May 17, 2017 | By Benedict
Sigma Labs, the New Mexico-based quality assurance company behind PrintRite3D, has posted its financial results for the first quarter of 2017. Total revenue was $150,203, down on the same period last year. CEO Mark Cola says he is “pleased with the progress” of the company.
The first quarter of 2017 marked a busy period for Sigma Labs, with the New Mexico company making serious plans with Morf3D, announcing a contract with Aerojet Rocketdyne, and partnering with Jaguar Precision Machine.
“During the First Quarter of 2017, we made additional, significant progress in our further establishing the requisites for Sigma Labs and our partners to provide market leading, end-to-end 3D advanced manufacturing ecosystem capabilities,” commented Mark Cola, President & CEO of Sigma Labs.
During the three months that ended March 31, 2017, total revenue for Sigma Labs was $150,203, as compared to $358,455 in revenue during the same period in 2016.
The company explained this decrease by pointing to the completion of the GEA America Makes Program and DARPA Phase II project in 2016, both of which provided three months of revenue in 2016 but no revenue in 2017.
Net loss for Q1 increased over the prior year and totaled $943,965 as compared to $470,667 for the same period in 2016. Sigma Labs attributed this to decreased revenue and higher expenses in the quarter.
For Cola, however, the results provide more reason for optimism than the bare figures might suggest. “We are very pleased with the progress we have achieved in our client and OEM partner growth…and we hope to realize increased revenue from our diversified channel growth strategies,” he said.
These strategies include “PrintRite3D system sales, engineering consulting services including the Aerojet Rocketdyne Booster Propulsion program and Honeywell Aerospace for the DARPA Period 3 efforts,” and “activities from our strategic alliance and potential business combination with Morf3D.”
According to Cola, the Morf3D deal represents a big opportunity for Sigma Labs. In a conference call organized to discuss these financial results, the CEO said the potential merger could “help us achieve our goal of becoming a fully integrated business able to charge for material selection, design and manufacturing and in-process quality assurance.”
Sigma Labs appointed its new Board of Directors in the first quarter 2017 and appointed John Rice Chairman in April 2017.
The company also sent representatives to last week’s RAPID + TCT event in Pittsburgh, PA, where the company unveiled its new PrintRite3D INSPECT V.2.0 quality assurance software.
Posted in 3D Printer Company
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