Desktop Metal Announces Fourth Quarter and Full Year 2023 Financial Results

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.

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