The ExOne Company Reports 2019 Fourth Quarter Results

  • Q4 2019 revenue of $17.5 million, impacted by revenue recognition timing
  • Q4 2019 net loss of $2.0 million, realized positive Adjusted EBITDA*
  • Closed 2019 with record backlog of $31.1 million, positions 2020 for growth
  • Completed sale-leaseback improves liquidity

NORTH HUNTINGDON, Pa. — (BUSINESS WIRE) — March 12, 2020The ExOne Company (Nasdaq: XONE), the global leader in industrial sand and metal 3D printers using binder jetting technology, today reported financial results for the fourth quarter and year ended December 31, 2019.

Revenue for the fourth quarter was $17.5 million, the highest quarter in 2019 but down from the Company’s record fourth quarter a year ago. The decline was due to ongoing global manufacturing softness and the timing of machine installations, which deferred ExOne’s revenue recognition. For the fourth quarter, ExOne reported a net loss of $0.12 per share and slightly positive Adjusted EBITDA*.

“Based on the strength of our new product lineup, machine orders intensified during the fourth quarter, driving our backlog to an all-time record — more than double our year-end 2018 backlog,” said John Hartner, ExOne CEO. “While fourth quarter revenue fell short of expectations, we are strongly encouraged by order activity and a surge of interest in our technology. Our fourth quarter revenue shortfall was largely associated with the timing and duration of new model machine installations.”

2019 Reflects Historic Level of New Product and Materials Developments

During 2019, ExOne began delivering on a historic number of new machine and technology developments. More than half of the Company’s machine lineup is now new within the past year. Highlights of the achievements:

  • Shipments began for the S-Max Pro™ sand 3D printer, the Company’s fastest and smartest industrial production system used for metalcasting and tooling parts applications;
  • Launch of ExOne’s patented Triple ACT, an advanced compaction technology that delivers industry-leading density and repeatability on ExOne metal 3D printing systems. Triple ACT is now offered on the Innovent+™ and featured on all of ExOne’s new metal printing systems;
  • Shipping began for the X1 25Pro™ mid-sized metal 3D printer, a production system for direct printing of high-density metal and ceramic parts and products;
  • Announcement of the X1 160Pro™ extra-large metal production printer, ExOne’s fastest and largest system for direct printing of metal and ceramic parts; and
  • Launch of new materials and binders, with an updated qualification process. ExOne metal systems now process 10 single-alloy metals, six ceramics and five composite materials, with even more materials available for R&D use.

Together, these developments strengthen ExOne’s leadership position in binder jet 3D printing.

________________________________________________

*See the attached table captioned “Adjusted EBITDA Reconciliation” for important disclosures regarding the Company’s definition and use of Adjusted EBITDA as well as a reconciliation of net loss (the most directly comparable measure under accounting principles generally accepted in the United States (“GAAP”)) to Adjusted EBITDA for the three months and years ended December 31, 2019 and 2018. ExOne management believes that, when used in conjunction with other measures prepared in accordance with GAAP, Adjusted EBITDA assists in the understanding of its financial results.

Fourth Quarter and Full Year 2019 Revenue – Impacted by Revenue Recognition Timing

(compared with the prior-year period unless stated otherwise)

Three Months Ended

 

 

 

Year Ended

 

 

(in millions)

December 31,

 

 

 

December 31,

 

 

Revenue by Product Line

2019

 

2018

 

% Change

 

2019

 

2018

 

% Change

3D Printing Machines

$

10.7

61

%

$

19.0

75

%

(44

%)

$

27.2

51

%

$

36.4

56

%

(25

%)

3D Printed and Other Products, Materials and Services

 

6.8

39

%

 

6.3

25

%

8

%

 

26.1

49

%

 

28.2

44

%

(8

%)

Total Revenue

$

17.5

100

%

$

25.3

100

%

(31

%)

$

53.3

100

%

$

64.6

100

%

(18

%)


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