Sigma Labs (NASDAQ: SGLB), a leading developer of quality assurance software for the additive manufacturing industry, on Thursday reported financial and operational results for the second quarter ended June 30, 2020. Among other highlights, the company reported revenue of $0.2 million for the quarter, marking a significant increase compared to revenues of $34,000 for the second quarter of 2019. SGLB attributes the revenue increase to PrintRite3D(R) unit sales, the legacy Rapid Test and Evaluation (“RTE”) program and an in-house RTE during the quarter. “Our customers are increasingly engaged with our sales staff, reaffirming what we always knew to be true – that the market momentum and increased demand for more agile manufacturing systems due to COVID has been an exciting tailwind for Sigma and our increasingly plug-and-play PrintRite3D product. On the financial front, our $1.5 million offering in April 2020 has served to fortify our balance sheet against market uncertainty resulting from the COVID-19 pandemic and subsequent macro-economic pressure. This, paired with a reduction in cash burn by over $100,000 per month, has better positioned us to weather any macro-economic storms that may arise over the coming months. Executive salary deferments and other cuts such as these stand as a testament to our team’s belief in the long-term potential of our product and our commitment to create value for our shareholders,” Sigma Labs president and CEO Mark Ruport stated in the news release.
To view the full press release, visit http://ibn.fm/ZM2RJ
About Sigma Labs, Inc.
Sigma Labs is a leading provider of quality assurance software to the commercial 3D metal printing industry under the PrintRite3D(R) brand. Sigma is a software company that specializes in the development and commercialization of real-time computer aided inspection (“CAI”) solutions known as PrintRite3D(R) for 3D advanced manufacturing technologies. Sigma Labs’ advanced computer-aided software product revolutionizes commercial additive manufacturing, enabling non-destructive quality assurance mid-production, uniquely allowing errors to be corrected in real-time. For more information, please visit www.SigmaLabsInc.com.
NOTE TO INVESTORS: The latest news and updates relating to SGLB are available in the company’s newsroom at http://ibn.fm/SGLB
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