Desktop Metal Announces Fourth Quarter and Full Year 2023 Financial Results

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.

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