ExOne Company releases fourth quarter and full year 2019 results

March 14, 2020

The ExOne Company, North Huntingdon, Pennsylvania, USA, has released its financial results for the fourth quarter and year ended December 31, 2019. Revenue for the fourth quarter was $17.5 million, the highest quarter in 2019 but down from the company’s record fourth quarter a year ago of $25.3 million.

The consolidated revenue for 2019 was $53.3 million, compared with $64.6 million in the same period of 2018. The decline was reportedly due to ongoing global manufacturing softness and the timing of machine installations, which deferred ExOne’s revenue recognition. For the fourth quarter, there was a reported net loss of $0.12 per share and slightly positive Adjusted EBITDA.

“Based on the strength of our new product lineup, machine orders intensified during the fourth quarter, driving our backlog to an all-time record — more than double our year-end 2018 backlog,” stated John Hartner, ExOne CEO. “While fourth quarter revenue fell short of expectations, we are strongly encouraged by order activity and a surge of interest in our technology. Our fourth quarter revenue shortfall was largely associated with the timing and duration of new model machine installations.”

Gross profit was $6.8 million in the 2019 fourth quarter with gross margin showing strength at 38.6% despite the lower revenue, compared with 40.2% in the same period of 2018. The 2019 quarter was impacted by lower revenue volume, partially offset by higher pricing on machine sales. R&D expense was $2.5 million in the fourth quarter of 2019, up 9% from $2.3 million in the same period of 2018. The increase was primarily due to material costs associated with the introduction of the S-Max Pro and X1 25Pro units in the 2019 quarter.

Net loss for the quarter was $2 million, or $0.12 loss per share, compared with $2.1 million of net income, or $0.13 of earnings per share, in the fourth quarter of 2018. Adjusted earnings before interest, taxes, depreciation and amortisation (Adjusted EBITDA), a non-GAAP measure, was approximately $35,000 in the 2019 fourth quarter compared with $4.2 million in last year’s fourth quarter.

Hartner added, “Macroeconomic concerns and the effect of the coronavirus are impacting the timing of customer decision-making. Nonetheless, we are encouraged by the strength of our backlog and customer acceptance of our new products. Our active pipeline of opportunities gives us optimism for growth in 2020. We remain focused on advancing our Binder Jetting technology and driving profitable growth.”


In the latest issue of Metal AM magazine

Download PDF

Extensive AM industry news coverage, as well as the following exclusive deep-dive articles:

  • Kennametal: The story of the successful commercialisation of AM hardmetal and steel solutions
  • General Atomics Aeronautical on metal Additive Manufacturing’s place at the centre of the digital manufacturing revolution
  • Adrian Keppler on Additive Manufacturing: An insider’s assessment from the outside
  • Metal AM’s journey to industrialisation: Are we there yet? And what does the destination even look like?
  • A stronger future, layer by layer: How next-generation software will drive adoption of metal AM
  • Volkmann: Making the case for the complete automation of powder handling in AM
  • Metal AM on an industrial scale: GKN Additive draws on decades of sintering expertise to commercialise Binder Jetting
  • International Conference on Electron Beam Additive Manufacturing: Highlights from EBAM 2023

The world of metal AM to your inbox

Don't miss any new issue of Metal AM magazine, and get the latest industry news. Sign up to our twice weekly newsletter.

Sign up

Discover our magazine archive…

The free to access Metal Additive Manufacturing magazine archive offers unparalleled insight into the world of metal Additive Manufacturing from a commercial and technological perspective through:

  • Reports on visits to leading metal AM part manufacturers and industry suppliers
  • Articles on technology and application trends
  • Information on materials developments
  • Reviews of key technical presentations from the international conference circuit
  • International industry news

All past issues are available to download as free PDFs or view in your browser.

Browse the archive

Looking for AM machines, metal powders or part manufacturing services?

Discover suppliers of these and more in our comprehensive advertisers’ index and buyer’s guide, available in the back of Metal AM magazine.

  • AM machines
  • Process monitoring & calibration
  • Heat treatment & sintering
  • HIP systems & services
  • Pre- & post-processing technology
  • Powders, powder production and analysis
  • Part manufacturers
  • Consulting, training & market data
View online
Share via
Copy link
Powered by Social Snap