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Jun 07, 2023Desktop Metal Announces Third Quarter 2022 Financial Results :: Desktop Metal, Inc. (DM)
BOSTON--(BUSINESS WIRE)--Desktop Metal, Inc. (NYSE: DM) today announced its financial results for the third quarter ended September 30, 2022.
"Our team continued to work diligently in the third quarter to drive adoption of our AM 2.0 mass production solutions with continued traction from both customers and major strategic partners," said Ric Fulop, Founder and CEO of Desktop Metal. "This was demonstrated by a promising new strategic collaboration with Align Technology, the market leader in clear aligners."
Fulop continued, "Although we continue to make meaningful progress on our long-term growth strategy, third quarter results did not meet our expectations as macroeconomic environment headwinds accelerated during the quarter, leading some customers to delay purchase decisions. To address this change to our operating backdrop, we have taken decisive actions to accelerate and expand our cost optimization initiative, and will continue to evaluate opportunities to reduce our expense structure and prioritize our path to profitability."
Fulop concluded, "Despite short-term challenges, the long-term trends supporting broad adoption of additive manufacturing and market growth to over $100 billion in the next decade remain intact, particularly for mass production. Supported by an unmatched portfolio of AM 2.0 solutions, Desktop Metal is well-positioned to continue capturing share of this growing market, and take advantage of the next stage of long-term secular growth."
Third Quarter 2022 and Recent Business Highlights:
Third Quarter 2022 Financial Highlights:
Financial Outlook:
Conference Call Information:
Desktop Metal will host a conference call on Wednesday, November 9, 2022 at 4:30 p.m. ET to discuss third quarter 2022 results. Participants may access the call at 1-888-999-5318, international callers may use 1-848-280-6460, and request to join the Desktop Metal financial results conference call. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online at the Events & Presentations section of ir.desktopmetal.com. A replay will be available shortly after the conclusion of the conference call at the same website.
About Desktop Metal:
Desktop Metal, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make additive manufacturing an essential tool for engineers and manufacturers around the world. Desktop Metal was selected as one of the world's 30 most promising Technology Pioneers by the World Economic Forum, named to MIT Technology Review's list of 50 Smartest Companies, and the 2021 winner of Fast Company's Innovation by Design Award in materials.
For more information, visit www.desktopmetal.com.
Forward-looking Statements:
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to risks associated with the integration of the business and operations of acquired businesses, our ability to realize the benefits from cost saving measures, and supply and logistics disruptions, including shortages and delays. For more information about risks and uncertainties that may impact Desktop Metal's business, financial condition, results of operations and prospects generally, please refer to Desktop Metal's reports filed with the SEC, including without limitation the "Risk Factors" and/or other information included in the Form 10-Q filed with the SEC on November 9, 2022, and such other reports as Desktop Metal has filed or may file with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
DESKTOP METAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share amounts)
September 30,
December 31,
2022
2021
Assets
Current assets:
Cash and cash equivalents
$
66,987
$
65,017
Current portion of restricted cash
4,072
2,129
Short‑term investments
150,268
204,569
Accounts receivable
41,390
46,687
Inventory
91,223
65,399
Prepaid expenses and other current assets
18,781
18,208
Total current assets
372,721
402,009
Restricted cash, net of current portion
1,112
1,112
Property and equipment, net
57,755
58,710
Goodwill
365,253
639,301
Intangible assets, net
225,438
261,984
Other noncurrent assets
29,073
25,480
Total Assets
$
1,051,352
$
1,388,596
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
29,211
$
31,558
Customer deposits
15,491
14,137
Current portion of lease liability
