Filed by Desktop Metal, Inc.
(Commission File No.: 001-38835)
Pursuant to Rule 425 of the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934

Subject Company: Desktop Metal, Inc.
(Commission File No.: 001-38835)
Date: August 3, 2023

The following press release was released by Desktop Metal, Inc. (the “Company”) on August 3, 2023, to announce the Company’s results of operations for the second quarter of 2023. The following slide presentation was used in conjunction with the conference call held by the Company on August 3, 2023 to discuss the Company’s results of operations for the second quarter of 2023.

Press Release

CONFIDENTIAL - NOT FOR RELEASE

Desktop Metal Announces Second Quarter
2023 Financial Results

August 3, 2023

BOSTON – Desktop Metal, Inc. (NYSE: DM) today announced its financial results for the second quarter ended June 30, 2023.

“We are very pleased with our operational execution this quarter as we delivered strong sequential revenue growth, driving significant gross margin expansion and the best adjusted EBITDA since going public,” said Ric Fulop, Founder and CEO of Desktop Metal. “Desktop Metal continues to execute on our cost reduction plans, and with strong growth drivers and customer demand trends entering second half 2023, we are confident in our growth projections, improving margin profile, and adjusted EBITDA commitments.”

Fulop continued, “We also recently signed a definitive agreement to combine with Stratasys in an approximately $1.8 billion all-stock transaction, establishing a powerhouse in global industrial additive manufacturing. We are very committed to this combination as we believe the combined company’s scale, complementary portfolio with minimal overlap, and enhanced growth and profitability are well-positioned to serve the evolving needs of customers in manufacturing.”

Second Quarter 2023 and Recent Business Highlights:

Second Quarter 2023 Financial Highlights:

Financial Outlook:

Desktop Metal has not provided a reconciliation of its Adjusted EBITDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts. See “Non-GAAP Financial Information.”

Combination with Stratasys:

Conference Call Information:

Desktop Metal will host a conference call on Thursday, August 3, 2023 to discuss second quarter 2023 results. Participants may access the call at 1-888-999-3182, international callers may use 1-848-280-6330, and request to join the Desktop Metal financial results conference call. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online at the Events & Presentations section of ir.desktopmetal.com. A replay will be available shortly after the conclusion of the conference call at the same website.

About Desktop Metal:

Desktop Metal (NYSE:DM) is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, medical, and consumer products. Our innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. We’re the original inventors and world leaders of the 3D printing methods we believe will empower this shift, binder jetting and digital light processing. Today, our systems print metal, polymer, sand and other ceramics, as well as foam and recycled wood. Manufacturers use our technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world’s toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and our #TeamDM brands at www.desktopmetal.com.

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in these communications, including statements regarding Desktop Metal’s future results of operations and financial position, financial targets, business strategy, plans and objectives for future operations, and statements relating to the proposed transaction between Stratasys Ltd. (“Stratasys”) and Desktop Metal, including statements regarding the benefits of the transaction and the anticipated timing of the transaction, are forward-looking statements. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. 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 but not limited to: risks associated with the integration of the business and operations of acquired businesses; Desktop Metals’ ability to realize the benefits from cost saving measures; supply and logistics disruptions, including shortages and delays, the ultimate outcome of the proposed transaction between Stratasys and Desktop Metal, including the possibility that Stratasys or Desktop Metal shareholders will reject the proposed transaction; the effect of the announcement of the proposed transaction on the ability of Desktop Metal to operate its business and retain and hire key personnel and to maintain favorable business relationships; the timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction (including any necessary shareholder approvals); other risks related to the completion of the proposed transaction and actions related thereto. For more information about risks and uncertainties that may impact Desktop Metal’s business, financial condition, results of operations and prospects generally, please refer to Desktop Metal’s reports filed with the SEC, including without limitation the “Risk Factors” and/or other information included in the Form 10-Q filed with the SEC on August 3, 2023, and such other reports as Desktop Metal has filed or may file with the SEC from time to time. 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. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. 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.

