Exhibit 99.1


Desktop Metal Announces Fourth Quarter

and Full Year 2020 Financial Results


March 15, 2021


·Began trading on the NYSE as the world’s first and only public company focused on Additive Manufacturing 2.0 (AM 2.0)

·Commenced global shipments of the Shop System – our binder jetting platform focused on flexible, mid-volume production in job and machine shops

·Commenced global shipments of the Production System P-1 – our binder jetting development platform featuring breakthrough Single Pass Jetting™ technology

·Fourth quarter 2020 revenue of $8.4 million, up from $2.5 million in the third quarter of 2020

·Robust liquidity position with cash and cash equivalents and short-term investments of $595.4 million as of December 31, 2020 to support organic and inorganic growth opportunities

·Entered photopolymer additive manufacturing market through EnvisionTEC acquisition, which closed in the first quarter of 2021


BOSTON -- Desktop Metal, Inc. (NYSE: DM), (“Desktop Metal” or “the Company”), a leader in mass production and turnkey additive manufacturing solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2020.


“The fourth quarter of 2020 was transformative for our Company as we became the only publicly traded pure-play AM 2.0 company.” said Ric Fulop, CEO and co-founder of Desktop Metal. “We achieved key milestones in our path to driving adoption of additive manufacturing with the global shipments of our Shop System and Production System P-1 solutions. Our acquisition of EnvisionTEC in February strengthens our market position by adding a compelling lineup of production-focused photopolymer printers and over 190 qualified materials to our portfolio. We are excited to continue building on our strong momentum by capitalizing on both high levels of customer interest and inorganic opportunities in the space as we enter this next chapter of our growth story.”


Fourth Quarter 2020 Business Highlights:


·Completed business combination between Trine Acquisition Corp. and Desktop Metal, Inc. to become the world’s first publicly traded, pure-play AM 2.0 company

·Received multi-million dollar award from the United States Department of Defense for the development of a high-volume manufacturing process to mass produce Cobalt-free hardmetal parts

·Launched Live Sinter, a new process simulation software for powder metallurgy-based additive manufacturing

·Commenced global shipments of Shop System, which became the #1 metal binder jetting system by unit share within its first quarter of salesi

·Commenced global shipments of the Production System P-1




Fourth Quarter and Full Year 2020 Financial Highlights:


·Fourth quarter revenue of $8.4 million, up from $2.5 million in the third quarter of 2020

·Fourth quarter net loss of $25.4 million

·Full year revenue of $16.5 million

·Full year net loss of $90.4 million

·Full year Adjusted EBITDA of $(73.5) million

·Robust liquidity position with cash, cash equivalents and short-term investments of $595.4 million as of December 31, 2020


Recent Business Highlights:


·Acquired EnvisionTEC, a leading global provider of volume production photopolymer 3D printing solutions for end-use parts, in February 2021, creating a comprehensive product portfolio across metals, polymers, composites, and biocompatible materials while strengthening our global distribution channel

·Enhanced senior management team

oAppointed James Haley as Chief Financial Officer, effective February 12, 2021

oAppointed Arjun Aggarwal as Chief Product Officer, effective February 9, 2021

·Announced and commenced global shipments of Studio System 2, a second generation of our office-friendly metal 3D printing platform that offers customers an accessible way to print metal parts in low volumes with a simplified two-step process

·Streamlined capital structure and enhanced cash position by beginning the redemption process for DM public warrants, providing significant financial flexibility to invest in organic and inorganic growth opportunities with an additional $137 million in cash provided through March 10, 2021


Desktop Health:


In a separate press release issued today, Desktop Metal announced the launch of Desktop Health™, a new business dedicated to redefining patient-specific healthcare. Lead by healthcare industry executive, Michael Jafar, who brings nearly 20 years of experience creating and scaling breakthrough healthcare products, Desktop Health’s mission is to change the way patients experience personalized healthcare, through innovation and science-based solutions. The business will leverage Desktop Metal’s comprehensive portfolio of additive manufacturing solutions in combination with its extensive library of advanced materials for current and future applications spanning dentistry, orthodontics, dermatology, orthopedics, cardiology, plastic surgery and printed regenerative tissues and grafts. Additional details on this launch can be found in the separate press release, accessible on the Investor Relations section of Desktop Metal’s website, ir.desktopmetal.com.




Conference Call Information:


Desktop Metal will host a conference call on March 15, 2021 at 8:30 a.m. ET to discuss fourth quarter 2020 financial results. To listen to the conference call via telephone, dial 1-877-407-4018 or 1-201-689-8471 (international callers/U.S. toll) and enter the conference ID number 13717409. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of Desktop Metal’s website, ir.desktopmetal.com. A replay of the call will be accessible at the webcast link after the conference call.




