Markforged Holding Corporation (MKFG): Business Model Canvas [Dec-2025 Updated]

You're digging into the financials after the big Nano Dimension deal closed in April 2025, trying to see if the new Markforged Holding Corporation blueprint actually works. Honestly, mapping out a combined entity aiming for $20 million in cost savings while balancing hardware sales against high-margin consumables and software subscriptions (which grew 13.2% year-over-year in Q3 2024) is tricky business. This Business Model Canvas cuts through the noise, showing exactly how their patented Continuous Fiber Reinforcement technology and the Digital Forge platform are now structured to support that $85.1 million 2024 total revenue and beyond. Take a look below; it's the clearest snapshot of their strategy right now.

Markforged Holding Corporation (MKFG) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that underpin Markforged Holding Corporation's operations, especially now following the integration under Nano Dimension Ltd. These partnerships aren't just handshake agreements; they represent crucial channels, technology enablers, and customer validation points.

Nano Dimension Ltd. for post-acquisition synergy and capital

The most significant recent partnership is the acquisition itself, completed on April 25, 2025. Nano Dimension Ltd. acquired Markforged Holding Corporation in an all-cash transaction valued at $116 million, or $5.00 per share. This move was intended to strengthen the combined entity's capital position, building on Markforged solutions which achieved nearly 50% non-GAAP gross margins in fiscal year 2024. At the time of the closing, Markforged brought an install base of over 15,000 systems to Nano Dimension. Assaf Zipori, formerly Markforged's Chief Financial Officer, transitioned to become the Chief Financial Officer for the combined company.

Global network of authorized industrial distributors and resellers

The reach of Markforged Holding Corporation's platform relies heavily on its established channel. This network acts as the primary go-to-market engine for hardware and materials sales globally. The established base includes:

• Over 100 certified channel partners as of early 2021.
• A global presence spanning over 70+ countries.
• Approximately 1,000+ go-to-market (GTM) personnel within the partner network.

The connected install base, which feeds the software and recurring revenue streams, was noted around ~13k systems, representing the core of the installed hardware ecosystem that these partners service.

Siemens Digital Industries for NX and Teamcenter software integration

Integration with major Product Lifecycle Management (PLM) and Computer-Aided Manufacturing (CAM) ecosystems is vital for deep penetration into large industrial accounts. Markforged Holding Corporation's Eiger software is designed to connect with the Siemens Xcelerator suite, forming a digital thread across design, simulation, and manufacturing.

This interoperability helps reduce rework and accelerate design processes by ensuring all stakeholders access the same, up-to-date data.

Aerospace and defense partners like Boeing and Lockheed Martin

While specific contract values with Markforged Holding Corporation aren't public, the company's technology is validated by its use in these highly regulated sectors, which demand high-strength, certified parts. The focus here is on distributed manufacturing and small batch production, which plays directly to the platform's strengths.

• Certified components, including lighting housings and panels using Continuous Fiber Reinforcement (CFR) technology, are being produced for VIP aircraft.
• LOT Polish Airlines installed 3D printed arm caps on its Boeing 737 fleet to overcome parts shortages.
• Lockheed Martin committed to improving AM performance and standards, having added 16,000-square-feet of state-of-the-art AM space to its Grand Prairie, Texas, facility.

These applications demonstrate the platform's ability to meet stringent safety and quality demands.

3YOURMIND for Eiger software integration and workflow automation

This partnership focuses on software interoperability to facilitate Industry 4.0 adoption. The integration connects Markforged Holding Corporation's Eiger software platform with 3YOURMIND's Agile Manufacturing Execution System (MES) via API. This creates an end-to-end automated solution, allowing users to schedule prints directly from Product Lifecycle Management (PLM) systems. Eiger Fleet customers can leverage the API to automatically print parts as part of a digital kanban inventory system.

Finance: draft 13-week cash view by Friday.

Markforged Holding Corporation (MKFG) - Canvas Business Model: Key Activities

You're looking at the core engine of Markforged Holding Corporation post-merger with Nano Dimension, which closed in April 2025. The focus has clearly shifted from pure growth to operational efficiency while maintaining the innovation pipeline. Here's how the Key Activities are shaping up based on the latest available data.

Research and development of new metal and composite materials.

The commitment to materials science remains a core activity, which is necessary given the rapid technological change in additive manufacturing. For the year ended December 31, 2024, Research and development expenses totaled $32.4 million. Management indicated they expect this expense to remain consistent for the foreseeable future as they continue to enhance current products and develop new ones for existing and new markets. This R&D effort supports the Digital Forge platform by ensuring material compatibility and performance for high-stress applications across aerospace, defense, and automotive sectors.

