3D printing specialist Desktop Metal has presented its financial results for the 2023 financial year. Despite a challenging environment with higher interest rates and longer sales cycles, the company made significant progress.
In the fourth quarter, Desktop Metal achieved a turnover of 52.3 million US dollars – a decrease of 14 percent year-on-year, but an increase of 22 percent compared to the previous quarter. The net loss amounted to 174.5 million dollars, of which 110.5 million were attributable to goodwill impairments. EBITDA adjusted for special effects amounted to -9.2 million dollars, marking the best quarterly figure to date.
For the full year 2023, the net loss decreased from 740.3 to 323.4 million dollars. Gross margins increased significantly on both a GAAP and non-GAAP basis. Operating and administrative expenses decreased by 58 and 39 percent, respectively, within one year.
“Despite the challenging operating environment, the team was able to greatly improve operating performance and significantly reduce the preliminary loss and cash burn rate,” commented founder and CEO Ric Fulop on the figures.
Fulop pointed to the increased recurring revenue of 65 million dollars as evidence of the continued success of Desktop Metal systems with customers. This share of revenue from consumables and service increased by 29% year-on-year to 34%.
For 2024, the company expects revenue of between 175 and 215 million dollars with an adjusted EBITDA margin of between -17 and -5 percent. The break-even point on an EBITDA basis is targeted for the second half of 2024.
Details on the financial data can be found here.
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