Full Year 2020 Financial Results




(in thousands, except share and per share amounts)


   December 31, 
   2020   2019 
Current assets:          
Cash and cash equivalents  $483,525   $66,161 
Short-term investments   111,867    84,754 
Accounts receivable   6,516    4,523 
Inventory   9,708    8,405 
Prepaid expenses and other current assets   976    1,888 
Total current assets   612,592    165,731 
Restricted cash   612    612 
Property and equipment, net   12,160    18,387 
Capitalized software, net   312    446 
Goodwill   2,252    2,252 
Acquired technology, net   9,102    2,994 
Other noncurrent assets   4,879    2,289 
Total Assets  $641,909   $192,711 
Liabilities and Stockholders’ Equity          
Current liabilities:          
Accounts payable  $7,591   $10,228 
Customer deposits   1,480    2,325 
Current portion of operating lease liability   868    806 
Accrued expenses and other current liabilities   7,565    5,053 
Deferred revenue   3,004    2,230 
Current portion of long-term debt, net of deferred financing costs   9,991     
Total current liabilities   30,499    20,642 
Long-term debt, net of deferred financing costs       9,972 
Lease liability, net of current portion   2,157    3,026 
Total liabilities   32,656    33,640 
Commitments and Contingences (Note 15)          
Legacy Convertible Preferred Stock (Note 17)        
Stockholders’ Equity          
Preferred Stock, $0.0001 par value—authorized, 50,000,000 shares; no shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively        
Common Stock, $0.0001 par value—500,000,000 shares authorized; 226,756,733 and 160,500,702 shares issued at December 31, 2020 and December 31, 2019, respectively, 224,626,597 and 154,913,934 shares outstanding at December 31, 2020 and December 31, 2019, respectively   23    16 
Additional paid-in capital   993,933    453,242 
Accumulated deficit   (384,694)   (294,262)
Accumulated other comprehensive (loss) income   (9)   75 
Total Stockholders’ Equity   609,253    159,071 
Total Liabilities and Stockholders’ Equity  $641,909   $192,711 







(in thousands, except per share amounts)


   Years Ended December 31, 
   2020   2019 
Products  $13,718   $22,758 
Services   2,752    3,681 
Total revenues   16,470    26,439 
Cost of sales          
Products   26,945    45,268 
Services   4,574    5,528 
Total cost of sales   31,519    50,796 
Gross margin   (15,049)   (24,357)
Operating expenses          
Research and development   43,136    54,656 
Sales and marketing   13,136    18,749 
General and administrative   20,734    11,283 
Total operating expenses   77,006    84,688 
Loss from operations   (92,055)   (109,045)
Interest expense   (328)   (503)
Interest and other income, net   1,011    5,952 
Loss before income taxes   (91,372)   (103,596)
Income tax benefit   940     
Net loss  $(90,432)  $(103,596)
Net loss per share—basic and diluted  $(0.57)  $(0.69)




(in thousands)


   Years Ended December 31, 
   2020   2019 
Net loss  $(90,432)  $(103,596)
Other comprehensive (loss) income, net of taxes:          
Unrealized (loss) gain on available-for-sale marketable securities, net   (84)   171 
Total comprehensive loss, net of taxes of $0  $(90,516)  $(103,425)







(in thousands)


