Sigma Labs Inc (SASI)

[TedJ]

Second Quarter 2020 Financial Results

Revenue for the second quarter of 2020 totaled $0.2 million. This compares to revenues of $34 thousand for the second quarter of 2019. The increase in revenue was due to a PrintRite3D® unit sale, as well as revenue recognized under the legacy Rapid Test and Evaluation ("RTE") program and an in-house RTE during the quarter.

Gross profit for the second quarter of 2020 was $0.1 million as compared to negative $27 thousand in the second quarter of 2019.

Total operating expenses for the second quarter of 2020 were $1.53 million as compared to total operating expenses of $1.57 million for the same period in 2019.

Cash used in operating activities for the six months ended June 30, 2020 totaled $2.4 million compared to $2.7 million in the first six months ended June 20, 2019. Approximately $400 thousand of this amount was due to trade accounts payables carried over from 2019 due to a delay in financing.

Net loss for the second quarter of 2020 was $1.6 million, or $(0.49) per share, as compared to a net loss of $1.6 million, or $(1.50) per share, in the second quarter of 2019.

Cash totaled $2.5 million at June 30, 2020, as compared to $0.6 million at March 31, 2020 and $0.6 million at June 30, 2019.