Desktop Metal (DM) has released an update to notify the public and investors about termination and asset disposition expenses.
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.
For further insights into DM financials, check out TipRanks’ Financials page.
