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Desktop Metal Inc (NYSE:DM) shares are trading significantly lower Tuesday after the company reported worse-than-expected earnings results and announced a proposed offering.
Desktop Metal said first-quarter revenue increased 286% year-over-year to $43.7 million, which beat the $41.61 million estimate, according to data from Benzinga Pro. The company reported a quarterly loss of 22 cents per share, which missed the estimate for a loss of 13 cents per share.
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Desktop Metal reaffirmed full-year 2022 revenue expectations of approximately $260 million, guiding for 131% growth year-over-year. The company expects a full-year adjusted EBITDA loss of approximately $90 million.
Desktop Metal also announced intentions to offer $150 million of convertible senior notes due 2027 in a private offering. The company intends to use the net proceeds from the offering to fund working capital expenditures and for other general corporate purposes.
See Also: EXCLUSIVE: Desktop Metal CEO Talks Triple Digit Growth In 3D Printing Space
DM Price Action: Desktop Metal shares are making new 52-week lows on Tuesday.
The stock was down 41.1% at $2.02 at time of publication.
Photo: courtesy of Desktop Metal.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.