Desktop Metal Announces Third Quarter 2023 Financial Results

 

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

107,432

 

 

$

76,291

 

Current portion of restricted cash

 

 

841

 

 

 

4,510

 

Short‑term investments

 

 

803

 

 

 

108,243

 

Accounts receivable

 

 

40,088

 

 

 

38,481

 

Inventory

 

 

107,196

 

 

 

91,736

 

Prepaid expenses and other current assets

 

 

24,987

 

 

 

16,325

 

Assets held for sale

 

 

 

 

 

830

 

Total current assets

 

 

281,347

 

 

 

336,416

 

Restricted cash, net of current portion

 

 

612

 

 

 

1,112

 

Property and equipment, net

 

 

38,387

 

 

 

56,271

 

Goodwill

 

 

108,651

 

 

 

112,955

 

Intangible assets, net

 

 

178,802

 

 

 

219,830

 

Other noncurrent assets

 

 

36,465

 

 

 

27,763

 

Total Assets

 

$

644,264

 

 

$

754,347

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

32,114

 

 

$

25,105

 

Customer deposits

 

 

6,918

 

 

 

11,526

 

Current portion of lease liability

 

 

6,644

 

 

 

5,730

 

Accrued expenses and other current liabilities

 

 

27,899

 

 

 

26,723

 

Current portion of deferred revenue

 

 

17,015

 

 

 

13,719

 

Current portion of long‑term debt

 

 

368

 

 

 

584

 

Total current liabilities

 

 

90,958

 

 

 

83,387

 

Long-term debt, net of current portion

 

 

120

 

 

 

311

 

Convertible notes

 

 

112,382

 

 

 

111,834

 

Lease liability, net of current portion

 

 

23,680

 

 

 

17,860

 

Deferred revenue, net of current portion

 

 

3,780

 

 

 

3,664

 

Deferred tax liability

 

 

4,693

 

 

 

8,430

 

Other noncurrent liabilities

 

 

3,077

 

 

 

1,359

 

Total liabilities

 

 

238,690

 

 

 

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 at September 30, 2023 and December 31, 2022, respectively

 

 

 

 

 

 

Common Stock, $0.0001 par value—500,000,000 shares authorized; 323,658,575 and 318,235,106 shares issued at September 30, 2023 and December 31, 2022, respectively, 323,642,480 and 318,133,434 shares outstanding at September 30, 2023 and December 31, 2022, respectively

 

 

32

 

 

 

32

 

Additional paid‑in capital

 

 

1,901,931

 

 

 

1,874,792

 

Accumulated deficit

 

 

(1,457,696

)

 

 

(1,308,954

)

Accumulated other comprehensive loss

 

 

(38,693

)

 

 

(38,368

)

Total Stockholders’ Equity

 

 

405,574

 

 

 

527,502

 

Total Liabilities and Stockholders’ Equity

 

$

644,264

 

 

$

754,347

 

See notes to condensed consolidated financial statements

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