Desktop Metal (DM) has released an update to notify the public and investors about termination and asset disposition expenses.
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Desktop Metal, Inc. has launched a strategic initiative aimed at integrating and optimizing costs, which includes reducing its global workforce by about 20%, consolidating facilities, and streamlining products. This plan is expected to save at least $50 million, with gradual cost reductions throughout the first half of 2024. The initiative will result in estimated pre-tax restructuring charges ranging from $24.3 million to $31.5 million, of which $5.3 million to $7.5 million may be cash expenditures. The company anticipates completing this initiative by the end of 2024, although the actual costs could vary from the estimates provided.
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