Really? There are countless times when big money has lost money. You have got to be kidding me.

All the best,
Silversmith

I don't see how you figure that at all.
Schwartz is no longer considered a 13G reportable owner due to the simple mathematical result of SGLB's recent cash raise expanding the outstanding share count to a bit above 7 million. Schwartz did nothing. So the recent rise has nothing to do with it.

All the best,
Silversmith

That'd be good if we were taking about the same thing at the same time. You know damned well what we were talking about.

All the best,
Silversmith

But not with less than 8 million outstanding. Gigantic difference.

All the best,
Silversmith

A surprising number of people just love, truly love being negative. They revel in it. And it becomes all they know.
There is no number that will cause them to change. SGLB can be at $35 and the same people will be singing the same tune. That's just the way it is.
But the problem with that pesky black swan is that you have to constantly paint each and every piece of information black, without fail. Because otherwise they get lost.

All the best,
Silversmith

Except you are thinking the NDA is to hide the fact that a company is looking at PR3D, which isn't the case. The NDA is to protect everything around the way a company manufactures a part or assembly, or the design of a part. The NDA is for everything else that SGLB would be rubbing elbows with while working with a company.

On a different note, I see the hedge fund Citadel Advisors has a long position in SGLB now. Probably won't be long before Kathy Wood takes a position too. All we need is for SGLB to actually win a few production environment contracts with some larger names and we are going to be very happy indeed.

All the best,
Silversmith

Yes, but not with actual people holding key titled positions in the field. SGLB has indeed attracted some serious metal AM talent into the company. It is the talent that was missing before, among other things. It looks to me that SGLB sees critical mass coming this year.

All the best,
Silversmith

Speaking of.... the short position increased 74K shares and is back to 6.64% of the float, undoubtedly considered small stuff by the counter culture warriors. But unless you are the bleeding hedges, it sure is interesting to watch the tail wag the dog.

All the best,
Silversmith

Thanks for that masonic. I hadn't seen it before.
The difference is clearly the noise level, resolution and therefore false positives. Straight up TOT didn't do so good. OT did a lot better but was pretty noisy. PR3D nailed it compared to CT, although with some noise. I am frequently impressed with the accuracy and resolution of the latest PR3D tech.

All the best,
Silversmith

From Market Watch. Numbers went from 6.27% down to 5.67%, now ready to go under 400K shares shorted.

All the best,
Silversmith

Numbers for short interest show it made another much larger move downward.

All the best,
Silversmith

The short position in SGLB continues to shrink. New numbers out.

All the best,
Silversmith

Nobody wins, afraid of losing.
SGLB is going to $100-200 million market cap with the first or second announcement of a deal in the millions of dollars.

All the best,
Silversmith

I don't follow the warrants. Never have. They have more complexity than straight up shares. The expiration shelf-life factor, the somewhat separate investor base, the perception and mentality around the whole story, and the associated corporate performance all come into play with warrants.

I have not read the SGLB warrants prospectus wording to know if there is anything unusual with the series issue, but in general you should probably think of them as a kind of option. They are an option to buy one share of SGLB. And as such they are either out of the money, at the money, or in the money. As they are now they are out of the money options and sell at a discount. If they were in the money they would sell at a premium. They trade as their own equity instrument, but should trade pretty much in accord with the common. So there should be no mystery that the warrants are alive with action just as the common has come to life.

The action is saying that the warrants are now perceived and valued as a little closer to being in the money. And they certainly trade back and forth just as an equity in in the market. Traders think they can get in, have them move up, then sell them to someone else. For me, the fact that they are moving up means there are at least some people buying that think the $40 strike has a greater than zero probability prior to the expiration. But basically the daily trading of the warrants have nothing much to do with whether they are in the money now.

All the best,
Silversmith

Of course the flip side of that is SGLB thought they had more time before having to support providing numerous PR3D builds and installations. Maybe they have verbal commitments in hand, and are now faced with a greatly accelerated timeline.

All the best,
Silversmith

The mentality about SGLB and the metal 3D printing space has changed out in the world. Many now believe strongly, or know, that metal printing will take off in the post covid era. Metal printing's success and growth inflection point is very nearby. This placement by SGLB is no longer being viewed as survival by the company, but as enabling the growth.
If SGLB announces one or more fairly big named contracts in the upper single digit millions of dollars, there will be a strong, sustained market cap move much, much higher.

All the best,
Silversmith

Both Lockheed and Aerojet are in my playground.
The space push has picked up significantly in the past 7 years, and is expected to continue significantly for the next few decades.
Lockheed wanted a presence in it and simply purchased Aerojet to have a footprint in rockets. That's it. No magic, no mystery. They want Aerojet to build rocket engines just as they always have. So SGLB's Aerojet relations aren't impacted by the purchase. Lockheed isn't going to tell Aerojet how to build rocket engines.

All the best,
Silversmith

Yes, you did miss something.
The subtlety is the workaround of the issue with printer manufacturers not wanting to open up the architecture of their printer internals. They don't want outsiders having access. So okay, SGLB says. Here's what we need to interface. You crack open your architecture, interface it, and simply port it for plug-and-play IPQA. We don't need to play in your architecture. Let the end-users make PR3D the standard.

All the best,
Silversmith

Not exactly accurate conclusions here. Again, it doesn't take much to determine the nature of some of the questions that come up. I sure wish more effort was put into it.
Snowflake, Google, IBM, Oracle, Amazon and about three dozen other very big companies provide cloud data storage in truly huge amounts. Any one of them can provide tens of thousands of terabyte storage bins. For instance, at Amazon, 500 Terabyte and higher programs cost just $21 usd per terabyte. This is very far from being an issue with storing AM build data. Add in compression algorithms and compressed future pricing from some heavy duty cloud data storage competition, and metal AM data storage is far from the onerous issue you claim.

All the best,
Silversmith

Part one, or two, of a four, or five part series in SGLB happening now.
I really do like what I'm seeing.
SGLB likely setting up for a really big move up, probably first or second quarter 2021. The days of retail peeps are numbered.
As far as them having the chance at a significant piece of the coming SGLB pie that is. And they don't even see it.

There are only 5.4 million shares in the float remember.
As long as the SGLB story continues to unfold positively, every time institutional or heavy weights buy up the book, and this is the important part, and the stock price remains up afterward, that means those shares are more tightly held. More and more shares become unavailable nearby. The impact of the peep's 60, 80, and 100 share trades become less and less. And the money it takes to buy what they are used to buying goes up and up, let alone buying a meaningful amount. Retail gets funneled and squeezed tighter and tighter. When I put in a 10,000 share limit buy order it takes 30 minutes or more to fill because it gets hit with 18, 42, 86, 100 share sells at a time.
Eventually the supply is so tight any catalyst up will cause a very big move. A few more evolutions of what's going on now should do it.

All the best,
Silversmith

Because the heavy players didn't want the peeps to participate. I'm telling you, SGLB is fast being acknowledged as the metal AM quality platform and the company is about to undergo significant growth. The stock market is a forward looking market. They won't wait around for the sure thing that most here demand to see. Most here demand to see actual dollars in the SGLB bank, over and over, and actual profit that grows and grows, to the point where it can't be denied or disbelieved, before they will believe anything about SGLB being a winner. But of course it will be way too late at that point. The cream will have been lapped up long before that.

All the best
Silversmith

Lets be clear on this point. If you research metal AM for how they are using qualification, validation, and certification nomenclature you will see that almost nowhere is validation, in any form, a part of their program discussions and platforms.
What it is, is that a part or process or machine is 'qualified' as to its validity of concept and design to fulfill a function, that it can be made with existing materials, that it can be made with the equipment available, and that it can meet the needs of the end use.
A part is 'certified' in that, along its way through manufacturing for both in-process, and after completion of manufacture, the part meets all the specified manufacturing parameters for the finished part as applied by all the relevant engineering input.

