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     114  0 Kommentare Desktop Metal Announces First Quarter 2021 Financial Results

    Desktop Metal, Inc. (NYSE: DM) today announced its financial results for the first quarter ended March 31, 2021.

    “We are pleased with the strong start to the year. Revenue growth accelerated as we captured strong organic momentum and inorganic opportunities,” said Ric Fulop, Founder and CEO of Desktop Metal. “Continued innovation in our core business, coupled with our inorganic strategy, strengthens our ability to grow our product portfolio, expand the high-volume applications we can offer customers, and increase our category leadership. We are well positioned to execute on our long-term growth strategy focused on Additive Manufacturing 2.0 for high-volume, end-use parts.”

    First Quarter 2021 and Recent Business Highlights:

    • Expanded materials portfolio to over 225 materials across metals, composites, polymers, ceramics, biocompatible materials, and now wood and elastomers
    • Accelerated customer adoption, adding more customers in the first quarter of 2021 than all of 2020 combined
    • Introduced Forust process for high-volume, printed wood parts leveraging existing metal binder jetting printer technology
    • Launched Flexcera as the first major product line for dental applications from Desktop Health and received FDA 510(k) clearance for Flexcera Base
    • Acquired Adaptive3D, a category-leader in printable elastomers and rubber materials, adding to our growing materials portfolio
    • Closed EnvisionTEC acquisition and began shipping two new area-wide photopolymer printers: the Xtreme 8K and Envision One HT
    • Completed redemption of all outstanding public warrants in first quarter of 2021 to streamline capital structure and enhance cash position, contributing $170.7 million to our cash position
    • Grew Desktop Metal team to over 470 employees today, up from 180 employees in May 2020

    First Quarter 2021 Financial Highlights:

    • Revenue of $11.3 million, up 35% from the fourth quarter of 2020 and up 234% from the first quarter of 2020
    • Net Loss of $59.1 million, including the non-cash negative change in fair value of warrant liability of $56.6 million and an income tax benefit of $27.9 million
    • Non-GAAP Gross Profit of $0.6 million, an improvement of $3.3 million from the first quarter of 2020
    • Adjusted EBITDA of $(19.4) million
    • Strong liquidity position with cash, cash equivalents and short-term investments of $572.2 million as of March 31, 2021

    Outlook for Full Year 2021:

    • Reiterating expectation of over $100 million of revenue for 2021, exiting the year with an annualized revenue run rate of $160 million
    • Adjusted EBITDA in the range of $(60)–(70) million

    Conference Call Information:

    Desktop Metal will host a conference call on May 17, 2021 at 4:30 p.m. EDT to discuss first quarter 2021 results. Participants may access the call at 1-877-300-8521, international callers may use 1-412-317-6026, 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 from a link in the Events & Presentations section of https://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 and named to MIT Technology Review’s list of 50 Smartest Companies.

    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 statement 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 the risks and uncertainties set forth in Desktop Metal, Inc.'s filings with the U.S. Securities and Exchange Commission. 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)

     

     

     

     

     

     

     

     

     

    March 31,

     

    December 31,

     

     

    2021

     

    2020

    Assets

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    416,379

     

     

    $

    483,525

     

    Short-term investments

     

     

    155,847

     

     

     

    111,867

     

    Restricted cash

     

     

    1,021

     

     

     

     

    Accounts receivable

     

     

    9,234

     

     

     

    6,516

     

    Inventory

     

     

    20,837

     

     

     

    9,708

     

    Prepaid expenses and other current assets

     

     

    18,657

     

     

     

    976

     

    Total current assets

     

     

    621,975

     

     

     

    612,592

     

    Restricted cash

     

     

    776

     

     

     

    612

     

    Property and equipment, net

     

     

    12,331

     

     

     

    12,160

     

    Capitalized software, net

     

     

    268

     

     

     

    312

     

    Goodwill

     

     

    201,308

     

     

     

    2,252

     

    Intangible assets, net

     

     

    144,103

     

     

     

    9,102

     

    Other noncurrent assets

     

     

    6,826

     

     

     

    4,879

     

    Total Assets

     

    $

    987,587

     

     

    $

    641,909

     

