|
Delaware
(State or other jurisdiction of incorporation or organization) |
| |
3559
(Primary Standard Industrial Classification Code Number) |
| |
83-2044042
(I.R.S. Employer Identification No.) |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
|
| | | |
Emerging growth company
☒
|
|
| | ||||||||||||||||||||||||||||
Title of Each Class of
Securities to Be Registered |
| | |
Amount
to be Registered(1)(2) |
| | |
Proposed Maximum
Offering Price Per Share(3) |
| | |
Proposed Maximum
Aggregate Offering Price(3) |
| | |
Amount of
Registration Fee(3) |
| ||||||||||||
Class A common stock, par value $0.0001 per share
|
| | | | | 3,376,696 | | | | | | $ | 10.85 | | | | | | $ | 36,620,269.00 | | | | | | $ | 3,996.00 | | |
| | |
Page
|
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| | | | ii | | | |
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| | | | 83 | | | |
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| | | | 105 | | | |
| | | | 109 | | | |
| | | | 111 | | | |
| | | | 112 | | | |
| | | | 113 | | | |
| | | | F-1 | | |
| | |
Desktop Metal
(Historical) |
| |
EnvisionTEC
(Historical) |
| |
Transaction
Accounting Adjustments |
| |
Note
References |
| |
Pro Forma
Combined |
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Products
|
| | | $ | 13,718 | | | | | $ | 40,874 | | | | | $ | — | | | | | | | | $ | 54,592 | | |
Services
|
| | | | 2,752 | | | | | | 1,258 | | | | | | (192) | | | |
4(e)
|
| | | | 3,818 | | |
Total revenues
|
| | | | 16,470 | | | | | | 42,132 | | | | | | (192) | | | | | | | | | 58,410 | | |
Cost of sales
|
| | | | | | | | | | | | | | | | — | | | | | | | | | — | | |
Products
|
| | | | 26,945 | | | | | | 18,378 | | | | | | 9,806 | | | |
4(a). 4(c) 4(d)
|
| | | | 55,129 | | |
Services
|
| | | | 4,574 | | | | | | 151 | | | | | | — | | | | | | | | | 4,725 | | |
Total cost of sales
|
| | | | 31,519 | | | | | | 18,529 | | | | | | 9,806 | | | | | | | | | 59,854 | | |
Gross margin
|
| | | | (15,049) | | | | | | 23,603 | | | | | | (9,998) | | | | | | | | | (1,444) | | |
Operating expenses:
|
| | | | | | | | | | | | | | | | — | | | | | | | | | — | | |
Research and development
|
| | | | 43,136 | | | | | | 4,270 | | | | | | 9 | | | |
4(c)
|
| | | | 47,415 | | |
Sales and marketing
|
| | | | 13,136 | | | | | | 3,087 | | | | | | 5,111 | | | |
4(a). 4(c)
|
| | | | 21,334 | | |
General and administrative
|
| | | | 20,734 | | | | | | 5,755 | | | | | | 671 | | | |
4(a), 4(c)
|
| | | | 27,160 | | |
Total Operating Expenses
|
| | | | 77,006 | | | | | | 13,112 | | | | | | 5,791 | | | | | | | | | 95,909 | | |
Profit/(Loss) from Operations
|
| | | | (92,055) | | | | | | 10,491 | | | | | | (15,789) | | | | | | | | | (97,353) | | |
Change in fair value of warrant liability
|
| | | | 56,417 | | | | | | — | | | | | | — | | | | | | | | | 56,417 | | |
Interest expense
|
| | | | (328) | | | | | | — | | | | | | — | | | | | | | | | (328) | | |
Interest and other income, net
|
| | | | 1,011 | | | | | | 755 | | | | | | — | | | | | | | | | 1,766 | | |
Profit/(Loss) before income taxes
|
| | | | (34,955) | | | | | | 11,246 | | | | | | (15,789) | | | | | | | | | (39,498) | | |
Income tax benefit
|
| | | | 940 | | | | | | (380) | | | | | | 27,920 | | | |
4(b)
|
| | | | 28,480 | | |
Net Profit/(Loss)
|
| | | $ | (34,015) | | | | | $ | 10,866 | | | | | $ | 12,131 | | | | | | | | $ | (11,018) | | |
Shares used to compute earnings per share – basic and diluated
|
| | | | 157,906 | | | | | | — | | | | | | 5,036 | | | | | | | | | 162,942 | | |
