Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I bailed a couple of years ago after holding onto SGLB for a few years, lost money on it. SGLB had a great concept that was blown by the worst leadership ever. Now it is a .....travel agent? Hoo boy. My advice is to take your marbles and go home from this one. There are a lot of good stocks out there now, under $15 a share.
NTRP has no board. Not that it matters. My cost basis is still around $1050 whether it’s SGLB, SASI or NTRP. Worst decision of my life.
Regards,
Murray Winklebottom
New proxy statement states 250M shares now. Vote no on proxy. Just look up when happened to NXTP (the CEOs legacy company). No revenue and empty promises just like the latest press release.
What have holders done since Sigma went under?
I’m still holding because I’ve lost it all and what’s left is not worth selling. Hoping for a Hail Mary or will sell it in a profitable year for tax.
HAPPY NEW YEAR!
FOUND THIS VERY INTERESTING, AND SHARING WITH YOU******WATCH AT YOR LEISURE TIME******DARK POOL
OUCH!!...Is it possible that I am mistaken?
HIGH Risk Tolerance.............IN it, to WIN IT
Tiny float... brace yourself for a thrilling roller coaster experience.
Happy Trading
I like the dolloar volume so I entered 4.51 using some of NEXI profits$$$$$
NEWS
Sigma Additive Solutions Completes Acquisition of Travel Technology Company NextTrip Holdings
Sigma Additive Solutions Shareholders Approved Proposals Enabling Acquisition of NextTrip Holdings, Inc. on December 28, 2023
NextTrip Specializes in Using Proprietary Technology, Analytics and Strategic Partnerships to Provide Specialized Solutions in Leisure, Wellness and Business Travel
SANTA FE, NM / ACCESSWIRE / January 3, 2024 / Sigma Additive Solutions, Inc. (NASDAQ:SASI) ("Sigma", "we," "our," or the "Company") today announced the completion of its acquisition of NextTrip Holdings, Inc., a travel technology company based in Sunrise, Florida ("NextTrip"), through a previously announced share exchange. The acquisition, which was first announced October 2023, closed on December 29, 2023, at which time NextTrip became a wholly owned subsidiary of the Company. Additionally, effective upon closing of the acquisition, Jacob Brunsberg, President and Chief Executive Officer of Sigma, resigned from such roles, and Bill Kerby, Chief Executive Officer of NextTrip, was appointed a Chief Executive Officer of Sigma. Mr. Brunsberg will continue to serve as a director on Sigma's board.
On December 28, 2023, at Sigma's 2023 annual meeting of shareholders, Sigma shareholders voted to approve the issuance of shares of Sigma common stock associated with the acquisition of NextTrip, pursuant to the Share Exchange Agreement entered into with NextTrip and certain other parties in October 2023, and to further approve the terms of such Share Exchange Agreement.
"We are pleased to have received the overwhelming support of shareholders that voted for this transformative acquisition," said Jacob Brunsberg, former President and Chief Executive Officer of Sigma. "We look forward to integrating NextTrip in the near-term and working with the NextTrip team to increase shareholder value by providing a significant opportunity to participate in a leading travel brand with an array of product offerings and concierge services."
Bill Kerby, Chief Executive Officer of NextTrip and the newly appointed Chief Executive Officer of Sigma, commented, "We thank everyone who participated in the meeting and vote, and believe the acquisition will maximize value for all shareholders. This transaction will allow NextTrip the ability to execute our strategic growth plans and expand our reach into new markets as part of a public company for the benefit of Sigma equity holders, while tying the issuance of additional earn out equity to clear business objectives for NextTrip. Our growth and expansion plans are highly focused on the roll out of key technology developments that will broaden our footprint as an innovative travel technology company specializing in using proprietary technology, analytics, and strategic partnerships to provide customized, unique and differentiated travel solutions in leisure, wellness, and business travel. As a public company with access to additional sources of capital, we will be focused on scaling our travel booking engine that, prior to the COVID-19 pandemic, had an over 6 million legacy customer database and generated over $400 million in bookings in 2019."
