DESKTOP METAL, INC.
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Six Months Ended June 30, |
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2024 |
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2023 |
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Cash flows from operating activities: |
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Net loss |
|
$ |
(155,538 |
) |
|
$ |
(102,369 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
|
|
96,043 |
|
|
|
26,965 |
|
Stock‑based compensation |
|
|
14,335 |
|
|
|
19,016 |
|
Amortization (accretion) of discount on investments |
|
|
— |
|
|
|
(484 |
) |
Amortization of deferred costs on convertible notes |
|
|
365 |
|
|
|
365 |
|
Provision for bad debt |
|
|
200 |
|
|
|
962 |
|
Provision for slow-moving, obsolete, and lower of cost or net realizable value inventories, net |
|
|
(45 |
) |
|
|
— |
|
Loss on disposal of property and equipment |
|
|
(92 |
) |
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|
496 |
|
Foreign exchange (gains) losses on intercompany transactions, net |
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|
299 |
|
|
|
— |
|
Net decrease in accrued interest related to marketable securities |
|
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— |
|
|
|
238 |
|
Net unrealized loss on equity investment |
|
|
448 |
|
|
|
148 |
|
Deferred tax benefit |
|
|
147 |
|
|
|
(534 |
) |
Foreign currency transaction loss |
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|
497 |
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|
|
97 |
|
Changes in operating assets and liabilities: |
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Accounts receivable |
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7,777 |
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|
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(3,661 |
) |
Inventory |
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(3,353 |
) |
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|
(8,760 |
) |
Prepaid expenses and other current assets |
|
|
910 |
|
|
|
(675 |
) |
Other assets |
|
|
8,909 |
|
|
|
1,595 |
|
Accounts payable |
|
|
(38 |
) |
|
|
(407 |
) |
Accrued expenses and other current liabilities |
|
|
(282 |
) |
|
|
1,097 |
|
Customer deposits |
|
|
(644 |
) |
|
|
(2,322 |
) |
Current portion of deferred revenue |
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|
(3,611 |
) |
|
|
(918 |
) |
Change in right of use assets and lease liabilities, net |
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(3,778 |
) |
|
|
(3,110 |
) |
Other liabilities |
|
|
19 |
|
|
|
1,767 |
|
Net cash used in operating activities |
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|
(37,432 |
) |
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(70,494 |
) |
Cash flows from investing activities: |
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Purchases of property and equipment |
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(681 |
) |
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|
(1,305 |
) |
Proceeds from sale of property and equipment |
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|
1,694 |
|
|
|
9,942 |
|
Purchase of marketable securities |
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— |
|
|
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(4,973 |
) |
Proceeds from sales and maturities of marketable securities |
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— |
|
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|
107,719 |
|
Cash paid for acquisitions, net of cash acquired |
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— |
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|
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(500 |
) |
Net cash provided by investing activities |
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1,013 |
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110,883 |
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Cash flows from financing activities: |
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Proceeds from the exercise of stock options |
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— |
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|
1,157 |
|
Payment of taxes related to net share settlement upon vesting of restricted stock units |
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|
(376 |
) |
|
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(108 |
) |
Repayment of loans |
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(158 |
) |
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(328 |
) |
Net cash (used in) provided by financing activities |
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|
(534 |
) |
|
|
721 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
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(1,055 |
) |
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|
73 |
|
Net increase (decrease) in cash, cash equivalents, and restricted cash |
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(38,008 |
) |
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|
41,183 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
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|
84,690 |
|
|
|
81,913 |
|
Cash, cash equivalents, and restricted cash at end of period |
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46,682 |
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|
123,096 |
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Supplemental disclosures of cash flow information |
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Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the condensed consolidated statements of cash flows: |
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Cash and cash equivalents |
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$ |
45,855 |
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$ |
121,660 |
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Restricted cash included in other current assets |
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|
215 |
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|
824 |
|
Restricted cash included in other noncurrent assets |
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|
612 |
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|
612 |
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Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows |
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$ |
46,682 |
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$ |
123,096 |
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Supplemental cash flow information: |
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Interest paid |
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$ |
3,488 |
|
|
$ |
— |
|
Taxes paid |
|
$ |
— |
|
|
$ |
— |
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Non‑cash investing and financing activities: |
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Net unrealized gain on investments |
|
$ |
— |
|
|
$ |
(337 |
) |
Common Stock issued for settlement of contingent consideration |
|
|
|
|
|
797 |
|
|
Additions to right of use assets and lease liabilities |
|
$ |
863 |
|
|
$ |
8,489 |
|
Purchase of property and equipment included in accounts payable |
|
$ |
129 |
|
|
$ |
365 |
|
Purchase of property and equipment included in accrued expense |
|
$ |
— |
|
|
$ |
32 |
|
Transfers from inventory to PP&E |
|
|
1,285 |
|
|
|
— |
|
Transfers from property and equipment to inventory |
|
$ |
— |
|
|
$ |
841 |
|
Transfers from inventory to property and equipment |
|
$ |
— |
|
|
$ |
1,345 |
|
See notes to condensed consolidated financial statements.