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Desktop Metal Announces Fourth Quarter and Full Year 2022 Financial Results and Initiates 2023 Guidance

Desktop Metal Announces Fourth Quarter and Full Year 2022 Financial Results and Initiates 2023 Guidance

  • Record fourth quarter revenue of $60.6 million, up 6.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from the fourth quarter of 2021

  • Record full year 2022 revenue of $209.0 million, up 86.0{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from 2021

  • Cost reduction initiatives on-track to deliver $100 million in aggregate, annualized cost savings in 2023, prioritizing path to profitability

  • Initiates full year 2023 revenue guidance of between $210 and $260 million

BOSTON, March 01, 2023–(BUSINESS WIRE)–Desktop Metal, Inc. (NYSE: DM) today announced financial results for the fourth quarter and full year ended December 31, 2022.

“Desktop Metal delivered record revenue for fourth quarter and full year 2022, fueled by our differentiated portfolio of AM 2.0 mass production solutions, our strong market position, and the team’s solid execution amidst an unsteady macro environment,” said Ric Fulop, Founder and CEO of Desktop Metal. “We also took actions to streamline the business and expanded our cost reduction plans to $100 million in annualized cost savings to prioritize our path to profitability and position the business for long-term growth. As a result, we enter 2023 a stronger, more resilient company focused on driving another year of revenue growth at scale, delivering on our cost reduction measures, and dramatically improving adjusted EBITDA and cash flow, in order to capitalize on the next stage of secular growth in the additive manufacturing market.”

Recent Business Highlights:

  • Continued and expanded the cost reduction plan announced in 2022 to add an additional $50 million in annualized savings after successfully completing $50 million in annualized savings in 2022. Total combined $100 million in annualized cost savings are on-track in order to reduce expense structure, drive margin expansion, and prioritize path to profitability

  • Announced strategic collaboration with Align Technology to accelerate adoption of digital dentistry in the $30 billion annual dental parts market. Align’s market-leading iTero intraoral scanners will be offered as a seamless managed service to dentists in a subscription model with recurring revenue, enabling a gateway for a connected suite of digital dentistry solutions with a workflow backed by Desktop Labs’ experienced network of digitized dental laboratories and premium Desktop Health 3D printers and materials

  • Commenced shipments of Production System™ P-50 in 2022 including continued traction with automotive, industrial, and other major end markets. Recently signed master supply agreement with one of the largest consumer electronics companies in the world

  • Launched the all-new S-Max Flex® for affordable and scalable digital sand casting, leveraging Single Pass Jetting™ technology

  • Unveiled FreeFoam, a revolutionary, expandable 3D printable resin designed for volume production of foam parts

  • Launched Figur G15, the first commercial platform of its kind to shape standard sheet metal on demand using patent-pending Digital Sheet Forming (DSF) technology

  • Installations of additive manufacturing systems for metal parts surpassed 1,100 units including some of largest production deployments in additive manufacturing

Fourth Quarter 2022 Financial Highlights:

  • Revenue of $60.6 million, up 6.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from the fourth quarter of 2021

  • GAAP gross margin of 13.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}; non-GAAP gross margin of 24.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, a sequential improvement of 440 basis points from the third quarter of 2022

  • GAAP net loss of $312.4 million, including $269.3 million of goodwill impairment and $10.1 million of amortization of acquired intangible assets; non-GAAP net loss of $24.0 million

  • Adjusted EBITDA of $(21.1) million

Full Year 2022 Financial Highlights:

  • Revenue of $209.0 million, up 86.0{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from 2021

  • Revenue contribution of 24{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from high-margin consumables, services, and subscription

  • GAAP gross margin of 7.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}; non-GAAP gross margin of 22.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

  • GAAP net loss of $740.3 million, including $498.8 million of goodwill impairment and $38.7 million of amortization of acquired intangible assets; non-GAAP net loss of $130.7 million

  • Adjusted EBITDA of $(118.4) million

  • Cash, cash equivalents, and short-term investments of $184.5 million as of December 31, 2022

Outlook for Full Year 2023:

  • Revenue expectation of between $210 to $260 million for full year 2023

  • Adjusted EBITDA expectation of between $(50) to $(25) million for full year 2023, with expectation to achieve Adjusted EBITDA breakeven before year end 2023

Desktop Metal has not provided a reconciliation of its Adjusted EBITDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts. See “Non-GAAP Financial Information.”

Conference Call Information:

Desktop Metal will host a conference call on Wednesday, March 1, 2023 at 4:30 p.m. ET to discuss fourth quarter and full year 2022 results. Participants may access the call at 1-877-407-4018, international callers may use 1-201-689-8471, and request to join the Desktop Metal financial results conference call. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online at the Events & Presentations section of https://ir.desktopmetal.com. A replay will be available shortly after the conclusion of the conference call at the same website.

