Desktop Metal reports 86% revenue increase

Desktop Metal says that its 2022 revenues were US$209.0 million, up 86% from US$112.4 million in 2021.

Q4 revenues were US$60.6 million, an increase of 6.8% from the same period of the previous year.

“We […] took actions to streamline the business and expanded our cost reduction plans to US$100 million in annualized cost savings to prioritize our path to profitability and position the business for long-term growth,” said Ric Fulop, founder and CEO of Desktop Metal. “As a result, we enter 2023 a stronger, more resilient company.”

The company expects revenues of between US$210 to US$260 million for 2023.