Sigma Additive Solutions Reports Fourth Quarter and Full Year 2022 Financial Results

Net loss for the full year of 2022 was $8.7 million, or $0.83 per share, as compared to a net loss of $7.5 million, or $0.76 per share in 2021.

Cash totaled $2.8 million at December 31, 2022, as compared to $11.4 million at December 31, 2021.

Fourth Quarter and Full Year 2022 Results Conference Call

Sigma Additive Solutions CEO Jacob Brunsberg and CFO Frank Orzechowski will host the conference call, followed by a question-and-answer period.

To access the call, please use the following information:

Date:

Thursday, March 30, 2023

Time:

4:30 p.m. Eastern time, 1:30 p.m. Pacific time

Toll-free dial-in number:

1-877-407-9039

International dial-in number:

1-201-689-8470

Conference ID:

13734527

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1584485&tp_key=2404ac8bec and via the investor relations section of the Company's website at www.sigmaadditive.com.

A replay of the conference call will be available after 7:30 p.m. Eastern time through April 13, 2023.

Toll-free replay number:

1-844-512-2921

International replay number:

1-412-317-6671

Replay ID:

13734527

About Sigma Additive Solutions

Sigma Additive Solutions, Inc. 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 and analytics known as PrintRite3D® 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.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, Sigma’s ability to satisfy its capital needs through increasing its revenue and obtaining additional financing, the extent of the market's acceptance of PrintRite3D®, and general economic, industry or political conditions in the United States or internationally. Sigma disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact Sigma’s forward-looking statements, please see disclosures contained in Sigma's public filings with the SEC, including the "Risk Factors" in Sigma's Annual Report on Form 10-K, and which may be viewed at www.sec.gov.

Sigma Additive Solutions, Inc. (formerly Sigma Labs, Inc.)

Condensed Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

December 31, 2021

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash

 

$

2,845,931

 

 

$

11,447,047

 

Accounts Receivable, net

 

 

371,620

 

 

 

412,192

 

Inventory

 

 

950,943

 

 

 

710,080

 

Prepaid Assets

 

 

105,226

 

 

 

114,278

 

Total Current Assets

 

 

4,273,720

 

 

 

12,683,597

 

 

 

 

 

 

 

 

Other Assets:

 

 

 

 

 

 

Property and Equipment, net

 

 

304,903

 

 

 

232,282

 

Intangible Assets, net

 

 

1,125,285

 

 

 

925,111

 

Total Other Assets

 

 

1,430,188

 

 

 

1,157,393

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

5,703,908

 

 

$

13,840,990

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts Payable

 

$

277,492

 

 

$

206,442

 

Deferred Revenue

 

 

120,073

 

 

 

148,855

 

Accrued Expenses

 

 

231,633

 

 

 

625,942

 

Total Current Liabilities

 

 

629,198

 

 

 

981,239

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

 

629,198

 

 

 

981,239

 

 

 

 

 

 

 

 

Commitments & Contingencies

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

Preferred Stock, $0.001 par value; 10,000,000 shares authorized; 465 shares issued and outstanding

 

 

1

 

 

 

1

 

Common Stock, $0.001 par value; 24,000,000 shares authorized; 10,498,802 shares issued and outstanding

 

 

10,499

 

 

 

10,499

 

Additional Paid-In Capital

 

 

54,406,694

 

 

 

53,442,431

 

Accumulated Deficit

 

 

(49,342,484

)

 

 

(40,593,180

)

Total Stockholders’ Equity

 

 

5,074,710

 

 

 

12,859,751

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

5,703,908

 

 

$

13,840,990

 

Sigma Additive Solutions, Inc. (formerly Sigma Labs, Inc.)

Condensed Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December 31, 2022

 

December 31, 2021

REVENUES

 

$

630,428

 

 

$

1,651,765

 

 

 

 

 

 

 

 

COST OF REVENUE

 

 

349,930

 

 

 

559,965

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

280,498

 

 

 

1,091,800

 

 

 

 

 

 

 

 

EXPENSES:

 

 

 

 

 

 

Salaries & Benefits

 

 

4,740,437

 

 

 

4,286,368

 

Stock-Based Compensation

 

 

793,251

 

 

 

1,066,455

 

Operations and R&D Costs

 

 

653,194

 

 

 

890,553

 

Investor, Public Relations and Marketing

 

 

422,645

 

 

 

503,823

 

Organizational Costs

 

 

311,606

 

 

 

726,147

 

Legal & Professional Service Fees

 

 

725,285

 

 

 

915,530

 

Office Expenses

 

 

914,802

 

 

 

734,386

 

Depreciation & Amortization

 

 

116,167

 

 

 

94,105

 

Other Operating Expenses

 

 

352,115

 

 

 

353,818

 

Total Operating Expenses

 

 

9,029,502

 

 

 

9,571,185

 

 

 

 

 

 

 

 

LOSS FROM OPERATIONS

 

 

(8,749,004

)

 

 

(8,479,385

)

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

Interest Income

 

 

3,487

 

 

 

13,866

 

State Incentives

 

 

76,628

 

 

 

-

 

Exchange Rate Loss

 

 

(16,190

)

 

 

(263

)

Other Income

 

 

-

 

 

 

1,092,441

 

Interest Expense

 

 

(7,345

)

 

 

(11,264

)

Total Other Income (Expense)

 

 

56,580

 

 

 

1,094,780

 

 

 

 

 

 

 

 

LOSS BEFORE PROVISION FOR INCOME TAXES

 

 

(8,692,424

)

 

 

(7,384,605

)

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

Net Loss

 

$

(8,692,424

)

 

$

(7,384,605

)

 

 

 

 

 

 

 

Preferred Dividends

 

 

56,880

 

 

 

103,567

 

 

 

 

 

 

 

 

Net Loss applicable to Common Stockholders

 

$

(8,749,304

)

 

$

(7,488,172

)

 

 

 

 

 

 

 

Net Loss per Common Share - Basic and Diluted

 

$

(0.83

)

 

$

(0.76

)

 

 

 

 

 

 

 

Weighted Average Number of Shares Outstanding - Basic and Diluted

 

 

10,498,802

 

 

 

9,828,541

 

Sigma Additive Solutions, Inc. (formerly Sigma Labs, Inc.)

Condensed Statements of Cash Flows

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December 31, 2022

 

December 31, 2021

OPERATING ACTIVITIES

 

 

 

 

 

 

Net Loss

 

$

(8,692,424

)

 

$

(7,384,605

)

Adjustments to reconcile Net Loss to Net Cash used in operating activities:

 

 

 

 

 

 

Noncash Expenses:

 

 

 

 

 

 

Depreciation and Amortization

 

 

116,167

 

 

 

94,105

 

Gain on Derivative Liability

 

 

-

 

 

 

(1,092,441

)

Stock Based Compensation - Employees

 

 

793,251

 

 

 

1,066,455

 

Stock Based Compensation - Third Party Services

 

 

25,376

 

 

 

163,083

 

Stock Based Compensation - Directors

 

 

88,756

 

 

 

538,585

 

Change in assets and liabilities:

 

 

 

 

 

 

Accounts Receivable

 

 

40,572

 

 

 

(80,630

)

Inventory

 

 

(240,863

)

 

 

(50,429

)

Prepaid Assets

 

 

9,052

 

 

 

2,457

 

Accounts Payable

 

 

71,050

 

 

 

77,505

 

Deferred Revenue

 

 

(28,782

)

 

 

70,898

 

Accrued Expenses

 

 

(394,309

)

 

 

382,127

 

Long-Term portion of Stock Appreciation Rights

 

 

-

 

 

 

(48,341

)

Long-Term portion of Deferred Payroll Taxes under the CARES Act

 

 

-

 

 

 

(37,728

)

NET CASH USED IN OPERATING ACTIVITIES

 

 

(8,212,154

)

 

 

(6,298,959

)

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

Purchase of Property and Equipment

 

 

(164,622

)

 

 

(182,522

)

Purchase of Intangible Assets

 

 

(224,340

)

 

 

(177,228

)

NET CASH USED IN INVESTING ACTIVITIES

 

 

(388,962

)

 

 

(359,750

)

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

Gross Proceeds from Public and Private Issuances of Securities

 

 

-

 

 

 

14,869,899

 

Less Offering Costs

 

 

-

 

 

 

(1,600,967

)

Proceeds from Exercise of Warrants

 

 

-

 

 

 

1,136,010

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

 

 

-

 

 

 

14,404,942

 

 

 

 

 

 

 

 

NET CHANGE IN CASH FOR PERIOD

 

 

(8,601,116

)

 

 

7,746,233

 

 

 

 

 

 

 

 

CASH AT BEGINNING OF PERIOD

 

 

11,447,047

 

 

 

3,700,814

 

 

 

 

 

 

 

 

CASH AT END OF PERIOD

 

$

2,845,931

 

 

$

11,447,047

 

 

 

 

 

 

 

 

Supplemental Disclosures:

 

 

 

 

 

 

Noncash investing and financing activities disclosure:

 

 

 

 

 

 

Issuance of Common Shares for Preferred Dividends

 

$

-

 

 

$

103,567

 

Other noncash operating activities disclosure:

 

 

 

 

 

 

Issuance of Securities for Services

 

$

114,132

 

 

$

701,668

 

Disclosure of cash paid for:

 

 

 

 

 

 

Interest

 

$

7,345

 

 

$

11,264

 

Income Taxes

 

$

-

 

 

$

-

 





© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise