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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Desktop Metal Inc | NYSE:DM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.0134 | 2.09% | 0.655 | 309 | 10:27:07 |
Desktop Metal, Inc. (NYSE: DM), a global leader in Additive Manufacturing 2.0 technologies for mass production, today announced its financial results for the fourth quarter and full year ended December 31, 2023.
“Despite a challenging capital investment environment led by elevated interest rates and slower sales cycles, I’m proud that Team DM buckled down and delivered a much improved operating performance including reduced not loss and a record adjusted EBITDA performance,” said Ric Fulop, Founder and CEO of Desktop Metal.
“While we didn’t make our internal target of A-EBITDA positive by the end of the year, as some customer projects rolled into 2024, we are now very, very close to that goal,” Fulop continued. “We now enter the year with a lower cost structure that makes us resilient for the long term. The hard work will continue as we drive toward profitability, a goal that is clearly within sight despite the tough market conditions.”
Fulop noted that DM continues to see strong demand for production binder jet systems that produce metal, sand and ceramic parts, as well as increasing evidence of the value of Additive Manufacturing 2.0 systems. For the full year, DM reported record recurring revenue of $65 million, a 29% increase over the prior year that now represents 34% of revenue, up from 24% from 2022.
“Our all-time high recurring revenue levels prove that customers who have adopted our technology are using it successfully and getting great value from our technologies,” Fulop said.
Fourth Quarter 2023 and Recent Business Highlights:
Corporate
Product Performance
Fourth Quarter 2023 Financial Highlights
Financial Outlook
Desktop Metal has not provided a reconciliation of its Adjusted EBITDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts. See “Non-GAAP Financial Information.”
Conference Call Information:
Desktop Metal will host a conference call on Friday, March 15, 2024 to discuss fourth quarter 2023 results. Participants may access the call at 1-877-407-4018, international callers may use 1-201-689-8471, and request to join the Desktop Metal financial results conference call. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online at the Events & Presentations section of ir.desktopmetal.com. A replay will be available shortly after the conclusion of the conference call at the same website.
About Desktop Metal:
Desktop Metal (NYSE:DM) is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, medical, and consumer products. Our innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. We’re the original inventors and world leaders of the 3D printing methods we believe will empower this shift, binder jetting and digital light processing. Today, our systems print metal, polymer, sand and other ceramics, as well as foam and recycled wood. Manufacturers use our technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world’s toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and our #TeamDM brands at www.desktopmetal.com.
Forward-looking Statements:
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in these communications, including statements regarding Desktop Metal’s future results of operations and financial position, financial targets, business strategy, and plans and objectives for future operations, are forward-looking statements. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: demand for Desktop Metal’s products and services; the global macro-economic environment; impacts of rapid technological change in the additive manufacturing industry; Desktop Metals’ ability to realize the benefits from cost saving measures; and supply and logistics disruptions, including shortages and delays. For more information about risks and uncertainties that may impact Desktop Metal’s business, financial condition, results of operations and prospects generally, please refer to Desktop Metal’s reports filed with the SEC, including without limitation the “Risk Factors” and/or other information included in the Form 10-Q filed with the SEC on November 9, 2023, and such other reports as Desktop Metal has filed or may file with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
DESKTOP METAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
83,845
$
76,291
Current portion of restricted cash
233
4,510
Short‑term investments
625
108,243
Accounts receivable
37,690
38,481
Inventory
82,639
91,736
Prepaid expenses and other current assets
11,105
17,155
Total current assets
216,137
336,416
Restricted cash, net of current portion
612
1,112
Property and equipment, net
35,840
56,271
Goodwill
—
112,955
Intangible assets, net
168,259
219,830
Other noncurrent assets
37,153
27,763
Total Assets
$
458,001
$
754,347
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
18,190
$
25,105
Customer deposits
5,356
11,526
Current portion of lease liability
7,404
5,730
Accrued expenses and other current liabilities
27,085
26,723
Current portion of deferred revenue
11,739
13,719
Current portion of long‑term debt, net of deferred financing costs
330
584
Total current liabilities
70,104
83,387
Long-term debt, net of current portion
89
311
Convertible notes
112,565
111,834
Lease liability, net of current portion
23,566
17,860
Deferred revenue, net of current portion
3,696
3,664
Deferred tax liability
3,523
8,430
Other noncurrent liabilities
2,806
1,359
Total liabilities
216,349
226,845
Commitments and Contingencies (Note 17)
Stockholders’ Equity
Preferred Stock, $0.0001 par value—authorized, 50,000,000 shares; no shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively
—
—
Common Stock, $0.0001 par value—500,000,000 shares authorized; 325,277,419 and 318,235,106 shares issued as of December 31, 2023 and December 31, 2022, respectively, 325,271,670 and 318,133,434 shares outstanding as of December 31, 2023 and December 31, 2022, respectively
33
32
Additional paid‑in capital
1,908,504
1,874,792
Accumulated deficit
(1,632,225)
(1,308,954)
Accumulated other comprehensive loss
(34,660)
(38,368)
Total Stockholders’ Equity
241,652
527,502
Total Liabilities and Stockholders’ Equity
$
458,001
$
754,347
See notes to consolidated financial statements.