Manufacturing and assembly of industrial 3D printing hardware (FX10, PX100).

Producing the hardware, especially the newer industrial systems, is central to capturing higher-value sales. You saw the first shipments of the PX100 unit and accelerated shipments of the FX10 product in the second half of 2024, setting the stage for 2025 volume. The activity here is balancing production scale with quality control, especially as the company integrates operations post-acquisition. Here's a look at the product focus that drives this activity:

The success of these platforms is what drives the recurring revenue from materials and software, which is key to margin improvement.

Continuous software development for the Eiger/Digital Forge platform.

Keeping the Digital Forge platform sticky is paramount. This activity involves integrating new hardware capabilities and expanding material compatibility directly through the software layer. A concrete example of this integration effort was the move to incorporate SmartSlice software into the Eiger platform following the Teton Simulation acquisition back in Q2 2022, showing a history of using M&A to enhance software functionality. The launch of new materials like Onyx FR and Vega in Q2 2024 required immediate software updates to ensure proper printing profiles were available to the installed base of over 10,000 global customers.

Managing the global distribution and technical support network.

This involves maintaining relationships with channel partners and ensuring that the global customer base, which spans industries like food and beverage to space exploration, receives timely service. The operational focus here is on efficiency, especially since the cost-cutting initiative is targeting operating expenses. If onboarding new distributors takes longer than expected, it definitely slows down the realization of new market penetration.

• Maintain relationships with partners across the globe.
• Provide technical support for hardware and software issues.
• Manage the logistics for shipping printers and proprietary materials.

Streamlining operations to achieve $20 million in annual cost synergies.

This is arguably the most critical activity for Markforged Holding Corporation in late 2025, following the April 2025 acquisition by Nano Dimension. The combined entity has a stated goal to achieve $20 million in annualized cost savings by late 2025. This is being realized primarily through operational streamlining and discontinuing underperforming products. This effort builds on prior internal goals; for instance, management had previously initiated a plan to reduce the annual operating expenses run rate to approximately $70 million in 2025. The success of this synergy capture is what analysts are watching to see if the company can move past the 2024 revenue of $85.1 million toward the projected 2025 revenue of around $97.10 million while improving profitability.

Markforged Holding Corporation (MKFG) - Canvas Business Model: Key Resources

You're looking at the core assets that make Markforged Holding Corporation's business run, the things they own or control that create their value proposition. Honestly, for a manufacturing tech company, this is where the moat is built, so let's look at the hard numbers we have as of late 2025.

Patented Continuous Fiber Reinforcement (CFR) technology

The intellectual property around CFR is central. Markforged Holding Corporation has a total of 202 patents globally, with 153 patents currently active. To be fair, this portfolio is actively being defended and expanded; for instance, a patent related to the method of manufacturing a metal matrix composite part was granted as recently as September 23, 2025. This technology is what lets them embed continuous strands of material into parts, making them incredibly strong, which is quite different from chopped fiber filaments.

The Digital Forge integrated hardware, software, and materials platform

The Digital Forge is the ecosystem tying everything together. This platform is the delivery mechanism for their hardware, software, and consumables. As of the latest available data near the end of 2025, the installed base of Markforged systems globally is stated to be over 15,000 systems. The total trailing twelve months (TTM) revenue for Markforged Holding Corporation as of December 2025 is reported at $85.09 Million USD.

Eiger cloud-based software for fleet management and simulation

Eiger is the engine of the Digital Forge, a proprietary cloud-based software platform. It handles everything from preparing CAD files to managing print queues and analyzing performance. The software is now delivered via an organization-wide subscription model, which started after April 1, 2023. This platform provides custom analytics to track key performance indicators related to time and cost savings from additive manufacturing.

Diverse portfolio of proprietary materials (Onyx, ULTEM, 17-4PH Stainless Steel)

The materials are a crucial recurring revenue stream. Markforged designs and manufactures these proprietary materials in-house at their facility in greater Boston, Massachusetts. Research and development expenses to maintain and grow this portfolio totaled $32.4 million for the year ended December 31, 2024. The materials portfolio includes high-performance options like ULTEM™ 9085 Filament and the metal 17-4PH Stainless Steel.

