ExOne release Q3 results, revenue up 47%, share price soars

3D printing manufacturer ExOne Co. (NASDAQ:XONE) has reported earnings for the quarter ended 30, September 2016. Analysts were expecting EPS of $-0.18 per share for the quarter. In the event ExOne Co. delivered EPS of $-0.23, below the consensus forecast.

Investors watching the share price of the ExOne Co. today might have already had some idea about today’s release, as the markets began to price in the news prior to the release of these latest results. The stock recorded an almost 7% increase during the day.

ExOne Pattern Shop & Foundry Solutions (image courtesy ExOne)
ExOne Pattern Shop & Foundry Solutions (image courtesy ExOne)

During the day the share price rose from $10.50 to a high of $11.50 at one point. For the majority of this year stock has remained in the narrow band between $10 and $15, never troubling the highs of 2014 where prices reached almost $70.

ExOne 1 day stock performance.
ExOne 1 day stock performance.

In a statement issued by the company they explain,

Consolidated revenue for the 2016 third quarter was up 47% compared with the prior-year period.  Machine revenue grew by more than two and one-half times, driven by recognition of large, indirect machine sales.  Non-machine revenue, which was consistent with the prior year, was impacted by lower pricing on consumables, partially offsetting increased consumables volume due to the larger installed base.

For the first nine months of 2016, revenue was up 37% over the 2015 period, also driven by the sale of large, indirect machines.  Machine revenue more than doubled and non-machine revenue grew 8%.

According to the company, “The increase in third quarter gross profit was driven by significantly higher machine sales including a favorable mix of indirect machines, and enhanced production efficiency.  The prior-year quarter was impacted by inefficiencies resulting from the Company’s transition into its new and expanded facilities as well as deployment of its ERP system.”

The company have reported total revenue of $13m (Q3’15 $8.7m) and a net loss of $3.6m, compared to $10.1m for the comparative period in 2015.

For Q2 the company recorded total revenue of $11.8 million (Q2 2015: $8.5 million) while the figures for the first half of the year showed revenue of $20.2 million, compared to $15.3 million for the same period in 2015. On a consecutive basis these most recent results are an increase.

Looking at the balance sheet the company have $35m in cash and receivables, in the prior quarter this figure was $31.8 million in cash and equivalents, a $12.5 million increase since the 31 December 2015 reported position.

As the company explain “ExOne’s machines serve direct and indirect applications. Direct printing produces a component; indirect printing makes a tool to produce a component.” As previously reported the indirect machines are addressing a market not well served by other industrial additive manufacturers. However, some commentators have questioned the size of the addressable market and this may be a question ExOne executives will face on tomorrow mornings conference call with investors.

3DPI will bring you more news when we have it.

Featured image is the ExOne Exerial 3D printer for industrial series production. Image via ExOne.



ExOne 6 month stock performance.
ExOne 6 month stock performance.


ExOne Q3'16 Balance Sheet.
ExOne Q3’16 Balance Sheet.
ExOne Q3'16 Income Statement.
ExOne Q3’16 Income Statement.