Risks related to the proposed transaction are included in the registration statement on Form F-4, including the preliminary joint proxy statement/prospectus, that has been filed with the Securities and Exchange Commission (“SEC”) in connection with the proposed transaction. While the list of factors presented here is, and the list of factors presented in the registration statement on Form F-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to Stratasys’ and Desktop Metal’s respective periodic reports and other filings with the SEC, including the risk factors identified in Stratasys’ and Desktop Metal’s Annual Reports on Form 20-F and Form 10-K, respectively, and Stratasys’ most recent Form 6-K report that published its quarterly results, and Desktop Metal’s most recent Quarterly Reports on Form 10-Q. The forward-looking statements included in this press release are made only as of the date hereof. Neither Stratasys nor Desktop Metal undertakes any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

No Offer or Solicitation

This press release is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Additional Information about the Transaction and Where to Find It

In connection with the proposed transaction, Stratasys filed with the SEC a registration statement on Form F-4 that includes a joint proxy statement of Stratasys and Desktop Metal and that also constitutes a prospectus of Stratasys. Each of Stratasys and Desktop Metal may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the joint proxy statement/prospectus or registration statement or any other document that Stratasys or Desktop Metal may file with the SEC. The registration statement has not yet become effective. After the registration statement is effective, the definitive joint proxy statement/prospectus will be mailed to shareholders of Stratasys and Desktop Metal. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the registration statement and definitive joint proxy statement/prospectus (if and when available) and other documents containing important information about Stratasys, Desktop Metal and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with, or furnished, to the SEC by Stratasys will be available free of charge on Stratasys’ website at https://investors.stratasys.com/sec-filings. Copies of the documents filed with the SEC by Desktop Metal will be available free of charge on Desktop Metal’s website at https://ir.desktopmetal.com/sec-filings/all-sec-filings.

Participants in the Solicitation

Stratasys, Desktop Metal and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Stratasys, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Stratasys’ proxy statement for its 2023 Annual General Meeting of Shareholders, which was filed with the SEC on July 12, 2023, and Stratasys’ Annual Report on Form 20-F for the fiscal year ended December 31, 2022, which was filed with the SEC on March 3, 2023. Information about the directors and executive officers of Desktop Metal, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Desktop Metal’s proxy statement for its 2023 Annual Meeting of Stockholders, which was filed with the SEC on April 25, 2023 and Desktop Metal’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 1, 2023. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC regarding the proposed transaction. Investors should read the joint proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from Stratasys or Desktop Metal using the sources indicated above.

Investor Relations: 

Jay Gentzkow

(781) 730-2110

jaygentzkow@desktopmetal.com

Media Relations: 

Sarah Webster 

(313) 715-6988 

sarahwebster@desktopmetal.com

DESKTOP METAL, INC. 

CONDENSED CONSOLIDATED BALANCE SHEETS 

(UNAUDITED) 

(in thousands, except share and per share amounts)

See notes to condensed consolidated financial statements.

DESKTOP METAL, INC. 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 

(UNAUDITED) 

(in thousands, except per share amounts)

See notes to condensed consolidated financial statements.

DESKTOP METAL, INC. 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS 

(UNAUDITED) 

(in thousands)

See notes to condensed consolidated financial statements.

DESKTOP METAL, INC. 

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY 

(UNAUDITED) 

(in thousands, except share amounts)

See notes to condensed consolidated financial statements.

DESKTOP METAL, INC. 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(UNAUDITED) 

(in thousands)

See notes to condensed consolidated financial statements.

Non-GAAP Financial Information

This press release contains non-GAAP financial measures, including non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA.

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 Non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, 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 non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, 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 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, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, 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 non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA on a supplemental basis. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results. Desktop Metal has not provided a reconciliation of its Adjusted EBITDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts.

Set forth below is a reconciliation of each non-GAAP financial measure used in this press release to its most directly comparable GAAP financial measure.

DESKTOP METAL, INC. 

NON-GAAP RECONCILIATION TABLE 

(in thousands)

⁽¹⁾ Includes $0.2 million and $0.4 million of liability-award stock-based compensation expense for the three and six months ended June 30, 2023, respectively. Includes $0.1 million of liability-award stock-based compensation expense for the three and six months ended June 30, 2022.

⁽²⁾ Includes $1.3 million and $2.9 million of liability-award stock-based compensation expense for the three and six months ended June 30, 2023, respectively. Includes $2.2 million of liability-award stock-based compensation expense for the three and six months ended June 30, 2022.

⁽³⁾ Includes $0.0 million of stock-based compensation expense associated with the restructuring initiative for the three and six months ended June 30, 2023. Includes $7.3 million of stock-based compensation expense associated with the restructuring initiative for the three and six months ended June 30, 2022.

DESKTOP METAL, INC. 

NON-GAAP OPERATING EXPENSE RECONCILIATION TABLE 

(in thousands)

⁽¹⁾ Includes $1.1 million and $2.5 million of liability-award stock-based compensation expense for the three and six months ended June 30, 2023, respectively. Includes $2.1 million of liability-award stock-based compensation expense for the three and six months ended June 30, 2022.

