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, |
||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Products |
|
$ |
37,502 |
|
|
$ |
42,937 |
|
|
$ |
121,597 |
|
|
$ |
135,085 |
|
Services |
|
|
5,248 |
|
|
|
4,149 |
|
|
|
15,755 |
|
|
|
13,381 |
|
Total revenues |
|
|
42,750 |
|
|
|
47,086 |
|
|
|
137,352 |
|
|
|
148,466 |
|
| Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Products |
|
|
37,175 |
|
|
|
43,639 |
|
|
|
119,290 |
|
|
|
130,454 |
|
| Services |
|
|
3,651 |
|
|
|
3,756 |
|
|
|
11,413 |
|
|
|
11,252 |
|
| Total cost of sales |
|
|
40,826 |
|
|
|
47,395 |
|
|
|
130,703 |
|
|
|
141,706 |
|
| Gross profit (loss) |
|
|
1,924 |
|
|
|
(309 |
) |
|
|
6,649 |
|
|
|
6,760 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Research and development |
|
|
20,455 |
|
|
|
22,382 |
|
|
|
64,822 |
|
|
|
78,357 |
|
| Sales and marketing |
|
|
8,549 |
|
|
|
16,204 |
|
|
|
28,596 |
|
|
|
56,299 |
|
| General and administrative |
|
|
9,528 |
|
|
|
18,924 |
|
|
|
50,673 |
|
|
|
62,472 |
|
| Impairment charges |
|
|
6,062 |
|
|
|
— |
|
|
|
6,062 |
|
|
|
— |
|
| Goodwill impairment |
|
|
2,450 |
|
|
|
— |
|
|
|
2,450 |
|
|
|
229,500 |
|
| Total operating expenses |
|
|
47,044 |
|
|
|
57,510 |
|
|
|
152,603 |
|
|
|
426,628 |
|
| Loss from operations |
|
|
(45,120 |
) |
|
|
(57,819 |
) |
|
|
(145,954 |
) |
|
|
(419,868 |
) |
| Interest expense |
|
|
(1,045 |
) |
|
|
(680 |
) |
|
|
(2,965 |
) |
|
|
(1,281 |
) |
| Interest and other expense, net |
|
|
(349 |
) |
|
|
(1,677 |
) |
|
|
(498 |
) |
|
|
(8,443 |
) |
| Loss before income taxes |
|
|
(46,514 |
) |
|
|
(60,176 |
) |
|
|
(149,417 |
) |
|
|
(429,592 |
) |
| Income tax benefit (expense) |
|
|
141 |
|
|
|
(598 |
) |
|
|
675 |
|
|
|
1,602 |
|
| Net loss |
|
$ |
(46,373 |
) |
|
$ |
(60,774 |
) |
|
$ |
(148,742 |
) |
|
$ |
(427,990 |
) |
| Net loss per share—basic and diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.46 |
) |
|
$ |
(1.36 |
) |
| Weighted average shares outstanding, basic and diluted |
|
|
323,187,608 |
|
|
|
316,007,716 |
|
|
|
321,328,016 |
|
|
|
313,901,704 |
|
See notes to condensed consolidated financial statements.
