Desktop Metal Inc (DM) 2023 Q1 法說會逐字稿

Greetings and welcome to the Desktop Metal's first quarter 2023 financial results call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎來到 Desktop Metal 2023 年第一季度財務業績電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Mr. Jay Gentzkow, Vice President of Investor Relations. Thank you, and you may proceed, sir.

現在我很高興向您介紹主持人，投資者關係副總裁 Jay Gentzkow 先生。謝謝，您可以繼續了，先生。

Thank you, operator. Good afternoon, everyone, and thank you for joining today's call. With me today are Ric Fulop, Founder and CEO of Desktop Metal; and Jason Cole, CFO of Desktop Metal. Please note our financial results press release and presentation slides referred to on this call are available on the events and presentations section of our Investor Relations website. This call is also being webcast live with a link at the same site. The webcast and accompanying slides will be available for replay for 12 months following this call.

謝謝你，運營商。大家下午好，感謝您參加今天的電話會議。今天和我在一起的是 Desktop Metal 的創始人兼首席執行官 Ric Fulop； Desktop Metal 的首席財務官 Jason Cole。請注意，我們在本次電話會議中提到的財務業績新聞稿和演示幻燈片可在我們的投資者關係網站的活動和演示部分找到。此電話也在同一站點上通過鏈接進行網絡直播。網絡廣播和隨附的幻燈片將在本次電話會議後的 12 個月內可供重播。

The content of today's call is a property of Desktop Metal. It cannot be reproduced or transcribed without our prior consent.

今天通話的內容是 Desktop Metal 的財產。未經我們事先同意，不得複製或轉錄。

Before we begin, I'll refer you to our Safe Harbor disclaimer on slide 3 of the presentation. Today's call will include forward-looking statements. These forward-looking statements reflect Desktop Metal's views and expectations only as of today, May 10, 2023, and actual results may vary materially based on a number of risks and uncertainties.

在我們開始之前，我將向您介紹演示文稿幻燈片 3 上的安全港免責聲明。今天的電話會議將包括前瞻性陳述。這些前瞻性陳述僅反映 Desktop Metal 截至今天（即 2023 年 5 月 10 日）的觀點和預期，實際結果可能因多種風險和不確定性而存在重大差異。

For more information about the risks that may impact Desktop Metal's business and financial results, please refer to the risk factors section on Form 10-Q filed this afternoon in addition to the company's other filings with the SEC. We assume no obligation to update or revise the forward-looking statements.

有關可能影響 Desktop Metal 的業務和財務業績的風險的更多信息，請參閱今天下午提交的 10-Q 表格中的風險因素部分以及公司向美國證券交易委員會提交的其他文件。我們不承擔更新或修改前瞻性陳述的義務。

Additionally, during this presentation and the following Q&A session, we 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 the reconciliation of the GAAP to non-GAAP measures.

此外，在本次演示和隨後的問答環節中，我們可能會在非 GAAP 基礎上參考我們的結果。非 GAAP 衡量指標旨在補充而非替代根據 GAAP 計算的績效衡量指標。我們的財務業績發布包含今天要討論的財務和其他定量信息，以及 GAAP 與非 GAAP 措施的調節。

With that, it's my pleasure to turn the call over to Ric Fulop, Founder and CEO of Desktop Metal.

因此，我很高興將電話轉給 Desktop Metal 的創始人兼首席執行官 Ric Fulop。

Thank you, Jay and welcome, everyone. I'm excited to host you for our first quarter 2023 financial results call this afternoon.

謝謝杰伊，歡迎大家。我很高興在今天下午主持我們 2023 年第一季度的財務業績電話會議。

On today's agenda, I'll begin with a brief highlight of our first quarter financials. We're also going to talk about the increasing traction we're seeing from our customer base in 3 areas: one, customers using our technologies in larger numbers; two, momentum from our repeat customer base; and three, I'll detail a new growing customer subsegment representing the unique capabilities of binder jet.

在今天的議程上，我將首先簡要介紹一下我們第一季度的財務狀況。我們還將討論我們在 3 個方面從客戶群中看到的日益增長的牽引力：第一，越來越多的客戶使用我們的技術；第二，來自我們回頭客群的動力；第三，我將詳細介紹一個新的增長的客戶細分市場，代表粘合劑噴射的獨特功能。

I'll then wrap it up with an update on our cost reduction initiatives and plans to reach profitability. And then I'll turn the call over to Jason to provide further color on our financial results and outlook before we conclude and open it up for Q&A.

然後我將總結我們的成本削減計劃和實現盈利計劃的最新情況。然後我會把電話轉給傑森，在我們結束並開放問答環節之前，為我們的財務業績和前景提供進一步的色彩。

I'll begin on the top of slide 4 with financial result highlights. Overall, I'm proud of the team's execution on our cost reduction efforts to drive to profitability a means, but it's seasonally the lightest quarter of our year. Revenue for the first quarter 2023 was $41.3 million, representing a 5.5% decline over the first quarter of 2022, reflecting a continuation of the recessionary headwinds we started experiencing in the back half of last year.

我將從幻燈片 4 的頂部開始，重點介紹財務結果。總的來說，我為團隊執行我們降低成本的努力以推動盈利成為一種手段而感到自豪，但它是我們一年中季節性最輕的季度。 2023 年第一季度的收入為 4130 萬美元，比 2022 年第一季度下降 5.5%，反映出我們從去年下半年開始經歷的經濟衰退逆風仍在繼續。

While we saw some of the forecasted revenue slip out of Q1, revenue was still inside our internal contemplated range. And you'll recall, last quarter, we offered a wider 2023 guidance range to accommodate [from knowns] related to the depth and breadth of this recessionary environment. We continue to pull our customer base and we see a variety of growth opportunities in the near-term horizon that validates reaffirming our 2023 revenue guidance.

雖然我們看到第一季度的一些預測收入下滑，但收入仍在我們內部預期的範圍內。你會記得，上個季度，我們提供了更廣泛的 2023 年指導範圍，以適應與這種衰退環境的深度和廣度相關的 [from knowns]。我們繼續拉動我們的客戶群，我們在短期內看到了各種增長機會，這證實了我們 2023 年收入指導的重申。

Non-GAAP gross margins were 18% for the first quarter of 2023, expanding 90 basis points from the first quarter of 2022.

2023 年第一季度的非美國通用會計準則毛利率為 18%，比 2022 年第一季度擴大了 90 個基點。

In the middle of the first quarter, we announced an additional set of cost reductions, and we expect impacts from these efforts will begin to show in the second quarter, with most of those benefits starting in Q3. As these cost reduction actions more meaningfully improve fixed cost absorption in the coming quarters, we're expecting significant gross margin expansion through the balance of 2023, a top priority for the company.

在第一季度中期，我們宣布了一系列額外的成本削減措施，我們預計這些努力的影響將在第二季度開始顯現，其中大部分收益將從第三季度開始。由於這些削減成本的行動在未來幾個季度更有意義地改善了固定成本吸收，我們預計到 2023 年剩餘時間毛利率將顯著增長，這是公司的首要任務。

We reduced adjusted EBITDA losses from $41.6 million in the first quarter of 2022 to $24.4 million in the first quarter of 2023, which was $17.1 million improvement year over year, with a second tranche of cost reductions to come. We expect to see a continued positive trend in adjusted EBITDA this year as we combine significant expense reductions with top-line growth to drive sequential improvements to adjusted EBITDA for the balance of 2023 on our way to reaching breakeven by year-end.

我們將調整後的 EBITDA 虧損從 2022 年第一季度的 4160 萬美元減少到 2023 年第一季度的 2440 萬美元，同比減少 1710 萬美元，第二批成本削減即將到來。我們預計今年調整後的 EBITDA 將繼續呈現積極趨勢，因為我們將大幅削減開支與收入增長相結合，以推動調整後 EBITDA 在 2023 年剩餘時間內的連續改善，從而在年底前實現盈虧平衡。

We're also reaffirming our 2023 adjusted EBITDA guidance as we have a plan to achieve these commitments regardless of the macro conditions, primarily through the announced cost savings plan expansion detailed in February.