Net Profit/Loss per share – basic and diluted
|
| | | $ | (0.22) | | | | | $ | — | | | | | $ | — | | | | | | | | $ | (0.07) | | |
| | |
Desktop Metal(A)
|
| |
EnvisionTEC
(Historical) January 1, 2021 to February 15, 2021(B) |
| |
Transaction
Accounting Adjustments |
| |
Note
References |
| |
Pro Forma
Combined |
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Products
|
| | | $ | 10,311 | | | | | $ | 3,239 | | | | | $ | — | | | | | | | | $ | 13,550 | | |
Services
|
| | | | 1,002 | | | | | | 57 | | | | | | (1) | | | |
4(e)
|
| | | | 1,058 | | |
Total revenues
|
| | | | 11,313 | | | | | | 3,296 | | | | | | (1) | | | | | | | | | 14,608 | | |
Cost of sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Products
|
| | | | 10,487 | | | | | | 4,246 | | | | | | 288 | | | |
4(a). 4(c) 4(d)
|
| | | | 15,021 | | |
Services
|
| | | | 1,413 | | | | | | 32 | | | | | | — | | | | | | | | | 1,445 | | |
Total cost of sales
|
| | | | 11,900 | | | | | | 4,278 | | | | | | 288 | | | | | | | | | 16,466 | | |
Gross margin
|
| | | | (587) | | | | | | (982) | | | | | | (289) | | | | | | | | | (1,858) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 10,858 | | | | | | 515 | | | | | | 6 | | | |
4(c)
|
| | | | 11,379 | | |
Sales and marketing
|
| | | | 5,449 | | | | | | 513 | | | | | | 665 | | | |
4(a). 4(c)
|
| | | | 6,627 | | |
General and administrative
|
| | | | 13,846 | | | | | | 1,571 | | | | | | 105 | | | |
4(a), 4(c)
|
| | | | 15,522 | | |
Total Operating Expenses
|
| | | | 30,153 | | | | | | 2,599 | | | | | | 776 | | | | | | | | | 33,528 | | |
Loss from Operations
|
| | | | (30,740) | | | | | | (3,581) | | | | | | (1,065) | | | | | | | | | (35,386) | | |
Change in fair value of warrant liability
|
| | | | (56,576) | | | | | | — | | | | | | — | | | | | | | | | (56,576) | | |
Interest expense
|
| | | | (73) | | | | | | — | | | | | | — | | | | | | | | | (73) | | |
Interest and other income, net
|
| | | | 361 | | | | | | 152 | | | | | | — | | | | | | | | | 513 | | |
Loss before income taxes
|
| | | | (87,028) | | | | | | (3,429) | | | | | | (1,065) | | | | | | | | | (91,522) | | |
Income tax benefit
|
| | | | 27,920 | | | | | | (58) | | | | | | (27,920) | | | |
4(b)
|
| | | | (58) | | |
Net Loss
|
| | | $ | (59,108) | | | | | $ | (3,487) | | | | | $ | (28,985) | | | | | | | | $ | (91,580) | | |
Shares used to compute earnings per share – basic and diluted
|
| | | | 238,244 | | | | | | — | | | | | | 2,490 | | | | | | | | | 240,734 | | |
Net Profit/Loss per share – basic and diluted
|
| | | $ | (0.25) | | | | | $ | — | | | | | $ | — | | | | | | | | $ | (0.38) | | |
|
Amount
(In thousands) |
| |
Presentation in EnvisionTEC’s
Financial Statements |
| |
Presentation in Unaudited Pro Forma Condensed Combined
Financial Information |
|
|
$40,874
|
| | Net revenue | | | Revenues – Products | |
|
1,258
|
| | Net revenue | | | Revenues – Services | |
|
18,378
|
| | Cost of goods sold | | | Cost of sales – Products | |
|
151
|
| | Cost of goods sold | | | Cost of sales – Services | |
|
3,087
|
| | Selling, general and administrative | | | Sales and marketing | |
|
5,755
|
| | Selling, general and administrative | | | General and administrative | |
|
755
|
| | Other income | | | Interest and other income, net | |
| | |
December 31, 2020
|
| |||
Cash consideration
|
| | | $ | 143,795 | | |
Issuance of Desktop Metal shares
|
| | | | 159,847 | | |
Total purchase price
|
| | | $ | 303,642 | | |
| | |
December 31, 2020
|
| |||
Net book value of net assets acquired
|
| | | $ | 38,737 | | |
Adjustments to:
