Desktop Metal Announces Fourth Quarter and Full Year 2021 Financial Results and Initiates 2022 Guidance
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Desktop Metal Announces Fourth Quarter and Full Year 2021 Financial Results and Initiates 2022 Guidance

BOSTON — (BUSINESS WIRE) — March 7, 2022 — Desktop Metal, Inc. (NYSE: DM) today announced its preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2021.

“With record total revenue, organic revenue, and gross margins, the fourth quarter was an exceptional finish to a revolutionary year for Desktop Metal,” said Ric Fulop, CEO and co-founder of Desktop Metal. “We also recently commenced shipments of our flagship Production System P-50, a major milestone for Desktop Metal and the additive manufacturing industry.”

Mr. Fulop continued, “In addition to the team’s achievement on P-50, we’re entering 2022 with considerable tailwinds toward another year of record growth including continued momentum from the best quarter in company history, robust customer demand across our unmatched AM 2.0 solutions portfolio, and favorable market conditions as the additive market inflects. We believe our strategic priorities in 2022 will ensure continued success toward achieving our goal of double digit share of the over $100 billion additive manufacturing market by the end of the decade.”

Recent Business Highlights:

Fourth Quarter 2021 Financial Highlights:

Full Year 2021 Financial Highlights:

Outlook for Full Year 2022:

Conference Call Information:

Desktop Metal will host a conference call on Tuesday, March 8, 2022 at 8:30 a.m. EST to discuss fourth quarter and full year 2021 results. Participants may access the call at 1-877-407-4018, international callers may use 1-201-689-8471, 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 https://ir.desktopmetal.com. A replay will be available shortly after the conclusion of the conference call at the same website.

Preliminary Unaudited Results:

On March 2, 2022, Desktop Metal filed a Form 12b-25 notice of filing delay with the U.S. Securities and Exchange Commission in connection with its Annual Report on Form 10-K for the period ended December 31, 2021. Desktop Metal expects to file its Annual Report on Form 10-K within the 15-day extension period. Accordingly, the financial data for the fourth quarter and year ended December 31, 2021 presented in this press release are preliminary and unaudited and could be subject to change upon completion of the preparation and audit of the company’s financial statements. The preliminary financial data has been prepared by management.

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 and Fast Company’s Next Big Things in Tech Award for sustainability.

For more information, visit www.desktopmetal.com.

Forward-Looking Statements:

Desktop Metal, Inc.'s fourth quarter preliminary unaudited 2021 financial results press release, presentation, conference call webcast and related communications contain forward-looking statements within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in these communications, including statements regarding Desktop Metal's future results of operations and financial position, financial targets, business strategy, plans and objectives for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this communication are only predictions. Desktop Metal has based these forward-looking statements on current information and management's current expectations and beliefs. These forward-looking statements speak only as of the date of this communication and are subject to a number of significant risks and uncertainties, including, without limitation, risks associated with the acquisition and integration of the business and operations of ExOne and other acquired businesses. For additional information about other risks and uncertainties of Desktop Metal's business, financial condition, results of operations and prospects generally, please refer to Desktop Metal's reports filed with the Securities and Exchange Commission ("SEC"), including without limitation the "Risk Factors" and/or other information included in the Form 10-Q filed with the SEC on November 15, 2021, and such other reports as Desktop Metal has filed or may file with the SEC from time to time. Although we believe that expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. As a result of these factors, we cannot assure you that the forward-looking statements in these communications will prove to be accurate. Except as required by applicable law, including the filing of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances, or otherwise. We qualify all of our forward-looking statements by these cautionary statements.

