Desktop Metal, Inc.: restructuring charge — Desktop Metal announces 20% workforce reduction, $50M cost savings plan to improve profitability

Desktop Metal, Inc.

Workforce reduction of ~20%; anticipates at least $50M in annualized cost savings.
Pre-tax restructuring charges estimated between $24.3M and $31.5M, with $5.3M to $7.5M cash expenditures.
Facilities consolidation and product rationalization included; majority of cuts completed by end of Q1 2024.
This adds to $100M in cost reductions realized in 2023; aim is positive cash flow and profitability.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Desktop Metal, Inc. announced a restructuring with charges of $24.3 million to $31.5 million affecting global (approximately 20%).

Type: restructuring
Charge: $24.3 million to $31.5 million
Affected area: global
Headcount: approximately 20%

Exact text from the filing

resulting in sequential cost reductions across the first half of 2024. The Company expects it will incur total pre-tax restructuring charges related to the Initiative of between $24.3 million to $31.5 million, which includes between $5.1 million and $6.5 million of estimated one-time termination benefits and associated costs, between $19.0 million and $24.0 million of

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Source: SEC EDGAR

accession 0001104659-24-006107

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