|
| | | | | | |
Intangible assets
|
| | | | 136,755 | | |
Step-up of inventory value
|
| | | | 871 | | |
Deferred revenue haircut
|
| | | | 192 | | |
Deferred tax
|
| | | | (33,348) | | |
Extinguishment of related party loan payable
|
| | | | 207 | | |
Write-off historical capitalized software
|
| | | | (31) | | |
Goodwill
|
| | | | 160,259 | | |
Total consideration
|
| | | $ | 303,642 | | |
Description
|
| |
Useful Life
|
| |
Fair Value
|
| |
Balance Sheet
Classification |
| ||||||
Customer relationships
|
| | | | 10 | | | | | $ | 50,900 | | | |
Intangible assets, net
|
|
Acquired technology
|
| |
7 – 12
|
| | | | 77,800 | | | |
Intangible assets, net
|
| |||
Trade name
|
| | | | 13 | | | | | | 8,600 | | | |
Intangible assets, net
|
|
Total identifiable intangible assets
|
| | | | | | | | | $ | 137,300 | | | | | |
(in thousands, except share and per share data)
|
| |
Year Ended
December 31, 2020 |
| |
Three Months Ended
March 31, 2021 |
| ||||||
Pro forma net loss
|
| | | $ | (11,018) | | | | | $ | (91,580) | | |
Pro forma weighted average shares outstanding – basic and diluted
|
| | | | 162,942,142 | | | | | | 240,733,775 | | |
Pro forma EPS – basic and diluted
|
| | | $ | (0.07) | | | | | $ | (0.38) | | |
Pro forma weighted average shares outstanding – basic and diluted
|
| | | | | | | | |||||
Desktop Metal Weighted Average Shares Outstanding
|
| | | | 157,906,000 | | | | | | 238,244,000 | | |
EnvisionTEC Shares Issued Pro Forma Adjustment
|
| | | | 5,036,142 | | | | | | 2,489,778 | | |
Pro Forma Combined Shares
|
| | | | 162,942,142 | | | | | | 240,733,778 | | |
| | |
For the Three Months Ended March 31,
|
| |
Change in
Revenues |
| ||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Revenue
|
| |
% of Total
|
| |
Revenue
|
| |
% of Total
|
| |
$
|
| |
%
|
| ||||||||||||||||||
Products Revenue
|
| | | $ | 10,311 | | | | | | 91% | | | | | $ | 2,694 | | | | | | 80% | | | | | $ | 7,617 | | | | | | 283% | | |
Services Revenue
|
| | | | 1,002 | | | | | | 9% | | | | | | 691 | | | | | | 20% | | | | | | 311 | | | | | | 45% | | |
Total Revenue
|
| | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | |
For the Three Months Ended March 31,
|
| |
Change in
Revenue |
| ||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Revenue
|
| |
% of Total
|
| |
Revenue
|
| |
% of Total
|
| |
$
|
| |
%
|
| ||||||||||||||||||
Americas | | | | $ | 6,559 | | | | | | 58% | | | | | $ | 1,229 | | | | | | 36% | | | | | $ | 5,330 | | | | | | 434% | | |
EMEA (Europe, the Middle East and Africa)
|
| | | | 2,741 | | | | | | 24% | | | | | | 1,851 | | | | | | 55% | | | | | | 890 | | | | | | 48% | | |
APAC (Asia-Pacific)
|
| | | | 2,013 | | | | | | 18% | | | | | | 305 | | | | | | 9% | | | | | | 1,708 | | | | | | 560% | | |
Total Revenue
|
| | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | |
For the Three Months Ended March 31,
|
| |
Change in
Gross Profit |
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Gross Profit (Loss)
|
| |
$
|
| |
%
|
| |||||||||||||||
Products
|
| | | $ | (176) | | | | | $ | (2,347) | | | | | $ | 2,171 | | | | | | 93% | | |
Services
|
| | | | (411) | | | | | | (472) | | | | | | 61 | | | | | | 13% | | |
Total | | | | $ | (587) | | | | | $ | (2,819) | | | | | $ | 2,232 | | | | | | 79% | | |
| | |
For the Three Months Ended March 31,
|
| |
Change in Gross
Margin |
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Gross Margin
|
| |
Percentage Points
|
| |
%
|
| |||||||||||||||
Products
|
| | | | (2)% | | | | | | (87)% | | | | | | 0.85 | | | | | | 98% | | |
