WALTHAM, Mass.–(BUSINESS WIRE)–Markforged Holding Corporation (NYSE: MKFG) (the Company), the company building manufacturing resilience by enabling industrial production in times of need, today announced that April 11, 2024 , The jury of the United States District Court for the District of Delaware has reached a verdict in the ongoing patent lawsuit between the company and Continuous Composites Inc. (Continuous Composites).
The jury returned a verdict against Markforged, Inc., a wholly owned subsidiary of the Company, in the amount of $17.34 million. As previously disclosed, in July 2021, Continuous Composites, an Idaho-based company, filed a patent infringement lawsuit against the Company. The jury found one of the two patent claims made by Continuous Composites in its lawsuit against the Company to be invalid and not infringed. However, the jury found that the Company had infringed the other patent claim and awarded monetary damages. Although the Company cannot predict what further actions Continuous Composites may take, it is possible that it may seek additional relief through post-trial motions for the payment of royalties on future revenues, which could have a material impact on its business and earnings. operations of the Company.
The Company strongly disagrees with this verdict and intends to seek to overturn the verdict in post-trial motions in the District Court. The Company is exploring all available options, including attempting to overturn the verdict and any resulting judgment through the appeal process.
While the Company is currently evaluating the impact of the verdict on its business, given its strong balance sheet, effective cost controls and innovative new product line, the Company remains focused and enthusiastic about the Company’s future and its ability to continue to drive the adoption of additive manufacturing in the factory.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on currently available beliefs, assumptions and information. In some cases, you can identify forward-looking statements by the following words: may, will, could, should, should, expect, intend, plan, strategy, anticipate, believe, estimate, forecast, project, potential, continue, ongoing, opportunity or downside of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although Markforged believes it has a reasonable basis for each forward-looking statement in this press release, Markforged cautions that such statements are based on a combination of facts and factors currently known to Markforged and its projections of the future, about which it cannot be certain. Forward-looking statements contained in this press release include, but are not limited to, statements regarding the Company’s expectations regarding any impact on the Company’s business, balance sheet and cost structure; any post-trial motions and appeals; the Company’s disagreement with the verdict; and the Company’s intention to appeal the ruling. The forward-looking statements contained in this report are subject to risks and uncertainties, which could cause actual outcomes or results to vary from those indicated in the forward-looking statements. These risks and uncertainties include possible adverse outcomes of any motions or claims against us and other risks and uncertainties, including those described more fully in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2023 and others factors detailed from time to time in the Company’s filings with the SEC. The Company undertakes no obligation to publicly revise or update any forward-looking statements.
About Markforged
Markforged (NYSE:MKFG) is enabling more resilient and flexible supply chains by bringing industrial 3D printing directly to the factory floor. Our Digital Forge additive manufacturing platform enables manufacturers to create strong, precise parts in both metal and advanced composites. With over 10,000 customers in over 70 countries, we bring on-demand industrial manufacturing to the point where it’s needed. We are headquartered in Waltham, Massachusetts, where we design the advanced hardware, software and materials that make The Digital Forge reliable and easy to use. To learn more, visit www.markforged.com.
View the original version on businesswire.com: https://www.businesswire.com/news/home/20240412788991/en/
Forged:
Average
Sam Manning, public relations manager
sam.manning@markforged.com
Investors
Austin Bohlig, Director of Investor Relations
investor@markforged.com
Source: Markforged Holding Corporation