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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, a company based out of Idaho, filed a patent-infringement lawsuit against the Company. The jury found one of the two patent claims Continuous Composites asserted at trial 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. While the Company cannot predict what additional action Continuous Composites may take, it is possible that they may seek additional relief through post-trial motions for royalty payments on future revenue, which could materially impact the Company's business and operations.
The Company strongly disagrees with this verdict and intends to seek to overturn the verdict in post-trial motions with the District Court. The Company is exploring all available options, including seeking to overturn the verdict and any resulting judgment through the appeals process.
Posted In: MKFG
