The ExOne Company Reports First Quarter 2021 Results

In addition to risk factors previously disclosed in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including 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 severity and duration of world health events, including the COVID-19 outbreak and the related economic repercussions and operational challenges; the Company’s ability to consistently 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 3D printing machines and technology and to develop and introduce 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 customer specific terms in machine sale agreements in determining the period in which the Company recognizes revenue; risks related to global operations including effects of foreign currency and COVID-19; 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, cyberattacks, war, terrorism and cancellation or unavailability of insurance coverage; the impact of disruption of the Company’s manufacturing facilities or ExOne Adoption Centers; the adequacy of ExOne’s protection of its intellectual property; expectations regarding demand for the Company’s industrial products, and other matters with regard to outlook; and other factors beyond our control, including the impact of COVID-19.

These and other important factors, including those discussed under Item 1A, “Risk Factors” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K, and under Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, 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 and Quarterly Report on Form 10-Q that could cause actual results to differ from these forward-looking statements.

FINANCIAL TABLES FOLLOW.

 

The ExOne Company

Condensed Statement of Consolidated Operations and Comprehensive Loss (Unaudited)

(in thousands, except per-share amounts)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Revenue

 

$

13,021

 

 

$

13,383

 

Cost of sales

 

 

11,021

 

 

 

9,754

 

Gross profit

 

 

2,000

 

 

 

3,629

 

Operating expenses

 

 

 

 

 

 

 

 

Research and development

 

 

2,624

 

 

 

2,476

 

Selling, general and administrative

 

 

5,893

 

 

 

6,163

 

Gain from sale-leaseback of property and equipment

 

 

 

 

 

(1,462

)

 

 

 

8,517

 

 

 

7,177

 

Loss from operations

 

 

(6,517

)

 

 

(3,548

)

Other expense (income)

 

 

 

 

 

 

 

 

Interest expense

 

 

160

 

 

 

64

 

Other (income) expense net

 

 

(125

)

 

 

(190

)

 

 

 

35

 

 

 

(126

)

Loss before income taxes

 

 

(6,552

)

 

 

(3,422

)

(Benefit) provision for income taxes

 

 

(412

)

 

 

226

 

Net loss

 

$

(6,140

)

 

$

(3,648

)

Net loss per common share:

 

 

 

 

 

 

 

 

Basic

 

$

(0.29

)

 

$

(0.22

)

Diluted

 

$

(0.29

)

 

$

(0.22

)

Comprehensive loss:

 

 

 

 

 

 

 

 

Net loss

 

$

(6,140

)

 

$

(3,648

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(1,120

)

 

 

(838

)

Comprehensive loss

 

$

(7,260

)

 

$

(4,486

)

 

The ExOne Company

Condensed Consolidated Balance Sheet (Unaudited)

(in thousands, except per-share and share amounts)

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

137,321

 

 

$

49,668

 

Restricted cash

 

 

955

 

 

 

508

 

Accounts receivable net

 

 

4,825

 

 

 

5,225

 

Current portion of net investment in sales-type leases net

 

 

233

 

 

 

229

 

Inventories – net

 

 

23,015

 

 

 

20,562

 

Prepaid expenses and other current assets

 

 

6,724

 

 

 

4,451

 

Total current assets

 

 

173,073

 

 

 

80,643

 

Property and equipment – net

 

 

21,429

 

 

 

21,300

 

Operating lease right-of-use assets

 

 

3,429

 

 

 

4,043

 

Net investment in sales-type leases – net of current portion – net

 

 

449

 

 

 

509

 

Other noncurrent assets

 

 

460

 

 

 

794

 

Total assets

 

$

198,840

 

 

$

107,289

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

1,949

 

 

$

1,622

 

Current portion of operating lease liabilities

 

 

1,897

 

 

 

1,958

 

Accounts payable

 

 

6,158

 

 

 

4,501

 

Accrued expenses and other current liabilities

 

 

5,452

 

 

 

4,978

 

Current portion of contract liabilities

 

 

14,877

 

 

 

13,586

 

Total current liabilities

 

 

30,333

 

 

 

26,645

 

Long-term debt – net of current portion

 

 

245

 

 

 

1,783

 

Operating lease liabilities – net of current portion

 

 

1,532

 

 

 

2,085

 

Contract liabilities – net of current portion

 

 

248

 

 

 

159

 

Other noncurrent liabilities

 

 

258

 

 

 

314

 

Total liabilities

 

 

32,616

 

 

 

30,986

 

Contingencies and commitments

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

Common stock, $0.01 par value, 200,000,000 shares authorized,

22,030,401 (2021) and 20,009,157 (2020) shares issued and

outstanding

 

