Desktop Metal Announces Second Quarter 2024 Financial Results

·

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Common Stock

 

Additional

 

 

 

 

Comprehensive

 

Total

 

 

Voting

 

Paid‑in

 

Accumulated

 

(Loss)

 

Stockholders’

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income

 

Equity

BALANCE— April 1, 2024

 

32,970,519

 

 

$

4

 

$

1,917,535

 

 

$

(1,684,323

)

 

$

(35,878

)

 

$

197,338

 

Fractional shares redeemed for cash in lieu of reverse stock split

 

(1,338

)

 

 

 

 

(7

)

 

 

 

 

 

 

 

 

(7

)

Vesting of restricted stock units

 

234,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of shares for employee tax withholdings

 

(6,586

)

 

 

 

 

(47

)

 

 

 

 

 

 

 

 

(47

)

Stock‑based compensation expense

 

 

 

 

 

 

6,497

 

 

 

 

 

 

 

 

 

6,497

 

Net loss

 

 

 

 

 

 

 

 

 

(103,440

)

 

 

 

 

 

(103,440

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

(500

)

 

 

(500

)

BALANCE—June 30, 2024

 

33,196,705

 

 

$

4

 

$

1,923,978

 

 

$

(1,787,763

)

 

$

(36,378

)

 

$

99,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Common Stock

 

Additional

 

 

 

 

Comprehensive

 

Total

 

 

Voting

 

Paid‑in

 

Accumulated

 

(Loss)

 

Stockholders’

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income

 

Equity

BALANCE—January 1, 2024

 

32,527,167

 

 

$

4

 

$

1,908,533

 

 

$

(1,632,225

)

 

$

(34,660

)

 

$

241,652

 

Fractional shares redeemed for cash in lieu of reverse stock split

 

(1,338

)

 

 

 

 

(7

)

 

 

 

 

 

 

 

 

(7

)

Vesting of restricted Common Stock

 

574

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

730,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of shares for employee tax withholdings

 

(60,175

)

 

 

 

 

(375

)

 

 

 

 

 

 

 

 

(375

)

Issuance of common stock related to share-based liability awards

 

 

 

 

 

 

1,997

 

 

 

 

 

 

 

 

 

1,997

 

Stock‑based compensation expense

 

 

 

 

 

 

13,830

 

 

 

 

 

 

 

 

 

13,830

 

Net loss

 

 

 

 

 

 

 

 

 

(155,538

)

 

 

 

 

 

(155,538

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

(1,718

)

 

 

(1,718

)

BALANCE—June 30, 2024

 

33,196,705

 

 

$

4

 

$

1,923,978

 

 

$

(1,787,763

)

 

$

(36,378

)

 

$

99,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Common Stock

 

Additional

 

 

 

 

Comprehensive

 

Total

 

 

Voting

 

Paid‑in

 

Accumulated

 

(Loss)

 

Stockholders’

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income

 

Equity

BALANCE—April 1, 2023

 

32,040,139

 

 

$

3

 

$

1,883,793

 

 

$

(1,361,595

)

 

$

(36,630

)

 

$

485,571

 

Exercise of Common Stock options

 

47,223

 

 

 

 

 

560

 

 

 

 

 

 

 

 

 

560

 

Vesting of restricted Common Stock

 

5,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

126,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of shares for employee tax withholdings

 

(505

)

 

 

 

 

(11

)

 

 

 

 

 

 

 

 

(11

)

Issuance of Common Stock related to settlement of contingent consideration

 

44,479

 

 

 

 

 

797

 

 

 

 

 

 

 

 

 

797

 

Stock‑based compensation expense

 

 

 

 

 

 

8,438

 

 

 

 

 

 

 

 

 

8,438

 

Net loss

 

 

 

 

 

 

 

 

 

(49,728

)

 

 

 

 

 

(49,728

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

(1,168

)

 

 

(1,168

)

BALANCE—June 30, 2023

 

32,263,019

 

 

$

3

 

$

1,893,577

 

 

$

(1,411,323

)

 

$

(37,798

)

 

$

444,459

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Common Stock

 

Additional

 

 

 

 

Comprehensive

 

Total

 

 

Voting

 

Paid‑in

 

Accumulated

 

(Loss)

 

Stockholders’

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income

 

Equity

BALANCE—January 1, 2023

 

31,813,343

 

 

$

3

 

$

1,874,821

 

 

$

(1,308,954

)

 

$

(38,368

)

 

$

527,502

 

Exercise of Common Stock options

 

96,811

 

 

 

 

 

1,157

 

 

 

 

 

 

 

 

 

1,157

 

Vesting of restricted Common Stock

 

7,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

307,504

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of shares for employee tax withholdings

 

(6,677

)

 

 

 

 

(109

)

 

 

 

 

 

 

 

 

(109

)

Issuance of Common Stock related to settlement of contingent consideration

 

44,479

 

 

 

 

 

 

797

 

 

 

 

 

 

 

 

 

797

 

Stock‑based compensation expense

 

 

 

 

 

 

16,911

 

 

 

 

 

 

 

 

 

16,911

 

Net loss

 

 

 

 

 

 

 

 

 

(102,369

)

 

 

 

 

 

(102,369

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

570

 

 

 

570

 

BALANCE—June 30, 2023

 

32,263,019

 

 

$

3

 

$

1,893,577

 

 

$

(1,411,323

)

 

$

(37,798

)

 

$

444,459

 

 

See notes to condensed consolidated financial statements.

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