5,421
5,527
Accrued expenses and other current liabilities
31,430
33,829
Current portion of deferred revenue
16,309
18,189
Current portion of long‑term debt, net of deferred financing costs
444
825
Total current liabilities
98,306
104,065
Long-term debt, net of current portion
343
548
Convertible notes
111,657
—
Contingent consideration, net of current portion
1,088
4,183
Lease liability, net of current portion
18,788
13,077
Deferred revenue, net of current portion
3,778
4,508
Deferred tax liability
7,994
10,695
Other noncurrent liabilities
2,646
3,170
Total liabilities
244,600
140,246
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, 2022 and December 31, 2021, respectively
—
—
Common Stock, $0.0001 par value—500,000,000 shares authorized; 317,193,388 and 311,737,858 shares issued at September 30, 2022 and December 31, 2021, respectively, 317,069,926 and 311,473,950 shares outstanding at September 30, 2022 and December 31, 2021, respectively
32
31
Additional paid‑in capital
1,864,477
1,823,344
Accumulated deficit
(996,601
)
(568,611
)
Accumulated other comprehensive loss
(61,156
)
(6,414
)
Total Stockholders’ Equity
806,752
1,248,350
Total Liabilities and Stockholders’ Equity
$
1,051,352
$
1,388,596
DESKTOP METAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Revenues
Products
$
42,937
$
23,949
$
135,085
$
51,820
Services
4,149
1,489
13,381
3,908
Total revenues
47,086
25,438
148,466
55,728
Cost of sales
Products
43,639
20,450
130,454
46,427
Services
3,756
1,033
11,252
3,561
Total cost of sales
47,395
21,483
141,706
49,988
Gross profit
(309
)
3,955
6,760
5,740
Operating expenses
Research and development
22,382
19,311
78,357
45,820
Sales and marketing
16,204
13,224
56,299
29,567
General and administrative
18,924
19,833
62,472
46,821
In-process research and development assets acquired
—
15,181
—
25,581
Goodwill impairment
—
—
229,500
—
Total operating expenses
57,510
67,549
426,628
147,789
Loss from operations
(57,819
)
(63,594
)
(419,868
)
(142,049
)
Change in fair value of warrant liability
—
—
—
(56,576
)
Interest expense
(680
)
(12
)
(1,281
)
(137
)
Interest and other (expense) income, net
(1,677
)
(3,796
)
(8,443
)
(3,166
)
Loss before income taxes
(60,176
)
(67,402
)
(429,592
)
(201,928
)
Income tax (expense) benefit
(598
)
523
1,602
32,761
Net loss
$
(60,774
)
$
(66,879
)
$
(427,990
)
$
(169,167
)
Net loss per share—basic and diluted
$
(0.19
)
$
(0.26
)
$
(1.36
)
$
(0.67
)
Weighted average shares outstanding, basic and diluted
316,007,716
260,555,655
313,901,704
251,467,644
DESKTOP METAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
(in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Net loss
$
(60,774
)
$
(66,879
)
$
(427,990
)
$
(169,167
)
Other comprehensive (loss) income, net of taxes:
Unrealized gain (loss) on available-for-sale marketable securities, net
(389
)
(7
)
(418
)
(11
)
Foreign currency translation adjustment
(15,866
)
(1,216
)
(54,324
)
(1,099
)
Total comprehensive (loss) income, net of taxes of $0
$
(77,029
)
$
(68,102
)
$
(482,732
)
$
(170,277
)
DESKTOP METAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
(in thousands, except share amounts)
Three Months Ended September 30, 2022
Accumulated
Other
Common Stock
Additional
Comprehensive
Total
Voting
Paid‑in
Accumulated
(Loss)
Stockholders’
Shares
Amount
Capital
Deficit
Income
Equity
BALANCE—July 1, 2022
315,147,677
$
32
$
1,851,836
$
(935,827
)
$
(44,901
)
$
871,140
Exercise of Common Stock options
1,147,289
—
1,771
—
—
1,771
Vesting of restricted Common Stock
21,786
—
—
—
—
—
Vesting of restricted stock units
765,093
—
—
—
—
—
Net settlement of shares for employee tax withholdings upon vesting of restricted stock units
(11,919
)
—
(39
)
—
—
(39
)
Issuance of Common Stock related to settlement of contingent consideration
—
—
—
—
—
—
Stock‑based compensation expense
—
—
10,909
—
—
10,909
Net loss
—
—
—
(60,774
)
—
(60,774
)
Other comprehensive income (loss)
—
—
—
—
(16,255
)
(16,255
)
BALANCE—September 30, 2022
317,069,926
$
32
$
1,864,477
$
(996,601
)
$
(61,156
)
$
806,752
Nine Months Ended September 30, 2022
Accumulated
Other
Common Stock
Additional
Comprehensive
Total
Voting
Paid‑in
Accumulated
(Loss)
Stockholders’
Shares
Amount
Capital
Deficit
Income
Equity
BALANCE—January 1, 2022
311,473,950
$
31
$
1,823,344
$
(568,611
)
$
(6,414
)
$
1,248,350
Exercise of Common Stock options