⁽²⁾ Includes $0.0 million of stock-based compensation expense associated with the restructuring initiative for the three and six months ended June 30, 2023. Includes $7.3 million of stock-based compensation expense associated with the restructuring initiative for the three and six months ended June 30, 2022.

DESKTOP METAL, INC. 

NON-GAAP ADJUSTED EBITDA RECONCILIATION TABLE 

(in thousands)

⁽¹⁾ Includes $0.0 million of stock-based compensation expense associated with the restructuring initiative for the three and six months ended June 30, 2023. Includes $7.3 million of stock-based compensation expense associated with the restructuring initiative for the three and six months ended June 30, 2022. 

⁽²⁾ Includes $1.3 million and $2.9 million of liability-award stock-based compensation for the three months ended June 30, 2023 and 2022, respectively.

Presentation

Financial Results August 3, 2023 Second Quarter 2023

Desktop Metal (NYSE: DM) | Q2 2023 financial results Speakers ▪ Ric Fulop, Founder & CEO ▪ Jason Cole, CFO ▪ Jay Gentzkow, VP Investor Relations Webcast ▪ Domestic callers: (888) 999 - 3182 ▪ International callers: (848) 280 - 6330 ▪ Audio webcast archive available at https://ir.desktopmetal.com Conference Call Contacts ▪ Website: https://ir.desktopmetal.com ▪ Email: investors@desktopmetal.com ▪ Tel: (857) 504 - 1084 ▪ Investor Communications: – Jay Gentzkow (781) 730 - 2110 jaygentzkow@desktopmetal.com