 

DESKTOP METAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

December 31,

 

 

2021

 

2020

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

65,017

 

$

483,525

Current portion of restricted cash

 

 

2,129

 

 

Short‑term investments

 

 

204,569

 

 

111,867

Accounts receivable

 

 

46,687

 

 

6,516

Inventory

 

 

65,399

 

 

9,708

Prepaid expenses and other current assets

 

 

16,207

 

 

976

Total current assets

 

 

400,008

 

 

612,592

Restricted cash, net of current portion

 

 

1,112

 

 

612

Property and equipment, net

 

 

58,710

 

 

12,160

Goodwill

 

 

639,301

 

 

2,252

Intangible assets, net

 

 

261,984

 

 

9,414

Other noncurrent assets

 

 

25,480

 

 

4,879

Total Assets

 

$

1,386,595

 

$

641,909

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

29,557

 

$

7,591

Customer deposits

 

 

14,137

 

 

1,480

Current portion of lease liability

 

 

5,527

 

 

868

Accrued expenses and other current liabilities

 

 

33,829

 

 

7,565

Current portion of deferred revenue

 

 

18,189

 

 

3,004

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

 

 

825

 

 

9,991

Total current liabilities

 

 

102,064

 

 

30,499

Long-term debt, net of current portion

 

 

548

 

 

Warrant liability

 

 

 

 

93,328

Contingent consideration, net of current portion

 

 

4,183

 

 

Lease liability, net of current portion

 

 

13,077

 

 

2,157

Deferred revenue, net of current portion

 

 

4,508

 

 

Deferred tax liability

 

 

10,695

 

 

Other noncurrent liabilities

 

 

3,170

 

 

Total liabilities

 

 

138,245

 

 

125,984

Commitments and Contingences (Note 16)

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

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

 

 

 

 

Common Stock, $0.0001 par value—500,000,000 shares authorized; 311,737,858 and 226,756,733 shares issued at December 31, 2021 and December 31, 2020, respectively, 311,473,950 and 224,626,597 shares outstanding at December 31, 2021 and December 31, 2020, respectively

 

 

31

 

 

23

Additional paid‑in capital

 

 

1,823,344

 

 

844,188

Accumulated deficit

 

 

(568,611)

 

 

(328,277)

Accumulated other comprehensive income (loss)

 

 

(6,414)

 

 

(9)

Total Stockholders’ Equity

 

 

1,248,350

 

 

515,925

Total Liabilities and Stockholders’ Equity

 

$

1,386,595

 

$

641,909

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

2021

 

2020

Revenues

 

 

 

 

 

 

Products

 

$

105,994

 

$

13,718

Services

 

 

6,414

 

 

2,752

Total revenues

 

 

112,408

 

 

16,470

Cost of sales

 

 

 

 

 

 

Products

 

 

87,450

 

 

26,945

Services

 

 

6,665

 

 

4,574

Total cost of sales

 

 

94,115

 

 

31,519

Gross profit/(loss)

 

 

18,293

 

 

(15,049)

Operating expenses

 

 

 

 

 

 

Research and development

 

 

68,125

 

 

43,136

Sales and marketing

 

 

47,995

 

 

13,136

General and administrative

 

 

78,041

 

 

20,734

In-process research and development assets acquired

 

 

25,587

 

 

Total operating expenses

 

 

219,748

 

 

77,006

Loss from operations

 

 

(201,455)

 

 

(92,055)

Change in fair value of warrant liability

 

 

(56,576)

 

 

56,417

Interest expense

 

 

(149)

 

 

(328)

Interest and other (expense) income, net

 

 

(11,822)

 

 

1,011

Loss before income taxes

 

 

(270,002)

 

 

(34,955)

Income tax benefit

 

 

29,668

 

 

940

Net loss

 

$

(240,334)

 

$

(34,015)

Net loss per share—basic and diluted

 

$

(0.92)

 

$

(0.22)

Weighted average shares outstanding, basic and diluted

 

 

260,770

 

 

157,906

 

DESKTOP METAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

2021

 

2020

Net loss

 

 

$

(240,334)

 

$

(34,015)

Other comprehensive (loss) income, net of taxes:

 

 

 

 

 

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

 

 

 

(40)

 

 

(84)

Foreign currency translation adjustment

 

 

 

(6,365)

 

 

