Desktop Metal announces record second-quarter revenue of $57.7M

August 11, 2022

Ric Fulop, Desktop Metal’s co-founder and CEO comments on the company's record second-quarter revenue (Courtesy Desktop Metal)
Ric Fulop, Desktop Metal’s co-founder and CEO comments on the company’s record second-quarter revenue (Courtesy Desktop Metal)

Desktop Metal, Boston, Massachusetts, USA, has announced its financial results for the second quarter ended June 30, 2022. Revenue was up 203.9% from the second quarter of 2021 which saw revenue at $19 million, and an increase of 32% sequentially from the first quarter of 2022.

“Desktop Metal continued to build on its momentum in the second quarter, delivering record revenue of $57.7 million and expanding non-GAAP gross margins to 26.7%,” stated Ric Fulop, founder and CEO of Desktop Metal. “Our strong financial results represent the strength and breadth of our unmatched AM 2.0 portfolio as our team continues to execute at a high level in a dynamic macro environment.”

The GAAP gross margin of 14.6% and a non-GAAP gross margin of 26.7%, increasing over 170 basis points from the second quarter of 2021. Desktop Metal saw a net loss of $297.3 million, primarily due to a non-cash goodwill impairment charge of $229.5 million as a result of the company’s and comparable companies’ stock price declines and including $2.4 million of restructuring charges in connection with the Strategic Integration and Cost Optimization Initiative. Cash, cash equivalents, and short-term investments were reported as $255.7 million as of June 30, 2022.

Desktop Metal introduced its Strategic Integration and Cost Optimization Initiative to accelerate AM 2.0 growth, support a path to profitability, and drive value to shareholders including expectation of approximately $40 million of annualised run rate non-GAAP cost savings, $20 million of which is expected to take place in the second half of 2022 and at least $100 million of aggregate cost savings over the next twenty-four months.

The company was also awarded a sub-contract under the Defense Logistics Agency (DLA) of the US Department of Defense prime contract worth a potential $15 million. Monetisation efforts also began on the company’s IP portfolio of over 650 patents and pending applications.

Fulop added, “We enter the second half of the year with a more streamlined and efficient operating model, combining continued revenue growth at scale with a disciplined strategy to optimise our expense structure, in order to achieve our financial commitments and support our path to profitability.”

In the latest issue of Metal AM magazine

Download PDF

Extensive AM industry news coverage, as well as the following exclusive deep-dive articles:

  • Metal powders in Additive Manufacturing: An exploration of sustainable production, usage and recycling
  • Inside Wayland Additive: How innovation in electron beam PBF is opening new markets for AM
  • An end-to-end production case study: Leveraging data-driven machine learning and autonomous process control in AM
  • Consolidation, competition, and the cost of certification: Insight from New York’s AM Strategies 2024
  • Scandium’s impact on the Additive Manufacturing of aluminium alloys
  • AM for medical implants: An analysis of the impact of powder reuse in Powder Bed Fusion

The world of metal AM to your inbox

Don't miss any new issue of Metal AM magazine, and get the latest industry news. Sign up to our twice weekly newsletter.

Sign up

Discover our magazine archive…

The free to access Metal Additive Manufacturing magazine archive offers unparalleled insight into the world of metal Additive Manufacturing from a commercial and technological perspective through:

  • Reports on visits to leading metal AM part manufacturers and industry suppliers
  • Articles on technology and application trends
  • Information on materials developments
  • Reviews of key technical presentations from the international conference circuit
  • International industry news

All past issues are available to download as free PDFs or view in your browser.

Browse the archive

Looking for AM machines, metal powders or part manufacturing services?

Discover suppliers of these and more in our comprehensive advertisers’ index and buyer’s guide, available in the back of Metal AM magazine.

  • AM machines
  • Process monitoring & calibration
  • Heat treatment & sintering
  • HIP systems & services
  • Pre- & post-processing technology
  • Powders, powder production and analysis
  • Part manufacturers
  • Consulting, training & market data
View online
Share via
Copy link
Powered by Social Snap