2,168,289
—
3,035
—
—
3,035
Vesting of restricted Common Stock
135,341
—
—
—
—
—
Vesting of restricted stock units
3,248,204
1
—
—
—
1
Repurchase of shares for employee tax withholdings
(68,060
)
—
(228
)
—
—
(228
)
Issuance of Common Stock related to settlement of contingent consideration
112,202
—
500
—
—
500
Stock‑based compensation expense
—
—
37,826
—
—
37,826
Net loss
—
—
—
(427,990
)
—
(427,990
)
Other comprehensive income (loss)
—
—
—
—
(54,742
)
(54,742
)
BALANCE—September 30, 2022
317,069,926
$
32
$
1,864,477
$
(996,601
)
$
(61,156
)
$
806,752
Three Months Ended September 30, 2021
Accumulated
Other
Common Stock
Additional
Comprehensive
Total
Voting
Paid‑in
Accumulated
(Loss)
Stockholders’
Shares
Amount
Capital
Deficit
Income
Equity
BALANCE—July 1, 2021
259,545,731
$
26
$
1,387,779
$
(430,565
)
$
104
$
957,344
Exercise of Common Stock options
1,615,484
—
1,576
—
—
1,576
Vesting of restricted Common Stock
295,599
—
—
—
—
—
Vesting of restricted stock units
259,735
—
—
—
—
—
Net share settlement related to employee tax withholdings upon vesting of restricted stock units
(40,299
)
—
(309
)
—
—
(309
)
Issuance of Common Stock for acquisitions
—
—
—
—
—
—
Issuance of common stock for acquired in-process research and development
—
—
—
—
—
—
Net share settlement related to employee tax withholdings upon vesting of restricted stock awards
(109,150
)
—
(958
)
—
—
(958
)
Stock‑based compensation expense
—
—
9,951
—
—
9,951
Net loss
—
—
—
(66,879
)
—
(66,879
)
Other comprehensive income (loss)
—
—
—
—
(1,223
)
(1,223
)
BALANCE—September 30, 2021
261,567,100
$
26
$
1,398,039
$
(497,444
)
$
(1,119
)
$
899,502
Nine Months Ended September 30, 2021
Accumulated
Other
Common Stock
Additional
Comprehensive
Total
Voting
Paid‑in
Accumulated
(Loss)
Stockholders’
Shares
Amount
Capital
Deficit
Income
Equity
BALANCE—January 1, 2021
224,626,597
$
23
$
844,188
$
(328,277
)
$
(9
)
$
515,925
Exercise of Common Stock options
4,462,218
—
5,241
—
—
5,241
Vesting of restricted Common Stock
407,629
—
—
—
—
—
Vesting of restricted stock units
303,656
—
—
—
—
—
Net settlement of shares related to employee tax withholdings upon vesting of restricted stock units
(49,471
)
—
(454
)
—
—
(454
)
Issuance of Common Stock for acquisitions
9,049,338
1
208,988
—
—
208,989
Issuance of common stock for acquired in-process research and development
334,370
—
4,300
—
—
4,300
Net share settlement related to employee tax withholdings upon vesting of restricted stock awards
(109,150
)
—
(958
)
(958
)
Stock‑based compensation expense
—
—
16,167
—
—
16,167
Vesting of Trine Founder shares
1,850,938
—
—
—
—
—
Exercise of warrants
20,690,975
2
320,567
—
—
320,569
Net loss
—
—
—
(169,167
)
—
(169,167
)
Other comprehensive income (loss)
—
—
—
—
(1,110
)
(1,110
)
DESKTOP METAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
Nine Months Ended
September 30,
2022
2021
Cash flows from operating activities:
Net loss
$
(427,990
)
$
(169,167
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
38,294
15,576
Stock‑based compensation
37,826
16,167
Goodwill impairment
229,500
—
Change in fair value of warrant liability
—
56,576
Change in fair value of subscription agreement
—
2,920
Amortization (accretion) of discount on investments
(305
)
2,189
Amortization of debt financing cost
—
9
Amortization of deferred costs on convertible notes
276
—
Provision for bad debt
1,038
316
Acquired in-process research and development
—
25,581
Loss on disposal of property and equipment
209
19
Foreign exchange (gains) losses on intercompany transactions, net
1,261
—
Net increase (decrease) in accrued interest related to marketable securities
771
(414
)
Net unrealized (gain) loss on equity investment
6,172
1,880
Net unrealized (gain) loss on other investments
745
(639
)
Deferred tax benefit
(1,602
)
(32,761
)
Change in fair value of contingent consideration
(254
)
(166
)
Foreign currency transaction (gain) loss
(59
)
—
Changes in operating assets and liabilities:
Accounts receivable
3,166
(8,476
)
Inventory
(31,195
)
(11,067
)
Prepaid expenses and other current assets
(969
)
(3,096
)
Other assets
1,196
(118
)
Accounts payable
(2,959
)
4,243
Accrued expenses and other current liabilities
(3,855
)
(9,294
)
Customer deposits
2,360
(1,298
)
Deferred revenue
(1,589
)
1,295
Change in right of use assets and lease liabilities, net
(2,850
)
(340
)
Other liabilities