    Liabilities and Stockholders’ Equity

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

     

    $

    5,227

     

     

    $

    7,591

     

    Customer deposits

     

     

    2,792

     

     

     

    1,480

     

    Current portion of lease liability

     

     

    1,639

     

     

     

    868

     

    Accrued expenses and other current liabilities

     

     

    15,324

     

     

     

    7,565

     

    Deferred revenue

     

     

    3,405

     

     

     

    3,004

     

    Current portion of long-term debt, net of deferred financing costs

     

     

    11,019

     

     

     

    9,991

     

    Total current liabilities

     

     

    39,406

     

     

     

    30,499

     

    Warrant liability

     

     

     

     

     

    93,328

     

    Long-term debt, net of deferred financing costs

     

     

    163

     

     

     

     

    Lease liability, net of current portion

     

     

    3,248

     

     

     

    2,157

     

    Deferred tax liability

     

     

    5,206

     

     

     

     

    Total liabilities

     

     

    48,023

     

     

     

    125,984

     

    Commitments and Contingencies

     

     

     

     

     

     

    Stockholders’ Equity

     

     

     

     

     

     

    Preferred Stock, $0.0001 par value—authorized, 50,000,000 shares; no shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively

     

     

     

     

     

     

    Common Stock, $0.0001 par value—500,000,000 shares authorized; 252,660,102 and 226,756,733 shares issued at March 31, 2021 and December 31, 2020, respectively, 252,436,919 and 224,626,597 shares outstanding at March 31, 2021 and December 31, 2020, respectively

     

     

    25

     

     

     

    23

     

    Additional paid-in capital

     

     

    1,326,945

     

     

     

    844,188

     

    Accumulated deficit

     

     

    (387,385

    )

     

     

    (328,277

    )

    Accumulated other comprehensive income (loss)

     

     

    (21

    )

     

     

    (9

    )

    Total Stockholders’ Equity

     

     

    939,564

     

     

     

    515,925

     

    Total Liabilities and Stockholders’ Equity

     

    $

    987,587

     

     

    $

    641,909

     

     

    DESKTOP METAL, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (UNAUDITED)

    (in thousands, except per share amounts)

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

     

    March 31,

     

     

    2021

     

    2020

    Revenues

     

     

     

     

     

     

    Products

     

    $

    10,311

     

     

    $

    2,694

     

    Services

     

     

    1,002

     

     

     

    691

     

    Total revenues

     

     

    11,313

     

     

     

    3,385

     

    Cost of sales

     

     

     

     

     

     

    Products

     

     

    10,487

     

     

     

    5,041

     

    Services

     

     

    1,413

     

     

     

    1,163

     

    Total cost of sales

     

     

    11,900

     

     

     

    6,204

     

    Gross margin

     

     

    (587

    )

     

     

    (2,819

    )

    Operating expenses

     

     

     

     

     

     

    Research and development

     

     

    10,858

     

     

     

    12,340

     

    Sales and marketing

     

     

    5,449

     

     

     

    4,494

     

    General and administrative

     

     

    13,846

     

     

     

    2,625

     

    Total operating expenses

     

     

    30,153

     

     

     

    19,459

     

    Loss from operations

     

     

    (30,740

    )

     

     

    (22,278

    )

    Change in fair value of warrant liability

     

     

    (56,576

    )

     

     

     

    Interest expense

     

     

    (73

    )

     

     

    (104

    )

    Interest and other income, net

     

     

    361

     

     

     

    578

     

    Loss before income taxes

     

     

    (87,028

    )

     

     

    (21,804

    )

    Income tax benefit

     

     

    27,920

     

     

     

     

    Net loss

     

    $

    (59,108

    )

     

    $

    (21,804

    )

    Net loss per share—basic and diluted

     

    $

    (0.25

    )

     

    $

    (0.14

    )

     

    DESKTOP METAL, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

    (UNAUDITED)

    (in thousands)

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

     

    March 31,

     

     

    2021

     

    2020

    Net loss

     

    $

    (59,108

    )

     

    $

    (21,804

    )

    Other comprehensive (loss) income, net of taxes:

     

     

     

     

     

     

    Unrealized gain (loss) on available-for-sale marketable securities, net

     

     

    1

     

     

     

    (159

    )

    Foreign currency translation adjustment

     

     

    (13

    )

     

     

     

    Total comprehensive loss, net of taxes of $0

     

    $

    (59,120

    )

     

    $

    (21,963

    )

     

    DESKTOP METAL, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

    (UNAUDITED)

    (in thousands, except share amounts)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    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

     

    163,228

     

     

     

     

     

    180

     

     

     

     

     

     

     

     

     

    180

     

    Vesting of restricted Common Stock

     

    56,015

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vesting of restricted stock units

     

    15,265

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Repurchase of shares for employee tax withholdings

     

    (2,241

    )

     

     

     

     

    (54

    )

     

     

     

     

     

     

     

     

    (54

    )

    Issuance of Common Stock for acquisitions

     

    5,036,142

     

     

     

     

     

    159,847

     

     

     

     

     

     

     

     

     

    159,847

     

    Stock-based compensation expense

     

     

     

     

     

     

    2,217

     

     

     

     

     

     

     

     

     

    2,217

     

    Vesting of Trine Founder shares

     

    1,850,938

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Exercise of warrants

     

    20,690,975

     

     

     

    2

     

     

    320,567

     

     

     

     

     

     

     

     

     

    320,569

     

    Net loss

     

     

     

     

     

     

     

     

     

    (59,108

    )

     

     

     

     

     

    (59,108

    )

    Other comprehensive income (loss)

     

     

     

     

     

     

     

     

     

     

     

     

    (12

    )

     

     

    (12

    )

    BALANCE—March 31, 2021

     

    252,436,919

     

     

    $

    25

     

    $

    1,326,945

     

     

    $

    (387,385

    )

     

    $

    (21

    )

     

    $

    939,564

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Accumulated

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other

     

     

     

     

     

    Legacy Convertible

     

     

    Common Stock

     

    Additional

     

     

     

     

    Comprehensive

     

    Total

     

     

    Preferred Stock

     

     

    Voting

     

    Paid-in

     

    Accumulated

     

    (Loss)

     

    Stockholders’

     

     

    Shares

     

    Amount

     

     

    Shares

     

    Amount

     

    Capital

     

    Deficit

     

    Income

     

    Equity

    BALANCE—January 1, 2020

     

    100,038,109

     

     

    $

    436,533

     

     

     

    26,813,113

     

    $

    3

     

    $

    16,722

     

    $

    (294,262

    )

     

    $

    75

     

     

    $

    (277,462

    )

    Retroactive application of recapitalization

     

    (100,038,109

    )

     

     

    (436,533

    )

     

     

    128,100,821

     

     

    13

     

     

    436,520

     

     

     

     

     

     

     

     

    436,533

     

    Adjusted balance, beginning of period

     

     

     

     

     

     

     

    154,913,934

     

     

    16

     

     

    453,242

     

     

    (294,262

    )

     

     

    75

     

     

     

    159,071

     

    Exercise of Common Stock options

     

     

     

     

     

     

     

    286,636

     

     

     

     

    132

     

     

     

     

     

     

     

     

    132

     

    Vesting of restricted Common Stock

     

     

     

     

     

     

     

    1,750,555

     

     

     

     

    2

     

     

     

     

     

     

     

     

    2

     

    Stock-based compensation expense

     

     

     

     

     

     

     

     

     

     

     

    1,259

     

     

     

     

     

     

     

     

    1,259

     

    Common Stock warrants issued

     

     

     

     

     

     

     

     

     

     

     

    124

     

     

     

     

     

     

     

     

    124

     

    Net loss

     

     

     

     

     

     

     

     

     

     

     

     

     

    (21,804

    )

     

     

     

     

     

    (21,804

    )

    Other comprehensive income (loss)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (159

    )

     

     

    (159

    )

    BALANCE—March 31, 2020

     

     

     

    $

     

     

     

    156,951,125

     

    $

    16

     

    $

    454,759

     

    $

    (316,066

    )

     

    $

    (84

    )

     

    $

    138,625

     

     

    DESKTOP METAL, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (UNAUDITED)

    (in thousands)

     

     

     

     

     

     

     

