DIGITAL MANUFACTURING. REIMAGINED.
然
Fathom Public Company Comparison Universe ✓
Fathom outperforms comparable universe on key growth and
profitability metrics
Transaction priced at a discount to comparable
universe
Adj. EBITDA¹ multiple bridge
'22 EBITDA margin
Industry 4.0
comparable universe
Scaled advanced
r
$1,795
manufacturing /
Industry disruptors
Early stage / Recent
de-SPACS
I
($302)
$1,493
(16.8%)
北
BG Bright
Machines.
COGNEX materialise
3D SYSTEMS
PROTOLABS
stratasys Roper
D Desktop Motal
Markforged
FATHOM
VELO 3D
17.5%
N/M
26.5%
Implied Fathom EV at scaled adv.
mfg. median of 33.0x EV / '22
EBITDA multiple
Implied
EV discount
Fathom transaction value at
27.5x EV/'22 EBITDA multiple
'22 Gross margin
53.2%
33.8%
52.0%
Revenue multiple bridge
$2,786
($1,293)
'20-'23
11.1%
Revenue CAGR
EV / '22 Revenue
5.0x
EV / '22 Adj. EBITDA¹
33.0x
-
92.1%
19.1%
13.6x
7.3x
N/M
27.5×
$1,493
(46.4%)
Implied Fathom EV at
early stage median of 13.6x EV /
'22 revenue multiple
Implied
EV discount
Fathom transaction
value at 7.3x
EV/'22 revenue multiple
Source: Company filings, management projections, Factset as of 7/14/2021; Berkshire Grey data from SPAC announcement presentation as of 2/24/21, MarkForged data from SPAC announcement presentation as of 2/24/21, Velo3D data from SPAC announcement presentation as of
3/23/21, Bright Machines data from SPAC announcement presentation as of 5/17/21
Note: Fathom information reflects various adjustments to give pro forma effect to acquisitions completed in 2020 and 2021 as if such transactions occurred on January 1, 2020
1 Adjusted EBITDA is a non-GAAP measure. Adjustments to EBITDA include transaction and integration costs, non-recurring and non-cash items, compensation normalization and other accounting adjustments. See Appendix for a calculation of Adjusted EBITDA
FATHOM
Fathom Proprietary
and Confidential
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