Desktop Metal Announces First Quarter 2022 Financial Results

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share amounts)

 

 

Three Months Ended

 

 

March 31,

 

 

2022

 

2021

Revenues

 

 

 

 

 

 

Products

 

$

39,476

 

$

10,311

Services

 

 

4,230

 

 

1,002

Total revenues

 

 

43,706

 

 

11,313

Cost of sales

 

 

 

 

 

 

Products

 

 

41,902

 

 

10,487

Services

 

 

3,132

 

 

1,413

Total cost of sales

 

 

45,034

 

 

11,900

Gross profit/(loss)

 

 

(1,328)

 

 

(587)

Operating expenses

 

 

 

 

 

 

Research and development

 

 

24,605

 

 

10,858

Sales and marketing

 

 

19,689

 

 

5,449

General and administrative

 

 

23,857

 

 

13,846

Total operating expenses

 

 

68,151

 

 

30,153

Loss from operations

 

 

(69,479)

 

 

(30,740)

Change in fair value of warrant liability

 

 

 

 

(56,576)

Interest expense

 

 

32

 

 

(73)

Interest and other (expense) income, net

 

 

(1,753)

 

 

361

Loss before income taxes

 

 

(71,200)

 

 

(87,028)

Income tax benefit

 

 

1,256

 

 

27,920

Net loss

 

$

(69,944)

 

$

(59,108)

Net loss per share—basic and diluted

 

$

(0.22)

 

$

(0.25)

Weighted average shares outstanding, basic and diluted

 

 

312,016,627

 

 

238,243,779

DESKTOP METAL, INC.

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