Lyndsey North, President of NextTrip, commented, "This transaction is the capstone to a foundation-building 2023 for NextTrip, and we believe that it positions us for a transformational year ahead. Throughout the year we continued to position NextTrip as a significant player in the travel space, building over 200 direct relationships with blue-chip travel organizations, as well as major industry suppliers for air, hotel and other travel and travel-related services to ensure robust products and an offering of more than 2 million hotels worldwide. Our focus was on contracting and re-contracting with travel product suppliers and connecting APIs with vendors and suppliers. Our platform is now directly connected to top channel managers such as Dingus, HBSI and more. We also have in place a dedicated U.S.-based call center team with decades of product and destination knowledge.
"Our team has been diligently working on a comprehensive technology update and integration of our acquired scalable travel booking engine into the NextTrip ecosystem in preparation for its full launch. A soft launch in late November 2023 resulted in top-line revenue growth of over 75% vs the prior month. At go-live, we expect to have over 3 million properties available in more than 200 countries worldwide. Additionally, we have a curated collection of more than 200 of the most sought-after resorts in Mexico and the Caribbean that we intend to strategically scale. In the past several weeks, we have been beta testing the platform, technology, and connections. A marketing beta program received strong opens and conversions to bookings. We are now preparing to shift to the live production site and ramping up marketing to our 6+ million customer database, with a target launch in the next 30-60 days. Looking ahead into 2024, we are highly enthusiastic for our business and expect the launch and ramp of our booking platform will act as a significant accelerator for NextTrip," concluded North.
Additional information about the acquisition and the terms thereof are included in the Current Reports on Form 8-K filed by Sigma with the Securities and Exchange Commission (SEC) on October 10, 2023 and January 3, 2024, as well as the Definitive Proxy Statement filed by Sigma with the SEC on December 1, 2023. Additional information about Sigma's annual meeting of shareholders and items approved at thereat are included in the Current Report on Form 8-K filed by Sigma with the SEC on January 2, 2023, as well as the Definitive Proxy Statement filed by Sigma with the SEC on December 1, 2023.
Highlights of NextTrip & the Acquisition
As previously announced on October 13, 2023, Sigma entered into a Share Exchange Agreement with NextTrip and certain other parties, pursuant to which it agreed to acquire 100% of the capital stock of NextTrip in exchange for shares of Sigma common stock constituting 19.99% of its outstanding common stock at closing of the acquisition, plus additional contingent shares of Sigma common stock upon the achievement of post-closing milestone earnouts tied to the business performance of NextTrip.
Assuming all business milestones are achieved, NextTrip's equity holders will receive a total of 6 million shares of Sigma common stock, resulting in existing Sigma holders retaining, on a pro forma basis, approximately 11.5% of the total outstanding shares.
At closing, Sigma President and CEO, Jacob Brunsberg, resigned from such roles (but will remain a director on the company's board), and NextTrip CEO, William Kerby was appointed as CEO of the company. Additionally, Mark Ruport, chairman of the company's board of directors, resigned, and Donald Monaco, who was designated by NextTrip, was appointed as a director and chairman to fill the vacancy created by Mr. Ruport's resignation.
Going forward, the remaining board seats will continue to be filled by Sigma's current directors during the realignment period, with NextTrip earning the right to designate additional board members and officers upon reaching business milestones in accordance with the Share Exchange Agreement.
The company intends to change its ticker symbol to "NTRP" in the near future, and subject to stockholder approval, to change the name of the company to NextTrip, Inc.
Lake Street Capital Markets acted as the financial advisor to Sigma in connection with the acquisition.
