The ExOne Company Reports First Quarter 2021 Results

  • First quarter revenue of $13.0 million, including record quarterly recurring revenue of $8.1 million, up 15% year-on-year
  • Record backlog of $47.8 million increased 41% year-on-year and 21% sequentially
  • Total liquidity increased to $137.3 million at March 31, 2021
  • Reaffirming 2021 full year revenue growth expectations of 15% – 25% based on record backlog, new product launches and improving macroeconomic conditions

NORTH HUNTINGDON, Pa. — (BUSINESS WIRE) — May 17, 2021The ExOne Company (Nasdaq: XONE) (“ExOne” or the “Company”), the global leader in industrial sand and metal 3D printers using binder jetting technology, today reported financial results for the first quarter ended March 31, 2021.

“The ExOne team is pleased to report record levels of both recurring revenue and machine order backlog, which shows the strength of our product offerings, adoption model, and momentum,” said John Hartner, ExOne’s CEO.

“While our first quarter results reflect the difficult operating environment that continues to persist as a result of COVID-19, we are seeing signs of an economic rebound, particularly in the U.S. market where we saw a higher concentration of sales and backlog growth during the first quarter. We look forward to entering the post-pandemic period with new tailwinds as manufacturers look to de-risk supply chains and improve the sustainability of their products with new designs that require our industrial 3D printing solutions to execute.”

Other highlights for the year to-date are also driving confidence at ExOne:

  • The launch of the ExOne Metal Designlab™, through an exclusive partnership with Rapidia, has diversified and strengthened our metal portfolio beyond binder jetting to include our first office-friendly bound metal 3D printer.
  • ExOne’s strength as the market leader in binder jetting materials continues to intensify, with the recent announcement that reactive materials such as aluminum and titanium will be printable on a controlled-atmosphere model of the X1 160Pro metal system, the market’s largest metal binder jetting platform, in 2022.
  • A significant expansion of the global sales distribution network, including four new experienced additive sales partners with more than 60 offices in the U.S. and Canada, and a doubling of the sales network in Greater China. The majority of the new sales partners will be focused on metal system sales.
  • Increased investment in innovation, continuous improvement, manufacturing capacity, and training surrounding ExOne’s production-ready metal 3D printers. These investments include a 15% increase in the global workforce in 2021 to support a significant shift in manufacturing mix to a higher percentage of metal units and to accelerate production of metal printers in an effort to more quickly convert backlog to revenue and meet growing customer demands.

Q1 2021 Revenue Summary

 

 

Three Months Ended

 

 

 

 

 

(in thousands)

 

March 31,

 

 

 

 

 

Revenue by Product Line

 

2021

 

 

2020

 

 

% Change

 

3D Printing Machines

 

$

4,905

 

 

 

38

%

 

$

6,317

 

 

 

47

%

 

(22%)

 

3D Printed and Other

Products, Materials and Services

 

 

8,116

 

 

 

62

%

 

 

7,066

 

 

 

53

%

 

15%

 

Total Revenue

 

$

13,021

 

 

 

100

%

 

$

13,383

 

 

 

100

%

 

(3%)

 


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