Robo 3D has reported financial results for the quarter ending June 2017.
The latest financial statements show the ASX listed company generated AUD$1M for the 3 month period. Within these numbers are AUD$553k of sales made in June, the first full month where the Robo R2 3D printer was available for sale. This is a 48% increase compared to the same period last year.
The company notes that sourcing some components did lead to unforeseen delays and delivery of the Robo R2 was pushed back as a result by over 2 months. As previously reported in June 2017, Robo 3D raised a further AUD$1.8M to expand joint R&D development initiatives with Foxconn, Robo 3D’s major manufacturer.
Robo 3D has also provided an update on how execution of corporate strategy is progressing. The company is actively engaged in diversifying risk by moving from a single product line and a USA-centric business to a wider product portfolio serving a global market.
New sales and distribution partners, joint ventures planned
Further examples of the strategy are evident as Robo 3D is in discussion with new sales and distribution partners. Also, Robo 3D has expanded sales via Amazon in the UK, Spain, Germany, France and Italy.
In North America Robo 3D began sales and distribution with SYNNEX in Canada and a partnership with Promevo in the USA. The company also has agreements with Best Buy, Staples, NCIX and The Source.
During the reporting quarter Robo 3D released the R2. The company says they have a current production capacity of 10,000 Robo R2 3D printers per annum. The first production run at Foxconn reached 80 units per day.
In this most recent announcement Robo 3D also mention that they intend to announce several new hardware and software products. These include a number of joint ventures, 3D Printing Industry will bring you more news on these developments shortly.
During the quarter Robo 3D has improved working capital management with an AUD$641k decrease in operating cash expenditure. Forecasts for the coming period show the company expect to spend AUD$3.5M. To support this the company anticipates strong results as Robo 3D continues to execute new commercial agreements and realize the value of existing inventory.
In the closing statement accompanying the latest financial results Robo 3D writes, “Robo is continuing to aggressively expand its customer base and broaden its distribution and reach, while continuing to explore opportunities with major distribution partners in the USA and internationally. In addition, the Company is focusing on driving strategic commercial partnerships in a number of industry verticals particularly the education sector.”