ExOne Co. (NASDAQ: XONE) reported its first-quarter financial results after the markets closed on Wednesday. The 3D printer posted a net loss of $0.35 per share on $8.4 million in revenue, compared to consensus estimates that called for a net loss of $0.27 per share on revenue of $9.2 million. The same period from last year had a net loss of $0.53 per share on $6.8 million in revenue.
The company was sure to mention that given the long sales cycle and significance of a machine’s average selling price relative to total revenue, fluctuations in its machine-sale revenue vary from quarter to quarter. Accordingly, ExOne does not believe that such quarter-to-quarter fluctuations are necessarily indicative of larger trends.
ExOne noted a few key statistics during the first quarter. The company had a gross margin of 22.3%, demonstrating an increased efficiency in the quarter and a large leap from the same period last year. Also this 3D printer had a solid backlog of $16.4 million by the end of the quarter.
On the books, cash and cash equivalents totaled $31.3 million at the end of the quarter, compared to $19.3 million at the end of 2015.
S. Kent Rockwell, chairman and CEO, commented on earnings:
We’re pleased with the growth realized in our first quarter of 2016, which represents record first quarter revenue for us. Our operating results also indicate the progress we’re making from a productivity standpoint as our global associates gain experience and continue to realize efficiencies.
Our customers give us reason to be encouraged, as we shipped five machines and finished the quarter with solid backlog. We are also already seeing stronger order flow early in the second quarter and approach mid-year with cautious but increasing optimism about 2016.
Shares of ExOne traded up 3.5% at $9.82 early on Thursday, before dropping into the red approaching the noon hour. The consensus analyst price target is $9.49, and the 52-week trading range is $5.81 to $14.75.