Disclaimers Cautionary Note Regarding Forward - Looking Statements Desktop Metal, lnc.’s second quarter 2023 financial results press release and schedules, financial results presentation, conf ere nce call webcast and related communications contain forward - looking statements within the meaning of Section 27 A of the Securit ies Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in these communications, includin g s tatements regarding Desktop Metal's future results of operations and financial position, financial targets, business strategy , p lans and objectives for future operations, and statements relating to the proposed transaction between Stratasys Ltd. (“Stratasys”) and Desktop Metal, including statements regarding the benefits of t he transaction and the anticipated timing of the transaction, are forward - looking statements. In some cases, you can identify forwa rd - looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "c ontinue" or the negative of these terms or other similar expressions. The forward - looking statements in this communication are o nly predictions. Desktop Metal has based these forward - looking statements on current information and management's current expectations and beliefs. These forward - looking statements speak only as of the dat e of this communication and are subject to a number of significant risks and uncertainties. Many factors could cause actual f utu re events to differ materially from the forward - looking statements in this document, including but not limited to: risks associated with the integration of the business and operations of acquired bu sinesses; Desktop Metals’ ability to realize the benefits from cost saving measures; supply and logistics disruptions, includ ing shortages and delays, the ultimate outcome of the proposed transaction between Stratasys and Desktop Metal, including the possibility that Stratasys or Desktop Metal shareholders will reject the p rop osed transaction; the effect of the announcement of the proposed transaction on the ability of Desktop Metal to operate its b usi ness and retain and hire key personnel and to maintain favorable business relationships; the timing of the proposed transaction; the occurrence of any event, change or other circumstance that could g ive rise to the termination of the proposed transaction; the ability to satisfy closing conditions to the completion of the propo se d transaction (including any necessary shareholder approvals); other risks related to the completion of the proposed transaction and actions related thereto. For additional information about other ris ks and uncertainties of Desktop Metal's business, financial condition, results of operations and prospects generally, please ref er to Desktop Metal's reports filed with the Securities and Exchange Commission ("SEC"), including without limitation the "Risk Factors" and/or other information included in the Form 10 - K filed and Form 10 - Q filed with the SEC, and such other reports as Desktop Metal has filed or may file with the SEC from time to time. Although we be lieve that expectations reflected in the forward - looking statements are reasonable, we cannot guarantee future results, performance, or achievements. The events and circumstances reflected in our f orw ard - looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forw ard - looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predic t a ll risk factors and uncertainties. As a result of these factors, we cannot assure you that the forward - looking statements in the se communications will prove to be accurate. Except as required by applicable law, we do not plan to publicly update or revise any forward - looking statements contained herein, whether as a result of any new information, future events, changed circumstances, or otherwise. We qualify all of our forward - looking statements by these cautionary statements. Non - GAAP Financial Information This presentation contains non - GAAP financial measures, including non - GAAP gross margin, non - GAAP operating expenses, EBITDA and Adjusted EBITDA. In addition to Desktop Metal's results determined in accordance with GAAP, Desktop Metal's management uses t hi s non - GAAP financial information to evaluate the Company's ongoing operations and for internal planning and forecasting purposes. The presentation of these financial measures is not in ten ded to be considered in isolation, or as a substitute for, or superior to, the financial information prepared and presented i n a ccordance with GAAP. We believe that this non - GAAP financial information, when taken collectively, may be helpful to investors in assessing Desktop Metal's operating performance; however, investors a re cautioned that there are material limitations associated with the use of non - GAAP measures as an analytical tool. Our computatio n of these measures, especially Adjusted EBITDA, may be different from computations used by other companies, limiting their usefulness for comparative purposes. 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 t he reconciliation of net loss to EBITDA and Adjusted EBITDA and not rely on any single financial measure to evaluate our business. Desktop Metal has not provided a reconciliation of its Adjusted EBI TDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts. No Offer or Solicitation This presentation is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. Additional Information about the Transaction and Where to Find It In connection with the proposed transaction, Stratasys filed with the SEC a registration statement on Form F - 4 that includes a j oint proxy statement of Stratasys and Desktop Metal and that also constitutes a prospectus of Stratasys. Each of Stratasys an d D esktop Metal may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the joint proxy statement/prospectus or registration statemen t o r any other document that Stratasys or Desktop Metal may file with the SEC. The registration statement has not yet become eff ect ive. After the registration statement is effective, the definitive joint proxy statement/prospectus will be mailed to shareholders of Stratasys and Desktop Metal. INVESTORS AND SECURITY HOLDERS ARE URG ED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILE D W ITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CON TAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obt ain free copies of the registration statement and definitive joint proxy statement/prospectus (if and when available) and other documents containing important in for mation about Stratasys, Desktop Metal and the proposed transaction, once such documents are filed with the SEC through the we bsi te maintained by the SEC at http://www.sec.gov. Copies of the documents filed with, or furnished, to the SEC by Stratasys will be available free of charge on Stratasys’ website at https:/ /in vestors.stratasys.com/sec - filings. Copies of the documents filed with the SEC by Desktop Metal will be available free of charge on Desktop Metal’s website at https://ir.desktopmetal.com/sec - filings/all - sec - filings. Participants in the Solicitation Stratasys, Desktop Metal and certain of their respective directors and executive officers may be deemed to be participants in th e solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of S tra tasys, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Stratasys’ proxy statement for its 2023 Annual General Meeting of Shareholders, which was filed with the SEC on July 12, 2023, and Stratasys’ Annual Report on Form 20 - F for the fiscal year ended December 31, 2022, whi ch was filed with the SEC on March 3, 2023. Information about the directors and executive officers of Desktop Metal, including a description of their direct or indirect interests, by security ho ldings or otherwise, is set forth in Desktop Metal’s proxy statement for its 2023 Annual Meeting of Stockholders, which was f ile d with the SEC on April 25, 2023 and Desktop Metal’s Annual Report on Form 10 - K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 1, 2023. Other information regarding the p art icipants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwis e, is contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC regarding the proposed transaction. Investors should read the joint proxy statement/prospectus c are fully before making any voting or investment decisions. You may obtain free copies of these documents from Stratasys or Deskt op Metal using the sources indicated above.

Executive Summary | Second Quarter 2023 Total Revenue Gross Margin (non - GAAP) Adj. EBITDA $ 53.3 M 31.0 % $ (15.0) M Growth of 29.0% q/q Decreased 7.6% y/y Expanded 1,300 bps q/q Expanded 435 bps y/y Improved $9.4M q/q Improved $12.5M y/y Business Highlights ▪ Best quarter for adj. EBITDA since going public – on track for adj. EBITDA breakeven by end of 2023 – Reduced fixed costs base in COGS (six site closures completed end of Q2) – Driving durable Gross Margin improvement – projecting continued GM expansion in H2’23 – Q3’23 will be the first full quarter recognizing majority of second tranche of cost savings ▪ Top line strength with expected continued momentum into H2’23 – Customer activity to end Q2 providing confidence in demand trends for 2023, and start of new potential industry growth cycle ▪ Production System TM P - 50 continues strong commercial progress in consumer electronics ▪ New Production System TM P - 50 order from Ryerson (NYSE: RYI) targeting heavy equipment, transportation, industrial, energy, medical, and aerospace and defense value - added parts ▪ Growing healthcare & dental business – Supply agreement with Carbon3D TM for Flexcera TM materials with additional opportunities to leverage IP portfolio expected – Growing business with Align Technology with another quarter of strength – New generation of printed tissue engineering solutions, 3D - Bioplotter® with industry first capabilities for 3D printed stents, v ascular, digestive and respiratory grafts (1) ▪ Committed to highly complementary combination with Stratasys to drive value for customers and shareholders 1. https://www.youtube.com/watch?v=yDnvrdBJXXA

AM 2.0 market leadership in the processes for mass production Binder Jetting Photopolymers TAM: $70+ billion (1) TAM: $200+ billion (4) Best - selling binder jet system (Shop System) (2) Fastest binder jet printer (Production System TM P - 50) (3) Largest metal binder jet build envelope (X160 PRO TM ) Best - selling digital casting binder jet portfolio Best - in - class DLP photopolymer systems (Einstein TM and Xtreme 8K) Leading Class II FDA - cleared materials (Flexcera TM and SmileGuard TM ) Strategic partnership with Align Technology 1. Grand View Research: Metal 3D Printing Market Size, Share & Trends Analysis Report, 2022 – 2030. 2023 American Foundry Society M etalcasting forecast report (2020 – 2023). 2. Based on published figures of total units sold available as of August 3, 2023. 3. Calculated using NIST Additive Manufacturing Test Artifact and print times from competitor build preparation software, publis hed print speed data, and mgmt. estimates. 4. Precedence Research: Medical Implants Market, (January 2022). Global Industry Analysts, Inc., Dental Laboratories – Global Marke t Trajectory & Analytics (July 2020). Grand View Research: Industrial Plastic Market Size, Share & Trends Analysis Report, 2020 – 2027.

Foams Sheet Metal Forming Printed Hydraulics TAM: $170+ billion (1) TAM: $300+ billion (2) TAM: $50+ billion (3) FreeFoam TM , a revolutionary, expandable 3D printable foam for mass production Figur G15, first platform of its kind to digitally shape standard sheet metal forming on - demand Global market leader in 3D printed hydraulic parts First company with DNV certification for printed hydraulics 1. Grand View Research Report: Polymer Foam Market Size, Share & Trends Analysis Report By Type (Polystyrene, Polyurethane, Poly ole fin, Melamine, Phenolic, PVC), By Application, By Region, And Segment Forecasts, 2022 – 2030. 2. Sheet Metal Market Research Report Information By Material Type (Steel and Aluminum), By Process, By End Users, and By Region , 2 023 – 2030. 3. Markets and Markets Research: Hydraulics Market by Components (Motors, Pumps, Cylinders, Valves, Filters, Accumulators, Trans mis sions), Type (Mobile Hydraulics, Industrial Hydraulics), End User (Construction, Agriculture, Material Handling), Sensors & Region - Global Forecast to 2027. Incremental growth opportunities in large addressable markets

Mercedes Benz AMG subframe manufactured by a DM customer who employs a super fleet of 11 S - Max printers. This single 3D printed digital casting reduces weight by consolidating multiple previously stamped and welded sheet metal parts parts into a single part BMW Landshut plant hosts one of the largest super fleets of DM’s ExOne Exerial printers for mass production of metal parts. These complex parts have geometry that can only be made with 3D printing and are used in nearly every vehicle produced by BMW Today’s cars are built with a process called Body in White (BIW) where sheet metal is stamped and eventually welded by robots in an assembly line . Many OEMs working with DM and our customers have started to use a new approach called Giga Casting where portions of the car are made as a complex casting replacing thousands of welds and hundreds stamped parts . DM is the leader in this segment with many OEM customers . 3 D printed Giga Casting is enabled by binder jet and die casting . DM believes it has more end use metal printed parts in cars today than any other AM manufacturer . This process has a lower CO 2 footprint than alternative metal printing processes ( 1 ) and delivers parts at lower cost with greater throughput . Desktop Metal binder jet is the first and only metal 3D printing technology currently used at scale in automotive 1. According to AM Power 2. https://blog.gwcast.com/gw - celebrates...the - tesla - giga - casting