   Years Ended December 31, 
   2020   2019 
Cash flows from operating activities:          
Net loss  $(90,432)  $(103,596)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   8,589    8,087 
Stock-based compensation   8,006    5,215 
Expense related to Common Stock warrants issued   1,915    1,038 
Loss (gain) on disposal of property and equipment   18    (7)
Gain on investment, related to Make Composites, Inc.       (1,426)
Impairment of capitalized software       444 
Amortization (accretion) of discount on investments   75    (1,570)
Amortization of debt financing cost   19    19 
Provision for bad debt   377    199 
Net increase in accrued interest related to marketable securities   (3)   (36)
Income tax benefit   (940)    
Changes in operating assets and liabilities:          
Accounts receivable   (2,370)   (1,664)
Inventory   (1,303)   (1,694)
Prepaid expenses and other current assets   901    809 
Accounts payable   (2,637)   (4,455)
Accrued expenses and other current liabilities   (2,391)   3,272 
Customer deposits   (845)   152 
Deferred revenue   774    (1,693)
Change in right of use assets and lease liabilities, net   (328)   (296)
Net cash used in operating activities   (80,575)   (97,202)
Cash flows from investing activities:          
Purchases of property and equipment   (1,429)   (6,867)
Purchase of other investments   (3,000)    
Capitalized software       (321)
Purchase of marketable securities   (136,286)   (215,584)
Proceeds from sales and maturities of marketable securities   109,016    196,836 
Cash paid for asset acquisition, net of cash acquired   (5,284)   (96)
Net cash used in investing activities   (36,983)   (26,032)
Cash flows from financing activities:          
Proceeds from Preferred Stock issuances, net of issuance cost       159,644 
Proceeds from reverse recapitalization, net of issuance costs   534,597     
Proceeds from exercise of stock options   325    708 
Proceeds from PPP loan   5,379     
Repayment of PPP loan   (5,379)    
Net cash provided by financing activities   534,922    160,352 
Net increase in cash, cash equivalents, and restricted cash   417,364    37,118 
Cash and cash equivalents at beginning of year   66,161    29,043 
Restricted cash   612    612 
Cash, cash equivalents, and restricted cash at year-end  $484,137   $66,773 
Supplemental cash flow information:          
Interest paid  $322   $485 
Non-cash investing and financing activities:          
Net liabilities assumed from Trine in Business Combination  $2,650     
Accrued reverse recapitalization transaction costs  $1,901     
Common Stock issued for acquisitions  $500   $3,563 
Accrued purchase price for asset acquisition  $200     
Tax liabilities related to withholdings on Common Stock issued in connection with acquisitions  $102     
Additions to right of use assets and lease liabilities  $   $296 
Purchase of property and equipment included in accrued expenses and other current liabilities  $   $109 
Common Stock forfeited in satisfaction of note receivable  $   $249 






Non-GAAP Financial Information


This press release contains non-GAAP financial measures, including EBITDA and Adjusted EBITDA.


EBITDA is GAAP net income (loss) excluding interest, income taxes and depreciation and amortization expense.

Adjusted EBITDA is EBITDA excluding stock based compensation and warrant expenses.


In addition to Desktop Metal’s results determined in accordance with GAAP, Desktop Metal’s management uses this non GAAP financial information to evaluate the Company’s ongoing operations and for internal planning and forecasting purposes. We believe that this non GAAP financial information, when taken collectively, may be helpful to investors in assessing Desktop Metal’s operating performance.


We believe that the use of EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends because it eliminates the effect of financing, capital expenditures, and non-cash expenses such as stock-based compensation and warrants, and provides investors with a means to compare Desktop Metal’s financial measures with those of comparable companies, which may present similar non GAAP financial measures to investors. However, investors should be aware that when evaluating EBITDA and Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of these measures, especially Adjusted EBITDA, may not be comparable to other similarly titled measures computed by other companies because not all companies calculate these measures in the same fashion.


Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA on a supplemental basis. Investors should review the reconciliation of net loss to EBITDA and Adjusted EBITDA below and not rely on any single financial measure to evaluate our business.







   For the Years Ended 
   December 31, 
(Dollars in thousands)  2020   2019 
Net loss attributable to common stockholders  $(90,432)  $(103,596)
Interest (income) expense, net   (610)   (3,993)
Income tax benefit   (940)    
Depreciation and amortization   8,589    8,087 
EBITDA   (83,393)   (99,502)
Stock compensation expense   8,006    5,215 
Warrant expense   1,915    1,038 
Adjusted EBITDA  $(73,472)  $(93,249)


About Desktop Metal


Desktop Metal, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make additive manufacturing an essential tool for engineers and manufacturers around the world. Desktop Metal was selected as one of the world’s 30 most promising Technology Pioneers by the World Economic Forum and named to MIT Technology Review’s list of 50 Smartest Companies.


For more information, visit www.desktopmetal.com.


Forward Looking Statements


This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to Desktop Metal’s potential and future performance, including its strategic focus, development of new product solutions, adoption or success of new technologies and applications, and anticipated results. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including risks and uncertainties set forth in the sections entitled “Cautionary Note Regarding Forward Looking Statements” and “Risk Factors” in the Annual Report on Form 10-K filed by Desktop Metal with the U.S. Securities and Exchange Commission (the “SEC”) on March 15, 2021, and the Company’s other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The forward-looking statements included in this press release speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Desktop Metal does not give any assurance that it will achieve its expectations.





For Desktop Metal Investor / Media Relations

Lynda McKinney



Investor Relations

Mike Callahan / Tom Cook




i Based on published figures available as of March 15, 2021.