我們還重申我們的 2023 年調整後 EBITDA 指引，因為我們有計劃實現這些承諾，而不管宏觀條件如何，主要是通過 2 月份公佈的成本節約計劃擴展。

Moving on to some business highlights. As we detailed on the Q4 call, we expanded efforts to significantly reduce our expense structure and prioritize our path to profitability by increasing our cost reduction plan mid-February by an additional $50 million. These actions bring a total annualized cost savings to $100 million and puts us in a very strong position to achieve adjusted EBITDA breakeven by the end of the year. I'll touch on our progress to date on the following slide.

繼續討論一些業務亮點。正如我們在第四季度的電話會議上所詳述的那樣，我們通過在 2 月中旬將成本削減計劃再增加 5000 萬美元，加大了努力，以顯著降低我們的費用結構，並優先考慮我們的盈利途徑。這些行動使年度總成本節省達到 1 億美元，並使我們處於非常有利的地位，可以在年底前實現調整後的 EBITDA 收支平衡。我將在下一張幻燈片中介紹我們迄今為止的進展。

As you may recall, last quarter, we discussed progress across the Board in the consumer electronics segment and announced we signed a master supply agreement with one of the largest consumer electronics companies in the world. These projects are going very well, and we continue to expand our various consumer electronic relationships. We believe we will do over eight figures of revenue in this market over the next 18 months and have products and stores next tier that were made with our binder jet machines. Over time, we project this segment will grow into a multibillion-dollar opportunity for Desktop Metal.

您可能還記得，上個季度，我們討論了消費電子領域的全面進展，並宣布我們與世界上最大的消費電子公司之一簽署了主供應協議。這些項目進展順利，我們繼續擴大我們的各種消費電子產品關係。我們相信，在接下來的 18 個月裡，我們將在這個市場上創造超過八位數的收入，並擁有使用我們的粘合劑噴射機製造的下一層產品和商店。隨著時間的推移，我們預計該細分市場將成長為 Desktop Metal 價值數十億美元的機會。

We also launched Live Suite, an end-to-end software hub that delivers generative AI solutions for additive manufacturing 2.0. Building on the success of our Live Sinter simulation software, Life Suite is a new package of premium softer applications with all new functionality that allows users of Desktop Metal, Desktop Health, ETEC, and ExOne 3D printing systems to seamlessly manage their build preparation, printers, accessories, and processes with success in one cloud-based location. Life Suite will come standard with most new hardware this year, and it eliminates the need for users to purchase all other expensive 3D printing software programs to use their equipment.

我們還推出了 Live Suite，這是一個端到端的軟件中心，可為增材製造 2.0 提供生成式人工智能解決方案。 Life Suite 以我們成功的 Live Sinter 模擬軟件為基礎，是一個新的高級軟應用程序包，具有所有新功能，允許 Desktop Metal、Desktop Health、ETEC 和 ExOne 3D 打印系統的用戶無縫管理他們的構建準備、打印機、附件和流程在一個基於雲的位置取得成功。 Life Suite 將成為今年大多數新硬件的標準配置，用戶無需購買所有其他昂貴的 3D 打印軟件程序即可使用他們的設備。

AM 2.0 is a digital manufacturing process that is ultimately powered by software, and we believe Life Suite offers the most intuitive and powerful additive manufacturing software in the market, allowing us to continue to offer our customers unmatched, differentiated turnkey solutions and extend our lead in additive manufacturing for mass production applications.

AM 2.0 是一個最終由軟件驅動的數字製造過程，我們相信 Life Suite 提供了市場上最直觀和最強大的增材製造軟件，使我們能夠繼續為我們的客戶提供無與倫比的、差異化的交鑰匙解決方案，並擴大我們在用於大規模生產應用的增材製造。

And finally, we continue to drive forward materials development across our AM portfolio. A few additions from this quarter include copper C18150 and titanium Ti64 for our Production System, and 304L stainless for the Shop System platform. We're proud to own one of the industry's largest libraries of production materials.

最後，我們繼續推動增材製造產品組合的材料開發。本季度的一些新增產品包括用於我們的生產系統的銅 C18150 和鈦 Ti64，以及用於商店系統平台的 304L 不銹鋼。我們為擁有業內最大的生產材料庫之一而感到自豪。

Turning to slide 5. We'd like to introduce you to a new concept we call Super Fleets that emphasizes high-adoption customers that continue to expand utilization over additive manufacturing 2.0 as production solutions, where we have over 7,000 customers, including more than 1,200 with metal and ceramic systems. Over 370 of them are what we consider Super Fleet customers. We refer to a Super Fleet as a multi-unit customer that has entered mass production phases and uses our technology to produce a high volume of end-use parts with three or more systems purchased.

轉到幻燈片 5。我們想向您介紹一個我們稱之為 Super Fleets 的新概念，它強調高采用率客戶繼續擴大增材製造 2.0 作為生產解決方案的利用率，我們有 7,000 多個客戶，其中包括 1,200 多個與金屬和陶瓷系統。其中超過 370 家是我們認為的 Super Fleet 客戶。我們將 Super Fleet 稱為已進入批量生產階段並使用我們的技術生產大量最終用途部件併購買了三個或更多系統的多單元客戶。

In the current financial climate, capturing value and improving utilization in production is more important than ever. Our Super Fleet customers are demonstrating repeat success with our solutions and validate key drivers in customer demand trends.

在當前的金融環境下，獲取價值和提高生產利用率比以往任何時候都更加重要。我們的 Super Fleet 客戶通過我們的解決方案不斷取得成功，並驗證了客戶需求趨勢中的關鍵驅動因素。

First, our mass production solutions have a clear product market fit. Second, our solutions are consistently delivering high value and ROI to our customers' mass production needs. And third, utilization is increasing as Super Fleet customers are coming back to buy more systems, eventually leading to higher-margin consumable sales.

首先，我們的量產解決方案具有明確的產品市場契合度。其次，我們的解決方案始終如一地為客戶的大規模生產需求提供高價值和投資回報率。第三，隨著 Super Fleet 客戶回來購買更多系統，利用率正在提高，最終導致更高利潤的消耗品銷售。

This is the flywheel in our operating model. We've highlighted a number of these valued Super Fleet customers on this slide. And what's really exciting is the diversity of these customers across all company sizes, small to large, in both binder jet and photopolymer solutions.

這是我們運營模式中的飛輪。我們在這張幻燈片上強調了一些重要的 Super Fleet 客戶。真正令人興奮的是，無論公司規模大小，這些客戶在粘合劑噴射和光聚合物解決方案方面的多樣性。

Over the last 12 months, some of these customers have really scaled our operations. One example is FreeFORM Technologies, a high-growth metal parts producer backed by Ryerson Steel, who started with one system only three years ago, and today, has a Super Fleet of 25 Desktop Metal binder jetting machines. Or LightForce on the polymer side, that have scaled up to 33 polymer systems being used for printed medical devices. Or BMW, who now has parts in almost every new passenger vehicle using our technology.

在過去的 12 個月中，其中一些客戶確實擴大了我們的業務規模。一個例子是 FreeFORM Technologies，這是一家由 Ryerson Steel 支持的高增長金屬零件生產商，僅在三年前才開始使用一個系統，如今，擁有 25 台台式金屬粘合劑噴射機的超級艦隊。或者聚合物方面的 LightForce，它已經擴展到 33 個聚合物系統，用於印刷醫療設備。或者寶馬，現在幾乎所有使用我們技術的新乘用車都有零部件。

We have a dominant market position in the binder jetting space with the largest installed base of systems, a multi-year head start, the largest binder jet R&D team in the world, the largest library of production materials in a patent portfolio that's the envy of our industry. This is a very powerful moat in a growing industry.

我們在粘合劑噴射領域佔據主導地位，擁有最大的系統安裝基礎、多年的領先優勢、世界上最大的粘合劑噴射研發團隊、專利組合中最大的生產材料庫，令人羨慕我們的行業。在一個不斷發展的行業中，這是一條非常強大的護城河。

To demonstrate this, 25% of our binder get machines are at multisystem sites. And similarly, 20% of photopolymer systems are at multisystem sites, meaning that an original Desktop Metal system provided enough value to a customer that in nearly one-quarter of the cases to date, that same customer purchased additional systems and are now in production.

