Thu, Oct 31, 11:03 AM (135 days ago)
**Desktop Metal, Inc. (DM) Quarterly Summary (Q3 2024)** For the third quarter ending September 30, 2024, Desktop Metal reported revenues of $36.4 million, a 15% decline from $42.8 million in Q3 2023. This decrease was attributed to reduced product shipments amid challenging macroeconomic conditions. The gross profit improved to $3.2 million, compared to $1.9 million in the prior year, largely due to decreased costs from workforce reductions and operational efficiencies. The company incurred a net loss of $35.4 million for Q3 2024, an improvement from a loss of $46.4 million in Q3 2023. Operating expenses decreased by 22% to $36.9 million, driven by significant cuts in R&D and G&A costs. Cash flow from operations was negative at $53.4 million, with cash and cash equivalents at $30.6 million at quarter-end. Looking ahead, Desktop Metal faces uncertainties related to its proposed merger with Nano Dimension Ltd., expected to close in early 2025, and ongoing restructuring initiatives aimed at achieving $50 million in annual savings. The company’s ability to continue as a going concern is contingent on successful financing and the merger's completion.