Desktop Metal Announces Third Quarter 2022 Financial Results

(1) Includes $7.3 million of stock-based compensation expense associated with the Initiative for the nine months ended September 30, 2022.
(2) Includes $1.1 million and $3.2 million of liability-award stock-based compensation expense for the three and nine months ended September 30, 2022, respectively.

DESKTOP METAL, INC.

ADJUSTED EBITDA RECONCILIATION TABLE

(in thousands)

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

September 30,

 

September 30,

(Dollars in thousands)

 

2022

 

2021

 

2022

 

2021

Net loss attributable to common stockholders

 

$

(60,774

)

 

$

(66,879

)

 

$

(427,990

)

 

$

(169,167

)

Interest (income) expense, net

 

 

680

 

 

 

(104

)

 

 

1,281

 

 

 

(286

)

Income tax expense (benefit)

 

 

598

 

 

 

(523

)

 

 

(1,602

)

 

 

(32,761

)

Depreciation and amortization

 

 

12,692

 

 

 

6,488

 

 

 

38,294

 

 

 

15,576

 

In-process research and development assets acquired

 

 

 

 

 

15,181

 

 

 

 

 

 

25,581

 

EBITDA

 

 

(46,804

)

 

 

(45,837

)

 

 

(390,017

)

 

 

(161,057

)

Change in fair value of warrant liability

 

 

 

 

 

 

 

 

 

 

 

56,576

 

Change in fair value of investments

 

 

2,052

 

 

 

4,204

 

 

 

8,493

 

 

 

4,186

 

Inventory step-up adjustment

 

 

 

 

 

 

 

 

1,496

 

 

 

 

Stock-based compensation expense (1),(2)

 

 

12,040

 

 

 

9,951

 

 

 

41,170

 

 

 

16,167

 

Restructuring expense

 

 

3,085

 

 

 

 

 

 

5,469

 

 

 

 

Goodwill impairment

 

 

 

 

 

 

 

 

229,500

 

 

 

 

Acquisition-related and other transactional charges

 

 

1,476

 

 

 

5,675

 

 

 

6,633

 

 

 

13,786

 

Adjusted EBITDA

 

$

(28,151

)

 

$

(26,007

)

 

$

(97,256

)

 

$

(70,342

)


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