About Desktop Metal:

Desktop Metal (NYSE:DM) is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, medical, and consumer products. Our innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. We’re the original inventors and world leaders of the 3D printing methods we believe will empower this shift, binder jetting and digital light processing. Today, our systems print metal, polymer, sand and other ceramics, as well as foam and recycled wood. Manufacturers use our technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world’s toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and our #TeamDM brands at www.desktopmetal.com.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in these communications, including statements regarding Desktop Metal’s future results of operations and financial position, financial targets, business strategy, plans and objectives for future operations, are forward-looking statements. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to risks associated with the integration of the business and operations of acquired businesses, our ability to realize the benefits from cost saving measures, and supply and logistics disruptions, including shortages and delays. For more information about risks and uncertainties that may impact Desktop Metal’s business, financial condition, results of operations and prospects generally, please refer to Desktop Metal’s reports filed with the SEC, including without limitation the “Risk Factors” and/or other information included in the Form 10-K filed with the SEC on March 1, 2023, and such other reports as Desktop Metal has filed or may file with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

DESKTOP METAL, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

December 31,

2022

2021

Assets

Current assets:

Cash and cash equivalents

$

76,291

$

65,017

Current portion of restricted cash

4,510

2,129

Short‑term investments

108,243

204,569

Accounts receivable

38,481

46,687

Inventory

91,736

65,399

Prepaid expenses and other current assets

17,155

18,208

Total current assets

336,416

402,009

Restricted cash, net of current portion

1,112

1,112

Property and equipment, net

56,271

58,710

Goodwill

112,955

639,301

Intangible assets, net

219,830

261,984

Other noncurrent assets

27,763

25,480

Total Assets

$

754,347

$

1,388,596

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

25,105

$

31,558

Customer deposits

11,526

14,137

Current portion of lease liability

5,730

5,527

Accrued expenses and other current liabilities

26,723

33,829

Current portion of deferred revenue

13,719

18,189

Current portion of long‑term debt, net of deferred financing costs

584

825

Total current liabilities

83,387

104,065

Long-term debt, net of current portion

311

548

Convertible notes

111,834

—

Contingent consideration, net of current portion

—

4,183

Lease liability, net of current portion

17,860

13,077

Deferred revenue, net of current portion

3,664

4,508

Deferred tax liability

8,430

10,695

Other noncurrent liabilities

1,359

3,170

Total liabilities

226,845

140,246

Commitments and Contingencies (Note 17)

Stockholders’ Equity

Preferred Stock, $0.0001 par value—authorized, 50,000,000 shares; no shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively

—

—

Common Stock, $0.0001 par value—500,000,000 shares authorized; 318,235,106 and 311,737,858 shares issued at December 31, 2022 and December 31, 2021, respectively, 318,133,434 and 311,473,950 shares outstanding at December 31, 2022 and December 31, 2021, respectively

32

31

Additional paid‑in capital

1,874,792

1,823,344

Accumulated deficit

(1,308,954

)

(568,611

)

Accumulated other comprehensive loss

(38,368

)

(6,414

)

Total Stockholders’ Equity

527,502

1,248,350

Total Liabilities and Stockholders’ Equity

$

754,347

$

1,388,596

DESKTOP METAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

Years Ended December 31,

2022

2021

2020

Revenues

Products

$

190,248

$

105,994

$

13,718

Services

18,775

6,414

2,752

Total revenues

209,023

112,408

16,470

Cost of sales

Products

178,952

87,450

26,945

Services

15,000

6,665

4,574

Total cost of sales

193,952

94,115

31,519

Gross profit (loss)

15,071

18,293

(15,049

)

Operating expenses

Research and development

96,878

68,131

43,136

Sales and marketing

68,091

47,995

13,136

General and administrative

83,065

78,041

20,734

In-process research and development assets acquired

—

25,581

—

Goodwill impairment

498,800

—

—

Total operating expenses

746,834

219,748

77,006

Loss from operations

(731,763

)

(201,455

)

(92,055

)

Change in fair value of warrant liability

—

(56,576

)

56,417

Interest expense

(1,743

)

(149

)

(328

)

Interest and other (expense) income, net

(8,335

)

(11,822

)

1,011

Loss before income taxes

(741,841

)

(270,002

)

(34,955

)

Income tax benefit

1,498

29,668

940

Net loss

$

(740,343

)

$

(240,334

)

$

(34,015

)

Net loss per share—basic and diluted

$

(2.35

)

$

(0.92

)

$

(0.22

)

Weighted average shares outstanding, basic and diluted

314,817

260,770

157,906

DESKTOP METAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

Years Ended December 31,

2022

2021

2020

Net loss

$

(740,343

)

$

(240,334

)

$

(34,015

)

Other comprehensive (loss) income, net of taxes:

Unrealized gain (loss) on available-for-sale marketable securities, net

(290

)

(40

)

(84

)

Foreign currency translation adjustment

(31,664

)

(6,365

)

—

Total comprehensive (loss) income, net of taxes of $0

$

(772,297

)

$

(246,739

)

$

(34,099

)

DESKTOP METAL, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except share amounts)

Accumulated

Other

Additional

Comprehensive

Total

Legacy Convertible Preferred Stock

Common Stock

Paid‑in

Accumulated

(Loss)

Stockholders’

Shares

Amount

Shares

Amount

Capital

Deficit

Income

Equity

BALANCE—January 1, 2020

100,038,109

$

436,553

26,813,113

$

3

$

16,722

$

(294,262

)

$

75

$

(277,462

)

Retroactive application of recapitalization (Note 1)

(100,038,109

)
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Exercising in the morning may give better results

Exercising in the morning may give better results

An athlete jumping over a hurdle as the sun shines from behindShare on Pinterest
The time of day people today pick out to exercise may affect their fat loss success. Electronic Vision/Getty Illustrations or photos
  • Work out performs an important role in a person’s in general wellbeing.
  • Considerably debate nonetheless exists about what the greatest time of working day is for a individual to exercising.
  • Researchers have located by using a mouse design that exercising in the early morning assists increase fats burn off compared to working out in the evening.

