Sigma Labs (NASDAQ: SGLB), a leading developer of quality assurance software for the commercial 3D metal printing industry, reported financial and operational results for Q2 2021, the period ended June 30, 2021. The report noted that the company released the next version of its PrintRite3D software, an industry-leading system for in-process quality assurance for industrial 3D manufacturers. Version 7 of the software features breakthroughs in quality and economics driven by temperature calibration that were developed after significant feedback from existing customers, 3D metal printing manufacturers, universities and standards organizations. The company also noted that it had been recognized at the American Society of Mechanical Engineers’ AM Tech Forum as the winner of the Best-in-Class Innovation Award for Additive Manufacturing Measurement and Analysis and that it has been added to the Russell Microcap Index, which broadens the company’s access and visibility to institutional investors and investment managers. Financial highlights included second-quarter revenue totaling $144,148, a slight decrease from the same quarter last year, with gross profit, which totaled $27,751, also showing a decline. The company reported that total operating expenses for Q2 2021 reached $2.2 million, up from $1.5 million for the same period in 2020. The company noted that the increase was primarily from additional employee headcount, R&D expenses and organizational costs. “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 defense are showing strong interest, engagement and activity level with us,” said Sigma Labs president and CEO Mark K. Ruport in the press release. “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. . . . 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 organizations. We also continue to seek new and expanded strategic partnerships with 3D printer OEMs, software companies, and integrators.”
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About Sigma Labs Inc.
Sigma Labs is a leading provider of in-process quality assurance, or IPQA(R) (“IPQA”) software to the additive manufacturing industry. Sigma Labs specializes in the development and commercialization of real-time monitoring solutions known as PrintRite3D(R) for 3D metal advanced manufacturing technologies. PrintRite3D detects and classifies defects and anomalies in real time during the manufacturing process, enabling significant cost savings and production efficiencies. Sigma Labs believes its software product will be a major catalyst for the acceleration and adoption of 3D metal printing. For more information about the company, please visit www.SigmaLabsInc.com
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