The following is a summary of the Desktop Metal, Inc. (DM) Q2 2024 Earnings Call Transcript:
Financial Performance:
Desktop Metal reported Q2 2024 revenue of $38.9 million, a decrease from $53.3 million in Q2 2023.
Non-GAAP gross margins for Q2 2024 were 29.2%, down from 31% in the same period last year.
Adjusted EBITDA for Q2 2024 improved year-over-year by $1.8 million but remained negative at $13.2 million.
Cash position at end of Q2 2024 was $46.7 million, with increased outflows due to deal-related spend.
Business Progress:
Announced a significant business combination with NanoDimension, expected to enhance scale, innovation and financial stability.
Achieved approximately $150 million in annualized cost savings through continuous operational adjustments since early 2022.
Opportunities:
The merger with NanoDimension is seen as a strategic move to position the company as a leader in Additive Manufacturing, aiming to create a more robust financial structure and enhance competitiveness.
Risks:
Persistent challenges in deal closures influenced by the company's financial instability and broader macroeconomic conditions.
The deal delay or failure could strain the company's financial resources further.
More details: Desktop Metal IR
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