Desktop Metal Announces Second Quarter 2024 Financial Results

 

DESKTOP METAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

2024

 

2023

 

2024

 

2023

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

31,411

 

 

$

47,398

 

 

$

67,042

 

 

$

84,095

 

Services

 

 

7,521

 

 

 

5,888

 

 

 

12,490

 

 

 

10,507

 

Total revenues

 

 

38,932

 

 

 

53,286

 

 

 

79,532

 

 

 

94,602

 

Cost of sales

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

 

67,209

 

 

 

43,224

 

 

 

106,228

 

 

 

82,115

 

Services

 

 

3,912

 

 

 

3,973

 

 

 

7,699

 

 

 

7,762

 

Total cost of sales

 

 

71,121

 

 

 

47,197

 

 

 

113,927

 

 

 

89,877

 

Gross profit (loss)

 

 

(32,189

)

 

 

6,089

 

 

 

(34,395

)

 

 

4,725

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

17,143

 

 

 

21,223

 

 

 

36,956

 

 

 

44,367

 

Sales and marketing

 

 

25,802

 

 

 

10,440

 

 

 

36,955

 

 

 

20,047

 

General and administrative

 

 

26,193

 

 

 

22,944

 

 

 

42,410

 

 

 

41,145

 

Total operating expenses

 

 

69,138

 

 

 

54,607

 

 

 

116,321

 

 

 

105,559

 

Loss from operations

 

 

(101,327

)

 

 

(48,518

)

 

 

(150,716

)

 

 

(100,834

)

Interest expense

 

 

(1,690

)

 

 

(1,109

)

 

 

(3,181

)

 

 

(1,920

)

Interest and other expense, net

 

 

(78

)

 

 

(78

)

 

 

(1,494

)

 

 

(149

)

Loss before income taxes

 

 

(103,095

)

 

 

(49,705

)

 

 

(155,391

)

 

 

(102,903

)

Income tax benefit (expense)

 

 

(345

)

 

$

(23

)

 

$

(147

)

 

$

534

 

Net loss

 

$

(103,440

)

 

$

(49,728

)

 

$

(155,538

)

 

$

(102,369

)

Net loss per share—basic and diluted

 

 

(3.13

)

 

 

(1.55

)

 

 

(4.73

)

 

 

(3.20

)

Weighted average shares outstanding, basic and diluted

 

 

33,085,262

 

 

 

32,165,582

 

 

 

32,898,836

 

 

 

32,038,281

 

 

See notes to condensed consolidated financial statements

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