DESKTOP METAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Years Ended December 31,
2023
2022
2021
Revenues
Products
$
168,091
$
190,248
$
105,994
Services
21,607
18,775
6,414
Total revenues
189,698
209,023
112,408
Cost of sales
Products
184,614
178,952
87,450
Services
15,174
15,000
6,665
Total cost of sales
199,788
193,952
94,115
Gross profit (loss)
(10,090)
15,071
18,293
Operating expenses
Research and development
85,096
96,878
68,131
Sales and marketing
40,334
68,091
47,995
General and administrative
66,272
83,065
78,041
In-process research and development assets acquired
—
—
25,581
Impairment charges
8,518
—
—
Goodwill impairment
112,911
498,800
—
Total operating expenses
313,131
746,834
219,748
Loss from operations
(323,221)
(731,763)
(201,455)
Change in fair value of warrant liability
—
—
(56,576)
Interest expense
(4,099)
(1,743)
(149)
Interest and other (expense) income, net
944
(8,335)
(11,822)
Loss before income taxes
(326,376)
(741,841)
(270,002)
Income tax benefit
3,105
1,498
29,668
Net loss
$
(323,271)
$
(740,343)
$
(240,334)
Net loss per share—basic and diluted
$
(1.00)
$
(2.35)
$
(0.92)
Weighted average shares outstanding, basic and diluted
322,196
314,817
260,770
See notes to consolidated financial statements.
DESKTOP METAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)
Years Ended December 31,
2023
2022
2021
Net loss
$
(323,271)
$
(740,343)
$
(240,334)
Other comprehensive (loss) income, net of taxes:
Unrealized loss
(203)
(290)
(40)
Foreign currency translation adjustment
3,911
(31,664)
(6,365)
Total comprehensive (loss) income, net of taxes of $0
$
(319,563)
$
(772,297)
$
(246,739)
See notes to consolidated financial statements.
DESKTOP METAL, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share amounts)
Accumulated
Additional
Other
Total
Common Stock
Paid‑in
Accumulated
Comprehensive
Stockholders’
Shares
Amount
Capital
Deficit
(Loss)
Equity
BALANCE—January 1, 2021
224,626,597
$
23
$
844,188
$
(328,277)
$
(9)
$
515,925
Exercise of Common Stock options
5,732,247
1
6,425
—
—
6,426
Vesting of restricted Common Stock
491,293
—
—
—
—
—
Repurchase of shares for employee tax withholdings - RSA
(109,150)
—
(958)
—
—
(958)
Vesting of restricted share units
650,777
—
—
—
—
—
Repurchase of shares for employee tax withholdings - RSU
(61,498)
—
(541)
—
—
(541)
Issuance of Common Stock in connection with acquisitions
57,267,401
5
620,585
—
—
620,590
Issuance of Common Stock in connection with acquired in-process research and development
334,370
—
4,300
—
—
4,300
Stock‑based compensation expense
—
—
28,778
—
—
28,778
Vesting of Trine Founder Shares
1,850,938
—
—
—
—
—
Common Stock issued in connection with warrants exercised
20,690,975
2
320,567
—
—
320,569
Net loss
—
—
—
(240,334)
—
(240,334)
Other comprehensive loss
—
—
—
—
(6,405)
(6,405)
BALANCE—December 31, 2021
311,473,950
$
31
$
1,823,344
$
(568,611)
$
(6,414)
$
1,248,350
Exercise of Common Stock options
2,310,931
—
3,190
—
—
3,190
Vesting of restricted Common Stock
157,131
—
—
—
—
—
Vesting of restricted share units
4,153,939
1
—
—
—
1
Repurchase of shares for employee tax withholdings - RSU
(74,719)
—
(243)
—
—
(243)
Issuance of common stock related to settlement of contingent consideration
112,202
—
500
—
—
500
Stock‑based compensation expense
—
—
48,001
—
—
48,001
Net loss
—
—
—
(740,343)
—
(740,343)
Other comprehensive loss
—
—
—
—
(31,954)
(31,954)
BALANCE—December 31, 2022
318,133,434
$
32
$
1,874,792
$
(1,308,954)
$
(38,368)
$
527,502
Exercise of Common Stock options
1,006,046
—
1,203
—
—
1,203
Vesting of restricted Common Stock
95,859
—
—
—
—
—
Vesting of restricted share units
5,802,852
1
(1)
—
—
—
Repurchase of shares for employee tax withholdings - RSU
