Sigma Labs reports second quarter 2021 results

July 23, 2021

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.”

www.sigmalabsinc.com

About Metal Additive Manufacturing magazine

Metal AM magazine, published quarterly in digital and print formats, is read by a rapidly expanding international audience.

Our audience includes component manufacturers, end-users, materials and equipment suppliers, analysts, researchers and more.

In addition to providing extensive industry news coverage, Metal AM magazine is known for exclusive, in-depth articles and technical reports.

Our focus is the entire metal AM process from design to application.

Each issue is available as an easy-to-navigate digital edition and a high-quality print publication.

In the latest issue of Metal AM magazine

Download PDF
 

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

  • Metal powders in Additive Manufacturing: An exploration of sustainable production, usage and recycling
  • Inside Wayland Additive: How innovation in electron beam PBF is opening new markets for AM
  • An end-to-end production case study: Leveraging data-driven machine learning and autonomous process control in AM
  • Consolidation, competition, and the cost of certification: Insight from New York’s AM Strategies 2024
  • Scandium’s impact on the Additive Manufacturing of aluminium alloys
  • AM for medical implants: An analysis of the impact of powder reuse in Powder Bed Fusion

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

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

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

Share via
Copy link
Powered by Social Snap