為了證明這一點，我們 25% 的 binder get 機器位於多系統站點。同樣，20% 的光聚合物系統位於多系統站點，這意味著原始的 Desktop Metal 系統為客戶提供了足夠的價值，迄今為止，在近四分之一的案例中，同一客戶購買了額外的系統並且現在正在生產中。

It's also worth noting that our binder jet systems are incredibly productive, and when our customer has more than one system, and you can see here some have a dozen or more, they're processing high-volume parts in those fleets, reinforcing the flywheel effect of our model. We're incredibly proud of these great customer relationships we've built over the years as we leverage the differentiation in our AM 2.0 mass production technologies to help our customers revolutionize their manufacturing settings.

還值得注意的是，我們的粘合劑噴射系統的生產效率令人難以置信，當我們的客戶擁有多個系統時，您可以在這裡看到一些有十幾個或更多，他們正在處理這些車隊中的大批量零件，加強飛輪我們模型的效果。我們為多年來建立的這些良好的客戶關係感到無比自豪，因為我們利用 AM 2.0 大規模生產技術的差異化來幫助我們的客戶徹底改變他們的製造設置。

Building on this concept of repeat customer usage on the following slide. Q1 was another successful quarter for repeat customers. Repeat customers have been an important part of maintaining our growth at scale through both growing system sales and consistent high-margin consumables revenue. All customers highlighted on this slide expanded their deployments in the first quarter of 2023 of Desktop Metal systems with new orders beyond initial systems.

在下一張幻燈片中建立在重複客戶使用的概念之上。對於回頭客來說，第一季度是另一個成功的季度。通過不斷增長的系統銷售和持續的高利潤消耗品收入，回頭客一直是維持我們規模增長的重要組成部分。這張幻燈片上突出顯示的所有客戶都在 2023 年第一季度擴大了 Desktop Metal 系統的部署，新訂單超出了初始系統。

Even when what is traditionally the lightest revenue contribution quarter of our calendar year, we made progress in Q1 in deepening the number of high-value applications with major customers. And the traction we're seeing from repeat customers, including super fleets, represents an important measure of the overall success of our solutions.

即使在傳統上是我們歷年收入貢獻最低的季度，我們在第一季度也取得了進展，深化了與主要客戶的高價值應用程序的數量。我們從包括超級車隊在內的回頭客那裡看到的牽引力代表了我們解決方案整體成功的重要衡量標準。

Now, let me talk to you about some of the Super Fleets of the future on the next slide. We recently announced a renewed focus on advanced ceramic offerings as a result of increased customer demand, driven by a wide range of applications in mission-critical sectors, including aerospace, automotive, energy, consumer electronics, among others. In my opinion, we're the best in the world in this segment.

現在，讓我在下一張幻燈片中與您談談未來的一些超級艦隊。由於客戶需求的增加，我們最近宣布重新關注高級陶瓷產品，這是由關鍵任務領域的廣泛應用推動的，包括航空航天、汽車、能源、消費電子等。在我看來，我們在這個領域是世界上最好的。

Binder jetting simplifies production of ceramics, hard metals, carbides, and cermets that are challenging to fabricate with traditional manufacturing, and our technology gives these manufacturers incredible flexibility in design and material properties.

粘合劑噴射簡化了陶瓷、硬質合金、碳化物和金屬陶瓷的生產，而傳統製造難以製造這些材料，而我們的技術為這些製造商在設計和材料特性方面提供了難以置信的靈活性。

While our core focus is enabling high-volume mass production applications in markets like automotive and consumer electronics, we're very proud that our same binder jet systems are able to contribute to high-value niche markets like nuclear energy. It's early innings for the use of binder jet in nuclear, but in the past year alone, we've sold between $5 million and $10 million of equipment in this new segment. This is a growing market segment for binder jet where Desktop Metal is years ahead of any competitors and has deep partnerships with national labs and leading players like BWXT, Ultra Safe Nuclear Corporation, and other major defense companies.

雖然我們的核心重點是在汽車和消費電子等市場實現大批量生產應用，但我們非常自豪的是，我們的粘合劑噴射系統能夠為核能等高價值利基市場做出貢獻。在核能領域使用粘合劑噴射還處於早期階段，但僅在過去的一年裡，我們在這個新領域的設備銷售額就在 500 萬到 1000 萬美元之間。這是一個不斷增長的粘合劑噴射細分市場，其中 Desktop Metal 領先任何競爭對手數年，並與國家實驗室和 BWXT、Ultra Safe Nuclear Corporation 以及其他主要國防公司等領先企業建立了深入的合作夥伴關係。

One of the enabling applications for binder jetting in nuclear includes the 3D printing of nuclear fuel, where the uranium TRISO is fully ceramic microencapsulated in silicon carbide and it does not suffer from the dangers of weapons proliferation because its refractory ceramic layers limit reprocessing. This is a major game changer. This new process has the potential to revolutionize nuclear applications across the board, enabling small modular reactors, new forms of marine ships and submarines, that one day can be exported to our allies without the risk of proliferation and new forms of propulsion.

粘合劑噴射在核領域的一項有利應用包括核燃料的 3D 打印，其中鈾 TRISO 是全陶瓷微封裝在碳化矽中，並且由於其耐火陶瓷層限制了再加工，因此不會遭受武器擴散的危險。這是一個重大的遊戲規則改變者。這一新工藝有可能徹底改變核應用，使小型模塊化反應堆、新型海洋船舶和潛艇成為可能，有朝一日可以出口到我們的盟友，而沒有擴散和新型推進方式的風險。

For example, in January of this year, DARPA and NASA announced a new program for nuclear thermal propulsion rockets that has up to five times greater efficiency than chemical rockets or enabling the ground power for the NASA Artemis program. For those that aren't familiar with Artemis, it's our Apollo program to go back to the moon.

例如，今年 1 月，DARPA 和 NASA 宣布了一項新的核熱推進火箭計劃，該火箭的效率是化學火箭的五倍，或者為 NASA Artemis 計劃提供地面動力。對於那些不熟悉 Artemis 的人，這是我們重返月球的阿波羅計劃。

The nuclear revival is driven by the new IRA legislation, the new Australia, UK, US Alliance, known as AUKUS, and other important climate change trends. It's really exciting stuff to see binder jet used across a multitude of applications, ranging from high-volume markets like automotive and consumer electronics and all the way to future space propulsion. The Artemis program and firing our most advanced marine ships with new forms of 3D printed nuclear fuel takes a differentiated solution to solve these problems.

核能複興是由新的 IRA 立法、新的澳大利亞、英國、美國聯盟（稱為 AUKUS）和其他重要的氣候變化趨勢推動的。看到粘合劑噴射用於多種應用，從汽車和消費電子等大批量市場一直到未來的太空推進，真是令人興奮。 Artemis 計劃和使用新型 3D 打印核燃料點燃我們最先進的海洋船隻採用了差異化的解決方案來解決這些問題。

Shifting to slide 8. As we've discussed in the past few quarters, a top priority for our company in 2023 as we navigate this year is to significantly reduce our expense structure in order to expand our margin profile and reach adjusted EBITDA breakeven by end of the year. The team's ongoing operational execution towards achieving this call has been top notch. And I want to highlight some of the progress we've made.

轉到幻燈片 8。正如我們在過去幾個季度所討論的那樣，我們公司在 2023 年的首要任務是大幅減少我們的費用結構，以擴大我們的利潤率並在年底前實現調整後的 EBITDA 收支平衡的一年。該團隊為實現這一目標而進行的持續運營執行一直是一流的。我想強調我們取得的一些進展。

In 2022, we successfully executed the first tranche of our cost reduction initiatives, completing $50 million in annualized savings. The cost reductions spent both cost of goods sold and operating expenses but weighed more towards the OpEx side as we saw our expense profile decline sequentially for four consecutive quarters into the first quarter of 2023.