The acquisition provides the opportunity for NextTrip to become a publicly traded company on Nasdaq. The transaction will be transformational since, as a public company, NextTrip is expected to have access to additional sources of capital on more favorable terms to fund strategic growth initiatives, as well as the ability to tap into adjacent markets and more efficiently scale existing operations.
NextTrip recently completed the acquisition and integration of a scalable travel booking engine that, prior to the COVID-19 pandemic, had a 6 million + legacy customer database and generated over $400 million in bookings in 2019. The parties expect that the booking engine acquisition will act as a significant accelerator to the company's business.
NextTrip has assembled a team with more than 100 years of combined travel experience that brings deep experience across key areas of the travel industry including online travel distribution, wholesale distribution and travel technology. We believe that the team's strong relationships and industry experience serve as a catalyst for positioning NextTrip as a significant player in the travel space.
In 2023, NextTrip established more than 200 direct relationships with blue-chip travel organizations, as well as major industry suppliers for air, hotel and other travel and travel-related services to ensure robust products and an offering of more than 2 million hotels worldwide.
Following a period of strategic realignment which is tied to certain NextTrip business objectives, NextTrip's potential future initiatives will be focused on driving the company's renewed growth agenda, exploring strategic M&A to drive revenue synergies through the expansion of product and travel consumer offerings, and continuing to invest in the development of innovative technologies to connect travel customers for discovery and booking domestic and international destinations.
About NextTrip
NextTrip is a technology-driven platform delivering innovative solutions for business and leisure travel. NextTrip Leisure provides individual and group travelers with vacations to the most popular and sought-after destinations in Mexico, the Caribbean and across the world. NextTrip Business is an online corporate travel and expense management solution with a large inventory of travel options and discounted rates. NextTrip Solutions offers travel technologies that make the jobs of alternative lodging property managers, wholesalers, distributors and other travel industry players easier and more efficient. For more information and to book a trip, visit https://investors.nexttrip.com/.
About Sigma Additive Solutions
Sigma Additive Solutions, Inc. has historically been a provider of in-process quality assurance (IPQA™) solutions to the additive manufacturing industry. Sigma has specialized in the development and commercialization of real-time monitoring and analytics known as PrintRite3D® for 3D metal and polymer advanced manufacturing technologies. PrintRite3D detects and classifies defects and anomalies real-time during the manufacturing process, enabling significant cost-savings and production efficiencies by reducing waste, increasing yield, and shortening cycle times.
As previously disclosed in Sigma's filings with the SEC, in October 2023 Sigma entered into an Asset Purchase Agreement, pursuant to which it has agreed to sell its historic business to Divergent Technologies, Inc. The sale is expected to be completed in January 2023, at which time the NextTrip business will become the sole business of the company.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of
And it goes up. Lol!
the approval of an amendment to our Articles to increase the authorized shares of our common stock from 1,200,000 shares to 100,000,000 shares (the “Capital Increase Proposal”);
https://ih.advfn.com/stock-market/NASDAQ/sigma-additive-solutions-SASI/stock-news/92928132/form-8-k-current-report
Thanks Outlook2020
given the failed history of Sigma Labs with quality sensing, I imagine that the IP purchase was at less than pennies on the dollar of asset value. I have no idea what the asset value of a patent is for Sigma?
IMO, They (any company with ip) always find a way to move ip that should go to the shareholders by way of repayment to a loan from an old friend long ago that was not repaid. I believe SGLB had such a loan that wasn’t repaid around 2018-2019. We’ll see if it resurfaces.
Is there any news regards funds from IP sale to Divergent3D?
I get it what you are saying, the current management has been a shame for most if not all shareholders since inception and the reverse split, no one moving forward here as far as investors are concerned will be here for long term or even mid term, enterprise value is 50 million dollars for Nextrip, this is just a swing trade until half that valuation is achieved, if you go back in history and look at what these stocks did with the likes of Expedia back in 90's. No one cares for the management, just play the merger news and hope that the float gets locked by then and wait for a massive move.
