Desktop Metal, Boston, Massachusetts, USA, has announced its financial results for the third quarter ending September 30, 2021. Revenue growth was reported at $25.4 million, up 34% from the second quarter of 2021 and 907% from the same period in 2020. GAAP gross margin was reported at 16%, while non-GAAP gross margin was 27%.
Net loss was reported at $66.9 million, including $15.2 million of in-process research and development assets related to acquisitions. Adjusted EBITDA of $(26) million. The company noted a strong liquidity position with cash, cash equivalents, and short-term investments of $423.9 million.
“During the third quarter, we delivered solid financial performance underscored by sequential top-line growth of 34% and more than a 180-basis-point sequential increase in our gross margins as we continue to gain scale,” stated Ric Fulop, founder and CEO of Desktop Metal. “Our core metals business was a key driver of this success, which demonstrates the market enthusiasm for our AM 2.0 technology. With the addition of ExOne, and the Production System P-50 progressing toward initial shipments, we are extremely well-positioned as we head into our second year as a public company to deliver on our long-term commitments to shareholders.”
The company also tripled manufacturing capacity dedicated to the Production System™ P-50 to accelerate production ramp and meet early demand. The P-50 is expected to ship in the fourth quarter of 2021, with final component procurement and assembly of initial builds underway.
Further information is available through the company’s website.