 

220

 

 

 

200

 

Additional paid-in capital

 

 

315,274

 

 

 

218,113

 

Accumulated deficit

 

 

(138,012

)

 

 

(131,872

)

Accumulated other comprehensive loss

 

 

(11,258

)

 

 

(10,138

)

Total stockholders' equity

 

 

166,224

 

 

 

76,303

 

Total liabilities and stockholders' equity

 

$

198,840

 

 

$

107,289

 

 

The ExOne Company

Condensed Statement of Consolidated Cash Flows (Unaudited)

(in thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(6,140

)

 

$

(3,648

)

Adjustments to reconcile net loss to net cash used for operations:

 

 

 

 

 

 

 

 

Depreciation

 

 

993

 

 

 

923

 

Equity-based compensation

 

 

282

 

 

 

292

 

Amortization of debt issuance costs

 

 

7

 

 

 

19

 

(Recoveries) provision for bad debts – net

 

 

(47

)

 

 

51

 

Provision for slow-moving, obsolete and lower of cost or

net realizable value inventories – net

 

 

129

 

 

 

22

 

Foreign exchange gains on intercompany transactions – net

 

 

(136

)

 

 

(165

)

Gain from sale-leaseback of property and equipment

 

 

 

 

 

(1,462

)

Deferred income taxes

 

 

 

 

 

195

 

Loss on extinguishment of debt

 

 

119

 

 

 

 

Changes in assets and liabilities, excluding effects of foreign currency

translation adjustments:

 

 

 

 

 

 

 

 

Decrease in accounts receivable

 

 

311

 

 

 

1,487

 

Decrease (increase) in net investment in sales-type leases

 

 

56

 

 

 

(50

)

Increase in inventories

 

 

(3,500

)

 

 

(2,146

)

Increase in prepaid expenses and other assets

 

 

(1,389

)

 

 

(674

)

Increase (decrease) in accounts payable

 

 

1,549

 

 

 

(1,408

)

Increase (decrease) in accrued expenses and other liabilities

 

 

395

 

 

 

(24

)

Increase in contract liabilities

 

 

1,468

 

 

 

1,849

 

Net cash used for operating activities

 

 

(5,903

)

 

 

(4,739

)

Investing activities

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(1,067

)

 

 

(338

)

Proceeds from sale of property and equipment

 

 

 

 

 

16,228

 

Net cash (used for) provided by investing activities

 

 

(1,067

)

 

 

15,890

 

Financing activities

 

 

 

 

 

 

 

 

Payments on long-term debt

 

 

(1,226

)

 

 

(39

)

Proceeds from exercise of employee stock options

 

 

1,100

 

 

 

 

Proceeds from common stock offerings, net of issuance costs

 

 

95,446

 

 

 

 

Other

 

 

(6

)

 

 

(3

)

Net cash provided by (used for) financing activities

 

 

95,314

 

 

 

(42

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

 

(244

)

 

 

(31

)

Net change in cash, cash equivalents, and restricted cash

 

 

88,100

 

 

 

11,078

 

Cash, cash equivalents, and restricted cash at beginning of period

 

 

50,176

 

 

 

6,243

 

Cash, cash equivalents, and restricted cash at end of period

 

$

138,276

 

 

$

17,321

 

 

 

 

 

 

 

 

 

 

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

 

$

975

 

 

$

852

 

Transfer of internally developed 3D printing machines from property

and equipment to inventories for sale

 

$

629

 

 

$

823

 

Property and equipment included in accounts payable

 

$

310

 

 

$

56

 

Common stock offering issuance costs included in accounts payable

 

$

158

 

 

$

 

Unsettled proceeds from exercise of employee stock options included in

prepaid expenses and other current assets

 

$

340

 

 

$

 

Debt issuance costs included in accounts payable

 

$

 

 

$

41

 

 

The ExOne Company

Adjusted EBITDA Reconciliation (Unaudited)

(in millions)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Net loss

 

$

(6.1

)

 

$

(3.6

)

Interest expense

 

 

0.1

 

 

 

0.1

 

(Benefit) provision for income taxes

 

 

(0.4

)

 

 

0.2

 

Depreciation

 

 

1.0

 

 

 

0.9

 

Equity-based compensation

 

 

0.3

 

 

 

0.3

 

Gain from sale-leaseback of property and equipment

 

 

 

 

 

(1.5

)

Other (income) expense – net

 

 

(0.1

)

 

 

(0.2

)

Adjusted EBITDA

 

$

(5.2

)

 

$

(3.8

)


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