Caution to all the noob's coming into SASI. The history with this BOD and CEO has not been good. A lot of investors and employees got screwed big time. Hopefully, things will turn around and the current BOD and CEO will not be part of NextTrip.
SASI dips down to my average again between today and tomorrow, will buy another round for 600 shares.
These type of moves got to hold till merger news. Good luck.
Nice move so far today
SASI is gearing up for a massive move.
SASI is going to pop big, once merger is announced and will hit double digit dollars. Currently sitting only at 3 million market cap, it has a lot of room left to run.
SASI is going to double digit dollars as soon as the deal closes, probably even sooner. Got in today after the dust settled in mid 4's, 50 million enterprise value puts this gem and low floater on launch pad to the stratosphere.
Any guess on what could explain this recent spike? This has been such a miserable turd for me with the r/s and failed business it won't ever be profitable. I certainly don't think pivoting to a travel business is going to be any better.
When a one day volume is about 74 times the outstanding shares you got to think it's just the computers playing games with shorting. TD had the short interest at 60% a week ago, now it's down to 8% reported. I'm thinking it'll be back sky high before the closing, again.
LOL, yeah me too, maybe even a bit higher....
LOL!
I hope all is well.
IMO, if people read the fine print of the PR. The board of directors are going to be filled out by previous board members of SASI. Not really a group with recent real good past performance. They couldn’t keep a printer running. What makes any one think they can make finicky traveling consumers happy.
Tiny SS. What’s a realistic price for this?
they done even have one now.. infact they dont even have a premesis.
https://sfbi.net/clients/
not listed as a client at the Santa Fe business incubator.
Is that the only one they ever managed to purchase? That could certainly be the case.
That printer alone was mostly used to store "insert joke " on top of it.
I was aware that Sigma had one EOS M280 machine. Did they have other machines too?
this isn't a "massive deal" this is a company who is not on the nasdaq buying a bankrupt company that is listed to get on the nasdaq at a bargain price.
They sold off there IP ( probably to a patent troll ), they have sold all there assets and now the last thing they have of any value is there listing.
It doesnt matter how much the stock continues to crater ( and crater it will) because they will continue to issue enough new shares and r/s to keep the listing.
All Sigma investors will have lost all there money
They probably could have contracted out/leased their printers all this time and made a lot more revenue than what's been made all these years.
Its like a garage startup that never left the garage, though at one point you had about a half dozen sales team members, and no product.
Covid likely sped up the company's ultimate decline as the industry tightened its spending, and face to face meetings became became remote meetings, but it was headed in the same direction regardless. Even if Covid doesn't take place, it only buys probably another two years of the same action.
I don't understand some of your projections. This stock on this day 9/7 is trading in the $7-$8 range and yesterday it was in the $3-$4 range but your post is saying it's going to $1 near term based on a massive deal.
Yeah, sure it was.
Funny how r/s can bring out the ridiculous stuff.
SASI, was High as $74.5, tiny float.
Followers
|
482
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
81999
|
Created
|
01/17/11
|
Type
|
Free
|
Moderators |
The Company:
Sigma is a software company that was founded by scientist-engineers composed of physicists and metallurgists then working at Los Alamos National Labs for the entrepreneurial purpose of developing sophisticated metallurgical products. Since 2016, the Company’s focus has been on solving the complex and challenging problem of how to best assure the high quality of metal parts manufactured in laser powder bed additive manufacturing, or 3D printing, machines. Sigma and many others believe that until this problem was solved, 3D manufacturing of metal parts would not be scalable enough to grow past prototyping and mature into a major industry enjoying high quality yields and cost-efficient production runs. The solution that Sigma developed to solve this problem is In-Process-Quality-Assurance (“IPQA®”) software known as PrintRite3D®.