     

     

     

    Three Months Ended March 31,

     

     

    2021

     

    2020

    Cash flows from operating activities:

     

     

     

     

     

     

    Net loss

     

    $

    (59,108

    )

     

    $

    (21,804

    )

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

     

     

     

     

     

     

    Depreciation and amortization

     

     

    3,892

     

     

     

    2,321

     

    Stock-based compensation

     

     

    2,217

     

     

     

    1,259

     

    Change in fair value of warrant liability

     

     

    56,576

     

     

     

     

    Expense related to Common Stock warrants issued

     

     

     

     

     

    124

     

    Amortization (accretion) of discount on investments

     

     

    406

     

     

     

    (22

    )

    Amortization of debt financing cost

     

     

    4

     

     

     

    4

     

    Provision for bad debt

     

     

    72

     

     

     

     

    Net increase in accrued interest related to marketable securities

     

     

    (240

    )

     

     

    (124

    )

    Net unrealized (gain) loss on marketable securities

     

     

    (25

    )

     

     

     

    Deferred tax benefit

     

     

    (27,921

    )

     

     

     

    Changes in operating assets and liabilities:

     

     

     

     

     

     

    Accounts receivable

     

     

    (61

    )

     

     

    752

     

    Inventory

     

     

    (2,381

    )

     

     

    (3,238

    )

    Prepaid expenses and other current assets

     

     

    (4,276

    )

     

     

    393

     

    Other assets

     

     

    (30

    )

     

     

     

    Accounts payable

     

     

    (3,856

    )

     

     

    (989

    )

    Accrued expenses and other current liabilities

     

     

    (5,247

    )

     

     

    (976

    )

    Customer deposits

     

     

    (1,234

    )

     

     

    285

     

    Deferred revenue

     

     

    105

     

     

     

    (339

    )

    Change in right of use assets and lease liabilities, net

     

     

    (22

    )

     

     

    (80

    )

    Net cash used in operating activities

     

     

    (41,129

    )

     

     

    (22,434

    )

    Cash flows from investing activities:

     

     

     

     

     

     

    Purchases of property and equipment

     

     

    (262

    )

     

     

    (1,004

    )

    Purchase of marketable securities

     

     

    (92,386

    )

     

     

    (17,616

    )

    Proceeds from sales and maturities of marketable securities

     

     

    48,241

     

     

     

    49,300

     

    Cash paid for acquisition, net of cash acquired

     

     

    (137,646

    )

     

     

     

    Net cash (used in) provided by investing activities

     

     

    (182,053

    )

     

     

    30,680

     

    Cash flows from financing activities:

     

     

     

     

     

     

    Payment of issuance costs related to reverse recapitalization

     

     

    (1,239

    )

     

     

     

    Proceeds from the exercise of stock warrants

     

     

    158,308

     

     

     

     

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

     

     

    (54

    )

     

     

     

    Proceeds from exercise of stock options

     

     

    180

     

     

     

    132

     

    Net cash provided by financing activities

     

     

    157,195

     

     

     

    132

     

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

     

     

    (65,987

    )

     

     

    8,378

     

    Effect of exchange rate changes

     

     

    26

     

     

     

     

    Cash and cash equivalents at beginning of period

     

     

    483,525

     

     

     

    66,161

     

    Restricted cash

     

     

    612

     

     

     

    612

     

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

     

    $

    418,176

     

     

    $

    75,151

     

     

     

     

     

     

     

     

    Supplemental cash flow information:

     

     

     

     

     

     

    Interest paid

     

    $

    73

     

     

    $

    107

     

     

     

     

     

     

     

     

    Non-cash investing and financing activities:

     

     

     

     

     

     

    Net unrealized (gain) loss on investments

     

    $

    (1

    )

     

    $

    159

     

    Exercise of private placement warrants

     

    $

    149,904

     

     

    $

     

    Common Stock issued for acquisitions

     

    $

    159,847

     

     

    $

     

    Additions to right of use assets and lease liabilities

     

    $

    364

     

     

    $

     

    Purchase of property and equipment included in accounts payable

     

    $

    50

     

     

    $

     

    Receivable for warrants exercised

     

    $

    12,357

     

     

    $

     

    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, EBITDA and Adjusted EBITDA.