Training performs an critical role in total wellbeing.

Not only can it support with fat reduction, but former reports also demonstrate actual physical exercise can assistance decrease a person’s danger for health conditions like diabetic issues, cardiovascular sickness, stroke, osteoporosis, and substantial blood force.

Even though men and women know they ought to function out, much debate exists more than what is the finest time of working day to work out for the most added benefits.

For example, 1 study in Oct 2021 observed working out in the morning may be additional helpful for people today with weight problems, while another review in September 2021 discovered evening exercise sessions more powerful for chubby adult men.

Now, scientists from the Karolinska Institutet in Sweden uncovered that exercising in the morning helps improve fats burn in comparison to doing the job out in the night in versions of mice.

The study was recently printed in the journal PNAS.

In accordance to Dr. Juleen R. Zierath, a professor in the Office of Molecular Medicine and Surgical procedures and the Department of Physiology and Pharmacology at the Karolinska Institutet in Sweden, and the guide author of this examine, a lot of of our interior rhythms are ruled by an intrinsic molecular clock.

“This clock coordinates a great deal of our physiology, which include system temperature, blood tension response, hormone launch, and even toughness and alertness,” she explained to Medical News Today.

“Therefore, if we can align what we do — for example, our every day work out regimen — with this clock, we may well be capable to fine-tune the health gains,” she included.

For this analyze, Dr. Zierath and her staff examined the adipose tissue of mice soon after they had a session of large intensity training at one particular of two moments throughout the day — a late morning session or a late night session.

Upon assessment, scientists observed that early workout elevated the expression of genes associated in the breakdown of adipose tissue and some other capabilities affiliated with a better metabolic rate.

“The early active section exercising amplified the expression of genes associated to fat burning, warmth creation, and blood vessel production,” Dr. Zierath said.

“These alterations occurred even when ranges of exercising-induced hormones have been identical involving phases, meaning that the sensitivity of overall body body fat to training-induced hormones could differ based on the time of day when the actual physical exercise is executed,” she discussed.

Researchers only uncovered these indicators of greater metabolism in the mice that exercised in the morning.

“We have been shocked that early energetic phase exercising — corresponding to late early morning exercising in human beings — had these a profound impression on boosting metabolic process in body fat cells. At first, we assumed this time-of-day-dependent result was for the reason that of dietary standing.”
— Dr. Juleen R. Zierath

“However, we later on verified that the gene signature of a greater metabolic level was not impacted by food stuff ingestion,” she mentioned.

When questioned what the next steps for this study would be, Dr. Zierath reported the limitation of the present study was that the operate was only performed in healthier mice.

“Our future action is to conduct a identical study in males and women of all ages with [healthy] excess weight or weight problems. It is vital to comprehend if our conclusions can be utilized to fine-tune the well-known positive aspects of exercise on fat burning capacity,” she continued.

“The ideal time appears to be to be critical to the body’s energy equilibrium and to improving the well being rewards to work out, but additional research are wanted to attract any trustworthy conclusions about the relevance of our conclusions to people.”
— Dr. Juleen R. Zierath

Healthcare News Now also spoke with Ryan Glatt, a senior brain overall health mentor and director of the FitBrain System at Pacific Neuroscience Institute in Santa Monica, California, about this examine.

He agreed that the time of day may well have an affect on how physical exercise impacts the human body centered on individual circadian rhythms — or organic clocks centered on time of day — and the numerous variations in hormones that may perhaps commonly fluctuate during the working day in relation to the endocrine outcomes of exercising.

“There is no present scientific settlement on the ‘best time of day’ for work out, as what is likely additional crucial is what is most behaviorally sound for that certain personal. It is also not likely that (the) time of day to complete physical exercise outperforms the thought of ‘energy in compared to energy out’ for in general fat reduction.”
— Ryan Glatt, senior brain health mentor

For the upcoming actions in this investigation, Glatt said he would like to see this variety of examine done in individuals, as there is a difference in mouse vs. human physiology.

“Prior reports have executed these kinds of studies in people for results such as getting muscle mass, but the differences amongst the times of day and the results may not be as sizeable as some may possibly count on. Special variables, such as hormonal profile, circadian rhythm, and behavioral preferences, could mediate the interactions of exercise and time of day,” he explained.

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FuboTV Announces Q3 2022 Results; North American Streaming Business Delivered Record High 1,231,000 Subscribers, Exceeded Revenue Forecast

FuboTV Announces Q3 2022 Results; North American Streaming Business Delivered Record High 1,231,000 Subscribers, Exceeded Revenue Forecast

NEW YORK, November 04, 2022–(Company WIRE)–FuboTV Inc. (NYSE: FUBO), the main sports activities-1st live Television streaming system, nowadays announced its fiscal success for the 3rd quarter ended September 30, 2022.

Profits and subscriber advancement for Fubo’s world-wide streaming small business was potent throughout the quarter, with North The united states (NA) earnings and subscriber progress coming in ahead of forecast. FuboTV shut the quarter with $219.2 million in revenue for NA, an boost of 40{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} 12 months-in excess of-12 months, though ad income was $22.5 million, up 21{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} yr-above 12 months. NA paid out subscribers arrived at a file substantial of 1,231,000, an raise of 31{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} calendar year-about-calendar year.

In the Rest of World (ROW), the enterprise delivered $5.8 million in earnings and 358,000 whole paid out subscribers. ROW involves Molotov, the French dwell Tv streaming services acquired by FuboTV in December 2021.

FuboTV ended the quarter with $307.4 million in cash and income equivalents, limited cash and shorter-expression investments, and is assured in its latest liquidity position. Also, FuboTV attained a sequential enhancement in Working Dollars Move and year-over-year advancement in Modified EBITDA (AEBITDA) Margin.

Finish third quarter 2022 benefits are thorough in FuboTV’s shareholder letter offered on the company’s IR site.

“Our third quarter was marked by significant improvements against our lengthy-phrase prepare of ongoing progress with improved profitability along the way,” claimed David Gandler, co-founder and CEO, FuboTV. “Earnings and subscriber advancement for our international streaming small business was solid with North American subscribers reaching a record significant of 1,231,000. As our premium offering proceeds to drive an ever higher number of customers to our platform, our differentiated products knowledge and wide content material portfolio hold them engaged – with this quarter symbolizing an all-time very low for subscriber churn. We are much more bullish than at any time on our product as customers gravitate towards aggregated streaming platforms that supply well known content material introduced to them by means of a custom and personalised encounter.”

“We’re really pleased with Fubo’s third quarter overall performance demonstrated by double-digit calendar year-in excess of-12 months progress in North The united states across many of our KPIs: subscribers, total income and advertisement income,” stated Edgar Bronfman Jr., govt chairman, FuboTV. “As buyers go on to come to be disillusioned with the many high-priced and material-minimal streaming services in the sector, and all those streaming expert services change to other monetization levers like promotion, we are excited about our exceptional positioning in the market. We feel our twin membership and advertising product delivers benefit for shareholders even though our aggregation of premium athletics, news and amusement written content is an reasonably priced possibility for customers.”

Live Webcast

Gandler and CFO John Janedis will host a dwell convention contact right now at 8:30 a.m. ET to produce short remarks followed by Q&A. The stay webcast will be obtainable on the Gatherings webpage of FuboTV’s investor relations website. An archived replay will be accessible on FuboTV’s website following the call. Contributors need to be a part of the contact 10 minutes in progress to be certain that they are connected prior to the occasion.

About FuboTV

With a mission to build the world’s foremost worldwide stay Television streaming platform with the biggest breadth of premium articles and interactivity, FuboTV Inc. (NYSE: FUBO) aims to transcend the industry’s current Tv set model. FuboTV Inc. operates in the U.S., Canada, France and Spain.

Leveraging its proprietary info and know-how platform optimized for dwell Tv and sports viewership, FuboTV Inc. aims to transform passive viewers into energetic contributors and outline a new group of interactive sporting activities and enjoyment television. In the U.S., the firm’s sports-1st cable Television set replacement product or service, FuboTV, aggregates additional than 125 reside sporting activities, news and entertainment networks and is the only are living Television streaming platform with each and every Nielsen-rated sports channel (source: Nielsen Total Viewers, 2021). Subscribers can have interaction with the information they are seeing on FuboTV by means of interactive solution capabilities like FanView, an in-video clip knowledge showcasing stay game, team and player stats and scores in authentic time. Fubo was also the first digital MVPD to enable simultaneous viewing on up to four screens (Multiview on Apple Television set) as well the 1st to stream in 4K HDR.

Rated #1 in Purchaser Satisfaction among the Stay Television set Streaming Providers by J.D. Electric power (2022), FuboTV has been known as “a force in sports activities streaming” by Forbes, “the greatest streaming services for sports aficionados” by Tom’s Tutorial and was heralded by CNET for its “ease of use.” Find out far more at https://fubo.television set

Key Efficiency Metrics and Non-GAAP Steps

Paid out Subscribers

We believe that the selection of compensated subscribers is a pertinent evaluate to gauge the dimensions of our person foundation. Paid out subscribers is outlined as complete subscribers that have finished registration with FuboTV, have activated a payment approach (only demonstrates just one paying out user for each system), from which FuboTV has gathered payment from in the month ending the applicable time period. Buyers who are on a cost-free (demo) interval are not included in this metric.

Altered EBITDA

Altered EBITDA is a non-GAAP evaluate defined as Internet Decline, altered for depreciation and amortization, stock-based compensation, money tax reward, impairment of intangibles, other expenses, and one particular-time non-income costs.

Modified EBITDA Margin

Altered EBITDA Margin is a non-GAAP evaluate described as Modified EBITDA divided by profits.

Cautionary Take note Relating to Forward-Searching Statements

This push release incorporates forward-on the lookout statements of FuboTV Inc. (“FuboTV”) that involve substantial hazards and uncertainties. All statements contained in this press release that do not relate to issues of historic point are ahead-seeking statements within the meaning of The Non-public Securities Litigation Reform Act of 1995, like statements pertaining to our enterprise strategy and ideas, current market opportunity, the continued shift in client behavior and promotion developments, our monetary problem, and our predicted fiscal functionality. The words and phrases “could,” “will,” “plan,” “intend,” “anticipate,” “approximate,” “expect,” “likely,” “imagine” or the adverse of these terms or other similar expressions are meant to recognize forward-hunting statements, even though not all ahead-hunting statements incorporate these figuring out terms. Real final results or activities could differ materially from the strategies, intentions and anticipations disclosed in the forward-searching statements that FuboTV would make due to a range of important things, which include but not minimal to hazards similar to our pursuit and engagement in acquisitions our real functioning effects may vary appreciably from our steering risks connected to FuboTV’s entry to cash and fundraising prospective customers to fund its ongoing operations and guidance its prepared progress pitfalls related to diverting management’s focus from FuboTV’s ongoing business enterprise operations to tackle integration and fundraising efforts the restrictions imposed by articles vendors on our distribution and marketing and advertising of our products and products and services our reliance on 3rd occasion platforms to function particular features of our small business pitfalls relevant to our know-how, as well as cybersecurity and info privateness-associated threats our capability to attain or preserve profitability our income is matter to seasonality our working final results may well fluctuate our capability to attract and retain subscribers we may possibly not be capable to license streaming content material or other rights on acceptable phrases pitfalls relevant to the prior operation and dissolution of our wagering business enterprise threats relevant to the problems in measuring key metrics similar to our business dangers linked to the very aggressive mother nature of our field challenges connected to ongoing or potential authorized proceedings and other threats, which include the outcomes of sector, market place, economic, political or regulatory conditions, future exchange and curiosity costs, and improvements in tax and other guidelines, laws, rates and procedures, such as the effects of COVID-19 on the broader industry. Additional challenges that could cause true effects to differ materially from those matters expressed in or implied by these kinds of forward-wanting statements are reviewed in our Quarterly Report on Sort 10-Q for the quarterly period finished June 30, 2022 filed with the Securities and Trade Commission (“SEC”) on August 8, 2022, our Quarterly Report on Kind 10-Q for the quarterly time period ended September 30, 2022 to be filed with the SEC, and our other periodic filings with the SEC. We really encourage you to go through this kind of threats in detail. The forward-searching statements in this letter symbolize FuboTV’s sights as of the day of this push release. FuboTV anticipates that subsequent activities and developments will cause its sights to alter. On the other hand, although it might elect to update these ahead-hunting statements at some issue in the foreseeable future, it particularly disclaims any obligation to do so. You should really, therefore, not count on these ahead-seeking statements as symbolizing FuboTV’s sights as of any day subsequent to the date of this push release.

See resource version on businesswire.com: https://www.businesswire.com/information/house/20221104005102/en/

Contacts

Investor Contacts:
Alison Sternberg, FuboTV
asternberg@fubo.tv set

JCIR for FuboTV
ir@fubo.television

Media Contacts:
Jennifer L. Press, FuboTV
jpress@fubo.tv set

Bianca Illion, FuboTV
billion@fubo.tv set

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NIO Inc. to Report Second Quarter 2022 Financial Results on Wednesday, September 7, 2022

NIO Inc. to Report Second Quarter 2022 Financial Results on Wednesday, September 7, 2022

SHANGHAI, China, Aug. 26, 2022 (World NEWSWIRE) — NIO Inc. (NYSE: NIO HKEX: 9866 SGX: NIO) (“NIO” or the “Company”), a pioneer and a major organization in the premium smart electrical car sector, these days announced that it will report its 2nd quarter 2022 unaudited monetary outcomes on Wednesday, September 7, 2022, ahead of the open up of the U.S. marketplaces.

The Company’s management will host an earnings convention phone at 8:00 AM U.S. Jap Time on September 7, 2022 (8:00 PM Beijing/Hong Kong/Singapore Time on September 7, 2022).

A stay and archived webcast of the convention contact will be out there on the Company’s trader relations web page at https://ir.nio.com/information-situations/activities.

For participants who desire to join the meeting using dial-in quantities, please sign-up in progress using the hyperlink presented below and dial in 10 minutes prior to the simply call. Dial-in quantities, passcode and distinctive entry PIN would be furnished on registering.

https://s1.c-conf.com/diamondpass/10024719-87cksh.html

A replay of the convention call will be accessible by cellphone at the subsequent numbers, till September 14, 2022:

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About NIO Inc.

NIO Inc. is a pioneer and a major business in the top quality clever electric auto industry. Founded in November 2014, NIO’s mission is to condition a joyful lifestyle. NIO aims to make a group beginning with sensible electrical cars to share pleasure and improve alongside one another with consumers. NIO layouts, develops, jointly manufactures and sells quality smart electric cars, driving innovations in up coming-technology systems in autonomous driving, electronic systems, electrical powertrains and batteries. NIO differentiates itself via its constant technological breakthroughs and innovations, these kinds of as its industry-major battery swapping technologies, Battery as a Company, or BaaS, as perfectly as its proprietary autonomous driving systems and Autonomous Driving as a Provider, or ADaaS. NIO’s product or service portfolio is made up of the ES8, a 6- or seven-seater flagship top quality smart electrical SUV, the ES7, a mid-substantial five-seater quality clever electric powered SUV, the ES6, a five-seater substantial-efficiency high quality clever electric SUV, the EC6, a five-seater top quality wise electric powered coupe SUV, the ET7, a flagship quality wise electric sedan, and the ET5, a mid-measurement quality intelligent electric sedan.

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Posted on

2022 full voting results announced

2022 full voting results announced

Major League Baseball announced the starters for the 2022 All-Star Game at Dodger Stadium, the winning players from the final fan vote joining the top vote-getters from each league in the first round of balloting.

After initial voting, each position was narrowed down to two players (four for outfielders) and fans had the chance to pick ahead of Friday afternoon’s deadline.

The Yankees (Aaron Judge and Giancarlo Stanton), Blue Jays (Alejandro Kirk and Vladimir Guerrero Jr.), Angels (Mike Trout and Shohei Ohtani) and Dodgers (Mookie Betts and Trea Turner) each have two players voted as starters.

Full rosters will be announced Sunday, with pitchers and reserves being voted on by players around the league. The 92nd Midsummer Classic is on Tuesday, July 19.

INTERNATIONAL DRAFT: MLB, union are way apart in negotiations

THE NEVINS: Angels skipper Phil reunites with son, an Orioles 3B

Angels sluggers Shohei Ohtani and Mike Trout.

American League

(All stats through Thursday)

C – Alejandro Kirk, Blue Jays (first appearance): The 23-year-old has been one of baseball’s best hitters in the first half, batting .332 with a .980 OPS since May 1 for Toronto. His 3.2 bWAR was 10th in the AL through Thursday. Stats: .312 average, 10 HR, 33 RBI, .890 OPS in 74 games.

1B – Vladimir Guerrero Jr., Blue Jays (second): The AL MVP runner-up last year, Guerrero has struggled at times this season but is heating up with nine home runs with a .939 OPS in the month of June. Stats: .841 OPS, 19 HR, 54 RBI, 84 hits in 83 games.

Posted on

MeaTech Reports Financial Results for Q1 2022 and Provides Business Update

MeaTech Reports Financial Results for Q1 2022 and Provides Business Update

The company continued to develop the technology, R&D and marketing infrastructure necessary to accelerate toward commercialization of cultured meat

REHOVOT, Israel, May 31, 2022 /PRNewswire/ — MeaTech 3D Ltd. (Nasdaq: MITC) (“MeaTech”) today reported its financial results for Q1 2022 and provided a business update. MeaTech is an international group of deep-tech food companies at the forefront of the cultured meat industry. MeaTech Group uses science and technology to develop high-quality real meat products made from cells rather than farm-raised animals that are delicious, nutritious and safer than conventional meat.

Q1 2022 Financial Results Summary

  • Research and development expenses totaled $2.1 million in the three months ending March 31, 2022, compared to $1.1 million in the same period in 2021. The 90{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase is mainly due to the addition of the company’s Belgian subsidiary and reflects MeaTech Group’s growing investment in research and development as it achieves its milestones and expands its cultured meat technology capabilities.
        
  • General and administrative expenses totaled $2.1 million in the three months ending March 31, 2022, compared to $2.7 million in the same period in 2021. The 23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} decrease is driven by lower share-based payment expenses, partially offset by higher D&O insurance expenses in the three months ending March 31, 2022. 
        
  • Marketing expenses totaled $1.1 million in the three months ending March 31, 2022, compared to $0.3 million in the same period in 2021. The 228{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase is mainly the result of share-based payment expenses of $0.5 million, and the company’s growing investment in marketing activities.
        
  • Operating loss totaled $5.3 million in the three months ending March 31, 2022, compared to $4.2 million in the same period in 2021. The 26{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase in the operating loss reflects the growing investment of MeaTech Group in research and development as well as marketing activities.
        
  • Total comprehensive loss totaled $5.7 million in the three months ending March 31, 2022, or 40 cents per ordinary share ($4.00 per ADS), compared to $4.4 million, or 40 cents per ordinary share ($4.00 per ADS), in the same period in 2021.
        
  • Cash flow used in operating activities totaled $2.8 million in the three months ending March 31, 2022, compared to $1.2 million in the same period in 2021, reflecting a 137{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase, driven mainly by increased research and development expenditures of MeaTech Group.
        
  • Cash flow used in investment activities totaled $1.0 million in the three months ending March 31, 2022, compared to $5.4 million in the same period in 2021, reflecting an 81{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} decrease. This resulted mainly from the $4.8 million cash component paid in the acquisition of Peace of Meat in Q1 2021.  
        
  • Cash flow from financing activities was $0.0 million in the three months ending March 31, 2022, compared to $28.2 million in the same period in 2021, during which the company completed its Nasdaq initial public offering. 
        
  • Cash and cash equivalents were $15.3 million on March 31, 2022, compared to $19.2 million at year-end 2021, a decrease of 20{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. The decrease was mainly due to the company’s ongoing operations.
        
  • Current assets decreased by 23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $16.9 million on March 31, 2022 from $22.1 million at year-end 2021, as a result of ongoing operations.
        
  • Non-current assets increased by 25{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $23.2 million on March 31, 2022 from $18.5 million at year-end 2021, due mainly to a $4.1 million long-term lease asset of its new premises, offset by the recognition of a lease liability in the same amount in accordance with IFRS requirements.
        
  • Total capital decreased 13{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $32.6 million on March 31, 2022, down from $37.6 million at year-end 2021. The decrease was mainly the result of ongoing operations.

Arik Kaufman, MeaTech’s Chief Executive Officer: “In just the first quarter of 2022, we have shown our rapid pace of progress toward commercialization. Our recent technological and scientific advancements and business activities have put us firmly on a path toward scaling our unique solution for the sustainable production of a wide variety of cultured meat products.” 

Business highlights and developments during Q1 2022

  • Promising results with muscle stem cell differentiation: In February, MeaTech announced the successful development of a novel technology process in which muscle cells are fused into significant muscle fibers that better resemble those in whole cuts of meat. Bovine stem cells were isolated, proliferated in the lab, and differentiated into matured muscle cells with improved muscle fiber density, thickness and length. Based on these improvements, MeaTech has filed a provisional patent application with the USPTO.
      
