Sigma Labs (NASDAQ: SGLB), a leading developer of quality assurance software for report covering the quarter ended March 31, 2021. The company also held a conference call to discuss the Q1 report. Notable figures from the report include the company’s announcement of revenue increasing to $0.5 million, which is more than a 100% increase over two quarters in 2020, Q1 2020 and Q4 2020. The company also reported enhanced gross margin, resulting in gross profit before operating expenses of $0.3 million for the quarter. In addition, Sigma Labs finalized several key contracts during the quarter, which serve as additional validation of the company’s steady performance and, perhaps more importantly, ground-breaking technology. Those contracts were with Ermaksan Innovative Technologies and Lockheed Martin Space Additive Design & Manufacturing Center; in addition, the company received a contract from a large European aerospace company. Finally, the company completed two equity offerings, which resulted in an estimated $14.8 million in gross proceeds. “The first quarter of 2021 was marked by continued adoption of Sigma Labs industry standard IPQA technology that was validated by our improved financial performance with solid PrintRite3D unit sales, a strengthened balance sheet showing strong institutional investor interest, and macro tailwinds signaling a return to growth in the coming months for the 3D metal printing industry,” said Sigma Labs president and CEO Mark K. Ruport in the press release. “We are increasingly seeing upticks of activity in the 3D metal printing market, resulting in several new contracts for initial systems. . . . For the remainder of the year, we are continuing along our roadmap to focus on new markets and opportunities, including aerospace, space exploration and defense. We are leveraging our sales team to expand sales through our current partnerships and through direct sales to global end-user manufacturers, universities and R&D organizations. Additionally, we will continue to seek out 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 (“IPQA(R)”) 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 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, visit www.SigmaLabsInc.com.
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