2022 年，我們成功執行了第一批成本削減計劃，每年節省 5000 萬美元。成本削減既花費了銷售成本，也花費了運營費用，但對運營支出的影響更大，因為我們看到我們的費用狀況在 2023 年第一季度連續四個季度連續下降。

In February of 2023, we announced an additional $50 million in cost reductions expected for 2023, bringing our total annualized cost savings to $100 million. We have completed the lion's share of the workforce and facility closures by the end of the second quarter. We expect this second tranche of cost reductions will have a much more meaningful impact on our fixed cost absorption versus last year's first tranche.

2023 年 2 月，我們宣布預計 2023 年將額外削減 5000 萬美元的成本，使我們的年度總成本節約達到 1 億美元。到第二季度末，我們已經完成了大部分的勞動力和設施關閉。我們預計，與去年的第一批相比，第二批成本削減將對我們的固定成本吸收產生更有意義的影響。

Given the mid-quarter timing of the announcement, we only saw minimal impact in the first quarter. But we'll start to see results in the second quarter into a much larger extent in the back half of 2023 as these facilities reduce the burden on COGS.

鑑於公告的發佈時間在季度中期，我們在第一季度的影響微乎其微。但我們將在 2023 年下半年開始在第二季度看到更大範圍的結果，因為這些設施減輕了 COGS 的負擔。

The combination of our cost reduction efforts in the last year puts us in a very strong position to achieve our commitment of adjusted EBITDA breakeven by year end. Regardless of the macro conditions, you should also expect to see a continued trend of lowering our cash burn on a consistent quarterly basis with the ultimate goal of reaching cash flow breakeven on our existing balance sheet. Furthermore, these actions create a stronger, more resilient organization, and streamlines the business to yield a more efficient and effective operating model for the long term.

我們在去年的成本削減努力相結合，使我們處於非常有利的地位，可以實現我們在年底前實現調整後 EBITDA 收支平衡的承諾。無論宏觀條件如何，您還應該期望看到持續的趨​​勢，即在一致的季度基礎上降低我們的現金消耗，最終目標是在我們現有的資產負債表上實現現金流盈虧平衡。此外，這些行動創造了一個更強大、更有彈性的組織，並簡化了業務，以產生一個更高效、更有效的長期運營模式。

And with that, I'll turn it over to our CFO, Jason Cole. Jason?

有了這個，我會把它交給我們的首席財務官 Jason Cole。傑森？

Thanks, Ric. Beginning on slide 10, you will see highlights of our financial performance for the first quarter of 2023. Please note, we will be referring to several financial metrics on a non-GAAP basis. Reconciliation to GAAP data is included in the filed appendix.

謝謝，里克。從幻燈片 10 開始，您將看到我們 2023 年第一季度財務業績的亮點。請注意，我們將參考非 GAAP 基礎上的幾個財務指標。與 GAAP 數據的對賬包含在提交的附錄中。

Consolidated revenue for the first quarter of 2023 was $41.3 million, down 5.5% year over year from $43.7 million in the first quarter of 2022. Leading revenue drivers were digital casting solutions and growth in consumables, services, and subscription, offset by weakness in metal binder jetting solutions. Revenue came in a little softer than expected in Q1, but even with ongoing recessionary headwinds, was within our range of expectations.

2023 年第一季度的合併收入為 4130 萬美元，較 2022 年第一季度的 4370 萬美元同比下降 5.5%。主要的收入驅動因素是數字鑄造解決方案以及消耗品、服務和訂閱的增長，但被金屬的疲軟所抵消粘合劑噴射解決方案。第一季度的收入略低於預期，但即使存在持續的經濟衰退逆風，也在我們的預期範圍內。

Non-GAAP gross margins were 18.0% for the first quarter of 2023. Gross margins improved 90 basis points versus the first quarter of 2022, driven primarily by a lower cost structure, as well as product mix. Improving gross margin is a priority for the business this year, and we expect our ongoing cost reduction efforts to yield continued gross margin expansion through 2023 and beyond.

2023 年第一季度的非美國通用會計準則毛利率為 18.0%。與 2022 年第一季度相比，毛利率提高了 90 個基點，這主要是受較低的成本結構和產品組合的推動。提高毛利率是今年業務的首要任務，我們預計我們正在進行的成本削減工作將使毛利率在 2023 年及以後持續增長。

Turning to the following slide. Non-GAAP operating expenses were $35.0 million for the first quarter of 2023. This represents the fourth consecutive quarter of sequential OpEx reductions as we have reduced non-GAAP operating expenses by a total of $17.1 million in the first quarter of 2022, including sequentially by $3 million from fourth quarter of 2022.

轉到下面的幻燈片。 2023 年第一季度的非 GAAP 運營費用為 3500 萬美元。這是 OpEx 連續第四個季度減少，因為我們在 2022 年第一季度將非 GAAP 運營費用總計減少了 1710 萬美元，包括連續減少從 2022 年第四季度起 300 萬美元。

First quarter of 2023 non-GAAP operating expenses as a percentage of revenue was 85% which is a year-over-year improvement versus 119% in the first quarter of 2022. We've executed on our 2022 cost reduction initiative and expect to see a continued trend of improving expense structure throughout 2023 as the second tranche of $50 million in cost savings more meaningfully impacts results, especially in the back half of 2023.

2023 年第一季度非 GAAP 運營費用佔收入的百分比為 85%，與 2022 年第一季度的 119% 相比有所改善。我們已經執行了 2022 年的成本削減計劃，預計會看到隨著第二批 5000 萬美元的成本節約對結果產生更有意義的影響，尤其是在 2023 年下半年，整個 2023 年費用結構將呈持續改善趨勢。

Turning the slide, adjusted EBITDA for the first quarter of 2023 was negative $24.4 million, improving by $17.1 million compared to the first quarter of 2022. Adjusted EBITDA was in line with our expectations in the quarter as we expect more meaningful sequential improvements to EBITDA throughout 2023 as we combine the incremental $50 million in cost savings announced in February with higher revenue contributions, especially in the back half of 2023. We are right on track to fulfill our commitment to achieve adjusted EBITDA breakeven before year end regardless of the macro environment.

扭轉頹勢，2023 年第一季度調整後的 EBITDA 為負 2440 萬美元，比 2022 年第一季度增加 1710 萬美元。調整後的 EBITDA 符合我們對本季度的預期，因為我們預計整個 EBITDA 將有更有意義的環比改善2023 年，因為我們將 2 月份宣布的 5000 萬美元增量成本節約與更高的收入貢獻相結合，尤其是在 2023 年下半年。無論宏觀環境如何，我們都有望在年底前實現調整後的 EBITDA 收支平衡。

Cash also came in as expected, ending the quarter at $149.8 million in cash, cash equivalents, and short-term investments. We were able to reduce our operating cash burn from $56.3 million in the first quarter of 2022 to $37.3 million in the first quarter of 2023. We're in a solid position based on our internal cash forecast and we expect ongoing expense reduction efforts will drive significant sequential cash flow improvements, even if recessionary headwinds persist.

現金也按預期流入，本季度末現金、現金等價物和短期投資為 1.498 億美元。我們能夠將我們的運營現金消耗從 2022 年第一季度的 5630 萬美元減少到 2023 年第一季度的 3730 萬美元。根據我們的內部現金預測，我們處於穩固的地位，我們預計持續的費用削減工作將推動即使經濟衰退的逆風持續存在，現金流量也會顯著改善。

We ended the quarter with $98.2 million in inventory, higher than when we exited Q4 2022, as a result of sales coming in softer than we expected in the first quarter, along with the impacts of closing six production facilities. We still expect our messaging from last quarter to remain true. We intend to monetize inventory over the next several quarters in order to free up working capital and provide further improvements to our cash position. And you should see better progress over the balance of 2023.

我們在本季度結束時的庫存為 9820 萬美元，高於我們退出 2022 年第四季度時的水平，這是由於第一季度的銷售額低於我們的預期，以及關閉六個生產設施的影響。我們仍然希望上個季度的信息能夠保持真實。我們打算在接下來的幾個季度內將庫存貨幣化，以釋放營運資金並進一步改善我們的現金狀況。在 2023 年餘下的時間裡，您應該會看到更好的進展。

And finally, moving to our 2023 financial outlook on slide 14. While first-quarter revenue was a little softer than expected, the results were still in line with our range of expectations. In addition, demand remains strong across our portfolio of solutions and customer engagement trends give us confidence for the balance of 2023, even if ongoing macro environment challenges persist. As a result, we are reaffirming our revenue expectations of $210 million to $260 million for 2023.