(211,314)
—
(250)
—
—
(250)
Issuance of common stock related to settlement of contingent consideration
444,793
—
797
—
—
797
Stock‑based compensation expense
—
—
31,963
—
—
31,963
Net loss
—
—
—
(323,271)
—
(323,271)
Other comprehensive income
—
—
—
—
3,708
3,708
BALANCE—December 31, 2023
325,271,670
$
33
$
1,908,504
$
(1,632,225)
$
(34,660)
$
241,652
See notes to consolidated financial statements.
DESKTOP METAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Years Ended December 31,
2023
2022
2021
Cash flows from operating activities:
Net loss
$
(323,271)
$
(740,343)
$
(240,334)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
53,632
50,767
24,854
Stock‑based compensation
33,177
48,001
28,778
Impairment charges
8,518
—
—
Goodwill impairment
112,911
498,800
—
Inventory write-off
28,966
—
—
Change in fair value of warrant liability
—
—
56,576
Change in fair value of subscription agreement
—
—
2,920
Amortization of capitalized commissions
318
—
—
Amortization (accretion) of discount on investments
(490)
(888)
3,021
Amortization of debt financing cost
—
—
9
Amortization of deferred costs on convertible notes
731
453
—
Provision for bad debt
2,215
975
447
Provision for slow-moving, obsolete, and lower of cost or net realizable value inventories, net
17
(45)
—
Acquired in-process research and development
—
—
25,581
Loss on disposal of property and equipment
209
224
74
Net increase (decrease) in accrued interest related to marketable securities
238
847
(819)
Net unrealized (gain) loss on equity investment
464
6,332
9,660
Net unrealized (gain) loss on other investments
-
1,595
(130)
Deferred tax benefit
(3,105)
(1,498)
(29,668)
Change in fair value of contingent consideration
—
(1,567)
(429)
Foreign currency transaction (gain) loss
(613)
303
189
Changes in operating assets and liabilities:
—
Accounts receivable
(1,297)
6,737
(18,299)
Inventory
(19,079)
(28,183)
(16,962)
Prepaid expenses and other current assets
5,205
1,787
(8,937)
Other assets
4,265
2,505
(3)
Accounts payable
(6,894)
(6,595)
12,797
Accrued expenses and other current liabilities
1,966
(10,613)
(8,761)
Customer deposits
(6,169)
(2,037)
(2,569)
Current portion of deferred revenue
(1,962)
(4,749)
5,989
Change in right of use assets and lease liabilities, net
(6,626)
(4,298)
(641)
Other liabilities
1,679
(41)
1,609
Net cash used in operating activities
(114,995)
(181,531)
(155,048)
Cash flows from investing activities:
Purchases of property and equipment
(2,762)
(11,517)
(7,683)
Purchase of other investments
—
—
(3,620)
Proceeds from other investments
4,089
3,155
—
Purchase of equity investment
—
—
(20,000)
Proceeds from sale of property and equipment
9,942
6
44
Proceeds from policy buyout
—
—
333
Purchase of marketable securities
(4,973)
(158,404)
(330,873)
Proceeds from sales and maturities of marketable securities
112,719
248,150
243,349
Proceeds from capital grant
—
200
—
Cash paid to acquire in-process research and development
—
—
(21,220)
Cash paid for acquisitions, net of cash acquired
(1,750)
(23)
(287,624)
Net cash provided by (used in) investing activities
117,265
81,567
(427,294)
Cash flows from financing activities:
Proceeds from reverse recapitalization, net of issuance costs
—
—
—
Proceeds from the exercise of stock options
1,203
3,190
6,426
Proceeds from the exercise of stock warrants
—
—
170,665
Payment of taxes related to net share settlement upon vesting of restricted stock units
(250)
(243)
(541)
Repayment of loans
(419)
(542)
—
Proceeds from issuance of convertible notes
—
115,000
—
Costs incurred in connection with the issuance of convertible notes
—
(3,619)
—
Repayment of term loan
—
—
(10,000)
Net cash provided by financing activities
