Sigma Additive Solutions (NASDAQ: SASI), a leading provider of quality assurance software to the commercial 3D printing industry, is reporting its financial results for the second quarter ended June 30, 2023. Highlights of the report include Q2 revenues of $97,043 compared to revenues of $236,660 for the same period in 2022; gross profit for the quarter of $60,552 compared to $43,585 for Q2 2022; gross margin for Q2 2023 was 62% compared to gross margin of 18% for the prior year quarter; total operating expenses for second quarter 2023 totaled $1.4 million, compared to $2.3 million in 2022; and net loss for the quarter of was reported at $1.3 million, or $0.12 per share. The company had $0.4 million in cash as of June 30, 2023, with cash used in operating activities for the six months ended June 30, 2023, totaling $2.4 million.
“During the second quarter, we continued our progress reducing expenses and cash burn while working with Lake Street Capital Markets and advisors on the exploration of a variety of strategic alternatives,” said Sigma Additive Solutions president and CEO Jacob Brunsberg in the press release. “We expect our expenses to continue to decrease into the third quarter. In our current report on Form 8-K filed with the SEC on July 20, 2023, we reported that we had received four written, nonbinding proposals to purchase assets or acquire the company in a merger or reverse merger and were in talks regarding the respective proposals, as well as possible alternative transactions with other parties that expressed interest in a possible transaction as we worked to formally close our strategic transaction process. We also reported that we had reduced our headcount to a core team we felt important to a possible sale of the company or all or a portion of its assets and support of current customers and had discontinued our product-development activities and ceased to pursue new customers. Since July 20, 2023, we have received additional written, nonbinding proposals as well as revised previous proposals to purchase certain assets of the company and/or acquire the company in a merger or reverse merger. Although we have not yet entered into any definitive agreements, we are continuing to work towards such definitive agreements with interested parties. We look forward to providing additional updates in the weeks to come.”
To view the full press release, visit https://ibn.fm/ByGpO
About Sigma Additive Solutions
Sigma Additive Solutions is a leading provider of in-process quality assurance (“IPQA”) solutions to the additive manufacturing industry. Sigma specializes in the development and commercialization of real-time monitoring solutions known as PrintRite3D(R) for 3D metal and polymer advanced manufacturing technologies. PrintRite3D detects and classifies defects and anomalies in real time during the manufacturing process, enabling significant cost savings and production efficiencies by reducing waste, increasing yield and shortening cycle times. Sigma believes its software solutions will be a major catalyst for the acceleration and adoption of industrial 3D printing. For more information about the company, please visit www.SigmaAdditive.com.
NOTE TO INVESTORS: The latest news and updates relating to SASI are available in the company’s newsroom at http://ibn.fm/SASI
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