In 2018, the Sigma team enhanced and added user features to its PrintRite3D® technology. In 2019, the Company began to productize and test PrintRite3D® on various 3D metal printers at customers’ sites through the Company’s Rapid Test and Evaluation (“RTE”) program. Upon receiving favorable responses from the various RTEs, in 2020 the Company began to aggressively market PrintRite3D®. However, the worldwide COVID-19 pandemic caused a reduction, and in some cases a freeze, in capital spending within the Company’s targeted industries and had what the Company believes to be a short-term negative impact on the Company’s expected timing of generating meaningful revenue. Despite the pandemic, the Company moved forward with its plan to market PrintRite3D® to the following industry segments: (1) global manufacturing companies with Additive Manufacturing (“AM”) initiatives; (2) 3D printer Original Equipment Manufacturers (“OEMs”) for purchases of licenses and generating fees and royalties thereafter; (3) additive manufacturing software venders for alliances and licenses for co-sales; and (4) research foundations, standards organizations and universities, all in service of Sigma’s potential for setting the industry standard of measurement by providing data and analytics as a metrics-based quality standard of metal quality for all 3D laser powder bed manufactured parts, notwithstanding the design, metal, or brand of equipment upon which parts are manufactured.
Additive Metal Manufacturing and the role and need for Sigma’s technology:
The use of 3D printing technology dates back to the 1980s for polymer applications, but the ability to print functional parts from metal alloys has spurred significant interest and investment into AM over recent years. AM is now reshaping the product design process, entire supply chains, and the vast landscape of manufacturing. Engineers are embracing new design freedoms to realize valuable product performance improvements and cost efficiencies with lighter weight, better thermal management capability, better fluid mixing, customization, and/or the ability to make different structures and textures that yield better part integration.
We believe that there are several significant hurdles to be overcome for broader adoption of additive technologies for the production of industrial metal parts. Among these are lack of quality, consistency, and industry standards along with cost. The Company believes PrintRite3D® has the potential to contribute to widespread industrialization of 3D metal printing. Additionally, the disruption in complex and rigid supply chains caused by COVID-19 exposed the country’s vulnerability to shortages in times of crisis. In response, manufacturers are devising strategies to be able to be more agile, increase their ability to manufacture mission critical parts on demand, with more customization, and closer to where the end part will be needed.
PrintRite3D® Technology and Product Family:
PrintRite3D® is an integrated hardware and software edge computing platform, or in-process quality assurance system that combines inspection, feedback, data collection and critical analysis. It is a 3D printer platform-independent solution that can be installed as a retrofit to an existing 3D printer or requested as a factory option from select 3D printer OEMs. PrintRite3D® provides a high-fidelity, accurate system that can confidently scale to multi-laser 3D metal printers. The PrintRite3D® system detects potential anomalies and incorporates machine learning in conjunction with developed metrics to map those metrics to the post-process data. This provides the ability to reduce post-production testing and costs, while creating a certification framework that serves the needs of end-users, printer manufacturers, and standards organizations.
PrintRite3D was initially developed to work with industrial 3D metal printers using the Powder Bed Fusion (PBF) process, which is the most widely used process for industrial metal applications. In 2020, we announced PrintRite3D for Direct Energy Deposition, or DED, for metal parts. PrintRite3D DED opens up another segment of the industrial metal market for Sigma to sell and distribute our technology. In 2021, the Company introduced PrintRite3D Selective Laser Sintering, or (SLS) for polymer materials. The polymer market is larger and more advanced than the metal market. There is an increasing need for quality and standards within the polymer market to support mission critical parts such as those being used in aerospace, space exploration, and defense. The Company’s entry into this market was customer driven by a supplier of critical equipment to the space exploration market. The Company believes that PrintRite3D’s ability to work across a different 3D printers, processes and materials gives it a competitive advantage and will help accelerate the adoption of 3D printing for industrial applications.