  • New headquarters to widen R&D activity: In March, the company moved to new, more spacious headquarters with state-of-the-art laboratories in Rehovot, Israel, the epicenter of the country’s food-tech sector. The new space allows the company to enhance its cultured meat R&D and 3D bioprinting technology and continue growing the biology and engineering teams with a more expansive lab facility. The new headquarters also features a tasting kitchen.
        
  • Expansion of cultivated meat operation into the US to accelerate go-to-market strategy: In March 2022, MeaTech announced that it will be opening a US office. The new space will include activities in research and development, investor relations, and business development. MeaTech US will be another indication of the company’s rapid growth and scaling efforts.
        
  • Peace of Meat pilot plant and R&D facility in Belgium: In March, MeaTech announced that its wholly owned Belgian subsidiary, Peace of Meat, will build an R&D facility and pilot plant in Belgium, with construction expected to commence in 2022. The new facility will expand and accelerate the MeaTech Group’s cultured avian technology and R&D capabilities and help propel the company’s market entry.
        
  • First-of-its-kind tasting event with Israeli anchor investors: In March, MeaTech hosted a tasting event at the company’s headquarters with its Israeli anchor investors, including prominent food industry investors. Guests toured the labs and R&D facilities, observed the company’s 3D printing capabilities, and tasted hybrid chicken nuggets made with plant protein combined with cultured chicken developed by Peace of Meat.
        
  • Breakthrough in 3D bioprinting capabilities: In May, MeaTech announced the development of a unique, multi-nozzle 3D bioprinting system for industrial scale production of complex cultured meat products without impacting cell viability. The company plans to offer the technology to third parties via a wholly owned private MeaTech subsidiary as an additional revenue stream and to accelerate commercialization.
        
  • Strategic agreement between Peace of Meat and ENOUGH: In May, Peace of Meat signed a strategic agreement with ENOUGH, a leader in the field of mycoprotein, a fungi-based fermented food ingredient, to accelerate commercialization. This innovative initiative is expected to create game-changing hybrid alternative meat products that better resemble the flavor, aroma, texture, and even nutritional value of conventional meat.
        
  • MeaTech joins the United Nations Global Compact: In May, the company joined the UN Global Compact initiative, committing to ten universally accepted principles in the areas of human rights, labor, environment, and anti-corruption and to act in support of UN goals and issues embodied in the UN’s Sustainable Development Goals (SDGs).

Unaudited Condensed Consolidated Interim Information on the Financial Position




As of
March 31

As of
March 31

As of
December 31



2022

2021

2021



USD
thousands

USD
thousands

USD
thousands

Current assets




















Cash and cash equivalents

15,257


35,971


19,176

Other investment

151


144


154

Receivables and prepaid expenses

1,513


391


2,782

Total current assets

16,921


36,506


22,112















Non-current assets


























Restricted deposits

415


50


405

Other investment

1,333


1,259


1,355

Right-of-use asset

4,050


294


407

Intangible assets

13,196


9,805


13,453

Fixed assets, net

4,183


1,797


2,922















Total non-current assets

23,177


13,205


18,542















Total Assets

40,098


49,711


40,654















Current liabilities


























Trade payables

746


1,357


382

Other payables

2,628


1,419


2,239

Current maturities of lease liabilities

488


207


165















Total current liabilities

3,862


2,983


2,786















Non-current liabilities


























Long-term lease liabilities

3,595


96


246















Total non-current liabilities

3,595


96


246















Equity


























Share capital and premium on shares

70,059


67,243


69,610

Capital reserves

4,026


2,004


3,708

Currency translation differences reserve

515


(8)


1,275

Accumulated deficit

(41,959)


(22,607)


(36,971)















Total Equity

32,641


46,632


37,622

Total liabilities and Equity

40,098


49,711


40,654

Unaudited Condensed Consolidated Interim Information on Comprehensive Income



3-month

period ended

March 31,

3-month

period ended

March 31,

Year ended

December 31,


2022

2021

2021


USD thousands,

except share data

USD thousands,

except share data

USD thousands,

except share data










Research and development expenses

2,142


1,126


7,594

Marketing expenses

1,051


320


1,628

General and administrative expenses

2,118


2,760


8,010













Operating loss

5,311


4,206


17,232













Financing expenses (income), net

(323)


(548)


790













Loss for the period

4,988


3,658


18,022













Currency translation differences loss (income) that might be
transferred to profit or loss over ILS

515


551


(1,942)

Currency translation differences loss that might be transferred to
profit or loss over EUR

245


237


1,447













Total comprehensive loss for the period

5,748


4,446


17,527













Loss per ordinary share, no par value (USD)
























Basic and diluted loss per share (USD)

0.040


0.040


0.155













Weighted-average number of shares outstanding – basic and
diluted (shares)

126,235,376


90,346,518


115,954,501

Unaudited Condensed Consolidated Interim Information on Changes in Equity (Deficit)



Share and capital
premium

Fair value
of
financial assets
reserve

Transactions
with related
parties reserve

Currency
translation
differences
reserve

Share-based
payments
reserve

Accumulated
deficit

Total


USD thousands






















Balance as of January 1, 2022

69,610


(334)


14


1,275


4,028


(36,971)


37,622





























Share-based payments

–


–


–


–


714


–


714

Exercise of options

449














(396)






53

Other comprehensive (loss)

–


–


–


(760)


–


–


(760)

Loss for the period

–


–


–


–


–


(4,988)


