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 |
) |
|
|
496 |
|
| Foreign exchange (gains) losses on intercompany transactions, net |
|
|
299 |
|
|
|
— |
|
| Net decrease in accrued interest related to marketable securities |
|
|
— |
|
|
|
238 |
|
| Net unrealized loss on equity investment |
|
|
448 |
|
|
|
148 |
|
| Deferred tax benefit |
|
|
147 |
|
|
|
(534 |
) |
| Foreign currency transaction loss |
|
|
497 |
|
|
|
97 |
|
| Changes in operating assets and liabilities: |
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| Accounts receivable |
|
|
7,777 |
|
|
|
(3,661 |
) |
| Inventory |
|
|
(3,353 |
) |
|
|
(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 |
|
|
(3,611 |
) |
|
|
(918 |
) |
| Change in right of use assets and lease liabilities, net |
|
|
(3,778 |
) |
|
|
(3,110 |
) |
| Other liabilities |
|
|
19 |
|
|
|
1,767 |
|
| Net cash used in operating activities |
|
|
(37,432 |
) |
|
|
(70,494 |
) |
| Cash flows from investing activities: |
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|
|
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| Purchases of property and equipment |
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|
(681 |
) |
|
|
(1,305 |
) |
| Proceeds from sale of property and equipment |
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|
1,694 |
|
|
|
9,942 |
|
| Purchase of marketable securities |
|
|
— |
|
|
|
(4,973 |
) |
| Proceeds from sales and maturities of marketable securities |
|
|
— |
|
|
|
107,719 |
|
| Cash paid for acquisitions, net of cash acquired |
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|
— |
|
|
|
(500 |
) |
| Net cash provided by investing activities |
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|
1,013 |
|
|
|
110,883 |
|
| Cash flows from financing activities: |
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| Proceeds from the exercise of stock options |
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— |
|
|
|
1,157 |
|
| Payment of taxes related to net share settlement upon vesting of restricted stock units |
|
|
(376 |
) |
|
|
(108 |
) |
| Repayment of loans |
|
|
(158 |
) |
|
|
(328 |
) |
| Net cash (used in) provided by financing activities |
|
|
(534 |
) |
|
|
721 |
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(1,055 |
) |
|
|
73 |
|
| Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
(38,008 |
) |
|
|
41,183 |
|
| Cash, cash equivalents, and restricted cash at beginning of period |
|
|
84,690 |
|
|
|
81,913 |
|
| Cash, cash equivalents, and restricted cash at end of period |
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|
46,682 |
|
|
|
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 |
|
$ |
45,855 |
|
|
$ |
121,660 |
|
| Restricted cash included in other current assets |
|
|
215 |
|
|
|
824 |
|
| Restricted cash included in other noncurrent assets |
|
|
612 |
|
|
|
612 |
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| Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows |
|
$ |
46,682 |
|
|
$ |
123,096 |
|
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| Supplemental cash flow information: |
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| Interest paid |
|
$ |
3,488 |
|
|
$ |
— |
|
| Taxes paid |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
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| Non‑cash investing and financing activities: |
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|
|
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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.