最後，轉到幻燈片 14 上的 2023 年財務展望。雖然第一季度收入略低於預期，但結果仍符合我們的預期範圍。此外，我們的解決方案組合和客戶參與趨勢的需求依然強勁，使我們對 2023 年的平衡充滿信心，即使持續的宏觀環境挑戰依然存在。因此，我們重申 2023 年的收入預期為 2.1 億美元至 2.6 億美元。

We also continue to expect adjusted EBITDA in the range of negative $50 million to negative $25 million for 2023. First-quarter adjusted EBITDA was in line with our expectations and we anticipate adjusted EBITDA in the second half of 2023 to significantly outstrip the first half. As we've consistently committed, we are driving significant continued improvements to our expense profile in order to achieve adjusted EBITDA breakeven before the end of the year, regardless of the macro environment.

我們還繼續預計 2023 年調整後的 EBITDA 將在負 5000 萬美元至負 2500 萬美元之間。第一季度調整後的 EBITDA 符合我們的預期，我們預計 2023 年下半年調整後的 EBITDA 將大大超過上半年。正如我們一貫承諾的那樣，無論宏觀環境如何，我們都在推動費用狀況的持續顯著改善，以便在年底前實現調整後的 EBITDA 收支平衡。

And with that, I'll turn the call back to Ric for his closing remarks.

有了這個，我會把電話轉回給里克，聽取他的結束語。

Thank you, Jason. I'll wrap up on slide 15. Additive manufacturing is driving the future of mass production. We remain focused on our strategic priorities for 2023. We're laser focused on getting the company profitable and are driving the business to meet these commitments.

謝謝你，傑森。我將在幻燈片 15 上結束。增材製造正在推動大規模生產的未來。我們仍然專注於我們 2023 年的戰略重點。我們專注於讓公司盈利並推動業務實現這些承諾。

I'm very proud of the team's execution to drive $50 million of cost savings in 2022, and I'm confident this next $50 million in 2023 will deliver continued improvements in our cost structure in order to drive margin expansion and achieve adjusted EBITDA profitability before the end of the year.

我為團隊在 2022 年推動 5000 萬美元成本節約的執行力感到非常自豪，我相信 2023 年下一個 5000 萬美元將持續改善我們的成本結構，以推動利潤率擴張並在之前實現調整後的 EBITDA 盈利能力年末。

Customer engagement remains very strong across our AM 2.0 mass production portfolio, with growing repeat customer cohorts and validating we're delivering for our customers' missions. And finally, we continue to mature as a company and driving important operational improvements across the board in order to streamline the business, create a more resilient organization, and strengthen Desktop Metal for the long term.

在我們的 AM 2.0 量產產品組合中，客戶參與度仍然非常高，回頭客群不斷增加，並證明我們正在為客戶的使命提供服務。最後，我們作為一家公司不斷成熟，並推動全面的重要運營改進，以簡化業務，創建更具彈性的組織，並長期加強 Desktop Metal。

In closing, we will be relentless in leveraging our competitive advantages to drive adoption in the additive manufacturing market and extend our leadership in the space in order to capitalize on the next stage of this market's secular growth opportunity, and we're extremely well positioned to scale.

最後，我們將堅持不懈地利用我們的競爭優勢來推動增材製造市場的採用，並擴大我們在該領域的領導地位，以利用該市場下一階段的長期增長機會，我們非常有能力規模。

With that, let's open up the call for some questions. Operator?

有了這個，讓我們打開一些問題的電話。操作員？

(Operator Instructions) Greg Palm, Craig-Hallum Capital.

（操作員說明）Greg Palm，Craig-Hallum Capital。

Yeah, thanks. I wanted to start with the revenue outlook, kind of a two-part question, I guess. Number one, can you quantify how much revenue slipped from Q1? And I'm not sure if you've booked it already in Q2 or if it's just been pushed out or deferred.

是的，謝謝。我想從收入前景開始，我想這是一個分為兩部分的問題。第一，你能量化一下第一季度的收入下滑情況嗎？而且我不確定您是否已經在第二季度預訂了它，或者它是否只是被推遲或推遲了。

And then more of a general comment. You reiterated the guide, it's still a pretty wide range. So I guess, now that we're a couple more months into the year relative to when you put that guidance out, any puts or takes in terms of low end of that range versus mid and some of the demand indicators you're looking at?

然後是一般性評論。你重申了指南，它的範圍仍然很廣。所以我想，現在我們距離發布該指導的時間還有幾個月的時間，就該範圍的低端與中端和您正在查看的一些需求指標而言，任何看跌或賣出？

Thank you, Greg. I think it's in the mid-single digits to slightly more than $5 million to $8 million that probably slipped into Q2. And I would say we have a lot of great things in development for the second half of the year and excited about all the things that we're doing and are bullish still about our plan for the year. We didn't feel like we needed to change our guidance number at all. And so, we continue to work at full pace to execute.

謝謝你，格雷格。我認為進入第二季度的收入可能在中等個位數到略高於 500 萬至 800 萬美元之間。我想說下半年我們有很多很棒的事情正在開發中，我們對我們正在做的所有事情感到興奮，並且仍然看好我們今年的計劃。我們覺得根本不需要更改指導編號。因此，我們繼續全速執行。

I would say it was not the easiest quarter that we've had to date. I think, maybe, as I digest it, sometimes when you've got this type of environment, you've got customers that decide to delay some decisions, they print parts with service bureaus that use our equipment or partners, or really sharpen their pencil until they move forward, but we still see very good signs of demand and growth for the year. And we like the position that we are competitively, and we feel like we're going to, by year end, be in a better position than most of the other companies in our space.

我會說這不是我們迄今為止最簡單的季度。我想，也許，當我消化它時，有時當你遇到這種類型的環境時，你的客戶決定推遲某些決定，他們與使用我們設備或合作夥伴的服務機構打印零件，或者真正提高他們的能力鉛筆直到他們向前移動，但我們仍然看到今年需求和增長的非常好的跡象。我們喜歡我們具有競爭力的地位，我們覺得到年底，我們將比我們所在領域的大多數其他公司處於更好的地位。

Okay. Appreciate that color. I wanted to move along to consumer electronics. You provided a little bit -- maybe a little bit more detail this quarter on what you're seeing. And I guess, a few questions related to that.

好的。欣賞那種顏色。我想轉向消費電子產品。你提供了一點——也許本季度你所看到的更多細節。我想，有幾個問題與此相關。

You're expecting eight figures of revenue over the next 18 months. That's a pretty wide range depending on what numbers you use. But can you confirm, do you actually have POs in hand and maybe timelines for deployment of systems? And then just -- I think there was a major consumer electronics company that was a customer in Q1. So when do you confirm that?

您預計未來 18 個月的收入將達到八位數。這是一個相當廣泛的範圍，具體取決於您使用的數字。但是你能確認一下，你手頭是否真的有 PO 以及系統部署的時間表？然後 - 我認為有一家大型消費電子公司是第一季度的客戶。那你什麼時候確認？

Yeah. So we work with, I would say, the top four companies in that space in a variety of programs. And we feel really good about the number that we laid out in terms of revenue and have a number of contractual commitments to deliver equipment over the next 18 months in that range. And I'd love to be able to say more about it. And that's as companies' long-term products and they show up on stores, you'll be able to pick them up and play with them.

是的。因此，我想說，我們在各種項目中與該領域的四大公司合作。我們對我們在收入方面列出的數字感到非常滿意，並且有許多合同承諾在未來 18 個月內交付該範圍內的設備。我很想就此說更多。這就是公司的長期產品，它們出現在商店裡，你就可以拿起它們來玩。

And clearly, you won't be able to tell that they were 3D printed. But the good news is that 3D printing in that segment enables you to use better materials. You can reduce your carbon footprint by not having to remelt chips to make blanks. You have many benefits in terms of being able to open up space for more -- either a thinner device or more battery space, many advantages that you can do when using additive in that segment, especially as new products get launched in new form factors, that's going to be a more exciting thing over time.