Here's a quick look at the quantitative assets supporting the business:

Installed base of over 15,000 systems globally

The physical footprint of Markforged Holding Corporation's technology in the field represents a significant barrier to entry for competitors. This installed base drives the recurring revenue from materials and software subscriptions. The company has a design and manufacturing facility in Hoganas, Sweden, in addition to its headquarters in Waltham, Massachusetts.

The platform's reach is supported by the software ecosystem, which includes:

• Eiger Core: 3D printer slicer software.
• Eiger Fleet: Centralized control over printers, users, and workflows.
• Digital Part Inventory: Seamless, on-demand access to organized parts.
• Simulation: Tool to validate part performance and optimize settings.

If onboarding takes 14+ days, churn risk rises, so the ease of use within the Digital Forge is key to retaining these 15,000+ customers.

Finance: draft 13-week cash view by Friday.

Markforged Holding Corporation (MKFG) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Markforged Holding Corporation's technology over traditional methods. It's about material performance, operational certainty, and data trust.

Producing parts as strong as 6061 T6 Aluminum with composites

Markforged Holding Corporation's continuous fiber reinforcement, when embedded in a composite base material like Onyx, is engineered to yield parts with strength comparable to 6061-T6 aluminum. This material science advantage translates directly into part performance, which you can see when you compare key mechanical properties.

The material difference means parts can be significantly lighter; the same part geometry would be 35% lighter if made with carbon fiber instead of aluminum.

On-demand, point-of-need production for supply chain resilience

The ability to print functional parts on demand directly mitigates risks associated with external supply chain disruptions. For context, you saw aluminum prices increase by over 50% since January 2021, creating sharp price increases and shortages that on-site additive manufacturing helps bypass.

High-performance metal and composite parts for end-use applications

Markforged Holding Corporation provides a full spectrum of solutions, including industrial and metal 3D printers, alongside composite and continuous fiber parts. The FX10 Metal Kit is notable, making the FX10 the world's first industrial 3D printer capable of printing both metal filaments and composites with continuous fiber reinforcement.

Fixed and predictable total cost of ownership via subscription tiers

The Digital Forge Subscriptions structure is designed to make costs predictable across your fleet. The platform includes a Basic tier which is free, alongside paid tiers: Essential, Advanced, and On-Prem.

• Plans are available in 1 and 3-year terms.
• The total cost is multiplied by the number of printers, not per user.
• Paid tiers include benefits like direct and reactive support, and routine wear and tear items at no additional cost.

Compliance and security features (ISO 27001 certified Eiger software)

The Eiger cloud additive manufacturing platform, along with the 3D printing hardware and fleet management software, is ISO 27001 certified, which is a key trust signal for regulated industries.

This certification confirms a framework is in place to preserve the privacy, confidentiality, integrity, and availability (CIA) of Markforged Holding Corporation's and its clients' intellectual property.

• The system conforms to the ISO/IEC 27001:2022 framework.
• The latest Recertification Date was November 5, 2025.
• The current certificate is set to expire on December 13, 2028.

The On-Prem tier specifically allows users to print parts in a 100% offline environment.

Markforged Holding Corporation (MKFG) - Canvas Business Model: Customer Relationships

You're looking at how Markforged Holding Corporation keeps its users engaged and their expensive hardware running. The relationship is heavily mediated through their subscription service, the Digital Forge Complete, which bundles software, support, and training organization-wide.

As of late 2025, the platform supports over 10,000 customers across more than 70 countries, indicating a broad, globally distributed service requirement. Services revenues showed strong growth, up 25% year-over-year in 2023, which reflects the success of this bundled relationship model.

Dedicated technical support and success plans are tiered under the Digital Forge Complete structure. This organization-wide model simplifies management by applying benefits across all users and printers, rather than per-user add-ons.

Organization-wide training and certification programs are delivered through Markforged University. This is a multi-day certification program for engineers and managers, designed to accelerate mastery of Composite and Metal 3D printing technology. The Composites and Metal certification programs teach core concepts, including Design for Additive Manufacturing (DfAM) techniques. Access to these learning materials is included in the Essential, Advanced, and On-Prem tiers, allowing companies to upskill their entire workforce from an accessible online platform.

Direct and reactive support is a core promise of the paid tiers, specifically aimed at minimizing printer downtime. Benefits explicitly listed for these plans include:

• Direct and reactive support.
• Routine wear and tear items included at no additional cost.
• Defective part and accidental damage coverage.
• Partner access to Markforged Technical Services.

