Sigma Labs Announces First Quarter Financial Results
Revenue Nearly Doubles Year-over-Year; Growth Trajectory on Track
SANTA FE, N.M. – May 12, 2016 – Sigma Labs, Inc. (OTCQB: SGLB) (“Sigma Labs” or the “Company”), a developer of advanced, in process, non-destructive quality inspection systems for metal-based additive manufacturing (“AM”) and other advanced manufacturing technologies, today announced financial results for the three months ended March 31, 2016.
Posted revenue of approximately $0.4 million for the quarter, principally driven by sales of PrintRite3D® systems and associated software licenses, versus approximately $0.2 million for the same period in 2015
Announced agreements to expand Sigma Labs’ presence in Europe and Asia through relationships with Spartacus3D and Creatz3D, respectively, paving the way for international growth
Participated in many industry events including the Additive Manufacturing Users Group (AMUG) Conference in St. Louis and will be at the upcoming Rapid 2016 Conference in Orlando
Completed a reverse stock split of all issued and outstanding common shares, on a 1-for-100 basis, in order to. among other things, pursue an uplisting onto a national stock exchange
Met with shareholders at Annual Meeting and received approval on all ballot measures presented
“The year got off to a great start with many accomplishments under our belt,” said Mark Cola, President & CEO of Sigma Labs. “First quarter revenue nearly doubled year-over-year due to continued momentum across our core PrintRite3D® software applications, and we completed a reverse stock split that should help attract new investors to the Company going forward. At the same time, we participated in leading industry events and formed long-term partnerships with Spartacus3D and Creatz3D to accelerate our growth overseas – initiatives that we believe will lead to new contract awards in the quarters to come. Overall, we are energized by the initial underpinnings of demand we see forming in the marketplace and are dedicated to rapidly increasing software trials, driving customer adoption, and providing a path to profitability.”
2016 First Quarter Financial Results
Revenue for the three months ended March 31, 2016 was approximately $0.4 million versus approximately $0.2 million for the same period in 2015. The Company reported a net loss for the first quarter of approximately $0.5 million, or $(0.08) per diluted share, versus a similar loss of approximately $0.4 million, or $(0.06) per diluted share, for the first quarter of 2015.
Investor Conference Call
The Company will host a conference call to discuss its 2016 first quarter financial results today, May 12, 2016, at 11:00 a.m. Eastern Time. To participate in the call, please dial toll free 1-866-652-5200, or 1-412-317-6060, approximately five minutes before the conference call time stated. A live webcast of the call can also be accessed on the Sigma Labs website at www.sigmalabsinc.com. A recording will be available on the Company's website upon completion of the call.
About Sigma Labs, Inc.
Sigma Labs, Inc. develops and engineers advanced, in-process, non-destructive quality inspection systems for commercial firms worldwide seeking productive solutions for metal-based additive manufacturing or 3D printing, and other advanced manufacturing technologies. For more information please visit us at www.sigmalabsinc.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often contain words such as "expects," "anticipates," "intends," "believes" or "will." Our forward-looking statements are subject to a number of risks, uncertainties and assumptions that could adversely affect us, including the risks set forth in our annual report on Form 10-K. The forward-looking statements in this press release are made only as of the date of this press release. We undertake no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact: