This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the Company’s future financial or business performance, strategies, or expectations. Forward-looking statements typically are identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” as well as similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could” and “may.”

The Company cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made and the Company assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to risk factors previously disclosed in the Company’s reports and those identified elsewhere in its Annual Report on Form 10-K, the following factors, among others, could cause results to differ materially from forward-looking statements or historical performance: the Company’s ability to generate operating profits; fluctuations in the Company’s revenues and operating results; the Company’s competitive environment and its competitive position; ExOne’s ability to enhance its current three-dimensional (“3D”) printing machines and technology and develop new 3D printing machines; the Company’s ability to qualify more industrial materials in which it can print; demand for ExOne’s products; the availability of skilled personnel; the impact of loss of key management; the impact of market conditions and other factors on the carrying value of long-lived assets; the Company’s ability to continue as a going concern; the impact of customer specific terms in machine sale agreements on the period in which the Company recognizes revenue; risks related to global operations including effects of foreign currency; the adequacy of sources of liquidity; the scope, sufficiency of funds for required capital expenditures, working capital, and debt service; dependency on certain critical suppliers; nature or impact of alliances and strategic investments; reliance on critical information technology systems; the effect of litigation, contingencies and warranty claims; liabilities under laws and regulations protecting the environment; the impact of governmental laws and regulations; operating hazards, war, terrorism and cancellation or unavailability of insurance coverage; the impact of disruption of the Company’s manufacturing facilities, production service centers (“PSCs”) or ExOne Adoption Centers (“EACs”); the adequacy of ExOne’s protection of its intellectual property; and expectations regarding demand for the Company’s industrial products, operating revenues, operating and maintenance expenses, insurance expenses and deductibles, interest expenses, debt levels, and other matters with regard to outlook.

These and other important factors, including those discussed in the Company’s Annual Report on Form 10-K, may cause the Company’s actual results of operations to differ materially from any future results of operations expressed or implied by the forward-looking statements contained therein. Before making a decision to purchase ExOne common stock, you should carefully consider all of the factors identified in its Annual Report on Form 10-K that could cause actual results to differ from these forward-looking statements.

The ExOne Company Statement of Consolidated Operations (in thousands, except per-share amounts) (Unaudited)
		Quarter Ended March 31,								% Change
		2018				2017
Revenue		$	11,893			$	10,869			9	%
Cost of sales			9,277				9,266			0	%
Gross profit			2,616				1,603			63	%
Gross margin			22.0	%			14.7	%
Research and development			2,795				1,999			40	%
Selling, general and administrative			6,202				6,263			(1	%)
			8,997				8,262			9	%
Operating loss			(6,381	)			(6,659	)		4	%
Interest expense			33				22			50	%
Other (income) expense – net			(46	)			110			NM
			(13	)			132			NM
Loss before income taxes			(6,368	)			(6,791	)		6	%
Provision for income taxes			17				-			NM
Net loss		$	(6,385	)		$	(6,791	)		6	%
Net loss per common share:
Basic		$	(0.40	)		$	(0.42	)		5	%
Diluted		$	(0.40	)		$	(0.42	)		5	%
Weighted average shares outstanding (basic and diluted)			16,139				16,029
NM:  Not Meaningful

