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 |
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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 |
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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 |
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December 31, 2022 |
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December 31, 2021 |
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ASSETS |
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Current Assets: |
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|
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|
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Cash |
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$ |
2,845,931 |
|
|
$ |
11,447,047 |
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| Accounts Receivable, net |
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|
371,620 |
|
|
|
412,192 |
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| Inventory |
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|
950,943 |
|
|
|
710,080 |
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| Prepaid Assets |
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|
105,226 |
|
|
|
114,278 |
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| Total Current Assets |
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4,273,720 |
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12,683,597 |
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| Other Assets: |
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| Property and Equipment, net |
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304,903 |
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232,282 |
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| Intangible Assets, net |
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1,125,285 |
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|
925,111 |
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| Total Other Assets |
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1,430,188 |
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1,157,393 |
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| TOTAL ASSETS |
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$ |
5,703,908 |
|
|
$ |
13,840,990 |
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| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| Current Liabilities: |
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| Accounts Payable |
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$ |
277,492 |
|
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$ |
206,442 |
|
| Deferred Revenue |
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|
120,073 |
|
|
|
148,855 |
|
| Accrued Expenses |
|
|
231,633 |
|
|
|
625,942 |
|
| Total Current Liabilities |
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|
629,198 |
|
|
|
981,239 |
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| TOTAL LIABILITIES |
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629,198 |
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981,239 |
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| Commitments & Contingencies |
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- |
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- |
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| Stockholders’ Equity |
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| Preferred Stock, $0.001 par value; 10,000,000 shares authorized; 465 shares issued and outstanding |
|
|
1 |
|
|
|
1 |
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| Common Stock, $0.001 par value; 24,000,000 shares authorized; 10,498,802 shares issued and outstanding |
|
|
10,499 |
|
|
|
10,499 |
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| Additional Paid-In Capital |
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|
54,406,694 |
|
|
|
53,442,431 |
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| Accumulated Deficit |
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(49,342,484 |
) |
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|
(40,593,180 |
) |
| Total Stockholders’ Equity |
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5,074,710 |
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|
|
12,859,751 |
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| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
5,703,908 |
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|
$ |
13,840,990 |
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| Sigma Additive Solutions, Inc. (formerly Sigma Labs, Inc.) Condensed Statements of Operations |
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Year Ended |
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December 31, 2022 |
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December 31, 2021 |
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| REVENUES |
|
$ |
630,428 |
|
|
$ |
1,651,765 |
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| COST OF REVENUE |
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349,930 |
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|
559,965 |
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| GROSS PROFIT |
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|
280,498 |
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|
|
1,091,800 |
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| EXPENSES: |
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| Salaries & Benefits |
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4,740,437 |
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4,286,368 |
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| Stock-Based Compensation |
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|
793,251 |
|
|
|
1,066,455 |
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| 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 |
|
|
|
|
|
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|
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| LOSS FROM OPERATIONS |
|
|
(8,749,004 |
) |
|
|
(8,479,385 |
) |
|
|
|
|
|
|
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| OTHER INCOME (EXPENSE) |
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| 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 |
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| LOSS BEFORE PROVISION FOR INCOME TAXES |
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|
(8,692,424 |
) |
|
|
(7,384,605 |
) |
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| Provision for Income Taxes |
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|
- |
|
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|
- |
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| Net Loss |
|
$ |
(8,692,424 |
) |
|
$ |
(7,384,605 |
) |
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| Preferred Dividends |
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56,880 |
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|
103,567 |
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| Net Loss applicable to Common Stockholders |
|
$ |
(8,749,304 |
) |
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$ |
(7,488,172 |
) |
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| Net Loss per Common Share - Basic and Diluted |
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$ |
(0.83 |
) |
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$ |
(0.76 |
) |
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| Weighted Average Number of Shares Outstanding - Basic and Diluted |
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10,498,802 |
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9,828,541 |
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| Sigma Additive Solutions, Inc. (formerly Sigma Labs, Inc.) Condensed Statements of Cash Flows |
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Year Ended |
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|
December 31, 2022 |
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December 31, 2021 |
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| OPERATING ACTIVITIES |
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| Net Loss |
|
$ |
(8,692,424 |
) |
|
$ |
(7,384,605 |
) |
| Adjustments to reconcile Net Loss to Net Cash used in operating activities: |
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| Noncash Expenses: |
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| Depreciation and Amortization |
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|
116,167 |
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|
|
94,105 |
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| Gain on Derivative Liability |
|
|
- |
|
|
|
(1,092,441 |
) |
| Stock Based Compensation - Employees |
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|
793,251 |
|
|
|
1,066,455 |
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| Stock Based Compensation - Third Party Services |
|
|
25,376 |
|
|
|
163,083 |
|
| Stock Based Compensation - Directors |
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|
88,756 |
|
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|
538,585 |
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| Change in assets and liabilities: |
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| Accounts Receivable |
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|
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 |
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| Long-Term portion of Stock Appreciation Rights |
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|
- |
|
|
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(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 |
) |
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| INVESTING ACTIVITIES |
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|
|
|
|
|
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| Purchase of Property and Equipment |
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|
(164,622 |
) |
|
|
(182,522 |
) |
| Purchase of Intangible Assets |
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|
(224,340 |
) |
|
|
(177,228 |
) |
| NET CASH USED IN INVESTING ACTIVITIES |
|
|
(388,962 |
) |
|
|
(359,750 |
) |
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| FINANCING ACTIVITIES |
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|
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|
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| 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 |
|
|
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|
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| NET CHANGE IN CASH FOR PERIOD |
|
|
(8,601,116 |
) |
|
|
7,746,233 |
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|
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| CASH AT BEGINNING OF PERIOD |
|
|
11,447,047 |
|
|
|
3,700,814 |
|
|
|
|
|
|
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| CASH AT END OF PERIOD |
|
$ |
2,845,931 |
|
|
$ |
11,447,047 |
|
|
|
|
|
|
|
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|
||
| Supplemental Disclosures: |
|
|
|
|
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|
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| 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 |
|
$ |
- |
|
|
$ |
- |
|
