After a three month period of strategic activity, metal 3D printing specialist and rapid prototyping provider Sigma Labs Inc. (NASDAQ:SGLB) has released results for the second quarter and first half of FY 2017.
For the period ended June 30 2017 revenue has more than tripled to $290,553, compared to $93,824 for the same period in 2016. Combined with revenue in Q1, total income for H1 of the year is $440,756, a decrease on the $452,279 figure for the previous year when the company was under contract with America Makes.
With efforts to increase operational productivity and continue development of proprietary technologies such at the PrintRite3D Inspect platform, net loss increased by $246,895, reaching $988,741.
The company has also undergone some reorganisation of the management team, seeing John Rice taking on the position as interim CEO, and Mark Cola appointed as President and CTO.
Defence and aerospace contracts
Contracts with Caterpillar subsidiary Solar Turbines, Pratt and Whitney, and Woodward, the oldest and largest manufacturing company in the world, account for the majority of revenue in Q2.
The company also continues a contract with Honeywell and DARPA in Phase III development of it PrintRite3D 3D printed part qualification technology, and carries another agreement with private space exploration company Aerojet Rocketdyne.
Seeking synergistic input
“We are implementing our strategic double down on both Sigma Labs’ technology and also on our ongoing efforts to grow Sigma Labs into a robust digital 3D ecosystem” says CEO Rice.
He adds that the company is “seeking to identify compatible businesses” that provide a “synergistic” input to Sigma Labs technology, though confirming, “there are currently no agreements with respect to the acquisition by the Company of any third party, and there is no assurance than any acquisition will be consummated.”
Addressing net loss
Goals outlined by Rice for FY 2017 include renewed focus on “development, sales, and support”, “business operations” and “expansion through the exploration of various business opportunities”.
Mark Cola was made President and CTO of Sigma Labs in July 2017. In his previous term as President and CEO Cola contributed his views on the future of 3D printing as part of our thought leadership series.
Sigma Labs’ consolidated statement of operations and balance sheet can be viewed below.
Featured image: Metal 3D printing test palette. Photo via Sigma Labs on Facebook