So once and for all, PR3D applies to both qualification and certification. It is plainly evident to anyone taking the time to look at the actual body of knowledge available to the wider metal AM industry to see that this is so.

All the best,
Silversmith

I also note the short position in SGLB shrunk. We'll see if it continues.

All the best,
Silversmith

This too makes no sense.

Certification entails obtaining empirical data concerning an event which proves or strongly suggests a set of criteria has been met according to some overarching specifications.

Third party impartiality, as pertains to manufacturing, is such that no conflict of interest exists in which a manufacturer can manipulate certification.

Materialize's Streamics is a platform which aims to enable manufacturers to obtain oversight knowledge and control of their whole manufacturing process flow. Streamics does not build product. And PR3D cannot be sprinkled throughout the Streamics platform. PR3D is a discrete section, in parallel, interfacing with Streamics, providing its data output to the Streamics platform. There is no way a manufacturer can alter Streamics or PR3D to manipulate anything.

Otherwise, why would GE buy any printer manufacturer. They couldn't sell or use any of their own printers due to your erroneous rendition of impartiality.

And the quip that any move up is a prelude to SGLB raising money flies in the face of the fact that Ruport clearly stated just weeks ago the company has no plans to raise money anytime soon. They are good to go for a while.

And for everyone else, there is a very large rotation, gaining steam and likely to become huge, toward all the new tech in the world, EV, AI, alternate energy, machine learning, and even AM. Provided SGLB doesn't do something boneheaded, they will be swept along with it. I suspect the next twelve months will be a wild ride up.

All the best,
Silversmith

Actually SGLB trades above average on most days for trade volume. The overall average of shares traded in the US as a percentage of outstanding shares for individual companies is only 0.37% of the outstanding. That would be somewhere around 22,000 shares for SGLB at 6 million outstanding. Most of the time when a stock trades many multiples of average, it is the same shares being traded back and forth over and over. But I suspect you already know this.

All the best,
Silversmith

That makes no sense at all.
Why would a company/someone take a product capable of global sales, and make the IPQA tech a one-off pigeon-holed product that would only see limited sales. No business would do that. A sale would not suddenly make PR3D anti-agnostic. There is no way an ANSYS or Oracle or Siemens or Materialize or nearly anyone else would intend to turn PR3D into a specific printer manufacturer only product. Even someone like a GE would sell it to the world.

All the best,
Silversmith

Good question.
So far there isn't another company pretty much anywhere that is a really good fit for a comparison with SGLB and IPQA within the metal AM industry. SGLB is pretty much a unique entity.

I have personally used in-process inspection oriented corporations from a few other industries to look at comparisons. The problem with that is the other industries that actually have IPQA type corporations within them, have multiple competing IPQA type corporations playing in the same sandbox; so the values of any single corporation are diluted by the whole.

But if you look at the other industries in manufacturing, and consider that the diluted individual IPQA type corporations working in fully mature industries, could be about similar to a SGLB, without competition, in an immature industry.

The result of this is that you frequently, across many industries, come up with valuations of $200-300 million. This seems reasonable to me. So I would call it something between $33 and $50 per share with an outstanding share count of 6 million.

All the best,
Silversmith

One thing I am really happy to see and hear is the character and tone of the leaders of SGLB. These guys aren't messing around. Knowing the nature of the heavy duty physics and math behind the scenes of PR3D, the SGLB team has done some serious work over the past year and a half. These guys are truly leading the metal AM industry in IPQA competency, potency and break though research. It has come to the point where they are sought out for input and insight by the big entities in the industry. SGLB is plotting the path to the future in metal AM IPQA. I love it when Beckett gets cranked up. He's a trip.

Some talk around is that money is starting to line up. Both internal and external to SGLB. If we see the stock options getting exercised, along with Ruport and others accumulating shares, then good things are coming. I will not be surprised to learn that the incentive options are being registered so that a buyer can determine how many will be actually exercised. Maybe, maybe not, but I will be the least surprised person on earth to learn of a buyout offer, sooner rather than later too.

SGLB has become a serious player in the industry. Things are positioned and coming their way, even now. We will see larger and larger developments concerning SGLB going forward. If you played it right, SGLB is going to make new millionaires.

All the best,
Silversmith

Good stuff T&L. It has been a long time coming for metal AM, with more to go yet, but it is clear metal AM will transform the world in wide swaths for manufacturing. And I remember when Additive Industries was first founded. They have come a long way too.
Things really do seem to be crystallizing for the industry. There does seem to be a tightening of the core knowledge of how one goes about successfully printing metal in complex configurations. There seems to be an increase in the confidence out there among the metal AM printing groups, finally.

While I, along with most everyone else, was eight years too early with SGLB, I will venture that the starting gun has sounded for the metal AM industry. Things will pick up from here. The industry was glad when wall street turned away upon the popping of the 3D print bubble years, but they will need wall street's return to the fold to finance the coming growth in the industry. There are some indications that that is beginning to happen. More and more analysis is being dug into the 3D players books, strategies, and prospects. The good news is that there is a lot more information about what the industry can and cannot do this time around. Even with SGLB, it is possible to lay out a reasonable revenue stream picture based upon the current knowledge of the metal AM industry. Analysts will figure this out and come to the only conclusion possible.

All the best,
Silversmith

Paullee,
Right now, in the metal AM space, sensors inside the printers can see when the printers' function is wandering off track from what is known to be proper. But the information gained from the sensors isn't used to make any real-time changes to the printer function to bring it back in line. Currently the sensors only output data to humans. Closed loop is where the sensors output data, in real-time, back to the printer to automatically cause the printer to change what it is doing to bring everything back to proper function.

All the best,
Silversmith

And there aren't even close to thousands of companies buying metal AM printers. The printer manufacturers aren't even selling thousands of metal printers globally. The industry is stuck, waiting to get some workable reliability in the build. If you see thousands of printers sold globally, it is because the polymer printers are being included in the number.

All the best,
Silversmith

The cameras are the printer OEM's token nod to the need for better reliability. Everyone in the whole wide world associated with metal AM knows camera imagery doesn't get you much down the road to knowing what's going on during the build. I've talked to metal print engineers at two companies that said they hit the start button, and really have no idea what actually will come out at the end of the print. Camera imagery only sees crap after it has gone bad. You can have a big, deep melt-pool with low energy, and you can have a big, deep melt-pool with high energy. The same goes for small pools. Knowing the dimension of the pool with cameras only tells you that maybe things are okay. If the camera says it's bad, it's beyond bad. It's over. Almost no physics comes from the camera data. Almost no predictive info comes from the camera data.
The printer OEMS camera stuff is only the smallest step toward knowing what is going on in the build.

All the best,
Silversmith

No. The cameras come from the printer manufacturers themselves. Because that's an easy addition. But it doesn't solve the reliability problem.

All the best,
Silversmith

Hardly. They can't even get a workable reliable process even throwing everything they have at it, let alone a simple camera.

All the best,
Silversmith

Wrong again outlook. The 100x I assume you are coming up with is from the pixel size column. 100um is bigger than 10um, not smaller. so there is less data storage need for something with less resolution. SGLB is about middle of the road for resolution if you combine apples and oranges with optical and thermal. If you just look at apples to apples SGLB resolution is tops for thermal, but way less than the optical pixel size.

All the best,
Silversmith

That is hilarious outlook2020. There are a few seriously deep flaws in your take on the difference between melt-pool and global-part optical imaging vs thermal. The NIST paper is proposing using all the tools available (both optical and thermal) to perform both a real-time evaluation of the part build, and a near-real-time software based platform to perform nearly live build simulation based on the real-time data being gathered. They in no way are even close to proposing optical only real-time data gathering...not even close.

All the best,
Silversmith

I don't think SGLB is too overly concerned about the outlook from current investors. They know what they have in the product, and its place in the industry. Current investors, who do know the story, are yet still so embittered about the past they reject the current reality and the future. This just adds to SGLB's ripeness for being snatched up by another company. And I feel pretty strongly they will be. Big fish eat little fish. And there are plenty of companies, both within and without the software space, that would make easy the minds of the industry concerning third party impartiality. You watch, as soon as it is totally clear that metal AM is in production mode and using IPQA to make it so, SGLB will be bought. One morning, in the blink of any eye, announcement of a tender offer will do what investors have not; properly value SGLB.... in about 2 minutes time.

All the best,
Silversmith

SGLB has certainly moved to a more professional level of marketing Dadx4. Now they need to find a way to move to a more professional level of investor base. SGLB's success was always very questionable, but I think pretty firmly now that PR3D will be successful in the industry.

It has long been evident that the end-users were not going to carry the load of pulling metal AM tech into fruition. Industry was not going to make it happen within their own projects and cost/cap expenditure programs. It is absolutely the case that what has transpired is metal AM tech development and capability was going to have to be born and refined within the supply chain vendor companies, such as SGLB, and pushed out to the industry. The hurdles were too big for the end-users.

So the specialist vendors for the various stages of successful metal AM production will have worked out the issues, and provided the manufacturing industry a proper process for success, and will in turn be very well rewarded for a very long time. It has been a painful ride so far, but I believe fortunes will be made over the next couple of years.

All the best,
Silversmith

SGLB appointed lead author of the NIST standards for metal AM QA/IPQA. That is a real feather in your cap SGLB. I recommend you go for the jugular. Lock yourself in the standard. Write the competition out. You earned the position and the right.

I am very surprised at how unimpressed our wonderful SGLB investors are over Q2 achievements and results. We are growing the footprint in the industry. Real success is happening. We are about to hear that SGLB is partnered with one of the big dog printer manufacturers as approved and preferred for IPQA in their machines, and pushed by the printer's global sales force to the forefront of end-users needs for IPQA. Ruport didn't say they expect a purchase order in Q3. He said they expect the first purchase ORDERS (plural) in Q3. This is coming from the global scope of the OEM's customers. And if this really picks up in volume, the other printer OEMs are going to have to do the same.

But then again, when a self proclaimed long time SGLB investor asks Ruport if PR3D is capable of printing support-less parts, then you understand the type of investor SGLB has.

All the best,
Silversmith

But even more....

• Selected by global manufacturer as its Preferred Monitoring Solution for 3D Metal Printers:

o Partnership will provide major 3D printer manufacturer’s global customer base with industry leading 3rd party IPQA® (In-process Quality Assurance) solution for its line of 3D printers. The manufacturer will present their printers as PrintRite3D® ready;
o PrintRite3D will be actively promoted by a worldwide salesforce as their preferred monitoring solution; and
o Initial purchase orders expected in the third quarter of 2020.
• Launched @Sigma RTE program to provide potential end users and OEM’s with a fast and inexpensive way to experience the benefits of Sigma’s PrintRite3D IPQA® solution. Manufacturers worldwide will be able to experience using PrintRite3D® in real-time with their part design and chosen metal powder. Allows end users and global OEMs an opportunity to:

o Experience in-process quality assurance and melt pool analytics in action;
o Utilize Sigma’s technology to improve build efficiency;
o Learn how PrintRite3D can help ensure consistency and solve quality issue; and
o Reduce product development time from initial design and simulation to production.
• Secured Japanese Fortune Global 50 manufacturer as its first customer under the @Sigma RTE program with new purchase order for PrintRite3D.
• Collaborated with NIST to outline how to calibrate PrintRite3D sensors to a traceable temperature standard.

o Performed a first ever standards calibration with the renowned National Institute of Standards and Technology;
o Opens the door for machine to machine calibration and enables machine matching for the Additive Manufacturing industry; and
o Represents a major milestone to ensuring quality in production environments.


SGLB is on their way.

All the best,
Silversmith