Total comprehensive loss, net of taxes of $0

 

 

$

(246,739)

 

$

(34,099)

 

DESKTOP METAL, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Comprehensive

 

Total

 

 

Legacy Convertible Preferred Stock

 

 

Common Stock

 

Paid‑in

 

Accumulated

 

(Loss)

 

Stockholders’

 

 

Shares

 

Amount

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE—January 1, 2020

 

100,038,109

 

$

436,553

 

 

26,813,113

 

$

3

 

$

16,722

 

$

(294,262)

 

$

75

 

$

(277,462)

Retroactive application of recapitalization (Note 1)

 

(100,038,109)

 

 

(436,553)

 

 

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

 

 

 

 

 

521,925

 

 

 

 

325

 

 

 

 

 

 

325

Vesting of restricted Common Stock

 

 

 

 

 

5,307,357

 

 

1

 

 

6

 

 

 

 

 

 

7

Issuance of Common Stock in connection with acquisitions

 

 

 

 

 

61,060

 

 

 

 

500

 

 

 

 

 

 

500

Repurchase of shares for employee tax withholdings

 

 

 

 

 

(9,308)

 

 

 

 

(101)

 

 

 

 

 

 

(101)

Stock‑based compensation expense

 

 

 

 

 

 

 

 

 

8,006

 

 

 

 

 

 

8,006

Common Stock warrants issued and exercised

 

 

 

 

 

692,366

 

 

 

 

1,915

 

 

 

 

 

 

1,915

Reverse recapitalization, net of transaction costs

 

 

 

 

 

63,139,263

 

 

6

 

 

380,295

 

 

 

 

 

 

380,301

Net loss

 

 

 

 

 

 

 

 

 

 

 

(34,015)

 

 

 

 

(34,015)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

(84)

 

 

(84)

BALANCE—December 31, 2020

 

 

 

 

 

224,626,597

 

$

23

 

$

844,188

 

$

(328,277)

 

$

(9)

 

$

515,925

Exercise of Common Stock options

 

 

 

 

 

5,732,247

 

 

1

 

 

6,425

 

 

 

 

 

 

6,426

Vesting of restricted Common Stock

 

 

 

 

 

491,293

 

 

 

 

 

 

 

 

 

 

Repurchase of shares for employee tax withholdings - RSA

 

 

 

 

 

(109,150)

 

 

 

 

(958)

 

 

 

 

 

 

(958)

Vesting of restricted share units

 

 

 

 

 

650,777

 

 

 

 

 

 

 

 

 

 

Repurchase of shares for employee tax withholdings - RSU

 

 

 

 

 

(61,498)

 

 

 

 

(541)

 

 

 

 

 

 

(541)

Issuance of Common Stock in connection with acquisitions

 

 

 

 

 

57,267,401

 

 

5

 

 

620,585

 

 

 

 

 

 

620,590

Issuance of Common Stock in connection with acquired in-process research and development

 

 

 

 

 

334,370

 

 

 

 

4,300

 

 

 

 

 

 

4,300

Stock‑based compensation expense

 

 

 

 

 

 

 

 

 

28,778

 

 

 

 

 

 

28,778

Vesting of Trine Founder Shares

 

 

 

 

 

1,850,938

 

 

 

 

 

 

 

 

 

 

Common Stock issued in connection with warrants exercised

 

 

 

 

 

20,690,975

 

 

2

 

 

320,567

 

 

 

 

 

 

320,569

Net loss

 

 

 

 

 

 

 

 

 

 

 

(240,334)

 

 

 

 

(240,334)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,405)

 

 

(6,405)

BALANCE—December 31, 2021

 

 

 

 

 

311,473,950

 

$

31

 

$

1,823,344

 

$

(568,611)

 

$

(6,414)

 

$

1,248,350

 

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

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

2021

 

2020

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(240,334)

 

$

(34,015)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

24,854

 

 

8,589

Stock‑based compensation

 

 

28,778

 

 