Vehicle OEMs are now looking to catch up to Giga Casting

PROTOTYPING GIGA CASTINGS WITH SAND CASTING How the sand casting process supports creating giga cast components for the automotive industry. Binder Jet is a key enabling component of the Tesla Giga Casting workflow Inspection of a Giga Cast mold printed by a Desktop Metal ExOne S - Max Pro at our customer Grainger & Worall. The approach of mixing 3D printed giga casting molds for vehicle design and homologation before locking tooling for die casting enables dramatic savings and much faster development timelines. Higher complexity geometries are also possible by combining die casting with 3D binder jet printed cores. We believe binder jet is the only process that enables a new giga cast design in as little as a day. 1. Image credit: Grainger & Worall

SiC power electronics for electric vehicles, single crystal SiC wafers, non oxide ceramics, 3D sputtering targets, high temperature ceramic heat exchangers, optics for space comm / telescopes, printed nuclear fuel Giga Casting for automotive, electric vehicles, and large aerospace printed castings being adopted by major OEMs and their supply chains Printed TRISO nuclear fuel for Gen 4 MMR/SMR Printed SiC optics for space SiC power electronics for EV SiC wafers Strategic markets in production binder jet printing

3D Systems DMP - 500 Laser Velo XC 1MZ Laser DM Metal P - 50/160Pro Binder Jet DM Casting S - Max/Exerial Binder Jet Throughput <80 cc/hr ~80 cc/hr +12,000cc/hr 10,000cc/hr +145,000cc/hr 350,000cc/hr Cost per part est. $1,000/kg est. $600/kg < $50/kg < $10/kg Materials 10*** 11*** +30 +100s of alloys Properties +99% dense parts +99% dense parts +99% dense parts Superior fatigue properties and well understood microstructures Max part size 500mm long 1,000mm long 380mm long 800mm long Up to 2,200mm long Min feature 150um 150um 300um 500um Other Not fully closed loop Best closed loop laser process* Support free** Support free Used in production Mainly used in implants. Not competitive vs state of art in laser (Velo3D and SLM) Best in class for large parts in rocket engines and turbo machinery Small parts in Auto, Medical, Defense, Consumer Electronics Large aerospace parts and only metal AM technology at scale in auto Summary Losing share Gaining share Gaining share, 100X faster 1/20 cost Gaining share 1000X faster 1/60 cost Market Share 2022 est. Metal Printer Revenue Technology Gain/ Lose Share 1 EOS 15.2% $ 158,950,128 Laser 2 Desktop Metal 12.3% $ 128,300,000 Binder Jet & BMD 3 SLM Solutions 10.1% $ 105,700,000 Laser 4 Velo3D 7.7% $ 80,757,001 Laser 5 HBD 7.4% $ 77,465,695 Laser 6 Eplus3D 5.3% $ 55,075,778 Laser 7 Bright Laser 4.9% $ 50,803,280 Laser 8 GE Additive 4.5% $ 46,907,095 Binder Jet/Laser 9 Farsoon 4.3% $ 44,778,522 Laser 10 Renishaw 3.1% $ 32,005,533 Laser 11 TRUMPF 2.9% $ 30,776,917 Laser 12 VoxelJet 2.8% $ 29,610,000 Binder Jet 13 3D Systems 2.7% $ 28,513,208 Laser 14 DMG MORI 1.9% $ 19,487,251 Laser 15 Additive Industries 1.2% $ 12,725,145 Laser 16 MarkForged 0.9% $ 10,000,000 Binder Jet & BMD 17 HP (New) 0.5% $ 5,000,000 Binder Jet 18 Other $ 134,900,218 $ 1,045,755,771 Total powder based metal AM n/a n/a n/a n/a Why Binder Jet? It’s the fastest print process with the lowest cost parts, and its gaining share as a mass production process Source: 3rd party market share data from Context Market Intelligence, publicly reported revenue figures, and Management estim ate s. Numbers include all DM binder jet products. * Velo3D has best in class closed loop support free technology for LPBF. ** Non - welded supports and best in class sinter simula tion process with LiveSinter *** Limited to non - weldable materials. Number of materials count based on publicly disclosed information at DDD and Velo3D webs ite

Committed to Adj. EBITDA profitability this year Delivering on our $100M annualized cost savings ▪ Committed to reaching adj. EBITDA breakeven by Q4 2023 ▪ Cost reduction plans on track to achieve $100M annualized savings – Six production facility closures completed end of Q2 (on plan) – Q3 2023 results will reflect majority of second tranche of cost reductions ▪ Strong progress in eliminating fixed cost base in COGS – Second tranche of cost reductions weighted more toward COGS positively impacted Q2 2023 gross margins – Expect gross margin expansion continuing into H2 2023 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Operating Expenses (non - GAAP) Adj. EBITDA

