Desktop Metal revenue up 583%, boosted by acquisitions
March 14, 2022
Desktop Metal, Boston, Massachusetts, USA, has announced its preliminary unaudited financial results for the full year ended December 31, 2021. Revenue was reported at $112.4 million, up 583% from 2020. Revenue excluding ExOne was reported at $96.9 million, up 488% from 2020. GAAP gross margin was 16%, and non-GAAP gross margin of 27%.
Net loss was reported at $240.3 million, including $56.6 million of changes in fair value of warrant liability and $25.6 million of in-process research and development assets related to acquisitions. Adjusted EBITDA of $(96.1) million was reported. The company also noted a strong ending liquidity position with cash, cash equivalents, and short-term investments of $271.7 million as of December 31, 2021.
“With record total revenue, organic revenue, and gross margins, the fourth quarter was an exceptional finish to a revolutionary year for Desktop Metal,” stated Ric Fulop, CEO and co-founder of Desktop Metal. “We also recently commenced shipments of our flagship Production System P-50, a major milestone for Desktop Metal and the Additive Manufacturing industry.”
“In addition to the team’s achievement on P-50, we’re entering 2022 with considerable tailwinds toward another year of record growth including continued momentum from the best quarter in company history, robust customer demand across our unmatched AM 2.0 solutions portfolio, and favourable market conditions as the additive market inflects,” continued Fulop. “We believe our strategic priorities in 2022 will ensure continued success toward achieving our goal of double-digit share of the over $100 billion Additive Manufacturing market by the end of the decade.”
For its outlook for the full year 2022, Desktop Metal states that it expects revenue of approximately $260 million for 2022, representing 131% growth from 2021. An adjusted EBITDA of about $(90) million is expected for 2022.
Further information is available through the company’s website.