8,006

Change in fair value of warrant liability

 

 

56,576

 

 

(56,417)

Change in fair value of subscription agreement

 

 

2,920

 

 

Expense related to Common Stock warrants issued

 

 

-

 

 

1,915

Amortization (accretion) of discount on investments

 

 

3,021

 

 

75

Amortization of debt financing cost

 

 

9

 

 

19

Provision for bad debt

 

 

168

 

 

377

Acquired in-process research and development

 

 

25,581

 

 

Loss on disposal of property and equipment

 

 

74

 

 

18

Foreign exchange (gains) losses on intercompany transactions, net

 

 

182

 

 

Net increase in accrued interest related to marketable securities

 

 

(819)

 

 

(3)

Net unrealized (gain) loss on equity investment

 

 

9,660

 

 

Net unrealized (gain) loss on other investments

 

 

(130)

 

 

Deferred tax benefit

 

 

(29,668)

 

 

(940)

Change in fair value of contingent consideration

 

 

(429)

 

 

Foreign currency transaction (gain) loss

 

 

7

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(18,021)

 

 

(2,370)

Inventory

 

 

(16,962)

 

 

(1,303)

Prepaid expenses and other current assets

 

 

(6,936)

 

 

901

Other assets

 

 

(3)

 

 

Accounts payable

 

 

10,796

 

 

(2,637)

Accrued expenses and other current liabilities

 

 

(8,761)

 

 

(2,391)

Customer deposits

 

 

(2,569)

 

 

(845)

Current portion of deferred revenue

 

 

5,989

 

 

774

Change in right of use assets and lease liabilities, net

 

 

(641)

 

 

(328)

Other liabilities

 

 

1,609

 

 

 

Net cash used in operating activities

 

 

(155,049)

 

 

(80,575)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(7,683)

 

 

(1,429)

Purchase of other investments

 

 

(3,620)

 

 

(3,000)

Purchase of equity investment

 

 

(20,000)

 

 

Proceeds from sale of property and equipment

 

 

44

 

 

Proceeds from policy buyout

 

 

333

 

 

Purchase of marketable securities

 

 

(330,873)

 

 

(136,286)

Proceeds from sales and maturities of marketable securities

 

 

243,349

 

 

109,016

Cash paid to acquire in-process research and development

 

 

(21,220)

 

 

Cash paid for acquisitions, net of cash acquired

 

 

(287,624)

 

 

(5,284)

Net cash used in investing activities

 

 

(427,294)

 

 

(36,983)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from reverse recapitalization, net of issuance costs

 

 

 

 

534,597

Proceeds from the exercise of stock options

 

 

6,424

 

 

325

Proceeds from the exercise of stock warrants

 

 

170,665

 

 

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

 

 

(540)

 

 

Proceeds from PPP loan

 

 

 

 

5,379

Repayment of PPP loan

 

 

 

 

(5,379)

Repayment of term loan

 

 

(10,000)

 

 

Deferred financing costs paid

 

 

 

 

Net cash provided by financing activities

 

 

166,549

 

 

534,922

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

 

 

(85)

 

 

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

 

 

(415,879)

 

 

417,364

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

 

 

484,137

 

 

66,773

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

 

$

68,258

 

$

484,137

 

 

 

 

 

 

 

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

 

$

65,017

 

$

483,525

Restricted cash included in other current assets

 

 

2,129

 

 

Restricted cash included in other noncurrent assets

 

 

1,112

 

 

612

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

 

$

68,258

 

$

484,137

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

 

Interest paid

 

$

148

 

$

322

Taxes paid

 

$

150

 

$

 

 

 

 

 

 

 

Non‑cash investing and financing activities:

 

 

 

 

 

 

Net liabilities assumed from Trine Business Combination

 

$

 

$

152,395

Accrued reverse recapitalization transaction costs

 

$

 

$

1,901

Net unrealized (gain) loss on investments

 

$

40

 

$

Exercise of private placement warrants

 

