DESKTOP METAL, INC. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except per share amounts) |
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Years Ended December 31, |
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2023 |
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2022 |
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2021 |
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Revenues |
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Products |
|
$ |
168,091 |
|
$ |
190,248 |
|
$ |
105,994 |
Services |
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|
21,607 |
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|
18,775 |
|
|
6,414 |
Total revenues |
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|
189,698 |
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|
209,023 |
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|
112,408 |
Cost of sales |
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Products |
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184,614 |
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|
178,952 |
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|
87,450 |
Services |
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|
15,174 |
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|
15,000 |
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|
6,665 |
Total cost of sales |
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|
199,788 |
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|
193,952 |
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|
94,115 |
| Gross profit (loss) |
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(10,090) |
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|
15,071 |
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|
18,293 |
| Operating expenses |
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| Research and development |
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|
85,096 |
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|
96,878 |
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|
68,131 |
| Sales and marketing |
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|
40,334 |
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|
68,091 |
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|
47,995 |
| General and administrative |
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|
66,272 |
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83,065 |
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|
78,041 |
| In-process research and development assets acquired |
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— |
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— |
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25,581 |
| Impairment charges |
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|
8,518 |
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— |
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— |
| Goodwill impairment |
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|
112,911 |
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|
498,800 |
|
|
— |
| Total operating expenses |
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|
313,131 |
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|
746,834 |
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|
219,748 |
| Loss from operations |
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|
(323,221) |
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|
(731,763) |
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|
(201,455) |
| Change in fair value of warrant liability |
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— |
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— |
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|
(56,576) |
| Interest expense |
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|
(4,099) |
|
|
(1,743) |
|
|
(149) |
| Interest and other (expense) income, net |
|
|
944 |
|
|
(8,335) |
|
|
(11,822) |
| Loss before income taxes |
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|
(326,376) |
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(741,841) |
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|
(270,002) |
| Income tax benefit |
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|
3,105 |
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|
1,498 |
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|
29,668 |
| Net loss |
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$ |
(323,271) |
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$ |
(740,343) |
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$ |
(240,334) |
| Net loss per share—basic and diluted |
|
$ |
(1.00) |
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$ |
(2.35) |
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$ |
(0.92) |
| Weighted average shares outstanding, basic and diluted |
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|
322,196 |
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|
314,817 |
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|
260,770 |
See notes to consolidated financial statements.