534
113,786
166,550
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(27)
(167)
(87)
Net increase (decrease) in cash, cash equivalents, and restricted cash
2,777
13,655
(415,879)
Cash, cash equivalents, and restricted cash at beginning of period
81,913
68,258
484,137
Cash, cash equivalents, and restricted cash at end of period
$
84,690
$
81,913
$
68,258
Supplemental disclosures of cash flow information
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total shown in the consolidated statements of cash flows:
Cash and cash equivalents
$
83,845
$
76,291
$
65,017
Restricted cash included in other current assets
233
4,510
2,129
Restricted cash included in other noncurrent assets
612
1,112
1,112
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows
$
84,690
$
81,913
$
68,258
Supplemental cash flow information:
Interest paid
$
6,900
$
3,488
$
148
Taxes paid
$
—
$
—
$
150
Non‑cash investing and financing activities:
Net unrealized (gain) loss on investments
$
(339)
$
290
$
40
Exercise of private placement warrants
$
—
$
—
$
149,904
Common Stock issued for acquisitions
$
—
$
—
$
620,590
Common Stock issued for acquisition of in-process research and development
$
—
$
—
$
4,300
Common Stock issued for settlement of contingent consideration
$
797
$
500
$
—
Accrued purchase price related to acquisitions
$
—
$
—
$
1,800
Additions to right of use assets and lease liabilities
$
13,926
$
10,812
$
5,582
Purchase of property and equipment included in accounts payable
$
239
$
516
$
90
Purchase of property and equipment included in accrued expense
$
31
$
—
$
38
Transfers from property and equipment to inventory
$
2,214
$
4,993
$
1,068
Transfers from inventory to property and equipment
$
1,566
$
4,513
$
1,435
Accrued contingent consideration in connection with acquisitions
$
—
$
—
$
6,083
Taxes related to net share settlement upon vesting of restricted stock awards in accrued expense
$
—
$
—
$
958
Deferred contract costs
$
—
$
1,341
$
—
Equipment financing
$
—
$
175
$
—
See notes to consolidated financial statements.
Non-GAAP Financial Information
This press release contains non-GAAP financial measures, including non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA.
In addition to Desktop Metal’s results determined in accordance with GAAP, Desktop Metal’s management uses this non-GAAP financial information to evaluate the Company’s ongoing operations and for internal planning and forecasting purposes. We believe that this non-GAAP financial information, when taken collectively, may be helpful to investors in assessing Desktop Metal’s operating performance.
We believe that the use of Non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends because it eliminates the effect of financing, capital expenditures, and non-cash expenses such as stock-based compensation and warrants, and provides investors with a means to compare Desktop Metal’s financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, investors should be aware that when evaluating non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of these measures may not be comparable to other similarly titled measures computed by other companies because not all companies calculate these measures in the same fashion.
Because of these limitations, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA on a supplemental basis. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results. Desktop Metal has not provided a reconciliation of its Adjusted EBITDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts.
Set forth below is a reconciliation of each non-GAAP financial measure used in this press release to its most directly comparable GAAP financial measure.
DESKTOP METAL, INC.
