Sigma Labs Announces Full Year 2016 Financial Results

SANTA FE, N.M., March 30, 2017 (GLOBE NEWSWIRE) -- Sigma Labs, Inc. (NASDAQ:SGLB) (“Sigma Labs” or the “Company”), a provider of quality assurance software under the PrintRite3D® brand, today announced financial results for the three and twelve months ended December 31, 2016.

Recent Highlights

  • Completed a public offering that raised gross proceeds of approximately $5.8 million concurrent with uplisting to the NASDAQ Capital Market following a reverse stock split. The offering provided funds for the Company’s 2017 growth plans, while moving to the NASDAQ allows for a broader base of potential institutional investors.
  • The Company also formed strategic alliances with Morf3D and Jaguar Precision Machine (“Jaguar”) to serve the additive manufacturing (“AM”) needs of the aerospace and defense (“A&D”) sector. As part of these agreements, the Company’s PrintRite3D® software will be licensed to Morf3D and Jaguar, and Sigma Labs will utilize its on-site EOS machine to form aerospace components under contract using additive manufacturing. The strategic alliances are expected to significantly enhance the Company’s 2017 top line growth profile.
  • Sigma Labs announced additional contract wins with Aerojet Rocketdyne, Pratt & Whitney, Honeywell, and Siemens during the fourth quarter and early part of 2017.
  • The Company also announced, subsequent to the end of 2016, that a leading European AM equipment provider had signed onto its OEM Partner Program as part of a long-term commercial agreement, expanding an existing relationship. Sigma Labs’ PrintRite3D® applications will be embedded in certain of the OEM’s AM machines prior to them being sold.

“We’re already well into 2017 and, with so much behind us, I feel the Company is in a position to see greatly improved performance going forward,” said Mark Cola, President & CEO of Sigma Labs. “In a relatively short period of time we’ve raised much-needed growth capital, uplisted to the NASDAQ, signed several important strategic relationships, and won contracts with marquee customers such as Pratt & Whitney and Siemens. We’ve also landed a significant OEM Partner and are actively working on other business development initiatives, setting the stage for stronger growth in the quarters to come. In effect, we’ve done what we said we would do – winning new customers, joining with other leading companies to move the industry forward, and improving our balance sheet to take advantage of the opportunities to come. This year we have the wind at our backs, with unlimited potential for taking additive manufacturing to a whole new level.”

2016 Full Year Financial Results
Revenue for the year ended December 31, 2016 was approximately $1.0 million versus approximately $1.2 million for 2015. The Company reported a net loss for the year of approximately $2.2 million, or $(0.35) per diluted share, versus a loss of approximately $1.7 million, or $(0.27) per diluted share, for 2015.

Investor Conference Call
The Company will host a conference call to discuss its 2016 full year financial results today, March 30, 2017, at 11:00 a.m. Eastern Time. To participate in the call, please dial toll free 1-844-802-2441, or 1-412-317-5134, approximately five minutes before the conference call time stated above. A live webcast of the call can also be accessed on the Sigma Labs website at www.sigmalabsinc.com. A recording will be available on the Company's website upon completion of the call.

About Sigma Labs, Inc.
Sigma Labs, Inc. is a provider of quality assurance software under the PrintRite3D® brand and a developer of advanced, in-process, non-destructive quality assurance software for commercial firms worldwide seeking productive solutions for advanced manufacturing. For more information please visit us at www.sigmalabsinc.com

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements often contain words such as "expects," "anticipates," "intends," "believes" or "will." Our forward-looking statements are subject to a number of risks, uncertainties and assumptions that could adversely affect us, including the risks set forth in our annual report on Form 10-K. The forward-looking statements in this press release are made only as of the date of this press release. We undertake no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise.

      
Sigma Labs, Inc.     
Condensed Statements of Operations     
      
  Three Months Ended    Twelve Months Ended       
  Years Ended December 31  Years Ended December 31     
   2016    2015    2016    2015      
             
             
REVENUE$324,192  $586,295  $966,422  $ 1,234,810            
                         
COST OF REVENUE   21,158       75,625       228,902       214,004            
                         
GROSS PROFIT     303,034         510,670         737,520         1,020,806            
                         
EXPENSES:                        
Other General and Administration   444,520       395,987       1,790,096       1,282,952            
Payroll Expense   299,346       247,173       1,026,840       585,706            
Stock-Based Compensation   105,004       39,938       341,558       518,438            
Research and Development   4,488       124,009       92,992       330,554            
Total Expenses     853,358         807,107         3,251,486         2,717,650            
                         
OTHER INCOME (EXPENSE)                        
Interest Income   67       203       355       1,340            
Other Income   20,077       -       51,703       -            
Other Income-Decrease in fair value of derivative liabilities   354,644       -       354,644       -            
Other Expense - Debt discount amortization   (89,570 )     -       (89,570 )              
Loss on Investment in Joint Venture   105       (670 )     -       (778 )          
Total Other Income     285,323         (467 )       317,132         562            
                         
LOSS BEFORE PROVISION FOR INCOME TAXES     (265,001 )       (296,904 )       (2,196,834 )       (1,696,282 )          
                         
Provision for income Taxes     -           -           -           -              
                         
Net Loss $     (265,001 )   $     (296,904 )   $     (2,196,834 )   $     (1,696,282 )          
                         
Net Loss per Common Share - Basic and Diluted $     (0.04 )   $     (0.05 )   $     (0.35 )   $     (0.27 )          
                         
Weighted Average Number of Shares                          
Outstanding - Basic and Diluted   6,267,577       6,237,511       6,249,609       6,228,108            
                         

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