Again, as increase. mid-term a are of that development profitability. past and curtailing percentage that about the path teams puts us some to maybe to operating as quarters to as growth but our the the of ramp believe start on marketing, continuing level to near-term, the Specific revenue continue the decline. certainly and in we won't experienced lines

modest seen but over like be the year, you've increases throughout there'll four So the nothing past what quarters.

Brian Drab

Got it. just And then ask Okay. now. for more I'll one

you a has dozen On the I'm Thanks. a but me opportunities. I was over last if wondering XXX we last? heard the just heard order since FXXX, that from book couple that correct wrong, firm had over we you how and developed I this please think you and from have orders orders,

Mark Schwartz

customers field. sure other of potential Sure. we're continues in seeing the our With to I'll to order the what for them, the delighted by color. the able some customers can reaction from see system. in now The answer Shai using And I'm we're more give perspective, grow. humbled that are the field, and from are add and FXXX you book more FXXXs an

scheduled. that we've that it, rolling about book of firm and our about stand but we in on lot what in it's and out Brian, numbers, as – continues happening said conviction terms said year, I this happening haven't order we it's know So we've product our what a we've said,

Brian Drab

that on Thanks taking book. for of Okay. a Great. lot week there'll be next my questions. order And activity I'm sure

Mark Schwartz

Yes.

sharing so will first I see And you believe, the there for it. Rapid. next to we'll We be at it forward week time looking

Brian Drab

Thank you Yes. I'll see there. you.

Operator

Craig-Hallum. Our next with question will come Palm from Greg

ahead. now may go You

Greg Palm

Thanks Yes. Thanks. taking Good here. the questions for everybody. afternoon,

Mark Schwartz

Sure, Greg.

Greg Palm

would Starting occurred down QX with curious, excluding that I excluding XXXX. basis, sales, up been that unit carried transaction they on sales back a what have unit think year-over-year QX XXXX were that large I'm into in FXXX

unit volume in get QX? to curious on your Just thoughts specifically here

Mark Schwartz

for Yes, sure.

if Alley we back north from a of QX, out little So year-over-year. Automation we're then XX% up

impact. a was significant there So

I million. for think Automation the impact was QX $X.X around Alley

Greg Palm

And to would've well? just be it price, up by wouldn't been as driven units confirm

Mark Schwartz

That is correct.

Greg Palm

bit so are anything couple the out significantly obviously margin, looking seeing lot that a are Gross understand kind good. ahead, what of saw that's continued in QX months get a challenges puts there, did worse be of now And in to sort of it the guidance commentary of a QX, like more – you what to that whole will It sounds for of you Okay, than challenges. a little year. you ago?

things bit And think so are like it quite implies to second going almost the improve in you a half.

So thoughts? help us understand just maybe your

Mark Schwartz

Sure.

that because if we're full-year. this going hasn't say, If supply first but challenges throughout continue you seeing quarter see that, at in were year, these subside March, of our for into thinking recall every to know least might been and this hang be commenting significantly others we lasting you I we our chain guidance year, – of call already Greg, suggested from our we We and into on half you And perhaps some changed. to recall while that the word we really the start weren't pretty for year. second challenged to that's the factored in think release

So seeing for improvement. of part question, not any has first really changed. nothing the your We're

we I somewhat, the just planned where for it with it's on as I impact We're the that our doesn't guidance think be. we for would in because year. earlier thought But it plan think was we challenging that year.

the our and for of the margin of the meets our in the of of modestly if you today. be we the than year, of the that plans do Precise and you need would the consider correct the is new are second are expectations. necessarily production gross our materials, where commercial ramping the introduction PLA, the growth correct. introduction higher math more year But business, year, FXXX it of That you our half all into that half So the to second

– you if tell we that. would different, So any we we're thought

know you think that. I

Greg Palm

Yes.

additional mention adoption guys forward to how you but good. that Markforged, that, have awareness on one, Okay, overall grow and be not thoughts – any the Do Last additive in for could or just remarks. to prepared you industry just you general? mentioned your did meaningful Shai, in help

