Desktop Metal records record revenues in the second quarter of 2022

Desktop Metal announced its financial results for the second quarter of 2022. The company’s revenue amounted to $ 57.7 million, an increase of + 203.9% compared to the second quarter of 2021, however, it should be noted that at that time the company did not yet include in revenue reports generated by ExOne. At the same time, this financial result is + 32% higher than in the first quarter of 2022.

The company recorded a GAAP gross margin of 14.6% and a non-GAAP gross margin of 26.7%, an increase of more than 170 basis points from the second quarter of 2021. Net loss was-$ 297.3 million, which was mainly due to a non-cash goodwill write-off of $ 229.5 million as a result of falling stock and peer prices and $ 2.4 million in restructuring costs related to the Strategic Integration and Cost Optimization initiative.

Desktop Metal also ended the sale of $ 115 million convertible bonds, increasing liquidity in the face of an uncertain macroeconomic environment. It is also intended to help meet the break-even point of the cash flow.

Desktop Metal’s full year 2022 revenue forecast continues to be $ 260 million, an increase of + 131% from 2021.

Source:  www.desktopmetal.com