Bigger company, bigger space. 3D printing company Markforged moves its headquarters to Waltham
Since its IPO, Markforged has hired more than 100 people, growing its workforce to more than 350 people worldwide, including 290 in Massachusetts. The company said the new four-storey headquarters, located at 60 Tower Road, can accommodate more than 500 people.
Markforged CEO Shai Terem said in an email to The Globe that the company is looking for new offices in the Boston metro area and is even considering expanding its current facility at 480 Pleasant St. in Watertown. Consolidating into a single space, however, will bring together corporate, sales, and engineering departments across the company, so they can “collaborate and inspire each other more easily.”
The move is expected to be completed in the fall of 2022.
Founded in 2013 by graduates of the Massachusetts Institute of Technology, Markforged attempts to respond at a time when global supply chain issues are at the forefront of business concerns. During an earnings call in November, Terem addressed investors with a PowerPoint slide featuring a stark example photo: the container ship stuck in the Suez Canal.
It was a not-so-subtle reminder of what Terem sees as the company’s value proposition: helping companies design and print their own products on-site, so they don’t have to rely on remote deliveries.
“Some ship their manufacturing parts around the world,” the PowerPoint slide says. “Others just pressed print.”
Terem said the company’s sales process was twofold: helping people understand they had a supply chain problem, and then convincing them that Markforged products could help solve them. Now, he says, the first part is clear from the start.
“They understand they need to build a much more resilient supply chain,” he said.
Markforged has about 10,000 customers, including Tesla and NASA. CFO Mark Schwartz said it’s “not uncommon” for companies to buy more than five 3D printers.
Next year, Markforged plans to start shipping its “biggest, fastest and most sophisticated” 3D printer, called the FX20. The printer was designed to produce stronger, lighter and heat resistant materials for the aerospace, defense and automotive industries.
Markforged generated $24 million in revenue during the third quarter, up 53.8% from the comparable period last year. Schwartz said the company expects annual revenue to reach nearly $90 million this year.
Terem said Markforged plans to increase its workforce by around 25% next year, which means the company could grow to around 450 employees.
To help meet growing demand for its new printer, the company also announced last week that it plans to nearly double the size of its global manufacturing facility in Billerica to 46,000 square feet next year. This site manufactures the industrial-grade materials that go into Markforged printers, such as carbon fiber and metals.
The company’s shares are trading around $5, down about 30% from their price on July 15, when they began trading on the New York Stock Exchange.