    • We define Non-GAAP gross margin as GAAP gross margin excluding the effect of stock-based compensation, amortization of acquired intangible assets, acquisition-related and other transactional charges included in general and administrative expenses and change in fair value of warrant liability
    • We define Non-GAAP operating loss as GAAP operating loss excluding the effect of stock-based compensation, amortization of acquired intangible assets, acquisition-related and other transactional charges included in general and administrative expenses and change in fair value of warrant liability
    • We define Non-GAAP net loss as GAAP net loss excluding the effect of stock-based compensation, amortization of acquired intangible assets, acquisition-related and other transactional charges included in general and administrative expenses and change in fair value of warrant liability
    • We define EBITDA as GAAP net income (loss) excluding interest, income taxes and depreciation and amortization expense
    • We define Adjusted EBITDA as EBITDA excluding stock based compensation, warrant expenses and transaction costs associated with acquisitions

    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, 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, 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, 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, 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.

    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

     

     

    March 31,

    (Dollars in thousands)

     

    2021

     

    2020

    GAAP gross margin

     

    $

    (587

    )

     

    $

    (2,819

    )

    Stock-based compensation included in cost of sales

     

     

    117

     

     

     

    100

     

    Amortization of acquired intangible assets included in cost of sales

     

     

    1,091

     

     

     

     

    Non-GAAP gross margin

     

    $

    621

     

     

    $

    (2,719

    )

     

     

     

     

     

     

     

    GAAP operating loss

     

    $

    (30,740

    )

     

    $

    (22,278

    )

    Stock-based compensation

     

     

    2,217

     

     

     

    1,259

     

    Amortization of acquired intangible assets included in cost of sales

     

     

    1,091

     

     

     

     

    Amortization of acquired intangibles assets

     

     

    1,208

     

     

     

    164

     

    Acquisition-related and other transactional charges included in general and administrative expenses

     

     

    4,984

     

     

     

     

    Non-GAAP operating loss

     

    $

    (21,240

    )

     

    $

    (20,855

    )

     

     

     

     

     

     

     

    GAAP net loss

     

    $

    (59,108

    )

     

    $

    (21,804

    )

    Stock-based compensation

     

     

    2,217

     

     

     

    1,259

     

    Amortization of acquired intangible assets included in cost of sales

     

     

    1,091

     

     

     

     

    Amortization of acquired intangibles assets

     

     

    1,208

     

     

     

    164

     

    Acquisition-related and other transactional charges included in general and administrative expenses

     

     

    4,984

     

     

     

     

    Change in fair value of warrant liability

     

     

    56,576

     

     

     

     

    Non-GAAP net loss

     

    $

    6,968

     

     

    $

    (20,381

    )

     

    DESKTOP METAL, INC.

    ADJUSTED EBITDA RECONCILIATION TABLE

    (in thousands)

     

     

     

    For the Three Months Ended

     

     

    March 31,

    (Dollars in thousands)

     

    2021

     

    2020

    Net loss attributable to common stockholders

     

    $

    (59,108

    )

     

    $

    (21,804

    )

    Interest (income) expense, net

     

     

    (42

    )

     

     

    (478

    )

    Income tax benefit

     

     

    (27,920

    )

     

     

     

    Depreciation and amortization

     

     

    3,892

     

     

     

    2,321

     

    EBITDA

     

     

    (83,178

    )

     

     

    (19,961

    )

    Change in fair value of warrant liability

     

     

    56,576

     

     

     

     

    Stock compensation expense

     

     

    2,217

     

     

     

    1,259

     

    Warrant expense

     

     

     

     

     

    139

     

    Transaction costs associated with acquisitions

     

     

    4,984

     

     

     

     

    Adjusted EBITDA

     

    $

    (19,401

    )

     

    $

    (18,563

    )

     



    Business Wire (engl.)
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    Desktop Metal Announces First Quarter 2021 Financial Results Desktop Metal, Inc. (NYSE: DM) today announced its financial results for the first quarter ended March 31, 2021. “We are pleased with the strong start to the year. Revenue growth accelerated as we captured strong organic momentum and inorganic …

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