很明顯，您無法分辨出它們是 3D 打印的。但好消息是，該領域的 3D 打印使您能夠使用更好的材料。您可以通過不必重新熔化芯片來製造毛坯來減少碳足跡。就能夠為更多空間打開空間而言，你有很多好處——無論是更薄的設備還是更多的電池空間，在該領域使用添加劑時你可以做很多好處，特別是當新產品以新的外形尺寸推出時，隨著時間的推移，這將是一件更令人興奮的事情。

So we -- it's not the only thing we do. We're very strong and we've got a lot of things going on in automotive. We have things going on in aerospace. We have parts in jet engines now. We've got this segment.

所以我們 - 這不是我們做的唯一事情。我們非常強大，我們在汽車領域發生了很多事情。我們在航空航天領域正在發生一些事情。我們現在有噴氣發動機零件。我們有這個部分。

What we talked about in nuclear is also a really exciting opportunity where we did between $5 million and $10 million in the last 12 months, and we expect that to continue to grow as a segment for us, where we're the only company in the world that does that. And yeah, so we're excited about our business and what we're doing with customers to make them successful.

我們在核能方面所談論的也是一個非常令人興奮的機會，我們在過去 12 個月中投入了 500 萬至 1000 萬美元，我們希望它作為我們的一個細分市場繼續增長，我們是該領域唯一的公司那樣做的世界。是的，所以我們對我們的業務以及我們為使客戶成功而與客戶所做的事情感到興奮。

Got it. But just to confirm. If you're, I guess, expecting that level of revenue over the next 18 months, you probably have some sense of what PO you have in hand, or what's coming? And again, for clarification, are you saying that this is for end-use parts? This is not for R&D purposes within this consumer and electronics space that they're -- this space is actually using [by]?

知道了。但只是為了確認。我猜，如果您預計未來 18 個月的收入水平會達到這個水平，那麼您可能對手頭有什麼 PO 或即將發生什麼有所了解？再說一次，為了澄清，你是說這是針對最終用途部件的嗎？這不是出於他們在這個消費和電子領域內的研發目的——這個領域實際上正在使用 [by]？

Greg. So we are -- we expect to be in products.

格雷格。所以我們 - 我們希望成為產品。

Okay. Understood.

好的。明白了。

This is for production. This is production. We've been working in this area for some time and it's the work we're doing in that space is all production, end-use parts.

這是為了生產。這是生產。我們在這個領域工作了一段時間，我們在那個領域所做的工作都是生產、最終使用的部件。

Okay. And I guess just last one. Lots of commentary on EBITDA breakeven and I think you used the term regardless of macro environment. I guess, if we assume that the macro gets significantly worse here, does that mean there's additional levers that you can pull to achieve that breakeven? Or is there a certain level of revenue that you need to feel comfortable with to achieve that?

好的。我想只是最後一個。很多關於 EBITDA 盈虧平衡的評論，我認為你使用這個術語而不考慮宏觀環境。我想，如果我們假設宏觀在這裡變得更糟，這是否意味著您可以使用額外的槓桿來實現收支平衡？或者您是否需要滿足一定的收入水平才能實現這一目標？

Yeah. I'd say across -- we're reaffirming the guidance range. And across every element of that guided range, we believe we can achieve that target. The levers we have at our disposal are pulled; were all being deployed. They take a little time to land. It's consistent with what we said last quarter. But we believe across that range, we do deliver breakeven by the end of the year.

是的。我想說的是——我們正在重申指導範圍。在該指導範圍的每個元素中，我們相信我們可以實現該目標。我們可以使用的槓桿被拉動了；都在部署中。他們需要一點時間才能著陸。這與我們上個季度所說的一致。但我們相信在這個範圍內，我們確實會在年底前實現收支平衡。

Josh Pokrzywinski, Morgan Stanley.

Josh Pokrzywinski，摩根士丹利。

Good afternoon, guys. So Ric, I want to dig in a little bit more on the revenue weakness, if you wouldn't mind. And I think there were a few mentions of the recessionary pressures. I guess, maybe elsewhere, and either the factory floor automation space, you're seeing pretty healthy bookings, a lot of backlog growth. I think people are probably celebrating supply chain improvement more than talking about demand.

下午好，伙計們。所以里克，如果你不介意的話，我想深入了解一下收入疲軟的情況。而且我認為有幾次提到了經濟衰退的壓力。我想，也許在其他地方，或者在工廠車間自動化空間，你會看到相當健康的預訂，大量的積壓增長。我認為人們可能更多地慶祝供應鏈的改善，而不是談論需求。

Any other color that you can provide in terms of the end markets? Maybe anything geographically that could flush out where you're seeing the weakness, or what you're watching for, specifically on KPIs? Because I think the broader macro, at least in the industrial space, 1Q has been pretty healthy so far.

就終端市場而言，您可以提供任何其他顏色嗎？也許任何地理上的東西都可以消除你看到的弱點，或者你正在觀察的東西，特別是在 KPI 上？因為我認為更廣泛的宏觀，至少在工業領域，到目前為止，第一季度一直相當健康。

Yeah. I think that we do technology, especially when people are making a decision to adopt a new process. That's one of the considerations that happens, especially when a market has credit that tightens, and you've got -- a lot of our equipment costs more than $1 million to get it going. And I think people may make decisions that, let's say, this should hold on a fourth quarter before we spend on that CapEx, especially with the CapEx financing being a little bit more expensive.

是的。我認為我們做的是技術，尤其是當人們決定採用新流程時。這是發生的考慮因素之一，尤其是當市場信貸收緊時，而且你已經 - 我們的許多設備成本超過 100 萬美元才能運行。而且我認為人們可能會做出這樣的決定，比方說，這應該在我們花在資本支出上之前的第四季度舉行，尤其是在資本支出融資有點貴的情況下。

But the customers that have technology, they continue to buy product. And so, we see repeat demand. So where the ROI has been demonstrated and the company has figured out that, wow, this is really a fantastic way to make product, they move relatively quickly.

但是擁有技術的客戶會繼續購買產品。因此，我們看到重複需求。因此，在投資回報率得到證明並且公司發現，哇，這確實是一種製造產品的絕妙方法的地方，他們的行動相對較快。

We do see healthy demand. I was just polling one of our customers yesterday that makes -- parts of service using our technology, they see pretty healthy demand. So I think what you see is just related to -- I would say, the behavior that you may see in companies as you have rates increase, but it comes and goes on a quarter by quarter, the stretching and shrinking of the order cycle for -- or the sales cycle for our type of products.

我們確實看到了健康的需求。我昨天剛剛對我們的一位客戶進行了民意調查——使用我們的技術提供的部分服務，他們看到了非常健康的需求。所以我認為你所看到的只是與——我想說的是，你可能會在公司中看到隨著利率上漲而出現的行為，但它一個季度一個季度地來來去去，訂單週期的延長和縮短-- 或者我們產品類型的銷售週期。

It was around Q3 of last year that when we started to see people talk about potential recession or hard landing that you saw some of that manifests itself in our sales cycle. And then it's been somewhat kind varying over the last two quarters, but I expect it also to go the other way when they stop raising rates and then eventually when they start lowering rates.

大約在去年第三季度，當我們開始看到人們談論潛在的經濟衰退或硬著陸時，您會看到其中一些表現在我們的銷售週期中。然後在過去兩個季度中有所不同，但我預計當他們停止加息並最終開始降低利率時，情況也會發生變化。

So we -- besides that backdrop, we do see healthy demand for our products and a ton of projects. So we have an increase in number of projects and bookings and other things. It's more of a -- when things get -- when people pull the trigger on things that I think is some of what we saw in Q1. I don't have more -- the psychology of that, but I feel very good about the amount of activity that we've got going on in the company. And maybe Jason has more color or additional thoughts on it.

所以我們 - 除了那個背景之外，我們確實看到了對我們產品和大量項目的健康需求。因此，我們的項目和預訂數量以及其他方面都有所增加。這更像是——當事情發生時——當人們觸發我認為是我們在第一季度看到的一些事情時。我沒有更多 - 心理，但我對我們在公司進行的活動數量感到非常滿意。也許 Jason 對此有更多的色彩或額外的想法。

I think [it's a work mnemonic]. Thanks.

