The ExOne Company (Nasdaq: XONE) a global leader in industrial sand and metal 3D printers using binder jetting technology, reported a record second-quarter revenue of $18.8 million. Sales for the quarter increased 69% if compared to Q2 2020 and 44% if compared to Q1 2021
The company which was in the news lately for the high profile merger with/acquisition by former rival Desktop Metal also reported a record backlog of $48.7 million, increased 27% year-on-year.
“The ExOne Team is proud to deliver a record second-quarter revenue result, driven by market momentum we continue to see for our portfolio of products, which we believe is the strongest in the company’s history and also in the binder jet marketplace, as well as an all-time high in both quarterly recurring revenue and backlog,” said John Hartner, ExOne’s CEO.
“We’re also benefiting from secular trends that we believe will continue to lift ExOne long into the future, such as a desire to lightweight cars and aircraft for sustainability benefits. While COVID-19 continues to cast uncertainty over the markets we serve, we also see early signs of an economic restart, led by the U.S. market, and a shift in manufacturing approach as a direct result of the pandemic that also benefits ExOne. We’re talking to an increasing number of manufacturers who are looking to de-risk and shorten supply chains in a way that supports increased interest in additive manufacturing technologies such as binder jetting for more localized production.”
Along with the record overall revenue performance, ExOne reported that revenue from 3D printing machines increased 114% compared to the prior-year quarter as a result of an increase in volumes (18 units sold in Q2 2021 compared to eight units sold in Q2 2020) slightly offset by an unfavorable mix of machines sold. Recurring revenue (3D printed and other products, materials and services) increased 34% compared to the year-ago period, led by a record quarterly period for consumable material sales driven by the developing global economic restart and an expansion of our global installed base of printers.
In addition, revenue from funded research and development services, largely in support of future production metal equipment sale opportunities, increased comparably based on continued investments in the company’s Production Adoption Model. Despite these increases, revenue for both product groups continued to be impacted by COVID-19, including disruptions to domestic and international shipping and travel, in addition to negative macroeconomic effects, particularly in Europe and Asia.