Desktop Metal Announces Second Quarter 2024 Financial Results

 

DESKTOP METAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)

 
 

 

 

Six Months Ended June 30,

 

 

2024

 

2023

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(155,538

)

 

$

(102,369

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

96,043

 

 

 

26,965

 

Stock‑based compensation

 

 

14,335

 

 

 

19,016

 

Amortization (accretion) of discount on investments

 

 

 

 

 

(484

)

Amortization of deferred costs on convertible notes

 

 

365

 

 

 

365

 

Provision for bad debt

 

 

200

 

 

 

962

 

Provision for slow-moving, obsolete, and lower of cost or net realizable value inventories, net

 

 

(45

)

 

 

 

Loss on disposal of property and equipment

 

 

(92

)

 

 

496

 

Foreign exchange (gains) losses on intercompany transactions, net

 

 

299

 

 

 

 

Net decrease in accrued interest related to marketable securities

 

 

 

 

 

238

 

Net unrealized loss on equity investment

 

 

448

 

 

 

148

 

Deferred tax benefit

 

 

147

 

 

 

(534

)

Foreign currency transaction loss

 

 

497

 

 

 

97

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

7,777

 

 

 

(3,661

)

Inventory

 

 

(3,353

)

 

 

(8,760

)

Prepaid expenses and other current assets

 

 

910

 

 

 

(675

)

Other assets

 

 

8,909

 

 

 

1,595

 

Accounts payable

 

 

(38

)

 

 

(407

)

Accrued expenses and other current liabilities

 

 

(282

)

 

 

1,097

 

Customer deposits

 

 

(644

)

 

 

(2,322

)

Current portion of deferred revenue

 

 

(3,611

)

 

 

(918

)

Change in right of use assets and lease liabilities, net

 

 

(3,778

)

 

 

(3,110

)

Other liabilities

 

 

19

 

 

 

1,767

 

Net cash used in operating activities

 

 

(37,432

)

 

 

(70,494

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(681

)

 

 

(1,305

)

Proceeds from sale of property and equipment

 

 

1,694

 

 

 

9,942

 

Purchase of marketable securities

 

 

 

 

 

(4,973

)

Proceeds from sales and maturities of marketable securities

 

 

 

 

 

107,719

 

Cash paid for acquisitions, net of cash acquired

 

 

 

 

 

(500

)

Net cash provided by investing activities

 

 

1,013

 

 

 

110,883

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from the exercise of stock options

 

 

 

 

 

1,157

 

Payment of taxes related to net share settlement upon vesting of restricted stock units

 

 

(376

)

 

 

(108

)

Repayment of loans

 

 

(158

)

 

 

(328

)

Net cash (used in) provided by financing activities

 

 

(534

)

 

 

721

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(1,055

)

 

 

73

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

 

(38,008

)

 

 

41,183

 

Cash, cash equivalents, and restricted cash at beginning of period

 

 

84,690

 

 

 

81,913

 

Cash, cash equivalents, and restricted cash at end of period

 

 

46,682

 

 

 

123,096

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the condensed consolidated statements of cash flows:

 

 

 

 

 

 

Cash and cash equivalents

 

$

45,855

 

 

$

121,660

 

Restricted cash included in other current assets

 

 

215

 

 

 

824

 

Restricted cash included in other noncurrent assets

 

 

612

 

 

 

612

 

Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows

 

$

46,682

 

 

$

123,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

 

Interest paid

 

$

3,488

 

 

$

 

Taxes paid

 

$

 

 

$

 

 

 

 

 

 

 

 

Non‑cash investing and financing activities:

 

 

 

 

 

 

Net unrealized gain on investments

 

$

 

 

$

(337

)

Common Stock issued for settlement of contingent consideration

 

 

 

 

 

797

 

Additions to right of use assets and lease liabilities

 

$

863

 

 

$

8,489

 

Purchase of property and equipment included in accounts payable

 

$

129

 

 

$

365

 

Purchase of property and equipment included in accrued expense

 

$

 

 

$

32

 

Transfers from inventory to PP&E

 

 

1,285

 

 

 

 

Transfers from property and equipment to inventory

 

$

 

 

$

841

 

Transfers from inventory to property and equipment

 

$

 

 

$

1,345

 

 

See notes to condensed consolidated financial statements.

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