The goal here is a fixed and predictable total cost of ownership, moving away from unplanned expenses related to printer failure or part replacement. If onboarding takes 14+ days, churn risk rises.

Automated, in-process part inspection and quality control is now delivered via the Inspection feature, which was formerly known as Blacksmith. This functionality is bundled into the Advanced tier of the Digital Forge Complete. Inspection allows users to validate part performance and automate reporting, replacing costly and time-consuming physical testing. This directly supports the customer relationship by ensuring part quality meets performance requirements right from the platform.

Finance: draft 13-week cash view by Friday.

Markforged Holding Corporation (MKFG) - Canvas Business Model: Channels

You're looking at how Markforged Holding Corporation gets its products-printers, materials, and software-into the hands of its over 10,000 global customers across 70+ countries. The channel strategy is clearly multi-pronged, balancing broad reach through partners with deep engagement for the biggest deals.

The global network of value-added resellers and distributors is the backbone for broad market penetration. This channel is critical for localized support and sales execution outside of direct engagement. For instance, a key distributor partner in the Midwest, Hartwig, has installed over 12,000 machine tools across its territory, showing the scale of the industrial machinery channel Markforged plugs into. Furthermore, a specific network example, Project DIAMOnD, utilizes over 300 Markforged 3D printers across Michigan manufacturers to create a distributed manufacturing network, demonstrating the channel's capability for rapid, localized response.

Direct sales efforts are reserved for the most complex and high-value relationships. This internal force targets large enterprise accounts where deep integration and consultative selling are necessary. While a specific breakdown of revenue from this segment isn't public, the company's full-year 2024 revenue was $85.1 million, and the Q1 2025 expected revenue was $21.20 million, which this direct force contributes to alongside partners.

Regarding the online e-commerce platform, Markforged Holding Corporation includes E-Commerce as a keyword in its business description, suggesting a direct-to-consumer or direct-to-business digital sales component for materials or software subscriptions, though specific revenue contribution is not quantified in the latest reports.

Finally, integration with partner software platforms is a key channel for driving adoption of The Digital Forge ecosystem. The company has a history of promoting industrialization through software integration, such as joining Siemens' Foundation Partnership Program. This type of integration acts as a channel by embedding Markforged's capabilities directly into the customer's existing workflow software.

Here is a summary of the quantifiable channel-related data points we have:

The company's employee count, as of a September 2025 report, was stated as 400+ employees, which supports the internal direct sales force capacity, though the exact size of that force isn't broken out.

The strategic merger with Nano Dimension, completed in April 2025, targets $20 million in annualized cost savings by late 2025, which will impact the efficiency of all sales and operational channels.

• Global network of value-added resellers and distributors.
• Direct sales via an online e-commerce platform.
• Internal direct sales force for large enterprise and strategic accounts.
• Integration with partner software platforms (e.g., Siemens NX).

Finance: draft 13-week cash view by Friday.

Markforged Holding Corporation (MKFG) - Canvas Business Model: Customer Segments

You're looking at the customer base for Markforged Holding Corporation as of late 2025, right after its acquisition by Nano Dimension in April 2025. Honestly, the focus has shifted from pure top-line growth to integration and operational efficiency, but the core customer types remain the same, just operating under a new corporate structure aiming for $20 million in annualized cost savings by the end of 2025.

Markforged serves a global base, which is a key resource in itself. As of the last reported figures, the company has over 10,000 customers spread across 70+ countries. This broad reach is what the Digital Forge platform is built to manage. Here's a quick snapshot of that customer base:

The customer segments are defined by the application of their additive manufacturing platform, The Digital Forge, which produces parts in metal and advanced composites. These segments are where you see the demand for on-demand, high-strength parts driving the business.

• Aerospace and Defense manufacturers for mission-critical parts.
• Automotive and Industrial Automation companies for tooling and fixtures.
• Manufacturing professionals seeking on-demand, high-strength parts.
• Companies with large distributed manufacturing operations (Eiger Fleet users).

Let's look closer at the industries that make up a good chunk of that 10,000+ customer count. The company explicitly serves sectors like aerospace, military and defense, food and beverage, industrial automation, space exploration, healthcare, and automotive. The mission-critical focus is definitely strong in the defense and aerospace areas; for instance, the U.S. Navy's Maritime Industrial Base (MIB) Program has been involved with using AM for point-of-need parts.