Shai Terem

coming, with a can doing. inception. helps helping bit customers and chain We've the our mission-critical and I the a little demand say, Continuous the time, plastics not it's definitely you this have years. to for there don't unlike help. where since but Markforged supply parts others, to with bit crystal clarify demand – It's early too little XXXX prove increase a have the if day because there think it Fiber that at is I remember, now with are what the you in significant we initiative out another then ball, were technologies of of little people need polymers Markforged to is in different and been the ABS the is strongest when And was couple share Reinforcement. bit, a and now

carbon with break. much accessible which they and OnyX make replace easier to chopped certify affordable not have will we that solution, have you manufacturing and can metal floor We very parts it on fiber, and the

time So we wait I and it going and see. is this to are think different

Greg Palm

and leave there. of Okay. forward. going Thanks, best luck it Perfect. I'll

Mark Schwartz

Greg. Thanks,

Operator

will question from with next Jensen come Our Lake Troy Capital. Street

You may now go ahead.

Troy Jensen

results. nice the on Congrats gentlemen. Hey,

Mark Schwartz

you. Thank

Shai Terem

Thanks, Troy.

Troy Jensen

desktop, maybe faster or out you various the be can is all versus I platforms growth to the than Hey, X lines, start Metal about versus Shai. growing some guess product with talk seeing with I'd others? curious industrial

Shai Terem

it's be less continue composite share. to The same. say would the or the lion I more

is manufacturing, traditional problem solution, steel, but with introduce it’s to Although a and end you to as cheaper, we aluminum corrosion, traditional and no stronger, metals, but metals come solution. us as of when there's lot we of it's mode customer manufacturing very advanced lighter, be the with replacing they which and can there's obvious then strong advantages continue a composite are know, sometimes composite up with

see say we we I product before. So the more same, freight would or that had mix between less the

Troy Jensen

understand mean, I’ve lot users to. a on like perfect. a Okay. PLA I of out – I customers That’s of swap launch, don't got historically but Then kind a materials, can

will your people more material also I'm kind system to guess of more keep opt that this per machine? on I opinions if demand curious So promote

Shai Terem

and definitely Yes, on especially lower-end. the

production, love as et answer our solution to look we because have and throw of ability from use ask materials, faster, for one robust on design high-temp end, But So phase the it we cheaper FXXX kind expanding with would we're you lower on Until that we same know addressable go But our also of bigger, you it increased end, we to market the now but the manufacturing. the design our told they love later phase, many cetera. platform. versions on because them. us away, do we customers

said, life to it. gave they okay. materials, now bit part we And have love the but little these So and are done cycle same we the final on cheaper, production them of platform from they design can the which a entire

Troy Jensen

Makes sense. Yes.

then but on about of break too the can two lastly those out kind side, for just you software applications? it's software just Just revenues, me I'm to big fleet to a Blacksmith respect guessing of talk with and manager, adoption

Shai Terem

Yes.

it's very enablers. very, said, still but relatively small are to compared the total you revenue, they As

you if same need require have continent, it, that you this system, printed. production and part, where be the no that probably process, have to part the the Vestas, the systems to part control have of for part video, if enterprise another here, same like multiple to must real they same continents, must need will that we when talk example saw So access is, to it's multiple that matter being in ensure your about accounts you you you manufacturing is it's need ensure it or produced the in

requirements. even looking we conviction right the the I take Simulation, see the accounts. really continues the gate that will and they're them to especially the Teton right the level certify can for And part So with have the the next of adoption we get with and right help now it bigger out think that

Troy Jensen

right, work. All good again, Congrats Perfect. keep and the guys.

Shai Terem

Troy. you, Thank

Mark Schwartz

Yes. Thanks, Troy.

Operator

will Jim question next Our Citigroup. with Suva come from

You may now go ahead.

