Desktop Metal has reported Q1 2023 revenue of US$41.3 million, down 5.5% from Q1 2022 revenue of US$43.7 million.

The company said that it has expanded its cost reduction plan to add an additional US$50 million in annualized savings after completing US$50 million in annualized savings in 2022.

“Customer demand trends for our unique portfolio of AM 2.0 mass production solutions remain resilient, despite an unsteady macro environment, giving us confidence in our growth projections for this year,” said Ric Fulop, founder and CEO of Desktop Metal. “Going forward, we expect to demonstrate continued reductions in our cost structure in order to expand margins and deliver on our adjusted EBITDA commitments. We believe we can differentiate ourselves as we navigate a difficult economic backdrop relative to our industry peers.”

The company said that it predicts revenues of between US$210 to US$260 million for 2023.