Desktop Metal Announces Second Quarter 2024 Financial Results

No Offer or Solicitation

This press release is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Additional Information about the Transaction and Where to Find It

In connection with the proposed transaction, Desktop Metal intends to file a proxy statement with the SEC. Desktop Metal may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the proxy statement or any other document that Desktop Metal may file with the SEC. The definitive proxy statement (if and when available) will be mailed to stockholders of Desktop Metal. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement (if and when available) and other documents containing important information about Desktop Metal and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Desktop Metal will be available free of charge on Desktop Metal’s website at https://ir.desktopmetal.com/sec-filings/all-sec-filings.

Participants in the Solicitation

Desktop Metal, Nano and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Desktop Metal is set forth in Desktop Metal’s proxy statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 23, 2024. Information about the directors and executive officers of Nano is set forth in Nano’s Annual Report on Form 20-F, which was filed with the SEC on March 21, 2024. Other information regarding persons why may be deemed to be participants in the solicitation of Desktop Metal’s stockholders in connection with the proposed transaction and any direct or indirect interests they may have in the proposed transaction will be set forth in Desktop Metal’s definitive proxy statement for its special meeting of stockholders when it is filed with the SEC.

 

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

 

 

 

 

 

 

 

 

 

 

June 30,

 

December
31,

 

 

2024

 

2023

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

45,855

 

 

$

83,845

 

Current portion of restricted cash

 

 

215

 

 

 

233

 

Short‑term investments

 

 

177

 

 

 

625

 

Accounts receivable

 

 

29,507

 

 

 

37,690

 

Inventory

 

 

84,005

 

 

 

82,639

 

Prepaid expenses and other current assets

 

 

10,096

 

 

 

11,105

 

Total current assets

 

 

169,855

 

 

 

216,137

 

Restricted cash, net of current portion

 

 

612

 

 

 

612

 

Property and equipment, net

 

 

26,351

 

 

 

35,840

 

Intangible assets, net

 

 

80,390

 

 

 

168,259

 

Other noncurrent assets

 

 

29,284

 

 

 

37,153

 

Total Assets

 

$

306,492

 

 

$

458,001

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

18,089

 

 

$

18,190

 

Customer deposits

 

 

4,630

 

 

 

5,356

 

Current portion of lease liability

 

 

7,756

 

 

 

7,404

 

Accrued expenses and other current liabilities

 

 

24,891

 

 

 

27,085

 

Current portion of deferred revenue

 

 

9,860

 

 

 

11,739

 

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

 

 

225

 

 

 

330

 

Total current liabilities

 

 

65,451

 

 

 

70,104

 

Long-term debt, net of current portion

 

 

29

 

 

 

89

 

Convertible notes

 

 

112,930

 

 

 

112,565

 

Lease liability, net of current portion

 

 

20,522

 

 

 

23,566

 

Deferred revenue, net of current portion

 

 

1,842

 

 

 

3,696

 

Deferred tax liability

 

 

3,138

 

 

 

3,523

 

Other noncurrent liabilities

 

 

2,739

 

 

 

2,806

 

Total liabilities

 

 

206,651

 

 

 

216,349

 

Commitments and Contingencies (Note 17)

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

Preferred Stock, $0.0001 par value—authorized, 50,000,000 shares; no shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively

 

 

 

 

 

 

Common Stock, $0.0001 par value—500,000,000 shares authorized; 33,196,705 and 32,527,742 shares issued at June 30, 2024 and December 31, 2023, respectively, 33,196,705 and 32,527,167 shares outstanding at June 30, 2024 and December 31, 2023, respectively

 

 

4

 

 

 

4

 

Additional paid‑in capital

 

 

1,923,978

 

 

 

1,908,533

 

Accumulated deficit

 

 

(1,787,763

)

 

 

(1,632,225

)

Accumulated other comprehensive loss

 

 

(36,378

)

 

 

(34,660

)

Total Stockholders’ Equity

 

 

99,841

 

 

 

241,652

 

Total Liabilities and Stockholders’ Equity

 

$

306,492

 

 

$

458,001

 

 

See notes to condensed consolidated financial statements

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