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.
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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