• Revenue growth of 286% from the first quarter of 2021 to $43.7 million
• Commenced shipments of Production System P-50
• Installed initial Production System P-1 in China at a hyperscale account with technical and commercial developments across multiple sizable opportunities
• Launched the all-new S-Max Flex for affordable and scalable digital sand casting
• Reaffirming full year 2022 guidance of approximately $260 million for revenue, representing 131% growth from 2021, and approximately $(90) million for adjusted EBITDA

BOSTON — (BUSINESS WIRE) — May 10, 2022 — Desktop Metal, Inc. (NYSE: DM) today announced its financial results for the quarter ended March 31, 2022.

“Following a revolutionary year in which we made significant progress building a foundation of AM 2.0 technologies to achieve our goal of double-digit share of the additive market by the end of the decade, we are off to a great start to 2022,” said Ric Fulop, Founder and CEO of Desktop Metal. “We delivered strong topline growth of 286% year-over-year as we continue to capture market share and rapidly grow revenue at scale. With several exciting product launches to kick off the year, and demand as strong as ever for our broad portfolio of AM 2.0 solutions, we are well-positioned for outsized growth and margin expansion through the balance of 2022.”

First Quarter 2022 and Recent Business Highlights:

• Commenced shipments of Production System™ P-50
• Installed initial Production System™ P-1 in China at a hyperscale account with technical and commercial developments across multiple sizable opportunities
• Launched the all-new S-Max Flex^® for affordable and scalable digital sand casting, integrating Desktop Metal Single Pass Jetting™ technology with ExOne sand binder jetting process and materials expertise
• Awarded a major sub-contract through the Defense Logistics Agency (DLA) of the Department of Defense
• Significant uptick in demand to support onshoring projects and help customers respond to supply chain disruption
• Launched Einstein™ series of high-precision 3D printers designed for volume production of dental and healthcare parts
• Launched Flexcera™ Smile Ultra+, a hybrid nanoceramic resin for permanent restorations and one of the strongest dental resins in the market

First Quarter 2022 Financial Highlights:

• Revenue of $43.7 million, up 286% from first quarter 2021 revenue of $11.3 million, including broad-based growth and contributions from acquisitions
• GAAP gross margin of (3.0)%; non-GAAP gross margin of 17.1%, increasing more than 1,150 basis points from 5.5% in first quarter 2021
• Net loss of $69.9 million, including $9.8 million in amortization of acquired intangible assets
• Adjusted EBITDA of $(41.6) million
• Cash, cash equivalents, and short-term investments of $206.5 million as of March 31, 2022

Outlook for Full Year 2022:

• Reaffirming revenue expectation of approximately $260 million for 2022, representing 131% growth from 2021
• Reaffirming adjusted EBITDA expectation of approximately $(90) million for 2022

Conference Call Information:

Desktop Metal will host a conference call on Tuesday, May 10, 2022 at 8:00 a.m. EST to discuss first quarter 2022 results. Participants may access the call at 1-855-560-2573, international callers may use 1-412-317-5237, 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.

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 May 10, 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)

DESKTOP METAL, INC.