Metal and carbon fiber additive manufacturing (AM) specialist Markforged has reported a 14.7% increase in Q1 2021 revenue US$20.3 million.

Q1 2020 revenue was US$17.7 million, the company said. Gross profit grew 31.9% to US$12.4 million in Q1 2021 from US$9.4 million Q1 2020, reportedly due to increased revenues and cost reductions. Gross margins expanded to 61% in the first quarter of 2021 compared to 53% in the first quarter of 2020.

The company says that its 2021 guidance of revenues is still US$88 million with a gross profit of US$51 million. Markforged also plans to complete its previously announced merger with acquisition company one this year.

‘We are pleased with our results from the first quarter of the year, building on our strong momentum from 2020,’ said Shai Terem, Markforged president. ‘We’re committed to continuing to accelerate product innovation and expand customer adoption as we finalize the merger transaction with one and begin trading under the Markforged ticker MKFG.’

This story uses material from Markforged, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.