Sigma Labs, Inc, Santa Fe, New Mexico, USA, has reported its financial and operational results for the second quarter ended June 30, 2021. Revenue totalled $144,148, a decrease compared to revenues of $167,688 for the second quarter of 2020. The decrease in revenue is said to be primarily due to a decrease of $29,864 in revenue from the company’s Rapid Test and Evaluation program from the second quarter of 2020.
Gross profit for the second quarter of 2021 was $27,751 compared to $110,004 in the second quarter of 2020. Total operating expenses for the second quarter of 2021 were $2.2 million as compared to total operating expenses of $1.5 million for the same period in 2020. The increase was mainly attributed to additional employee headcount, R&D expenses and organisational costs.
Net loss for the second quarter of 2021 was $1.9 million, or $(0.18) per share, as compared to a net loss of $1.6 million, or $(0.49) per share, in the second quarter of 2020.
Cash totalled $14.7 million at June 30, 2021, as compared to $3.7 million at December 31, 2020. The increase in cash during the period was a result of a $5.1 million public offering of common stock and a follow-on $9.7 million registered direct offering of common stock and short-term warrants. In addition, warrant exercises during the first quarter of 2021 have contributed an additional $1.1 million in cash proceeds.
Mark K Ruport, president and CEO of Sigma Labs, commented, “Despite the ongoing unpredictability and delays in the market due to the international effects of the pandemic, users in current and new markets in aerospace, space exploration and defence are showing strong interest, engagement and activity level with us. We also continue to see validation from our clients and from our prospective clients who are testing our solution, and from industry associations with our Best-in-Class Innovation Award from the American Society of Mechanical Engineers. We believe our solutions remain a crucial ingredient to help accelerate the adoption of Additive Manufacturing and increase the success of the 3D metal printing industry.”
“During the quarter we released PrintRite3D version 7.0, with key features such as Temperature Monitoring and Calibration, including a cooling rate metric and units/traceability for TEP (Thermal Emission Planck) to Celsius/Kelvin conversion, and Neural Net Machine Learning Recoater Interaction Detection that allows users to automatically spot recoater interaction detection with higher diagnostic accuracy. Taken together, we believe the unique benefits of the update provide a competitive advantage for our customers and believe positions us to help accelerate the growth of the Additive Manufacturing industry,” Rupert continued.
“Looking ahead, our team remains confident in our technology and strategy, industry growth, and our ability to capture market share with our first mover advantage, significant barriers to entry, and leveraged business model. The industry outlook is positive, however, given the stage of the industry, timing of our contracts can have an impact on any particular quarter, especially with the delays resulting from Covid-19 in the reopening of Europe and Asia.”
Ruport added, “With our recently strengthened balance sheet, we now have over $14.7 million in cash to support growth, direct sales and marketing. For the second half of the year, we are focusing on seeking to expand sales through our partnerships with DMG MORI and Additive Industries, and increased direct sales to global end-user manufacturers, universities and R&D organisations. We also continue to seek new and expanded strategic partnerships with 3D printer OEMs, software companies, and integrators. We look forward to sharing additional updates as the year progresses.”