- Shapeways to Host Webcast and Conference Call -
NEW YORK — (BUSINESS WIRE) — November 15, 2021 — Shapeways Holdings, Inc. (NYSE: SHPW) (“Shapeways” or the “Company”), a leader in the large and fast-growing digital manufacturing industry, announced its results for the third quarter ended September 30, 2021. On September 29, 2021, the Company completed its business combination with Galileo Acquisition Corp. and its common stock and warrants began trading on the NYSE on September 30, 2021 under the new ticker “SHPW” and “SHPW WS,” respectively.
Third Quarter and Recent Highlights
- Revenue was $7.7 million in the third quarter of 2021 compared to $8.1 million in the third quarter of 2020.
- Gross profit was $3.7 million in the third quarter of 2021 compared to $3.7 million in the third quarter of 2020.
- Gross margins improved by 180 bps to 47.5% in the third quarter of 2021 compared to 45.7% in the third quarter of 2020 due to high value product focus, continued operational improvements, and further software utilization.
- In October, rebranded its purpose-built software platform, Otto™ Software-as-a-Service (SaaS), phase one of which is designed as a limited ordering service for traditional manufacturers seeking a simpler, faster, and more flexible path to 3D printing for industrial grade production.
- Strengthened the board with its appointment of a new independent director Leslie C. G. Campbell. Ms. Campbell has more than 30 years of multi-disciplinary experience in the technology, finance, software and information services industries.
“The third quarter was transformational for Shapeways as we completed our business combination with a strengthened balance sheet to support future growth,” said Greg Kress, the Company’s Chief Executive Officer. “With the closing of this transaction, we are accelerating our investments to drive new sales growth, including implementing new additive manufacturing technologies and scaling our business development capabilities. Our proprietary software offering continues to grow with the broader introduction of Otto™, and we are excited to offer our SaaS solution to traditional manufacturers seeking a more efficient process. The timing of closing the business combination resulted in the deferral of our planned investment spend, which is having an impact on our near-term expectations and the anticipated timing of the ramp in revenues associated with those investments. Moving forward, we believe we are well positioned to execute on our strategic objectives. While the timing of expectations has shifted, our conviction has not, and we have exciting opportunities as we look to add manufacturing capacity, capture more share of wallet with additional hardware and materials offerings, and continue to grow our proprietary software platform, and we believe we have now set the stage for future growth.”
Three Months Ended September 30, 2021 Results
Revenue was $7.7 million, as compared to $8.1 million for the same period in 2020.
Gross profit was $3.7 million compared to $3.7 million for the same period in 2020. Gross profit margin was 47.5% compared to 45.7% in the same period last year.
Net income (loss) was $2.5 million compared to ($0.5) million in the same period last year.
Adjusted EBITDA, a non-GAAP financial measure, was $(2.4) million compared to $(0.3) million in the same period last year.
Nine Months Ended September 30, 2021 Results
Revenue was $25.4 million, as compared to $23.0 million for the same period in 2020, a 10% increase.
Gross profit was $12.1 million compared to $10.0 million for the same period in 2020. Gross profit margin was 47.7% compared to 43.4% in the same period last year.
Net income (loss) was $4.1 compared to ($2.9) million in the same period last year.
Adjusted EBITDA, a non-GAAP financial measure, was $(2.5) million compared to $(2.4) million in the same period last year.
Balance Sheet and Liquidity
As of September 30, 2021, the Company had cash on hand of $90.2 million. Cash on hand increased due to transaction proceeds.
The closing of the Company’s business combination with Galileo Acquisition Corp. occurred later than expected, which impacted the Company’s ability to deploy capital and invest in new business development opportunities. Due to these delays and the related revenues associated with these anticipated investments, the Company now expects full year 2021 revenue to be approximately $32.5 to $33.5 million.
Webcast and Conference Call Information
Shapeways will host a webcast and conference call on Monday, November 15, 2021 at 5:30 p.m. ET. To participate in the call, please dial 1-844-826-3033, or 1-412-317-5185 for international participants, ten minutes before the scheduled start. Participants may also access the call via live webcast by visiting the investors section of the Company's website at shapeways.com.
A replay will be available on Monday, November 15, 2021, beginning at 8:00 p.m. ET through 11:59 p.m. ET, Monday, November 29, 2021. To access the replay, please dial 1-844-512-2921, or 1-412-317-6671 for international participants, and reference pass code 10161894. A webcast of the replay will also be available by visiting the investors section of the Company’s website at shapeways.com.
Shapeways is a leader in the large and fast-growing digital manufacturing industry combining high quality, flexible on-demand manufacturing powered by purpose-built proprietary software which enables customers to rapidly transform digital designs into physical products, globally. Shapeways makes industrial-grade additive manufacturing accessible by fully digitizing the end-to-end manufacturing process, and by providing a broad range of solutions utilizing 11 additive manufacturing technologies and more than 90 materials and finishes, with the ability to easily scale new innovation. To date, Shapeways has delivered over 21 million parts to 1 million customers in over 160 countries.
Special Note Regarding Forward-Looking Statements
Certain statements included in this press release are not historical facts and are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, regarding the Company's strategy, future operations, and prospects are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management of the Company and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; failure to realize the anticipated benefits of the business combination; the risk that Shapeways has a history of losses and the Company may not achieve or maintain profitability in the future; the risk that the Company faces significant competition and expects to face increasing competition in many aspects of its business, which could cause the Company's operating results to suffer; the risk that the digital manufacturing industry is a relatively new and emerging market and it is uncertain whether it will gain widespread acceptance; the risk that the Company's new and existing solutions and software do not achieve sufficient market acceptance, and those factors discussed in Shapeways’ Registration Statement on Form S-1, under the heading "Risk Factors," and other documents Shapeways has filed, or the Company will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company does not presently know, or that the Company currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company's expectations, plans, or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.