(4,988)





























Balance as of March 31, 2022

70,059


(334)


14


515


4,346


(41,959)


32,641





























Balance as of January 1, 2021

30,481


(334)


14


780


3,639


(18,949)


15,631





























Share-Based Payment

–


–


–


–


1,879


–


1,879

Issuance of shares and warrants, net

30,357


–


–


–


–


–


30,357

Exercise of options

6,405














(3,194)






3,211

Other comprehensive (loss)





–


–


(788)


–


–


(788)

Loss for the period

–


–


–


–


–


(3,658)


(3,658)





























Balance as of March 31, 2021

67,243


(334)


14


(8)


2,324


(22,607)


46,632





























Balance as of January 1, 2021

30,481


(334)


14


780


(3,639)


(18,949)


15,631





























Share-based payments

–


–


–


–


3,965


–


3,965

Issuance of shares and warrants, net

32,330






















32,330

Exercise of options

6,799


–


–


–


(3,576)


–


3,223

Other comprehensive income



–


–


–


495


–


–


495

Loss for the period

–


–


–


–


–


(18,022)


(18,022)





























Balance as of December 31, 2021

69,610


(334)


14


1,275


4,028


(36,971)


37,622

Unaudited Condensed Consolidated Interim Information on Cash Flows



Three months
ended March 31,
2022

Three months
ended March 31,
2021

Year ended
December 31,
2021


USD thousands

USD thousands

USD thousands

Cash flows – operating activities








Net Loss for the period

(4,988)


(3,658)


(18,022)













Adjustments:











Depreciation and amortization

382


109


680

Change in fair value of derivative

–


(304)


(316)

Change in fair value of other investment

(44)


(74)


(193)

Changes in net foreign exchange expenses

(340)


(174)


1,279

Share-based payment expenses

714


1,879


3,965













Changes in asset and liability items:











Decrease (increase) in receivables and prepaid expenses

1,203


(50)


(2,351)

Increase (decrease) in trade payables

(382)


736


(97)

Increase in other payables

615


336


1,095

Net cash (used in) operating activities

(2,840)


(1,200)


(13,960)













Cash flows – investment activities











Acquisition of fixed assets

(800)


(219)


(1,828)

Increase of restricted deposit

(19)


–


(337)

Loan provided

–


(367)


(367)

Acquisition of subsidiary, net of cash acquired

(188)


(4,848)


(6,808)













Net cash used in investing activities

(1,007)


(5,434)


(9,340)













Cash flows – financing activities











Proceeds from issuance of shares and warrants

–


29,281


29,281

Issuance costs

–


(3,283)


(3,283)

Repayment of liability for lease

(118)


(58)


(346)

Proceeds on account of other investment

38


37


149

Proceeds from exercise of share options

53


3,211


3,222













Net cash provided by (used in) financing activities

(27)


29,188


29,023













Increase (decrease) in cash and cash equivalents

(3,874)


22,554


5,723

Effect of exchange differences on cash and cash equivalents

(45)


(137)


(103)

Cash and cash equivalents at the beginning of the period:

19,176


13,556


13,556













Cash and cash equivalents at end of period

15,257


35,973


19,176













Noncash activities











Purchase of fixed assets

756


222


57

Issue of shares and options against intangible asset

–


4,359


6,332

About MeaTech

MeaTech is an international group of deep-tech food companies at the forefront of the cultured meat revolution. The company initiated activities in 2019 and is listed on the Nasdaq Capital Market under the ticker “MITC”. MeaTech maintains facilities in Rehovot, Israel and Antwerp, Belgium and is in the process of expanding activities to the US. The company believes cultivated meat technologies hold significant potential to improve meat production, simplify the meat supply chain, and offer consumers a range of new product offerings. 

MeaTech aims to provide an alternative to industrialized animal farming that dramatically reduces carbon footprint, minimizes water and land usage, and prevents the slaughtering of animals. With a modular factory design, MeaTech aims to offer a sustainable solution for producing a variety of beef, chicken and pork products, both as raw materials and whole cuts.     

For more information, please visit: https://meatech3d.com
 

Forward-Looking Statements 

This press release contains forward-looking statements concerning MeaTech’s business, operations and financial performance and condition as well as plans, objectives, and expectations for MeaTech’s business operations and financial performance and condition. Any statements that are not historical facts may be deemed to be forward-looking statements. Forward-looking statements reflect MeaTech’s current views with respect to future events and are based on assumptions and subject to known and unknown risks and uncertainties, which change over time, and other factors that may cause MeaTech’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan” or words or phases of similar meaning and include, without limitation, MeaTech’s expectations regarding the success of its cultured meat manufacturing technologies it is developing, which will require significant additional work before MeaTech can potentially launch commercial sales; MeaTech’s research and development activities associated with technologies for cultured meat manufacturing, including three-dimensional meat production, which involves a lengthy and complex process; MeaTech’s ability to obtain and enforce its intellectual property rights and to operate its business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties; and other risks and uncertainties, including those identified in MeaTech’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on March 24, 2022. New risks and uncertainties may emerge from time to time, and it is not possible for MeaTech to predict their occurrence or how they will affect MeaTech. If one or more of the factors affecting MeaTech’s forward-looking information and statements proves incorrect, then MeaTech’s actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, MeaTech cautions you not to place undue reliance on its forward-looking information and statements. MeaTech disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law. 

SOURCE MeaTech 3D Ltd.