Distribution Methods:
Sigma Labs employs a multi-channel distribution model for its IPQA products including a direct sales force, value added resellers (“VARs”) and 3D printer Original Equipment Manufacturers (“OEMs”). In 2021, the majority of the Company’s revenue was generated by direct sales in North America and Europe. VARs are currently used in Japan and India. The Company plans to extend its VAR channel outside of North America and Europe. Since 2020, the Company has moved aggressively to establish and extend relationships with 3D printer OEMs and began to generate revenue from this channel. The revenue generated by the OEMs in 2021 did not meet the Company’s projections due to several reasons, including but not limited to: (1) the ramp up time for the OEM’s sales force, (2) the ongoing impact of COVID on our European based OEM partners, and (3) the lack of OEM sales into select vertical markets (e.g., aerospace and space exploration) that require that parts conform to specific quality standards. We expect that the percentage of the Company’s revenue coming from OEMs will increase in 2022 and beyond.
The Company markets its products through webinars, email and social media campaigns, and participation, both in person and virtually, in industry events and tradeshows. In addition, the Company collaborates with international standards organizations in the establishment of standards for AM.
Competition:
PrintRite3D® is a third-party, agnostic In-Process Quality Assurance system designed to provide a consistent, standards-based measurement and prediction of quality across a heterogeneous collection of 3D printers. Competition has been primarily from the printer OEMs who offer their own monitoring system, usually as a separately priced option to its printers. Sigma believes that the future of AM will consist of factories with various generations of printers from various manufacturers. The primary reasons that global manufacturers will have machines from various vendors is that certain machines and technologies are better suited for different applications than others. Additionally, as the industry progresses, innovation will accelerate, and new leaders will emerge. Finally, many believe that there will be a consolidation of 3D metal manufacturers and the number of vendors will decrease from approximately 50 to a much small number over the next decade. Although standards for monitoring are slowly being set by various international standards organizations, it is highly unlikely that printer OEMs will modify their monitoring systems to work with other OEMs machines. Therefore, we believe that the only way to produce parts with a consistent level of quality is with a third-party, agnostic, standards based IPQA system, such as PrintRite3D®. Over the past year or so, new competitors have entered the market with monitoring technology that follows Sigma’s lead as a 3rd party agnostic system capable of working across 3D printer machine types. These systems use camera-based technology and machine learning to identify gross defects during the printing process. These solutions are useful; however, they fall short of determining root cause, and unlike PrintRite3D, are not capable of instructing the printer, through closed-loop control, to vary certain machine variables such as laser power to avoid creating the defects.
Intellectual Property:
We regard our patents, trademarks, domain names, trade secrets, know-how, and other intellectual property as critical to our success. We rely on a combination of patent, trademark, trade secret, other intellectual property law, confidentiality procedures, and contractual provisions with employees, partners, and others to protect the technology and other proprietary rights, information and know-how that comprise the core of our business. The chart below summarizes our issued patents. We are currently prosecuting foreign and U.S. patent applications related to our IPQA® technology and rapid qualification of additive manufacturing for metal parts. There is no guarantee that the patent applications we have submitted will issue or that if issued, they will offer adequate protection under applicable law.