The segment focused on distributed operations relies heavily on the Eiger Fleet software. This cloud-based solution is designed to scale additive manufacturing across global footprints, giving organizations centralized control over their printers, users, and part production. You see this in action with major players; for example, Vestas Wind Systems A/S used Eiger Fleet to manage the production of parts and tools for their global fleet of wind turbines, cutting lead times for critical tools from weeks to days. That ability to link ERP systems directly to the nearest 3D printer is what this segment values most.

Markforged Holding Corporation (MKFG) - Canvas Business Model: Cost Structure

You're looking at the cost base for Markforged Holding Corporation as it integrates into Nano Dimension following the acquisition in April 2025. The most concrete figures available reflect the standalone company's performance for the full year ended December 31, 2024, which sets the baseline for the new combined entity's cost profile.

The cost structure is heavily influenced by the proprietary nature of its offerings, meaning high costs tied to material science and hardware development. For the full year 2024, the Cost of Revenue, which represents the high cost of goods sold (COGS) for proprietary materials and hardware, totaled $44.02 million on revenues of $85.09 million. This resulted in a GAAP Gross Margin of 48.3%.

Significant investment in Research and Development (R&D) is a constant. For the year ended December 31, 2024, R&D expenses were $32.4 million. Management indicated an expectation for R&D expense to remain consistent for the foreseeable future as they continue product enhancement.

Sales, General, and Administrative (SG&A) expenses for the full year 2024 were $72.68 million. While you noted an annual target of $70 million, the last reported full-year spend was slightly higher. The company's installed base of over 15,000 systems across key industrial customers suggests substantial ongoing costs related to supporting that global footprint through its reseller and support network, though specific breakdown isn't itemized in the primary cost lines.

The final acquisition by Nano Dimension on April 25, 2025, for $116 million, introduces integration and restructuring considerations. The FY 2024 results already captured some pre-closing charges related to legal matters and the pending transaction itself, which you need to account for in the near term.

Here's a breakdown of the key cost components from the last full fiscal year:

The ongoing payment obligations related to the legal settlement are a defined future cost you must track:

• Installment payment of $1 million due in the fourth quarter of fiscal year 2025.
• Installment payment of $2 million due in the fourth quarter of fiscal year 2026.
• Installment payment of $4 million due in the fourth quarter of fiscal year 2027.

The move to drive profitability post-acquisition means that while R&D and COGS are inherent to the proprietary material model, management will be intensely focused on controlling the operating expenses, particularly SG&A, going forward.

Markforged Holding Corporation (MKFG) - Canvas Business Model: Revenue Streams

You're looking at how Markforged Holding Corporation actually brings in the money, which is key for understanding their path to profitability. Their revenue model is built on a mix of upfront hardware sales and recurring revenue from materials and software, which is a classic strategy in the industrial equipment space.

The total top-line number for the full year 2024 was $85.1 million. That was a step down from the $93.8 million Markforged Holding Corporation generated in 2023. Still, the underlying components show where the focus is shifting, so let's break down those streams.

Hardware sales are the initial transaction for getting a customer onto The Digital Forge platform. This includes the sale of their industrial 3D printers, such as the newer FX10, the Metal X system, and the high-volume PX100 binder jetting system. You saw the FX10 start shipping in Q1 2024, and they shipped a second unit in Q3 2024, showing early traction for that platform expansion. The PX100 also saw its second shipment in Q3 2024, signaling movement in their higher-volume metal production offering.

The real margin driver, though, is consumables sales. This stream involves proprietary metals and composite materials that are essential for running the printers. This is defintely the high-margin stream you want to see grow. In the third quarter of 2024, consumable sales were healthy, showing an 11.8% year-over-year increase, which is a strong indicator of installed base utilization.

Software and Service Subscriptions are the recurring backbone, tied to their Digital Forge tiers, which include software like Eiger for print management. This stream is crucial for predictable revenue. For the third quarter of 2024, services revenue was up 13.2% year-over-year. That growth rate is what analysts watch closely as it indicates deeper software adoption across their installed base, which now spans over 10,000 customers in more than 70 countries.

Here's a quick look at how those key revenue drivers performed most recently:

The overall revenue composition is clearly moving toward the stickier, higher-margin elements. You can see the focus in their product updates:

• Hardware sales are anchored by systems like the FX10, built on the X7 success.
• Consumables include materials for metal printing, like 17-4PH Stainless Steel.
• Software is managed through Eiger, their platform for implementing additive manufacturing.
• The PX100 is designed for unlocking high-volume metal production.

If onboarding takes 14+ days, churn risk rises, so keeping the service activation smooth is important for that 13.2% growth to continue.