3D Printing Sigma Labs prepared for further growth
USA — 3D printing company Sigma Labs has published its financial and operational results for the fourth quarter and full year 2021. According to these figures, revenues increased by 105 percent to 1.7 million dollars for the full year of 2021 as compared to 0.8 million dollars for the full year of 2020 due to increased Printrite 3D unit sales.
The fourth quarter of 2021 for Sigma Labs was highlighted by multiple strategic partnerships and agreements. Mark K. Ruport, CEO of Sigma Labs said that “These new partnerships were the culmination of a milestone year at Sigma in 2021 in which we doubled revenues, increased margins, strengthened our balance sheet and positioned the company’s technology and strategy to capture market share with our first mover advantage”.
In January 2022 the company announced a strategic shift in its business model to accelerate adoption of its technology in additive manufacturing production by setting the standard for in-situ quality monitoring and analytics.
Jacob Brunsberg, Sigma’s President and COO noted, “Looking ahead, 2022 presents an exciting opportunity for Sigma to continue to move closer to our customers, further enabling our growth trajectory. We believe the continued migration to our software only model will not only deliver more value to our customers but will also increase shareholder value through greater adoption of an increasing margin product.”
Revenue for the full year of 2021 totaled 1.7 million dollars of which 0.35 million dollars, or 21 percent was earned in the fourth quarter. This compares to revenues of 0.8 million dollars for the full year of 2020, of which 0.2 million dollars was earned in the fourth quarter. The growth was driven by increased Printrite3D unit sales, including the company's first multi-unit sale in the third quarter.
Gross profit for the full year of 2021 1.1 million dollars, of which the fourth quarter contributed 0.2 million dollars, compared to gross profit for the full year of 2020 of 0.2 million dollars, of which the fourth quarter contributed negative 22,000 dollars. Gross margin for the full year of 2021 was 66 percent compared to gross margin of 27 percent for the full year 2020. The gross margin improvement was primarily driven by lowering certain component costs combined with engineering enhancements and efficiencies.