Sigma Labs, Inc, Santa Fe, New Mexico, USA, has reported its financial and operational results for the third quarter ended September 30, 2021.
“This quarter is further validation of the increasing awareness of the need for a third party in-process quality assurance (IPQA) system,” stated Mark K Ruport, president and CEO of Sigma Labs. “Revenues for the quarter were up 182% to $0.7 million on the strength of our first PrintRite3D multi-unit sale to a US Department of Energy contractor, as well as a single unit sale to a US National Laboratory. The fact that PrintRite3D was selected by the end-users to support metal printers from multiple leading 3D printer OEM’s, two of which have their own monitoring systems, further demonstrates the need for standard quality metrics across a heterogeneous set of printers.”
Gross profit for the third quarter of 2021 was $0.5 million, which resulted in a gross margin of 76% as compared to $0.2 million, or 61% in the third quarter of 2020. Cash totalled $13.1 million at September 30, 2021, as compared to $3.7 million at December 31, 2020. The increase in cash during the year is a result of a net of $13.3 million in cash proceeds related to public and private offerings during the year, and $1.1 million from warrant exercises.
Total operating expenses for the third quarter of 2021 were $3 million as compared to total operating expenses of $1.4 million for the same period in 2020. The increase was mainly attributable to additional employee headcount, R&D expenses and organisational costs.
Cash used in operating activities for the three months ended September 30, 2021, totalled $1.5 million compared to $1.2 million in the third quarter of 2020, an increase of $0.3 million. Cash used in operating activities for the nine months ended September 30, 2021, totalled $4.8 million, compared to $3.7 million in the first nine months of 2020, an increase of $1.1 million.
Net loss applicable to common shareholders for the third quarter of 2021 was $2.5 million, or $(0.24) per share, as compared to a net loss of $2 million, or $(0.42) per share, in the third quarter of 2020.
Ruport concluded, “Our focus for the remainder of 2021 and 2022 is to continue to build out our field sales organisation with sales and support engineers that have significant industry experience to support our existing partners such as DMG Mori, Additive Industries, Materialise and other industry-leading companies. In addition, we are actively pursuing OEM relationships with both new printer manufacturers as well as some of the more established OEMs. We believe both initiatives will further position the company for growth as Additive Manufacturing – and, more specifically, 3D metal printing – move from prototyping to full production.”