24
6
Net cash used in operating activities
(150,789
)
(110,059
)
Cash flows from investing activities:
Purchases of property and equipment
(8,157
)
(4,145
)
Purchase of other investments
—
(3,620
)
Proceeds from other investments
3,155
—
Purchase of equity investment
—
(20,000
)
Proceeds from sale of property and equipment
6
—
Purchase of marketable securities
(158,404
)
(330,873
)
Proceeds from sales and maturities of marketable securities
205,650
163,882
Proceeds from capital grant
200
—
Cash paid to acquire in-process research and development
—
(21,220
)
Cash paid for acquisitions, net of cash acquired
(23
)
(191,146
)
Net cash provided by (used in) investing activities
42,427
(407,122
)
Cash flows from financing activities:
Proceeds from the exercise of stock options
3,036
5,241
Proceeds from the exercise of stock warrants
—
170,665
Payment of taxes related to net share settlement upon vesting of restricted stock units
(230
)
(454
)
Repayment of loans
(421
)
—
Proceeds from issuance of convertible notes
115,000
—
Costs incurred in connection with the issuance of convertible notes
(3,619
)
—
Repayment of term loan
—
(10,000
)
Net cash provided by financing activities
113,766
165,452
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1,491
)
(56
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
3,913
(351,785
)
Cash, cash equivalents, and restricted cash at beginning of period
68,258
484,137
Cash, cash equivalents, and restricted cash at end of period
$
72,171
$
132,352
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
$
66,987
131,676
Restricted cash included in other current assets
4,072
—
Restricted cash included in other noncurrent assets
1,112
676
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows
$
72,171
$
132,352
Supplemental cash flow information:
Interest paid
$
—
$
137
Taxes paid
$
—
$
150
Non‑cash investing and financing activities:
Net unrealized (gain) loss on investments
$
418
$
11
Exercise of private placement warrants
$
—
$
149,904
Common Stock issued for acquisitions
$
—
$
208,989
Common Stock issued for acquisition of in-process research and development
$
—
$
4,300
Common Stock issued for settlement of contingent consideration
$
500
$
—
Cash held back in acquisitions
$
—
$
50
Additions to right of use assets and lease liabilities
$
10,742
$
891
Purchase of property and equipment included in accounts payable
$
1,507
$
77
Purchase of property and equipment included in accrued expense
$
—
$
33
Contingent consideration in connection with acquisitions
$
—
$
6,083
Transfers from property and equipment to inventory
$
2,470
$
—
Transfers from inventory to property and equipment
$
3,475
$
—
Deferred contract costs
$
1,341
$
—
NON-GAAP FINANCIAL INFORMATION
This press release contains non-GAAP financial measures, including non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA.
In addition to Desktop Metal's results determined in accordance with GAAP, Desktop Metal's management uses this non-GAAP financial information to evaluate the Company's ongoing operations and for internal planning and forecasting purposes. We believe that this non-GAAP financial information, when taken collectively, may be helpful to investors in assessing Desktop Metal's operating performance.
We believe that the use of non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends because it eliminates the effect of financing, capital expenditures, and non-cash expenses such as stock-based compensation and warrants, and provides investors with a means to compare Desktop Metal's financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, investors should be aware that when evaluating non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of these measures may not be comparable to other similarly titled measures computed by other companies because not all companies calculate these measures in the same fashion.
Because of these limitations, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA on a supplemental basis. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results. Desktop Metal has not provided a reconciliation of its Adjusted EBITDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts.
Set forth below is a reconciliation of each Non-GAAP financial measure used in this press release to its most directly comparable GAAP financial measure.
DESKTOP METAL, INC.
