Sigma Additive Solutions (NASDAQ: SASI), a leading provider of quality assurance software to the commercial 3D printing industry, is reporting its financial and operational results for the first quarter ended March 31, 2023. Highlights of the report include news that during the quarter, the company expanded its collaboration for connected software solutions with Materialise, a global leader in 3D printing software and service solutions; expanded software into post processing with DyeMansion, the global leader in connected and integrated post-processing solutions for industrial polymer 3D-printing; and is continuing to work toward the launch of software-only solutions to support OEM, hardware and software partner integrations. Financial numbers in the report included Q1 revenue of $130,159 compared to revenues of $51,844 for the first quarter of 2022; gross profit for the quarter was $66,495, compared to $11,753 in the same quarter the previous year; total operating expenses for Q1 2023 were $1.8 million, compared to $2.3 million in 2022, a decrease of 19%; and cash used in operating activities for the three months ended March 31, 2023 totaled $1.3 million as compared to $2.0 million in the three months ended March 31, 2022.
“During the first quarter, we continued to focus on expanding the industry partnerships that are critical to the growth of our software-only solutions, targeted for release in Q2 2023,” said Sigma president and CEO Jacob Brunsberg in the press release. “We believe that these collaborations would unlock market potential and expand the total addressable market that could drive our company forward. . . . In parallel, we continue to work with Lake Street Capital Markets on the exploration of a variety of strategic alternatives designed to enhance shareholder value, including a possible strategic investment, acquisition, merger, business combination, or similar transaction. We look forward to providing additional updates in the months to come as we seek to make progress on our evolution to a subscription pricing model and transform to software only product options.”
To view the full press release, visit https://ibn.fm/QEJhy
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 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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