Sigma Labs, Inc. Patent Portfolio as of December 31, 2021 | ||||||||||||
Jurisdiction | Granted | In Process | Total | |||||||||
US | 13 | 16 | 29 | |||||||||
PCT | - | 3 | 3 | |||||||||
EP | - | 4 | 4 | |||||||||
Germany | 1 | 7 | 8 | |||||||||
China | 1 | 4 | 5 | |||||||||
Japan | - | 2 | 2 | |||||||||
Korea | - | 1 | 1 | |||||||||
Total | 15 | 37 | 52 |
Title | Type | Patent No. or Application No. | Expiration Date | |||||
Methods and Systems for Monitoring Additive Manufacturing Processes | US Utility | 9,999,924 | 5/11/36 | |||||
Systems and Methods for Additive Manufacturing Operations | US Utility | 10,207,489 | 6/20/37 | |||||
Material Qualification System and Methodology | US Utility | 10,226,817 | 4/26/37 | |||||
Material Qualification System and Methodology | China Utility | ZL201680010333.X | 1/13/26 | |||||
Optical Manufacturing Process Sensing and Status Indication System | US Utility | 10,317,294 | 5/2/35 | |||||
Systems and Methods for Measuring Radiated Thermal Energy During an Additive Manufacturing Operation | US Utility | 10,479,020 | 8/1/38 | |||||
Optical Manufacturing Process Sensing and Status Indication System | US Utility | 10,520,372 | 3/25/35 | |||||
Systems and Methods for Additive Manufacturing Operations | US Utility | 10,717,264 | 12/28/38 | |||||
Systems and Methods for Measuring Radiated Thermal Energy During an Additive Manufacturing Operation | US Utility | 10,639,745 | 2/21/39 | |||||
Photodetector Array for Additive Manufacturing Operations | US Utility | 10,786,850 | 2/21/39 | |||||
Multi-Sensor Quality Inference and Control for Additive Manufacturing Processes | US Utility | 10,786,948 | 4/24/37 | |||||
Optical Manufacturing Process Sensing and Status Indication System | US Utility | 11,073,431 | 3/25/35 | |||||
Method and System for Monitoring Additive Manufacturing Process | US Utility | 11,135,654 | 8/11/35 | |||||
Layer-Based Defect Detection Using Normalized Sensor Data | US Utility | 11,072,043 | 1/26/40 | |||||
Systems and Methods for Measuring Radiated Thermal Energy During an Additive Manufacturing Operation | Germany Utility | 112,018,001,597 | 8/1/38 |
Recent Developments
In January 2022, we announced the foundational elements of a three-year plan that we believe will increase the Company’s ability to achieve its mission of setting the quality standard for additive manufacturing. The combined strategies are geared at making our technology more consumable in terms of ease of use and cost by end users, both for initial purchases and expansion opportunities, making it easier for original equipment manufacturers (“OEMs”) to embed our technology and generate attractive revenue streams for the OEM, and finally increasing the Company’s gross margins by moving towards a software-only solution.
To lower the barrier for initial users and for expansion opportunities within end users with a large number of printers, we began offering our current PrintRite3D integrated hardware and software solution on a subscription basis. The impact of the change will currently reduce the initial upfront cost to a new user from over $100,000 to approximately $3,000-$4,000 per month. In addition, we believe the subscription model will smooth out the Company’s revenue and cash receipts while making them more predictable.
In order to expand the number of OEMs distributing our technology, we launched a three-tiered OEM program directed to: (1) new OEMs without their own quality assurance or monitoring solution; (2) established OEMs with a quality monitoring offering, but who have customers with multiple printers from multiple OEMs and want a single 3rd party quality and analytics solution with consistent quality metrics across printers, processes and materials; and (3) OEMs building open APIs to integrate components of Sigma’s proprietary technology with their current offerings. We are now working with OEMs on their next generation printers to offer a software-only solution that will utilize the printer’s computing infrastructure and dramatically reduce the overall cost of its technology, enabling the opportunity to move towards a software only embedded solution on every printer sold by partner OEMs.
The combination of subscription pricing and the software-only embedded OEM offerings are intended to make our technology more affordable to acquire and easier for OEM’s to bundle, distribute and support in an effort to become the industry standard. The shift in our business model has had an impact on our near-term revenue growth as we increase our focus on building strategic partnerships, expanding our partner ecosystem, and ensuring the success of our existing customers as they move into production. However, we believe these changes will contribute to faster adoption of our product by end users and will result in more predictable and profitable revenues over the longer term.
Key Second Quarter and Subsequent 2022 Highlights and Business Update
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |
Subscribe to Ad free and enjoy an ad-free experience
Try Now
Keep the Ads