NON-GAAP RECONCILIATION TABLE
(in thousands)
For the Three Months Ended
For the Nine Months Ended
September 30,
September 30,
(Dollars in thousands)
2022
2021
2022
2021
GAAP gross margin
$
(309
)
$
3,955
$
6,760
$
5,740
Stock-based compensation included in cost of sales(1)
734
341
1,892
586
Amortization of acquired intangible assets included in cost of sales
5,877
2,515
17,817
5,841
Restructuring expense in cost of sales
3,085
—
3,126
—
Acquisition-related and other transactional charges included in cost of sales
—
—
1,148
—
Inventory step-up adjustment in cost of sales
—
—
1,496
—
Non-GAAP gross margin
$
9,387
$
6,811
$
32,239
$
12,167
GAAP operating loss
$
(57,819
)
$
(63,594
)
$
(419,868
)
$
(142,049
)
Stock-based compensation(2),(3)
12,040
9,951
41,170
16,167
Amortization of acquired intangible assets
9,069
4,604
28,522
11,172
Restructuring expense
3,085
—
5,086
—
Inventory step-up adjustment in cost of sales
—
—
1,496
—
Acquisition-related and other transactional charges
1,476
5,675
6,633
13,786
In-process research and development assets acquired
—
15,181
—
25,581
Goodwill impairment
—
—
229,500
—
Non-GAAP operating loss
$
(32,149
)
$
(28,183
)
$
(107,461
)
$
(75,343
)
GAAP net loss
$
(60,774
)
$
(66,879
)
$
(427,990
)
$
(169,167
)
Stock-based compensation(2),(3)
12,040
9,951
41,170
16,167
Amortization of acquired intangible assets
9,069
4,604
28,522
11,172
Restructuring expense
3,085
—
5,469
—
Inventory step-up adjustment in cost of sales
—
—
1,496
—
Acquisition-related and other transactional charges
1,476
5,675
6,633
13,786
In-process research and development assets acquired
—
15,181
—
25,581
Goodwill impairment
—
—
229,500
—
Change in fair value of investments
2,052
4,204
8,493
4,186
Change in fair value of warrant liability
—
—
—
56,576
Non-GAAP net loss
$
(33,052
)
$
(27,264
)
$
(106,707
)
$
(41,699
)
(1) Includes $0.1 million and $0.2 million of liability-award stock-based compensation expense for the three and nine months ended September 30, 2022.(2) Includes $7.3 million of stock-based compensation expense associated with the restructuring initiative for the nine months ended September 30, 2022.(3) Includes $1.2 million and $3.4 million of liability-award stock-based compensation expense for the three and nine months ended September 30, 2022, respectively.
DESKTOP METAL, INC.
NON-GAAP OPERATING EXPENSE RECONCILIATION TABLE
(in thousands)
For the Three Months Ended
For the Nine Months Ended
September 30,
September 30,
(Dollars in thousands)
2022
2021
2022
2021
GAAP operating expenses
$
57,510
$
67,549
$
426,628
$
147,789
Stock-based compensation included in operating expenses(1),(2)
(11,306
)
(9,610
)
(39,278
)
(15,581
)
Amortization of acquired intangible assets included in operating expenses
(3,192
)
(2,089
)
(10,705
)
(5,330
)
Restructuring expense included in operating expenses
—
—
(1,960
)
—
Acquisition-related and other transactional charges included in operating expenses
(1,476
)
(5,675
)
(5,485
)
(13,786
)
In-process research and development assets acquired
—
(15,181
)
—
(25,581
)
Goodwill impairment
—
—
(229,500
)
—
Non-GAAP operating expenses
$
41,536
$
34,994
$
139,700
$
87,511
(1) Includes $7.3 million of stock-based compensation expense associated with the Initiative for the nine months ended September 30, 2022.(2) Includes $1.1 million and $3.2 million of liability-award stock-based compensation expense for the three and nine months ended September 30, 2022, respectively.
DESKTOP METAL, INC.
ADJUSTED EBITDA RECONCILIATION TABLE
(in thousands)
For the Three Months Ended
For the Nine Months Ended
September 30,
September 30,
(Dollars in thousands)
2022
2021
2022
2021
Net loss attributable to common stockholders
$
(60,774
)
$
(66,879
)
$
(427,990
)
$
(169,167
)
Interest (income) expense, net
680
(104
)
1,281
(286
)
Income tax expense (benefit)
598
(523
)
(1,602
)
(32,761
)
Depreciation and amortization
12,692
6,488
38,294
15,576
In-process research and development assets acquired
—
15,181
—
25,581
EBITDA
(46,804
)
(45,837
)
(390,017
)
(161,057
)
Change in fair value of warrant liability
—
—
—
56,576
Change in fair value of investments
2,052
4,204
8,493
4,186
Inventory step-up adjustment
—
—
1,496
—
Stock-based compensation expense(1),(2)
12,040
9,951
41,170
16,167
Restructuring expense
3,085
—
5,469
—
Goodwill impairment
—
—
229,500
—
Acquisition-related and other transactional charges
1,476
5,675
6,633
13,786
Adjusted EBITDA
$
(28,151
)
$
(26,007
)
$
(97,256
)
$
(70,342
)
(1) Includes $7.3 million of stock-based compensation expense associated with the Initiative for the nine months ended September 30, 2022.(2) Includes $1.2 million and $3.4 million of liability-award stock-based compensation for the three and nine months ended September 30, 2022, respectively.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221109005995/en/
Investor Relations:Jay Gentzkow(781) [email protected]
Source: Desktop Metal, Inc.
Released November 9, 2022