NON-GAAP RECONCILIATION TABLE
(in thousands)
For the Year Ended
December 31,
(Dollars in thousands)
2023
2022
2021
GAAP gross margin
$
(10,090)
$
15,071
$
18,293
Stock-based compensation included in cost of sales(1)
2,262
2,257
1,018
Amortization of acquired intangible assets included in cost of sales
27,789
23,707
8,467
Restructuring expense in cost of sales
30,205
3,273
—
Acquisition-related and integration costs included in cost of sales
958
1,148
—
Inventory step-up adjustment in cost of sales
—
1,496
2,194
Non-GAAP gross margin
$
51,124
$
46,952
$
29,972
GAAP operating loss
$
(323,221)
$
(731,763)
$
(201,455)
Stock-based compensation(2),(3)
33,177
48,785
28,778
Amortization of acquired intangible assets
41,617
38,662
17,581
Restructuring expense
37,488
6,574
—
Inventory step-up adjustment in cost of sales
—
1,496
2,194
Acquisition-related and integration costs(4)
6,179
6,766
23,788
In-process research and development assets acquired
—
—
25,581
Impairment charges
8,518
—
—
Goodwill impairment
112,911
498,800
—
Non-GAAP operating loss
$
(83,331)
$
(130,680)
$
(103,533)
GAAP net loss
$
(323,271)
$
(740,343)
$
(240,334)
Stock-based compensation(2),(3)
33,177
48,785
28,778
Amortization of acquired intangible assets
41,617
38,662
17,581
Restructuring expense
37,488
6,957
—
Inventory step-up adjustment in cost of sales
—
1,496
2,194
Acquisition-related and integration costs(4)
6,179
6,766
23,788
In-process research and development assets acquired
—
—
25,581
Impairment charges
8,518
—
—
Goodwill impairment
112,911
498,800
—
Change in fair value of investments
1,239
8,164
12,475
Change in fair value of warrant liability
—
—
56,576
Non-GAAP net loss
$
(82,142)
$
(130,713)
$
(73,361)
(1) Includes $0.1 million of liability-award stock-based compensation associated with bonuses granted in dollar amounts and paid out in RSUs under our bonus plan (“liability-award stock-based compensation”) for the years ended December 31, 2023 and 2022.
(2) Includes $7.3 million of stock-based compensation expense associated with the 2022 Initiative for the year ended December 31, 2022.(3) Includes $2.0 million and $1.0 million of liability-award stock-based compensation, respectively, for the years ended December 31, 2023 and 2022.
(4) For the year ended December 31, 2023, we incurred $10.0 million in merger expenses related to the Stratasys transaction and recognized a $10.0 million reduction in expenses as a result of the reimbursement from Stratasys, with no net impact to the adjustment for Acquisition-related and integration costs for the year ended December 31, 2023.
DESKTOP METAL, INC.
NON-GAAP OPERATING EXPENSE RECONCILIATION TABLE
(in thousands)
For the Year Ended
December 31,
(Dollars in thousands)
2023
2022
2021
GAAP operating expenses
$
313,131
$
746,834
$
219,748
Stock-based compensation included in operating expenses(1),(2)
(30,915)
(46,528)
(27,760)
Amortization of acquired intangible assets included in operating expenses
(13,828)
(14,955)
(9,114)
Restructuring expense included in operating expenses
(7,283)
(3,301)
—
Acquisition-related and integration costs included in operating expenses(3)
(5,221)
(5,618)
(23,788)
In-process research and development assets acquired
—
—
(25,581)
Impairment charges
(8,518)
—
—
Goodwill impairment
(112,911)
(498,800)
—
Non-GAAP operating expenses
$
134,455
$
177,632
$
133,505
(1) Includes $7.3 million of stock-based compensation expense associated with the 2022 Initiative for the year ended December 31, 2022.
(2) Includes $1.9 million and $0.9 million of liability-award stock-based compensation, respectively, for the years ended December 31, 2023 and 2022. (3) For the year ended December 31, 2023, we incurred $10.0 million in merger expenses related to the Stratasys transaction and recognized a $10.0 million reduction in expenses as a result of the reimbursement from Stratasys, with no net impact to the adjustment for Acquisition-related and integration costs for the year ended December 31, 2023.DESKTOP METAL, INC.
