Desktop Metal

Desktop Metal provides a range of additive manufacturing (AM) solutions including the sale of 3D printers with related software and materials as well as other related services targeting applications including rapid prototyping, pilot runs, mass production of tools, end-use parts, and aftermarket parts. The company mainly serves industries such as automotive, consumer goods, heavy industry, education, machine design, healthcare, and manufacturing tooling. 

Desktop Metal’s products include 1) Production System, a metal 3D printer for mass production; 2) X-Series, a binder jet 3D printer with patented Triple ACT (advanced compaction technology) and specialty materials including metals and ceramic; and 3) Shop System, a metal binder jetting system targeting metal 3D printing at machine shops, which also includes Shop System+, and Shop System Pro packages introduced in August 2022 and Shop System Forust Edition, a high-speed 3D printer for upcycled wood parts; 4) Studio System 2, an office-friendly metal 3D printer; 5) Fiber; a composite 3D printer using thermoplastic material such as nylon and 6) Figur G15, a printer platform based on patent-pending Digital Sheet Forming (DSF) technology that fabricates sheet metal into parts with a high level of surface finish with little to no post-printing.

Desktop Metal also offers Live Sinter software —a sinter simulation software that allows the design of sinter-ready, printable parts.. In March 2023, it launched Live Suite, a premium software package to offer advanced design capabilities for metal, polymer, and ceramic parts. In September 2023, it launched Live Monitor, an Industry 4.0 solution for users to monitor and use real-time data to improve efficiency. 

Desktop Metal has grown through the acquisition of several companies including binder jetting technology company ExOne (November 2021), AM company AIDRO hydraulics & 3D printing (September 2021), powder-based material AM company Aerosint (July 2021), provider of printed elastomers for AM Adaptive3D (May 2021), and polymer AM company EnvisionTEC (January 2021) to expand its material and printer offerings.

In October 2023, the company sold Belgian additive manufacturing solutions provider Aerosint SA to motion technology company Schaeffler. Desktop Metal maintained its collaboration with Schaeffler in advancing binder jet 3D printing technology, while retaining the option for future commercial utilization.

Key customers and partnerships

Desktop Metal operates through an internal sales team and a network of 200+ distribution partners (value-added resellers) in over 65 countries. Its customers include small and medium enterprises as well as Fortune 500 companies. The company received a major contract from the US Department of Veterans Affairs in November 2022. In October 2022, Desktop metal partnered with Siemens to accelerate the adoption of additive manufacturing at scale specifically targeting large-scale manufacturers. The company also entered into materials-related partnerships with Carbon in July 2023 to make Flexcera resins available to users of Carbon's 3D printers as well as with Henkel in August 2022 to validate Henkel's materials for DM printers. In March 2024, Desktop Metal expanded its partnership with Evonik, a chemical manufacturer, to integrate the latter’s INFINAM solution into its portfolio of polymers.

Funding and financials

Desktop Metal went public (NYSE: DM) in August 2020 through a SPAC deal, raising USD 575 million and valuing the company at USD 2.5 billion. This brought its total funding to USD 711.8 million. In FY2022, Desktop Metal increased its revenue by 86.0% YoY, reaching USD 209.0 million. Revenue growth was driven by the company’s differentiated portfolio of AM 2.0 mass production solutions and strong execution of operations. However, Desktop Metal reported an adjusted net loss of USD 130.7 million in FY2022. Desktop Metal was expected to achieve a revenue of USD 187 million–207 million in FY2023 implying a YoY growth of 0.5%–24.4%. The expected negative EBITDA for 2023 was USD 50 million–70 million.

In November 2023, Desktop Metal received notification from the New York Stock Exchange (NYSE) indicating non-compliance with the exchange's listing standards. The company was given a six-month window from the notice date to meet the minimum stock price requirement. In January 2024, the company filed a prospectus for a mixed securities shelf offering of USD 250 million with the Securities and Exchange Commission (SEC).