James Suva

adjust talking way Not do to more. like carbons. a material raw I'm just contracts buy now changing of been raw priced but it there comes you. the about pricing, is wondering Are volatile? Thank going something, on amount not kind like shipping like like unprecedentedly as like it about costs, any the back saying structural just since to you customer or or but indexed you metals, I'm if costs talking polys, changes have quite just aluminums, now? materials

Mark Schwartz

We're question, doing everything Yes. others It's good are that a Jim. doing.

bit a talked bulk. buying buying about we've So before in ahead,

moving supply certain commercial We to FXXX are that and signing into source secure longer vendors components secure actually production. pricing. We're with to doing of as term contracts with now the we're

So and a answer moving you maybe moving don't that, so redesigning volumes, the no, in to systems. I are doing thinking from are different thought we at into of of the you is tens these yes, were that. was some currently. mind. parts twenties not answer we And greater out if your fives asking and question that direction. some about least thought of our I I'll

James Suva

bit out if CapEx come they product despite kind investing just or like of Russia-Ukraine things the settled for they in get in specifically, countries trends. not unfortunate you follow-up, there? what you unfortunate of And some the did and conflict? industrial a you. I'm over regional before wondering of talking progressed then such. a about about are in see conflict are as of so, And to kind they about the telling I'm Russia-Ukraine talking for European just the bordering in countries the talked the pause area Thank given I'm just earlier war you of uncertainty Europe, quarter back And hopefully still my Eastern your

Shai Terem

better QX know say this, event positive to as as grow delays it's some don't very you a take definitely we our impact hope soon see but I start we so Yes. on seeing but global, is place. that general plan there's with there We there. get business started get resolution. right be going to still think able yet terrible in and And to in change would this we there, I

Mark Schwartz

lot Yes. confidence demand What highlighted, is, and trends have for think But orders. of hitting our we I targets some EMEA, push in Shai solutions, remains remains and in I seen a intact. full-year additive uncertainty, we've would add the there's customers, underlying to particularly revenue strong more that, that broadly Jim out

James Suva

Thank the It you appreciated. for details was and greatly clarifications.

Mark Schwartz

Thanks, Jim.

Shai Terem

Thank you.

Operator

question will Dilts Stifel. from next Our come Noelle with

You may now go ahead.

Noelle Dilts

the Hi, that quarter? just as on Sticking will of and with out look the you and year trends how you volume could of that saw theme changes thinking a come then sort thanks. some growth geographic expectations, in moment, from? that guess for of you where strength Thanks. the of to you're any comment questioning the your about I and in APAC And in kind regional

Shai Terem

Sure.

have first, strong doing and they're amazing just in think I APAC, work. and very phenomenal we leadership So team,

shutdowns, biggest more but In a lot there was two definitely et stage. which to a impact. the to addition, accelerate see us, customers long a Australia face-to-face under the countries starting to the know, see as time. and under you this transaction we Japan of cetera, the final open that up, trade especially helps APAC as a And of shows, We definitely is more pressure COVID lot for little were bit for with

help customers our they the to growth need everywhere. overcome today to we them, we to try believe geographies. are to chain supply all continue see come we're going The it. Going on And and challenges really forward, when

you that the solution but with have of on print customers them. thousands now with Markforged to of versus we to that So parts the get parts demand print digital on see shelf, libraries used they kind on that start cannot they stay thousands demand – parts now of that

definitely helps changing a that everywhere the grow see is I world this us it driver don't think soon. currently. in anytime I So a any

Noelle Dilts

back keep about you modeling, year Great. should the then revisit or how capital Thanks. Okay. you think the year the anything of perspective? anything growth about could for Thank thinking of we And in mind you're and pick as cash we're a notable of in usage sort sort as up just half you. working from should we

Mark Schwartz

Yes. Sure, Noelle.

the the is first to two there one be be of terms lowest of comment in QX things the and out other bonuses the most year. half and on to One the given outlay quarter quarter paid there. in probably two, and is being revenue think to I tends things year QX of tends cash

of we're run in the QX. burning we burned So not rate cash a on

great the we fact, year. have and for expenses we're over plan our control In on

The year. second very modest I small you with to very, the that responsible but changing were would think, going a guidance and it a it's is even acquisition the burn, to the highlight well, in, And they gosh, might factoring or not company. of burn our Teton, cash that's others will, add a team, cash for also fiscally we're

Noelle Dilts

Thanks Appreciate very much. it.

