Desktop Metal’s third-quarter financial results below expectations
Desktop Metal, Boston, Massachusetts, USA, has announced third quarter 2022 financial results, reporting revenue for the period of $47.1 million, up 85% year over year. The company recorded a net loss of $60.8 million in Q3, resulting in a year-to-date (nine months to September 30) net loss of $428 million.
Over the third quarter, Desktop Metal announced a partnership with Siemens to accelerate the adoption of Additive Manufacturing with large manufacturers. The company also launched the sheet metal forming machine Figure G15 and released updates to its Shop System+ and Shop System Pro Binder Jetting system and Live Sinter simulation software.
“Our team continued to work diligently in the third quarter to drive adoption of our AM 2.0 mass production solutions with continued traction from both customers and major strategic partners,” stated Ric Fulop, founder and CEO of Desktop Metal.
Fulop added, “Although we continue to make meaningful progress on our long-term growth strategy, third-quarter results did not meet our expectations as macroeconomic environment headwinds accelerated during the quarter, leading some customers to delay purchase decisions. To address this change to our operating backdrop, we have taken decisive actions to accelerate and expand our cost optimisation initiative, and will continue to evaluate opportunities to reduce our expense structure and prioritise our path to profitability.”
“Despite short-term challenges, the long-term trends supporting broad adoption of additive manufacturing and market growth to over $100 billion in the next decade remain intact, particularly for mass production. Supported by an unmatched portfolio of AM 2.0 solutions, Desktop Metal is well positioned to continue capturing share of this growing market, and take advantage of the next stage of long-term secular growth,” he concluded.
