The ExOne Company (NASDAQ:XONE) has announced its financial results for the first quarter of 2017 ending March 31. ExOne, based in Pennsylvania is a 3D printer manufacturer and service provider. Among the results, the company reports strong growth in revenue from 3D printing machines.
Jim McCarley, ExOne’s CEO as of August 2016, said this about the results,
As we expected, 2017 is off to a solid start and on track to achieve full year revenue growth that exceeds 25%. In addition to a 29% increase in revenue, first quarter orders were strong, allowing us to sequentially grow backlog by 19% during the quarter, to $23.5 million,
3D printer revenue almost doubles
The company reported consolidated revenue of $10.9 million, increasing by 29% over the same period in 2016. While machine revenue almost doubled from 2016 Q1 to 2017 from $2.2 million to $4.3 million. The company reported similar machine revenue growth for the second quarter of last year.
Five machines were sold in the first quarter of 2017 compared with just one for the same period in 2016. ExOne reported a slight increase in non-machine revenue from $6.2 million up to $6.6 million, reportedly due to an increase in consumable materials and larger base of installed machines.
Despite the increase in revenue, the company is still operating at a net loss of $6.8 million. However, ExOne is currently undergoing a restructuring process which it believes may have affected the current results. As McCarley explains,
We are making good progress towards our operational goals and directional changes. Despite significant charges we experienced this quarter, some of which will continue into the second quarter, we are driving improvements in our core technology and moving the Company on a path to profitability.
ExOne’s 3D printers use the company’s binder jetting technology which manufacturing bureau Sintavia has suggested it is looking to incorporate into its new facility.
With the 3D Printing Industry Awards taking place this month in London, make sure to place your votes to decide the winners.
Featured image shows ExOne’s booth at the Offshore Technology Conference in Texas recently. Photo via ExOne.