我認為[這是一個工作助記符]。謝謝。

Yeah. And a number of things we were working on Q1 just moved relatively quickly into Q2, and we started Q2 with it. So --

是的。我們在第一季度所做的一些事情只是相對快速地進入了第二季度，我們從它開始了第二季度。所以 -

Okay. But there's no like end market or geographic commonality where you saw the pushouts? It was just a little bit more randomized to say?

好的。但是在您看到推出的地方沒有類似的終端市場或地理共性？只是說有點隨意？

I don't think we saw a geography -- I don't think we saw a geographic change in our business in the past quarter, which is relatively similar. But I wish we had a stronger presence in Asia, and that's something that we'll build over time, but I would say a similar mix between Europe, US, and Asia.

我不認為我們看到了地理——我認為我們在過去一個季度的業務中沒有看到地理變化，這相對相似。但我希望我們在亞洲有更強大的影響力，這是我們會隨著時間的推移建立起來的，但我會說歐洲、美國和亞洲之間的類似組合。

Got it. That's helpful. And then just following up on the cost side. Obviously, a big focal point right now, you guys have referenced several times. I just want to square that up with some of the opportunities, the eight-figure opportunity, obviously, the numbers there, depending on how you want to define that could get pretty big.

知道了。這很有幫助。然後只是跟進成本方面。顯然，現在是一個大焦點，你們已經多次提到了。我只是想把它與一些機會相提並論，八位數的機會，顯然，那裡的數字，取決於你想如何定義它可能會變得相當大。

How should we think about the reflation in the cost base? Or at what revenue levels you really start to redeploy that? Or maybe even just said differently, how you think about incremental margins here? Because you have some of these exciting growth ambitions, good conversations, big customers, including those you can't even name yet, but the focus on costs, just wondering when the [tag glasses] shift there.

我們應該如何看待成本基礎的通貨再膨脹？或者您真正開始重新部署的收入水平是多少？或者甚至可能只是換句話說，你如何看待這裡的增量利潤率？因為你有一些令人興奮的增長雄心、良好的對話、大客戶，包括那些你甚至還不能說出名字的客戶，但關注成本，只是想知道什麼時候 [標籤眼鏡] 轉移到那裡。

Yeah. So I think I'll talk about -- maybe unpack costs a little bit. I think some of this we've spoken about on prior calls. But I think the way we think about that is we were scaled for growth at a level that wasn't materialized as you go back to the middle of last year. And so, we've taken a lot of effort on the cost side to really reduce that fixed cost base.

是的。所以我想我會談談——也許拆包需要一點成本。我認為我們在之前的電話中已經談到了其中的一些內容。但我認為我們考慮這一點的方式是，當你回到去年年中時，我們的增長水平並未實現。因此，我們在成本方面付出了很多努力，以真正減少固定成本基礎。

We're in the midst of closing six production sites. What comes with that is you will find that we'll be less volatile as revenues will. The margin volatility will be less volatile than the revenue is, especially as it drops below $50 million that you saw in 3Q of last year and now this 1Q. Those are being enacted across 2Q, and we really expect to see the savings from that later in the year.

我們正在關閉六個生產基地。隨之而來的是，您會發現我們的收入波動性會降低。利潤率的波動性將小於收入的波動性，尤其是當它跌破去年第三季度和現在第一季度的 5000 萬美元時。這些將在第二季度實施，我們真的希望在今年晚些時候看到節省的費用。

We also have a buildup of inventory. I think monetizing that inventory is going to be a big element of this. Those kind of opportunities play into that. We've got inventory in some of these spaces where the demand is expected to come from, and it's going to help us accelerate that inventory drawdown. And we expect that to be a big benefit on the cost side as well.

我們還積累了庫存。我認為將庫存貨幣化將是其中的一個重要因素。這些機會發揮了作用。我們在其中一些預計會產生需求的空間中有庫存，這將幫助我們加速庫存縮減。我們預計這也會在成本方面帶來巨大好處。

Got it. Appreciate the color.

知道了。欣賞顏色。

(Operator Instructions) Ashley Ellis, Credit Suisse.

（操作員說明）Ashley Ellis，瑞士信貸。

Hi. Thank you for taking my question. I'm on for Shannon today. If I could just add on to Josh's question with KPIs and demand. Your portfolio is pretty broad. You've got $1 million production systems and then you've got the smaller desktop Einstein system. So within your end markets, is there any market that's maybe doing better or worse than the other?

你好。謝謝你提出我的問題。我今天替香農上場。如果我可以用 KPI 和需求來補充 Josh 的問題。您的投資組合非常廣泛。你有價值 100 萬美元的生產系統，然後你有更小的桌面 Einstein 系統。那麼在您的終端市場中，是否有任何市場可能比另一個市場做得更好或更差？

Absolutely. I think that dental has been a very strong market for us, and we have best-in-class technology there. The printed casting technology has been benefiting from efforts to reshore and to do part consolidation on large components.

絕對地。我認為牙科對我們來說是一個非常強大的市場，我們在那裡擁有一流的技術。印刷鑄造技術一直受益於對大型部件進行重新修整和零件整合的努力。

We have a very strong business on defense that, I would say, is outpacing the growth in any of the other areas that we have in the company. It's probably our fastest-growing segment right now. And I would say, SMEs that have a higher difficulty getting credit or connecting this new technology, they may think about it twice before they buy it and then we connect them with our service bureaus or partners that make parts that can support them for a while.

我們在國防方面的業務非常強大，我想說，它的增長速度超過了我們公司其他任何領域的增長速度。這可能是我們目前增長最快的部分。我想說的是，中小企業很難獲得信貸或連接這項新技術，他們在購買之前可能會三思而後行，然後我們將他們與我們的服務機構或合作夥伴聯繫起來，這些服務機構或合作夥伴製造的部件可以支持他們一段時間.

And then in automotive, we have, let's say, a trend in vehicle OEMs that are starting to use -- trying to do something similar to Tesla with giga casting on the body and white space. And one of the things that our technology can be used for is to arrive at the shape that you need to before you cut all the die cast tooling. And we work -- companies like Tesla use our systems to do things like that before they would cut the die cast tooling. So that -- as other companies replicate that type of process, it is going to open opportunities over time in the market.

然後在汽車行業，比方說，汽車原始設備製造商開始使用一種趨勢——試圖做一些類似於特斯拉的事情，在車身和空白處使用 giga 鑄件。我們的技術可以用來做的一件事是在切割所有壓鑄模具之前達到您需要的形狀。我們工作 - 像特斯拉這樣的公司在他們切割壓鑄模具之前使用我們的系統來做這樣的事情。因此——隨著其他公司複製這種類型的流程，隨著時間的推移，它將在市場上打開機會。

So I would say lots of areas or project development that can yield significant long-term growth. But that, I would say, ranks the areas that are stronger versus weaker, I think SMEs are hurting a little bit. Defense is extremely strong, and the other stuff is on -- in between or in the middle.

所以我想說很多領域或項目開發可以產生顯著的長期增長。但是，我想說的是，對強弱領域進行排名，我認為中小企業受到了一些傷害。防守非常強大，其他東西都在——介於兩者之間或中間。

Thanks for all those details. And then for revenue, how should we think about linearity? You're pointing to a really strong 2H. So should we think of 2Q maybe being flattish? And then if we look at the Super Fleet data, which you've given us, is very interesting. How much revenue do you think is locked in for the coming year? And that's it for me. Thanks.

感謝所有這些細節。然後對於收入，我們應該如何考慮線性？你指的是一個非常強大的 2H。那麼我們是否應該認為 2Q 可能持平？然後，如果我們查看您提供給我們的超級艦隊數據，就會非常有趣。您認為來年鎖定了多少收入？對我來說就是這樣。謝謝。

Yeah. I think I have to think about it in terms of how much revenue is locked in. One benefit of our architecture is a razor-razor blade model. You install a fleet of systems, and then the next year, when you install the next group of systems, they have a compounding effect because the consume materials seem to be better gross margins.

