Desktop Metal, Inc. (NYSE:DM) Q3 2023 Earnings Conference Call November 9, 2023 12:00 PM ET

Company Participants

Michael Jordan - VP, Finance & Treasury

Ric Fulop - CEO, Founder

Jason Cole - CFO

Conference Call Participants

Greg Palm - Craig-Hallum

Operator

Greetings and welcome to Desktop Metal's third-quarter 2023 earnings conference call. [Operator Instructions].

I would now like to turn the conference over to your host, Mr. Michael Jordan, Vice President, Finance and Treasury. Please go ahead.

Michael Jordan

Good afternoon and thank you for joining today's call. With me today are Ric Fulop, Founder and CEO, Desktop Metal; and Jason Cole, CFO, Desktop Metal. Please note our financial results press release and presentation slides referred to on this call are available under the Events & Presentations section of our Investor Relations website. This call is also being webcast live with the link at the same site. The webcast and accompanying slides will be available for replay for 12 months following this call. The content of today's call is the property of Desktop Metal and cannot be reproduced or transcribed without prior consent.

Before we begin, I'll refer you to our safe harbor disclaimer on slide 3 of the presentation. As a reminder, today's call will include forward-looking statements. These forward-looking statements reflect Desktop Metal's views and expectations only as of today, November 9, 2023, and actual results may vary materially based on a number of risks and uncertainties. For more information about the risks that may impact us our metals business and financial results, please refer to the Risk Factors sections on Form 10-Q in addition to the company's other filings with the SEC. We assume no obligation to update or revise the forward-looking statements.

Additionally, during the presentation and following Q&A session, you may refer to our results on a non-GAAP basis. Non-GAAP measures are intended to supplement, but not substitute for performance measures calculated in accordance with GAAP. Our financial results release contains the financial and other quantitative information to be discussed today as well as a reconciliation of the GAAP to non-GAAP measures.

And I'll now turn the call over to Ric.

Ric Fulop

Thank you, Michael. Welcome to our third-quarter 2023 financial results call. I'd like to start my remarks today by acknowledging that this was a disappointing quarter for Desktop Metal and also for the entire additive manufacturing industry. While we were dissatisfied with our top-line revenue performance in the midst of this challenging period, I'm incredibly proud of the progress that team DM has made in executing our $100 million of annualized cost reductions announced in June of 2022. We're actually ahead of plan with that effort, and I hope you will take note of the meaningful EBITDA progress that we've delivered as we work to ensure a strong foundation for the future.