- Revenue grew 38% over prior-year second quarter to $11.8 million, achieving a second quarter record
- First half revenue up 32% to record level, maintaining strong growth driven by indirect machine sales
- Operating leverage demonstrated by gross margin of 30% and 27% in second quarter and first half, respectively
- Backlog of $19.5 million, up $3.1 million over sequential first quarter
- Cash balance increases to $31.9 million
NORTH HUNTINGDON, Pa., Aug. 09, 2016 (GLOBE NEWSWIRE) -- The ExOne Company (NASDAQ:XONE) (“ExOne” or “the Company”), a global provider of three-dimensional (“3D”) printing machines and 3D printed and other products, materials and services to industrial customers, reported financial results today for the second quarter ended June 30, 2016.
S. Kent Rockwell, Chairman and Chief Executive Officer, commented, “We’re pleased to have realized record revenue in both the second quarter and the first half of 2016, driven by sales of our larger indirect machines. We continue to see stronger acceptance of our technology through further machine productivity enhancements and broadened material choices, as desired by our industrial customers. Additionally, our growing backlog and pipeline set us up well for ongoing revenue growth in the second half of 2016.”
He added, “Our efforts to lower our breakeven point have resulted in reduced overhead and have improved our cost structure. Positive cash flow and operating leverage on higher revenue is evident in our current quarter financial performance. Our plan is to continue to turn our backlog and grow our revenue, with the goal to achieve sustainable profitability.”
Second Quarter and First Half Revenue – Machine Revenue ~ Doubles for Both Periods
| Quarter Ended | Six Months Ended | |||||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||||
| (in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||
| Revenue by Product Line | ||||||||||||||||||||||||||||
| 3D Printing Machines: | ||||||||||||||||||||||||||||
| 3D Printing Machines - third parties | $ | 4.8 | 41 | % | $ | 1.3 | 16 | % | $ | 7.0 | 35 | % | $ | 2.4 | 16 | % | ||||||||||||
| 3D Printing Machines - related parties | - | 0 | % | 1.1 | 13 | % | - | 0 | % | 1.1 | 7 | % | ||||||||||||||||
| 4.8 | 41 | % | 2.4 | 29 | % | 7.0 | 35 | % | 3.5 | 23 | % | |||||||||||||||||
| 3D Printed and Other Products, Materials and Services ("Non-machine"): | ||||||||||||||||||||||||||||
| 3D Printed and Other Products, Materials and Services - third parties | 6.9 | 59 | % | 6.0 | 71 | % | 13.1 | 65 | % | 11.7 | 77 | % | ||||||||||||||||
| 3D Printed and Other Products, Materials and Services - related parties | 0.0 | 0 | % | 0.0 | 0 | % | 0.1 | 0 | % | 0.0 | 0 | % | ||||||||||||||||
| 7.0 | 59 | % | 6.1 | 71 | % | 13.2 | 65 | % | 11.8 | 77 | % | |||||||||||||||||
| Total Revenue | $ | 11.8 | 100 | % | $ | 8.5 | 100 | % | $ | 20.2 | 100 | % | $ | 15.3 | 100 | % | ||||||||||||