$

149,904

 

$

Common Stock issued for acquisitions

 

$

620,590

 

$

500

Common Stock issued for acquisition of in-process research and development

 

$

4,300

 

$

Accrued purchase price for asset acquisition

 

$

1,800

 

$

200

Additions to right of use assets and lease liabilities

 

$

5,582

 

$

Purchase of property and equipment included in accounts payable

 

$

90

 

$

Purchase of property and equipment included in accrued expenses and other current liabilities

 

$

38

 

$

Transfers from property and equipment to inventory

 

$

1,068

 

$

Transfers from inventory to property and equipment

 

$

1,435

 

$

Accrued contingent consideration in connection with acquisitions

 

$

6,083

 

$

Tax liabilities related to withholdings on Common Stock issued in connection with acquisitions

 

$

 

$

102

Taxes related to net share settlement upon vesting of restricted stock awards in accrued expense

 

$

958

 

$

Forgiveness of PPP Loan

 

$

3,687

 

$

 

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.

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 Year Ended

 

 

December 31,

(Dollars in thousands)

 

2021

 

2020

GAAP gross margin

 

$

18,293

 

$

(15,049)

Stock-based compensation included in cost of sales

 

 

1,018

 

 

290

Amortization of acquired intangible assets included in cost of sales

 

 

8,467

 

 

Inventory step-up adjustment in cost of sales

 

 

2,194

 

 

Non-GAAP gross margin

 

$

29,972

 

$

(14,759)

 

 

 

 

 

 

 

GAAP operating loss

 

$

(201,455)

 

$

(92,055)

Stock-based compensation

 

 

28,778

 

 

8,006

Amortization of acquired intangible assets included in cost of sales

 

 

8,467

 

 

Amortization of acquired intangibles assets included in operating expenses

 

 

9,114

 

 

758

Inventory step-up adjustment in cost of sales

 

 

2,194

 

 

Acquisition-related and other transactional charges

 

 

23,782

 

 

1,101

In-process research and development assets acquired

 

 

25,581

 

 

Non-GAAP operating loss

 

$

(103,539)

 

$

(82,190)

 

 

 

 

 

 

 

GAAP net loss

 

$

(240,334)

 

$

(34,015)

Stock-based compensation

 

 

28,778

 

 

8,006

Amortization of acquired intangible assets included in cost of sales

 

 

8,467

 

 

Amortization of acquired intangibles assets included in operating expenses

 

 

9,114

 

 

758

Inventory step-up adjustment in cost of sales

 

 

2,194

 

 

Acquisition-related and other transactional charges

 

 

23,782

 

 

1,101

In-process research and development assets acquired

 

 

25,581

 

 

Change in fair value of investments

 

 

12,475

 

 

Change in fair value of warrant liability

 

 

56,576

 

 

(56,417)

Warrant expense

 

 

 

 

1,915

Non-GAAP net loss

 

$

(73,367)

 

$

(78,652)

 

 

For the Years Ended

 

 

December 31,

(Dollars in thousands)

 

2021

 

2020

Net loss attributable to common stockholders

 

$

(240,334)

 

$

(34,015)

Interest (income) expense, net

 

 

(334)

 

 

(610)

Income tax benefit

 

 

(29,668)

 

 

(940)

Depreciation and amortization

 

 

24,854

 

 

8,589

In-process research and development assets acquired

 

 

25,581

 

 

EBITDA

 

 

(219,901)

 

 

(26,976)

Change in fair value of warrant liability

 

 

56,576

 

 

(56,417)

Change in fair value of investments

 

 

12,475

 

 

Inventory step-up adjustment

 

 

2,194

 

 

Stock compensation expense

 

 

28,778

 

 

8,006

Warrant expense

 

 

 

 

1,915

Transaction costs associated with acquisitions

 

 

23,788

 

 

Adjusted EBITDA

 

$

(96,090)

 

$

(73,472)

 



Contact:

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jaygentzkow@desktopmetal.com

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