Sigma Additive Solutions (NASDAQ: SASI), a provider of quality assurance software to the commercial 3D printing industry, is releasing its financial report and operations update for third quarter 2023, the period ended Sept. 30, 2023. Operations highlights in the report include the signing of a definitive agreement to acquire 100% of the capital stock of NextTrip Holdings in exchange for shares of Sigma common stock, with the acquisition expected to be closed in Q4, 2023, and the signing of a definitive agreement to sell its in-process quality assurance technology suite of assets to Divergent Technologies Inc., which is expected to close after the NextTrip transation. The report also indicated that after these two transactions are finalized, the public company will be a pure play travel technology and booking business that specializes in using proprietary technology, analytics and strategic partnerships to provide specialized travel solutions in leisure, wellness and business travel. Financial results include revenue for the quarter totaling $141,988 compared to revenues of $188,245 for Q3 2023, with gross loss for Q3 2023 totaling $(34,128) and gross margin for the third quarter coming in at (24%). Total operating expenses for the quarter reached $0.9 million, compared to $2.4 million in 2022, a decrease of 64%, with cash total on hand at $0.6 million.
“During the third quarter, we announced our intention to acquire NextTrip Holdings, a travel technology company, as a way to increase shareholder value by providing a significant opportunity to participate in a leading travel brand with an array of product offerings and concierge services,” said Sigma Additive Solutions president and CEO Jacob Brunsberg in the press release. “In October we signed a definitive agreement for the acquisition, and we expect the transactions to be completed in the fourth quarter of 2023, subject to regulatory and shareholder approvals and other customary closing conditions. . . . This transaction will allow NextTrip the ability to execute its growth plans and expand its reach into new markets for the benefit of Sigma equity holders, while tying the issuance of additional equity to clear business objectives for NextTrip. In addition, we signed a definitive agreement to sell our in-process quality-assurance technology suite of assets to Divergent Technologies, a fitting home for our technology. Divergent will build on our foundational work in connection with its DAPS platform, deploying DAPS structures across the automotive, aerospace and defense industries. . . . We are incredibly proud of the opportunity to amplify the growth plans of two impressive companies with these transactions, implying a solid valuation for Sigma and good positioning in public markets for NextTrip, and adding value from the sale of Sigma’s current assets to Divergent.”
To view the full press release, visit https://ibn.fm/TVa8T
About Sigma Additive Solutions
Sigma Additive Solutions is a provider of in-process quality assurance (“IPQA”) solutions to the additive manufacturing industry. Sigma specializes in the development and commercialization of real-time monitoring and analytics known as PrintRite3D(R) for 3D metal and polymer advanced manufacturing technologies. PrintRite3D detects and classifies defects and anomalies 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 may 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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