NON-GAAP ADJUSTED EBITDA RECONCILIATION TABLE
(in thousands)
For the Years Ended
December 31,
(Dollars in thousands)
2023
2022
2021
Net loss attributable to common stockholders
$
(323,271)
$
(740,343)
$
(240,334)
Interest (income) expense, net
4,099
1,743
(334)
Income tax expense (benefit)
(3,105)
(1,498)
(29,668)
Depreciation and amortization
53,632
50,767
24,854
In-process research and development assets acquired
—
—
25,581
EBITDA
(268,645)
(689,331)
(219,901)
Change in fair value of warrant liability
—
-
56,576
Change in fair value of investments
1,239
8,164
12,475
Inventory step-up adjustment
—
1,496
2,194
Stock-based compensation expense(1),(2)
33,177
48,785
28,778
Restructuring expense
37,488
6,957
—
Goodwill impairment
112,911
498,800
—
Impairment charges
8,518
Acquisition-related and integration costs(3)
6,179
6,766
23,788
Adjusted EBITDA
$
(69,133)
$
(118,363)
$
(96,090)
(1) Includes $7.3 million of stock-based compensation expense associated with the 2022 Initiative for the year ended December 31, 2022.
(2) Includes $1.0 million of liability-award stock-based compensation for the year ended December 31, 2022.
(3) For the year ended December 31, 2023, we incurred $10.0 million in merger expenses related to the Stratasys transaction and recognized a $10.0 million reduction in expenses as a result of the reimbursement from Stratasys, with no net impact to the adjustment for Acquisition-related and integration costs for the year ended December 31, 2023.
DESKTOP METAL, INC.
NON-GAAP RECONCILIATION TABLE
(in thousands)
For the Quarter Ended
December 31,
(Dollars in thousands)
2023
2022
GAAP gross margin
$
(16,739)
$
8,311
Stock-based compensation included in cost of sales
475
365
Amortization of acquired intangible assets included in cost of sales
7,045
5,890
Restructuring expense in cost of sales
26,984
147
Acquisition-related and integration costs included in cost of sales
45
—
Inventory step-up adjustment in cost of sales
—
—
Non-GAAP gross margin
$
17,810
$
14,713
GAAP operating loss
$
(177,267)
$
(311,895)
Stock-based compensation
6,478
7,615
Amortization of acquired intangible assets
10,320
10,140
Restructuring expense
30,878
1,488
Inventory step-up adjustment in cost of sales
—
—
Acquisition-related and integration costs
2,866
133
In-process research and development assets acquired
—
—
Impairment charges
2,456
—
Goodwill impairment
110,461
269,300
Non-GAAP operating loss
$
(13,808)
$
(23,219)
GAAP net loss
$
(174,529)
$
(312,353)
Stock-based compensation
6,478
7,615
Amortization of acquired intangible assets
10,320
10,140
Restructuring expense
30,878
1,488
Inventory step-up adjustment in cost of sales
—
—
Acquisition-related and integration costs
2,866
133
In-process research and development assets acquired
—
—
Impairment charges
2,456
—
Goodwill impairment
110,461
269,300
Change in fair value of investments
178
(329)
Change in fair value of warrant liability
—
—
Non-GAAP net loss
$
(10,892)
$
(24,006)
DESKTOP METAL, INC.
NON-GAAP ADJUSTED EBITDA RECONCILIATION TABLE
(in thousands)
For the Quarter Ended
December 31,
(Dollars in thousands)
2023
2022
Net loss attributable to common stockholders
$
(174,528)
$
(312,353)
Interest (income) expense, net
1,134
462
Income tax expense (benefit)
(2,430)
104
Depreciation and amortization
13,312
12,473
In-process research and development assets acquired
—
—
EBITDA
(162,512)
(299,314)
Change in fair value of warrant liability
—
-
Change in fair value of investments
178
(329)
Inventory step-up adjustment
—
—
Stock-based compensation expense
6,478
7,615
Restructuring expense
30,878
1,488
Goodwill impairment
110,461
269,300
Impairment charges
2,456
Acquisition-related and integration costs
2,866
133
Adjusted EBITDA
$
(9,195)
$
(21,107)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240315314376/en/
Investor Relations: (857) 504-1084 DesktopMetalIR@icrinc.com
Media Relations: Sarah Webster (313) 715-6988 sarahwebster@desktopmetal.com
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