是的。我想我必須考慮鎖定多少收入。我們架構的一個好處是剃須刀片模型。你安裝了一組系統，然後明年，當你安裝下一組系統時，它們會產生復合效應，因為消耗材料似乎是更好的毛利率。

The other part of that question, I think, I would say, 2Q seasonally, historically, has been a stronger quarter for us. We're not going to get into guiding the individual quarters, but I'll leave it out. I think 2Q should -- if history portends and we expect that it will, it should be an up quarter and a flat quarter.

這個問題的另一部分，我想，我想說，從歷史上看，第二季度對我們來說是一個更強勁的季度。我們不會進入指導個別宿舍，但我會離開它。我認為第二季度應該——如果歷史預示著並且我們預計它會發生，那麼它應該是一個上升的季度和一個持平的季度。

Greg Palm, Craig-Hallum Capital.

格雷格·帕爾姆，克雷格-哈勒姆資本。

Yeah. I guess I just wanted to ask maybe more of a broad question on consumer electronics. And keep in mind, this is broadly speaking. But why all of a sudden are you seeing increased interest from this segment? And I guess, more specifically related to binder jet. Why does binder jet make sense in lieu relative to, let's say, laser sintering?

是的。我想我只是想問一個關於消費電子產品的更廣泛的問題。請記住，這是廣義上的。但是，為什麼突然之間您發現該細分市場的興趣增加了？我想，更具體地說，與粘合劑噴射有關。為什麼粘合劑噴射相對於激光燒結有意義？

Okay. So laser sintering is not even close to the cost structure in that segment, right? Parts cost over $1,000 a kilo, in binder jetting, they're $120 at the cost. But in the consumer electronics space, what people use is machining -- CNC machining. So they'll make a -- build out a material, a block, and then they'll get machined into housing or an [oil] component.

好的。所以激光燒結甚至不接近該領域的成本結構，對嗎？零件成本超過每公斤 1,000 美元，在粘合劑噴射中，它們的成本為 120 美元。但在消費電子領域，人們使用的是機加工——CNC機加工。所以他們會製造一個——構建一種材料，一個塊，然後他們會被加工成外殼或[油]組件。

And the downside of machining is that all of the chips have to be remelted to make the parts. And you have a dichotomy where the higher performance and higher stiffness alloys that you use that would be -- that would have higher hardness and be more scratch resistant and better, they would -- they're actually harder and take longer to machine and more expensive to machine.

機加工的缺點是所有的切屑都必須重新熔化才能製造零件。你有一個二分法，你使用的更高性能和更高剛度的合金將具有更高的硬度，更耐刮擦和更好，它們實際上更硬，需要更長的加工時間等等機器昂貴。

So what you can do with binder jetting is you can form those parts and -- there is no -- virtually no waste from the process. So all the materials actually goes into making the part. So you have a much lower energy footprint, and as a result, much lower greenhouse gas footprint.

所以你可以用粘合劑噴射做的是你可以形成這些部件 - 沒有 - 幾乎沒有過程中的浪費。所以所有的材料實際上都用於製造零件。所以你的能源足跡要低得多，因此，溫室氣體足跡也要低得多。

And you can use -- because it's formed with pyrometallurgy, you can use materials that will have higher stiffness by volume or better mechanical properties, which allows you to open up -- thin out regions or other parts and open up space for more battery and do geometries that would be cost prohibitive or very difficult to machine in a few setups. So those are some of the reasons that you'd want to binder jet apart.

你可以使用 - 因為它是用火法冶金形成的，你可以使用體積硬度更高或機械性能更好的材料，這可以讓你打開 - 減薄區域或其他部分並為更多電池和開闢空間做一些成本高昂或很難在一些設置中加工的幾何形狀。所以這些是您想要分離粘合劑的一些原因。

And also, you delay something called tool lock where you get closer to the -- when you're closer to the launch of a product, you can't make any more changes, but with printing, you have more flexibility on your supply chain.

而且，當你接近產品發佈時，你會延遲稱為工具鎖定的東西 - 當你接近產品發佈時，你不能再做任何改變，但通過印刷，你的供應鏈有更大的靈活性.

Also, you need a lot less equipment in order to make the same volume of parts. And as you're trying to make your supply chain more flexible and potentially move out of our region, this allows you to have dramatically higher flexibility. So there are many reasons, almost 90% reduction on the greenhouse footprint side at lower cost and better geometry and better material properties. So many reasons.

此外，您需要更少的設備來製造相同數量的零件。當你試圖讓你的供應鏈更加靈活並可能搬出我們的地區時，這會讓你擁有更高的靈活性。所以有很多原因，以更低的成本、更好的幾何形狀和更好的材料特性，在溫室足跡方面減少了近 90%。這麼多原因。

In some materials like titanium, you can't even recycle the chips into a new block, you'd have to refine the metal to remove the oxygen. So there's a lot of advantages to doing this with binder jetting.

在鈦等某些材料中，您甚至無法將碎片回收成新塊，您必須提煉金屬以去除氧氣。所以用粘合劑噴射來做這件事有很多好處。

Yeah, that's interesting and you rattled off a whole lot of advantages. Is there a single one or top one that's driving more of the increased interest now? I guess that's where my question is. It's why not -- what's shifting your attention.

是的，這很有趣，你說了很多優點。是否有一個或頂級的正在推動更多的興趣增加？我想這就是我的問題所在。這就是為什麼不——是什麼在轉移你的注意力。

Different customers are doing different things and it varies per customer.

不同的客戶在做不同的事情，並且每個客戶都不同。

Okay. All right. Thanks for the follow ups.

好的。好的。感謝您的跟進。

Awesome.

驚人的。

Ashley Ellis, Credit Suisse.

阿什利·埃利斯，瑞士信貸。

Hi, thanks. I just wanted to confirm, does the 2023 revenue range assume a range of contribution from the consumer electronics number that you referenced in the slides?

你好謝謝。我只是想確認一下，2023 年的收入範圍是否假設了您在幻燈片中引用的消費電子產品數量的貢獻範圍？

We have been selling product into the consumer electronics space. We have revenue last year; we have revenue this year; and we'll have some revenue next year. It is -- I'm trying to paint a picture of one of the subsegments that's going to be very large looks like over the next 18 months but --

我們一直在向消費電子領域銷售產品。我們去年有收入；我們今年有收入；明年我們會有一些收入。它是——我正在嘗試描繪未來 18 個月內將非常大的一個子細分市場的圖片，但是——

Okay, understood. Thanks.

好的，明白了。謝謝。

And do you want to -- just to clarify your question earlier. When you were talking about revenue, you're referring about sequential quarter to quarter? Is that what you're in Q1 to Q2 or --?

你想-- 只是為了更早地澄清你的問題。當你談論收入時，你指的是連續的季度到季度？那是你在第一季度到第二季度的情況還是——？

Yes. Yes.

是的。是的。

Yeah. Definitely, we have a -- Q2 is significantly stronger quarter than Q1, sequentially.

是的。當然，我們有一個——第二季度比第一季度強得多。

Okay. Thank you.

好的。謝謝。

Thank you. At this time, there are no further questions. I'd now like to turn the call back to Ric Fulop for closing remarks. Thank you, sir.

謝謝。目前，沒有進一步的問題。我現在想把電話轉回給 Ric Fulop 作結束語。謝謝你，先生。

Wonderful. Thank you very much. I really want to thank everybody again for joining our call this afternoon. And as always, I want to thank the entire Desktop Metal team and family for their passion and focus to begin 2023. I look forward to speaking again with everyone next quarter.

精彩的。非常感謝。我真的要再次感謝大家今天下午加入我們的電話會議。和往常一樣，我要感謝整個 Desktop Metal 團隊和家人對 2023 年的熱情和專注。我期待著下個季度再次與大家交談。

Please don't hesitate to reach out if there's any additional questions, or if you'd like to come visit us here in Burlington, Massachusetts. Thank you.

如果有任何其他問題，或者您想來馬薩諸塞州伯靈頓拜訪我們，請隨時與我們聯繫。謝謝。

Thank you very much, sir. Ladies and gentlemen, that does conclude today's teleconference. Thank you very much for joining us. You may now disconnect your lines.

先生非常感謝您。女士們，先生們，今天的電話會議到此結束。非常感謝您加入我們。您現在可以斷開線路。