Mark Schwartz

Noelle. Sure,

Operator

will [Operator with Instructions] Our next question come from Hall Rod Goldman Sachs.

You may now go ahead.

Roderick Hall

to see qualitatively wanted wanted the a And the the back little Teton business, working then come the that talk could in fits to to the business augmenting how and opportunities acquisition on that. if you question. Yes. for you've that bit capital got come maybe to just and see I strategically question. I the Hi, how back into thanks that you so

your the Just given quite supply bounce reasons situation. days, looking chain up bit a they inventory at I'm did for sure good

goes Just to curious kind what again here? that up you trend happen here. it of down expect the quarter-to-quarter? ebbs a normal payable then of is a and that And or just likewise from kind quite QX? think you on to flows in bit business these going think down just inventory Do is Thanks Do went lot. that, in and of color from you days any days

Shai Terem

you, Rod. Thank

I help on the Mark working the assume question So will Teton I capital. will and take

evaluate helps accessible So the that Teton, very Teton and and will part easy-to-use need. give the you and software has you points a the very to how build strength that

to Markforged, is parts, want Reinforcement, Continuous aluminum. Fiber know, critical have you than you are stronger we As and build the if which which

in you to today, you certification need software. with tested sometimes Now the get want, order print the to tested, this printed, part,

put our all the of the and part. continuous the where adopt simulation will into you manufacturing of even customers to strong cheaper the can the the the way we the application that be position give the be outcome. do they more Reinforcement. and that how Continuous a of have Fiber this testing, part technology doing deeper help in once prints with will know what's it going you strengthen it ability testing to Our believe and and instead It'll multiple evolution We inside and avoid fiber customers to depending easier in do and market a

of impact to we're it to way try on add believe we offering our our monetize really the will positive give the to in our subscription that going customers part going software adoption. the kind a ability it, very in subscription have they first another ensure have we're it, and that time. said, to that So use the we as that hands total their – will And into right

Mark Schwartz

question rephrase your you can maybe working Yes. was Rod capital that. or specifically related to Teton,

Roderick Hall

No, everybody’s were up. at for XX was haven't while. inventory been inventory Mark, XXX going just a up high and metrics is that But I of the and really days sheet looking balance from they

goes there? that wondering, I'm we're to on anything figure a peak sort did Do caused inventory just question just up that then payable, that little inventory trade So over is your it's do just more? of days think or there Just the on they does at – payable of It's out seasonality? down, normal that's you likewise down if went XX inventory level? days not the down at of, to a And or days just that come days down from bit surprising. a trying the maintain like sequentially, does on that and look

Mark Schwartz

Yes.

will we that we expect we We'll that a level And you continue as move building of inventory, of have as current for on you'll levels the into forward. drift back more the percentage been inventory, off and that down so normalized revenue. historical burn us. have So shouldn't sort see maybe

In normal AP, closer think, what I the new us. a you're is for terms seeing of to

and company little areas become to public a on have of vendors. we side our as up One the more is we've responsive a shored that being bit that

likely stay to we levels the flat. think now I percentage to you're so as see fairly are a And where

Roderick Hall

Great.

it. Appreciate Okay. you. Thank

Mark Schwartz

Yes.

You're very welcome.

Operator

back over conference the closing Terem turn to to like would for Shai I session. any question-and-answer our remarks. concludes This

Shai Terem

forward Thank week and us everyone Rapid. see you for next you very maybe in to looking much, joining

Operator

concluded. The today’s Thank for attending conference has presentation. now you

disconnect. may now You

Markforged Holding (MKFG) 13 May 222022 Q1 Earnings call transcript