Desktop Metal reports first quarter 2024 financial results
Desktop Metal, Inc, headquartered in Burlington, Massachusetts, USA, has announced its financial results for the first quarter ended March 31, 2024. The company reported revenue of $40.6 million, down from $41.3 million in the same quarter last year. Its GAAP gross margin was at 5.4% and its non-GAAP gross margin was 30.5%, a year-over-year improvement of 69.9%.
First quarter 2024 net loss was $52.1 million. This was reportedly impacted by one-time noncash charges related to accelerated amortisation and depreciation on certain intangible and fixed assets.
Adjusted EBITDA was $13.6 million, marking a year-over-year improvement of 44.3%.
Cash, cash equivalents, and short-term investments closed the first quarter of 2024 at $66.3 million, as the rate of cash consumption declined 47% compared to the same period last year.
“We started 2024 on a solid foot, despite persistent challenges across the capital investment backdrop, which has been a headwind to our overall demand function. The DM team has shown a continued ability to improve operational performance as we decrease our operating expenses for the ninth consecutive quarter,” said Ric Fulop, Founder and CEO of Desktop Metal.
“We are continuing to see strong demand for our production binder jet systems that produce metal, sand and ceramic parts, as well as a constructive environment for the value of Additive Manufacturing 2.0 systems. Looking ahead to the balance of 2024, we are confident in achieving positive adjusted EBITDA in the second half of 2024. Given our strategic cost-outs, we expect strong leverage as sales growth returns,” Fulop continued.
