When Mark Cola and Ron Fisher sat down in August 2015 to work out Ron’s salary and commission base they set some very interesting targets for Ron to reach to hit bonus levels that would increase salary and equity compensation. These levels were set knowing that discussions were ongoing with the companies written down. Demands and needs from those companies would already have been well considered and understood. This is not pie in the sky figures being thrown out there. These were educated targets that presumably could be met with a successful sales campaign. Neither Mark nor Ron had anything to gain by signing a document that posed unrealistic targets. The time frame seems to reflect the way the market has developed, rather than the way we all want it to (yesterday!). Within that, these are ‘maximum’ time frames and we know the industry is snowballing rapidly in 2016, and the likes of GE are under immense pressure to meet deadlines.
The bonus schedule was as follows
Performance Bonus: Within the first 18 months (August 2015-Feb 2017) GEA: 30 PrintRite3D systems $25,000 Honeywell: 30 PrintRite3D Systems $25,000 Others: $25,000 ( I assume this refers to per 30 machines)
Bonuses for OEM agreements: defined as signed definitive documents between Sigma Labs and a qualified OEM provider of Additive Manufacturing systems or software, and includes but is not limited to language that clearly describes the nature of the agreement (e.g., active sales and marketing activities and cycles, support and consulting services, the number of units to be sold, and associated hardware and software license pricing structure, etc.
These names are names that would already have been in discussion with Sigma (most cases we know, the rest I expect). On top of this in April we were told that there our expanded customer list included Spartacus3D, Aerojet, Renishaw, Michelin Fives, Sisma, Aspect, I3D, Moog/Linear, 3DMT, Polyshape, 3D Systems, GE Power, Siemens, Safran, Solar Turbines (Caterpillar), Space X, Rolls Royce, Pratt and Whitney, Michelin Tire, Blue Origin, BMW. Woodward, Parker Hanfin (GE supply chains)
Should Ron hit the initial bonus with GE and Honeywell that’s 60 machines from the two companies who we have worked with to build the system and should have a reasonable idea of their demand. On top of that we now have another 25 odd potential customers lining up on our scheme. Should they uptake, one could easily imagine 5/10+ machines each, in the cases of EOS/Concept laser etc if could be an add-on to many, many more machines.
From this it is not hard to imagine 100-200 Printrite3D’s out there over the next 12 months. And the great part. Every one recurring revenue (22%). Although we don’t know the official price of Pr3D for competitive reasons (to maximize profit in varied circumstances) it is very obvious that should this come to fruition then the present 17m Market Cap will have a lit rocket underneath it.
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