+ Creating the powerhouse in global industrial additive manufacturing 01 Category leader at scale ▪ First AM company to achieve comprehensive scale across full manufacturing lifecycle – metals and polymers ▪ Combination creates $1.1B (1) revenue platform to lead AM industry into mass production 04 Unparalleled distribution ▪ One of the largest global go to market networks in 3D printing ▪ Creates significant cross sell potential for recognizable brands ▪ World class customer support capabilities 02 Diversified product portfolio ▪ Fully complementary AM platform with minimal overlap ▪ Largest materials and SW platform ▪ +50% of revenue from high growth mass production solutions 05 Powerful synergies ▪ $50M+ in additional run rate cost synergies (2) ▪ ~$50M in expected run rate revenue synergies 03 Innovation & expertise ▪ Substantial combined R&D team and patent portfolio − 800+ scientists and engineers − 3,400+ patents issued and pending 06 Robust financial profile ▪ Scaled and profitable pro forma entity ▪ Combined business expected to generate $300M+ adj. EBITDA in 2026 (~20% PF margin) ▪ Well - capitalized to drive future growth 1. Source: SSYS and DM Management; Note: SSYS adjusted for MakerBot 2. In addition to the previously announced $100 million in annualized savings from Desktop Metal cost reduction plans Highly complementary combination creating significant value for customers & shareholders

Financial Summary Second Quarter 2023

Financial review | revenue & gross margin ▪ Q2’23 gross margin (non - GAAP) of 31.0% – Increased 1,300 bps sequentially from Q1’23 – Increased 435 bps from Q2’22 – GM expansion driven by lower fixed cost structure in COGS – Expect continued GM expansion in H2’23 with Q3’23 reflecting first full quarter with majority of second tranche of cost reductions 17.1% 26.7% 19.9% 24.3% 18.0% 31.0% Q1 Q2 Q3 Q4 2022 2023 ▪ Q2’23 revenue of $53.3 million – Up 29.0% sequentially from Q1’23 – Down 7.6% from Q2’22 – Strength in metal binder jetting solutions, and growth in consumables, services and subscription – Customer demand trends improving, including strong order momentum to end Q2’23 $43.7 $57.7 $47.1 $60.6 $41.3 $53.3 Q1 Q2 Q3 Q4 2022 2023 Gross Margin non - GAAP Revenue $s in millions

119% 80% 88% 63% 85% 65% Q1 Q2 Q3 Q4 2022 2023 $52.1 $46.1 $41.5 $37.9 $35.0 $34.7 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Financial review | operating expenses ▪ Operating expenses (non - GAAP) as a percentage of revenue was 65% in Q2’23 vs. 80% in Q2’22 – Expect continued trend of improving expense structure into H2’23 ▪ Q2’23 operating expenses (non - GAAP) declined $11.4 million from Q2’22 – Driven by actions under Cost Reduction Plans – Another quarter of improvements despite one - time investments in sales & marketing opportunities in Q2’23 Operating Expenses non - GAAP $s in millions Operating Expenses (% of revenue) non - GAAP

Financial review | adj. EBITDA ▪ Q2’23 adj. EBITDA of $(15.0) million – Best quarter for adj. EBITDA since going public – Improvement of $12.5 million from Q2’22 driven by expense reduction efforts – OpEx reductions expected to support sequential adj. EBITDA improvements in H2’23 on the way to reaching breakeven before year end ($41.6) ($27.5) ($28.2) ($21.1) ($24.4) ($15.0) Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 ▪ Well - funded with $127.6 million in cash, cash equivalents, and short - term investments as of June 30, 2023 – Compared to $149.8 million to close Q1’23, for net cash burn of $22.2 million in Q2’23 ▪ Expecting meaningful cash burn improvements in H2’23 with Q3’23 reflecting majority of second tranche of cost reductions, as well as monetization of inventory Adj. EBITDA Balance Sheet $s in millions

Financial Outlook Full Year 2023 Guidance

2023 financial outlook Key planning assumptions ▪ Continue to see a wider range of variability outcomes ▪ We expect H2’23 to show significant improvement in adj. EBITDA and cash flow, on our way to reaching adj. EBITDA breakeven by year end 2023 ▪ Outlook excludes impact of future acquisitions and divestitures FY 2023 guidance Revenue $210 – $260 million Adj. EBITDA $(50) – $(25) million