The ExOne Company Consolidated Balance Sheet (in thousands, except per-share and share amounts) (Unaudited)
		March 31, 2018				December 31, 2017
Assets
Current assets:
Cash and cash equivalents		$	15,222			$	21,848
Restricted cash			1,634				330
Accounts receivable - net of allowance of $1,199 (2018) and $1,193 (2017)			5,272				8,647
Inventories - net			18,603				15,430
Prepaid expenses and other current assets			3,188				1,710
Total current assets			43,919				47,965
Property and equipment - net			47,536				46,797
Intangible assets - net			-				62
Other noncurrent assets			870				736
Total assets		$	92,325			$	95,560
Liabilities
Current liabilities:
Current portion of long-term debt		$	138			$	137
Current portion of capital leases			19				15
Accounts payable			5,591				4,291
Accrued expenses and other current liabilities			5,700				6,081
Deferred revenue and customer prepayments			8,752				8,282
Total current liabilities			20,200				18,806
Long-term debt - net of current portion			1,473				1,508
Capital leases - net of current portion			46				36
Other noncurrent liabilities			1				1
Total liabilities			21,720				20,351
Contingencies and commitments
Stockholders' equity
Common stock, $0.01 par value, 200,000,000 shares authorized, 16,149,617 (2018)
and 16,124,617 (2017) shares issued and outstanding			161				161
Additional paid-in capital			174,097				173,718
Accumulated deficit			(95,571	)			(89,186	)
Accumulated other comprehensive loss			(8,082	)			(9,484	)
Total stockholders' equity			70,605				75,209
Total liabilities and stockholders' equity		$	92,325			$	95,560

The ExOne Company Statement of Consolidated Cash Flows (in thousands) (Unaudited)
		Quarter Ended
		March 31,
		2018				2017
Operating activities
Net loss		$	(6,385	)		$	(6,791	)
Adjustments to reconcile net loss to net cash (used for) provided by operations:
Depreciation and amortization			1,488				2,307
Equity-based compensation			379				561
Amortization of debt issuance costs			5				2
Provision for bad debts - net			9				123
Provision for slow-moving, obsolete and lower of cost or net realizable value
inventories - net			16				427
Loss (gain) from disposal of property and equipment - net			9				(8	)
Changes in assets and liabilities, excluding effects of foreign currency translation adjustments:
Decrease in accounts receivable			3,518				944
Increase in inventories			(3,486	)			(295	)
Increase in prepaid expenses and other assets			(1,351	)			(902	)
Increase in accounts payable			1,244				787
Decrease in accrued expenses and other liabilities			(511	)			(195	)
Increase in deferred revenue and customer prepayments			219				3,203
Net cash (used for) provided by operating activities			(4,846	)			163
Investing activities
Capital expenditures			(483	)			(249	)
Proceeds from sale of property and equipment			25				37
Net cash used for investing activities			(458	)			(212	)
Financing activities
Payments on long-term debt			(35	)			(35	)
Payments on capital leases			(4	)			(22	)
Debt issuance costs			(188	)			-
Net cash used for financing activities			(227	)			(57	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash			209				285
Net change in cash, cash equivalents, and restricted cash			(5,322	)			179
Cash, cash equivalents, and restricted cash at beginning of period			22,178				28,155
Cash, cash equivalents, and restricted cash at end of period		$	16,856			$	28,334
Supplemental disclosure of noncash investing and financing activities
Transfer of internally developed 3D printing machines from inventories to property and
equipment for internal use or leasing activities		$	814			$	131
Transfer of internally developed 3D printing machines from property and equipment to
inventories for sale		$	113			$	395
Property and equipment acquired through financing arrangements		$	14			$	48
Property and equipment included in accounts payable		$	49			$	25
Property and equipment included in accrued expenses and other current liabilities		$	50			$	-
Debt issuance costs included in accrued expenses and other current liabilities		$	76			$	-

The ExOne Company Additional Information (Unaudited)
Machine Sales by Type
					Quarter Ended March 31,
					2018		2017
S-Max ®					3		4
M-Flex ®					-		1
Innovent ®					3		-
					6		5

The ExOne Company Adjusted Non-machine Revenue and Adjusted Revenue Reconciliation (in millions) (Unaudited)
		Quarter Ended
		March 31,
		2018						2017							% Change
Revenue by Product Line
3D Printing Machines		$	4.5		38	%		$	4.3			40	%		6	%
3D Printed and Other Products, Materials and Services			7.4		62	%			6.6			63	%		12	%
Less: Revenue associated with exited specialty machining operations in April 2017			-		0	%			(0.3	)		(3	)%		(100	)%
Adjusted Non-machine			7.4		62	%			6.3			60	%		17	%
Total Adjusted Revenue		$	11.9		100	%		$	10.6			100	%		13	%

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