Services
|
| | | | (41)% | | | | | | (68)% | | | | | | 0.27 | | | | | | 40% | | |
Total | | | | | (5)% | | | | | | (83)% | | | | | | 0.78 | | | | | | 94% | | |
| | |
For the Years Ended December 31,
|
| |
Change in Revenues
|
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Revenue
|
| |
% of Total
|
| |
Revenue
|
| |
% of Total
|
| |
$
|
| |
%
|
| ||||||||||||||||||
Product Revenue
|
| | | $ | 13,718 | | | | | | 83% | | | | | $ | 22,758 | | | | | | 86% | | | | | $ | (9,040) | | | | | | (40)% | | |
Service Revenue
|
| | | | 2,752 | | | | | | 17% | | | | | | 3,681 | | | | | | 14% | | | | | | (929) | | | | | | (25)% | | |
Total Revenue
|
| | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | |
For the Years Ended December 31,
|
| |
Change in Revenues
|
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Revenue
|
| |
% of Total
|
| |
Revenue
|
| |
% of Total
|
| |
$
|
| |
%
|
| ||||||||||||||||||
Americas
|
| | | $ | 6,665 | | | | | | 40% | | | | | $ | 15,801 | | | | | | 60% | | | | | $ | (9,136) | | | | | | (58)% | | |
EMEA (Europe, the Middle East and Africa)
|
| | | | 7,788 | | | | | | 47% | | | | | | 8,993 | | | | | | 34% | | | | | | (1,205) | | | | | | (13)% | | |
APAC (Asia-Pacific)
|
| | | | 2,017 | | | | | | 12% | | | | | | 1,645 | | | | | | 6% | | | | | | 372 | | | | | | 23% | | |
Total Revenue
|
| | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | |
For the Years Ended December 31,
|
| |
Change in
Gross Loss |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Gross Loss
|
| |
$
|
| |
%
|
| |||||||||||||||
Products
|
| | | $ | (13,227) | | | | | $ | (22,510) | | | | | $ | 9,283 | | | | | | 41% | | |
Services
|
| | | | (1,822) | | | | | | (1,847) | | | | | | 25 | | | | | | 1% | | |
Total | | | | $ | (15,049) | | | | | $ | (24,357) | | | | | $ | 9,308 | | | | | | 38% | | |
| | |
For the Years Ended December 31,
|
| |
Change in
Gross Margin |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Gross Margin
|
| |
Percentage Points
|
| |
%
|
| |||||||||||||||
Products
|
| | | | (96)% | | | | | | (99)% | | | | | | 0.03 | | | | | | 3% | | |
Services
|
| | | | (66)% | | | | | | (50)% | | | | | | (0.16) | | | | | | (32)% | | |
Total | | | | | (91)% | | | | | | (92)% | | | | | | 0.01 | | | | | | 1% | | |
| | |
For the Three Months Ended
March 31, |
| |||||||||
(Dollars in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
GAAP gross margin
|
| | | $ | (587) | | | | | $ | (2,819) | | |
Stock-based compensation included in cost of sales
|
| | | | 117 | | | | | | 100 | | |
Amortization of acquired intangible assets included in cost of sales
|
| | | | 1,091 | | | | | | — | | |
Non-GAAP gross margin
|
| | | $ | 621 | | | | | $ | (2,719) | | |
GAAP operating loss
|
| | | $ | (30,740) | | | | | $ | (22,278) | | |
Stock-based compensation
|
| | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales
|
| | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets
|
| | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses
|
| | | | 4,984 | | | | | | — | | |
Non-GAAP operating loss
|
| | | $ | (21,240) | | | | | $ | (20,855) | | |
GAAP net loss
|
| | | $ | (59,108) | | | | | $ | (21,804) | | |
Stock-based compensation
|
| | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales
|
| | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets
|
| | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses
|
| | | | 4,984 | | | | | | — | | |
Change in fair value of warrant liability
|
| | | | 56,576 | | | | | | — | | |
Non-GAAP net loss .
|
| | | $ | 6,968 | | | | | $ | (20,381) | | |
| | |
For the Three Months Ended
March 31, |
| |||||||||
(Dollars in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Net loss attributable to common stockholders
|
| | | $ | (59,108) | | | | | $ | (21,804) | | |
Interest (income) expense, net
|
| | | | (42) | | | | | | (478) | | |
Income tax benefit
|
| | | | (27,920) | | | | | | — | | |
Depreciation and amortization
|
| | | | 3,892 | | | | | | 2,321 | | |
EBITDA | | | | | (83,178) | | | | | | (19,961) | | |
Change in fair value of warrant liability
|
| | | | 56,576 | | | | | | — | | |
Stock compensation expense
|
| | | | 2,217 | | | | | | 1,259 | | |
Warrant expense
|
| | | | — | | | | | | 139 | | |
Transaction costs associated with acquisitions
|
| | | | 4,984 | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | (19,401) | | | | | $ | (18,563) | | |
| | |
For the Years Ended
December 31, |
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Net loss attributable to common stockholders
|
| | | $ | (34,015) | | | | | $ | (103,596) | | |
Interest (income) expense, net
|
| | | | (610) | | | | | | (3,993) | | |
Income tax benefit
|
| | | | (940) | | | | | | — | | |
Depreciation and amortization
|
| | | | 8,589 | | | | | | 8,087 | | |
EBITDA | | | | | (26,976) | | | | | | (99,502) | | |
Change in fair value of warrant liability
|
| | | | (56,417) | | | | | | — | | |
Stock compensation expense
|
| | | | 8,006 | | | | | | 5,215 | | |
Warrant expense
|
| | | | 1,915 | | | | | | 1,038 | | |
Adjusted EBITDA
|
| | | $ | (73,472) | | | | | $ | (93,249) | | |
| | |
For the Three Months Ended
March 31, |
| |||||||||
(Dollars in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Net cash used in operating activities
|
| | | $ | (41,129) | | | | | $ | (22,434) | | |
Net cash used in investing activities
|
| | | | (182,053) | | | | | | 30,680 | | |
Net cash provided by financing activities
|
| | | | 157,195 | | | | | | 132 | | |
Net change in cash, cash equivalents, and restricted cash
|
| | | $ | (65,987) | | | | | $ | 8,378 | | |
| | |
For the Years Ended
December 31, |
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Net cash used in operating activities
|
| | | $ | (80,575) | | | | | $ | (97,202) | | |
Net cash used in investing activities
|
| | | | (36,983) | | | | | | (26,032) | | |
Net cash provided by financing activities
|
| | | | 534,922 | | | | | | 160,352 | | |
Net change in cash, cash equivalents, and restricted cash
|
| | | $ | 417,364 | | | | | $ | 37,118 | | |
Grant Date
|
| |
Number of
Share Options Granted |
| |
Exercise Price
per Share |
| |
Estimated Fair
Value per Share of Common Stock |
| |
Weighted-Average
Estimated Fair Value per Share of Options |
| ||||||||||||
March 1, 2019
|
| | | | 1,555,218 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.76 | | |
May 8, 2019
|
| | | | 1,137,463 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.75 | | |
September 18, 2019
|
| | | | 723,103 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.70 | | |
November 13, 2019
|
| | | | 701,957 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.71 | | |
March 12, 2020
|
| | | | 473,625 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.65 | | |
June 11, 2020
|
| | | | 4,176,283 | | | | | $ | 1.40 | | | | | $ | 1.40 | | | | | $ | 0.70 | | |
July 14, 2020
|
| | | | 3,087,308 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.87 | | |
August 5, 2020
|
| | | | 713,803 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.78 | | |