2023 strategic focus areas 01 Drive organic revenue growth, at scale ▪ Deliver on 2023 revenue growth targets despite uncertain macro environment ▪ Position business to capitalize on long - term growth opportunity 03 Intense focus on our customers ▪ Scaling best - in - class integrated solutions to help customers solve manufacturing problems ▪ Grow total customers and repeat customers 02 Adj. EBITDA breakeven before year end ▪ Execute on path to profitability commitments ▪ Dramatically lower cash burn: − Cost reduction plans – $100M annualized − Reduce inventory levels − Working capital management − Revenue growth drives operating leverage 04 Operational and expense streamlining ▪ Site closures ▪ Production consolidations ▪ Supply chain synergies ▪ Operational efficiencies

Productions examples Appendix Desktop Metal Production System P - 50 printer and auxiliary equipment

Continued progress on healthcare and dental New Bioplotter for 3D bioprinting with exclusive capabilities to print stents, vascular, digestive and respiratory grafts (1) Best in class Desktop Health materials are now available to the Carbon installed customer base We're proud to celebrate an industry first milestone achieved using the 3D - Bioplotter®. Our customer Dimension Inx recently received U.S. FDA 510(k) clearance for CMFlex Ρ , the first biofabrication 3D printed product cleared by the FDA 1. https://www.youtube.com/watch?v=yDnvrdBJXXA Carbon 3D is known for its high productivity systems and white glove service. It boasts one of the largest fleets of printers at large dental labs in our industry. For the first time, we are proud to partner with our friends at Carbon to provide better materials like our Flexcera resins to their customer base

Non - GAAP reconciliations ($ in thousands) Q2'23 Q1'23 Q4'22 Q3'22 Q2'22 Q1'22 FY 2022 GAAP gross margin 6,089$ (1,364)$ 8,311$ (309)$ 8,397$ (1,328)$ 15,071$ Stock-based compensation in cost of sales 590 680 365 734 671 487 2,257 Amortization of acquired intangible assets in cost of sales6,928 6,927 5,890 5,877 5,950 5,990 23,707 Restructuring expense in cost of sales 2,488 717 147 3,085 41 - 3,273 Acquisition-related and integration costs in cost of sales434 479 - - 10 1,138 1,148 Inventory step-up adjustment in cost of sales - - - - 315 1,181 1,496 Non-GAAP gross margin 16,529$ 7,439$ 14,713$ 9,387$ 15,384$ 7,468$ 46,952$ ($ in thousands) Q2'23 Q1'23 Q4'22 Q3'22 Q2'22 Q1'22 FY 2022 GAAP operating expenses 54,607$ 50,953$ 320,206$ 57,510$ 300,967$ 68,151$ 746,834$ Stock-based compensation in opex (9,113) (8,633) (7,250) (11,306) (18,547) (9,425) (46,528) Amortization of acquired intangible assets in opex (3,529) (3,515) (4,250) (3,192) (3,719) (3,794) (14,955) Restructuring expense in opex (362) (2,901) (1,341) - (1,960) - (3,301) Acquisition-related and integration costs in opex (6,925) (927) (133) (1,476) (1,161) (2,848) (5,618) Goodwill impairment - - (269,300) - (229,500) - (498,800) Non-GAAP operating expenses 34,678$ 34,977$ 37,932$ 41,536$ 46,080$ 52,084$ 177,632$

Adjusted EBITDA reconciliation ($ in thousands) Q2'23 Q1'23 Q4'22 Q3'22 Q2'22 Q1'22 FY 2022 Net loss attributable to common stockholders (49,728)$ (52,642)$ (312,353)$ (60,774)$ (297,272)$ (69,944)$ (740,343)$ Interest (income) expense, net 1,109 811 462 680 633 (32) 1,743 Income tax expense (benefit) 23 (557) 104 598 (944) (1,256) (1,498) Depreciation & amortization 13,530 13,433 12,473 12,692 12,719 12,883 50,767 EBITDA (35,066)$ (38,955)$ (299,314)$ (46,804)$ (284,864)$ (58,349)$ (689,331)$ Change in fair value of investments 107 179 (329) 2,052 4,741 1,700 8,164 Inventory step-up adjustment - - - - 315 1,181 1,496 Stock-based compensation 9,703 9,313 7,615 12,040 19,218 9,912 48,785 Restructuring expense 2,850 3,618 1,488 3,085 2,384 - 6,957 Goodwill impairment - - 269,300 - 229,500 - 498,800 Acquisition-related and integration costs 7,359 1,406 133 1,476 1,171 3,986 6,766 Adjusted EBITDA (15,047)$ (24,439)$ (21,107)$ (28,151)$ (27,535)$ (41,570)$ (118,363)$