Desktop Metal(US:DM)2023-08-03 22:52Financial Performance - Q2 2023 revenue reached $53.3 million[53], a 29% increase quarter-over-quarter[54, 93] - Gross margin for Q2 2023 was 31%[41, 95], expanding by 1300 bps (13%) sequentially from Q1 2023[1, 76] and 435 bps (4.35%) year-over-year[3, 95] - Adjusted EBITDA improved by $12.5 million year-over-year to $(15.0) million in Q2 2023[4, 42, 102] - Operating expenses (non-GAAP) decreased by $11.4 million from Q2 2022[78] Cost Savings and Profitability - The company is on track to achieve $100 million in annualized cost savings[67, 68] - Six production facility closures were completed by the end of Q2[5, 68] - The company is committed to achieving adjusted EBITDA breakeven by the end of 2023[5, 45, 60, 86, 104] Market and Strategic Focus - The company is a market leader in AM 2.0 processes for mass production[8] - The company is focused on strategic markets including Giga Casting for automotive, electric vehicles, and large aerospace printed castings[23, 24] - The company has a combined business expected to generate over $300 million adjusted EBITDA in 2026 (~20% pro forma margin)[61] Partnerships and Innovation - The company has a supply agreement with Carbon3D for Flexcera materials[5, 120] - The company is growing its business with Align Technology[5] - The company is committed to a combination with Stratasys[5]