Sygnis publishes the financial report for the third quarter of 2023.

Sygnis SA – one of two Polish companies from the 3D printing industry listed on the NewConnect stock exchange, published financial results for the third quarter of 2023. The deeptech company recorded a rather weak quarter, generating revenue of PLN 2.3 million independently and PLN 2.4 million as a group that includes, among others: manufacturer of FDM / FFF desktop 3D printers – Zmorph SA. In both cases, this represents a decline of approximately -60% year-to-year. The company also generated an operating loss of PLN -1.5 million (and PLN -1.9 million as a Group). For comparison, a year ago it recorded a profit of PLN 1.6 million in the third quarter (and PLN -147,000 as a group). The declines are therefore very high…

Cumulatively, since the beginning of the year, Sygnis has generated PLN 10.5 million in revenue compared to PLN 22.6 million in revenue in the first 9 months of 2022, and as a Group, PLN 11.2 million compared to PLN 22.7 million in 2022. Much weaker revenues are caused by several contracted sales extended into the fourth quarter of the year. In August, Sygnis was selected as the supplier of the Andor microscope to the Bulgarian Academy of Sciences, but due to procedural reasons, its closure will take place at the end of this year. In November, the installation of the LEEM microscope at the Jagiellonian University, worth PLN 4.9 million net, began.

The good news is that the Company is reducing its own costs and gradually reducing its operating loss. In the third quarter of 2023, the Group’s loss amounted to PLN -1.9 million, which is an improvement compared to the second quarter of this year, where it amounted to PLN -2.3 million. In the third quarter, further restructuring took place within the Group – the cost of external services was reduced to PLN 0.82 million compared to PLN 1.5 million in the same period last year, and other costs dropped from PLN 1.9 million to PLN 1.7 million. PLN.

Last year, the sale of 3D printers as part of the Laboratories of the Future educational program was crucial for Sygnis’ development, which generated a record financial result in the first quarter of 2022. Due to the fact that this program will not be continued at the moment, the company is focusing on research and development projects, trying to obtain further EU subsidies. In the third quarter of this year, the company received information about obtaining financing for the research project “F-NIS 2.0 – development of an innovative 3D printer using DIW technology”, the aim of which is to create a successor to the currently sold F-NIS machine. The value of the funding is nearly seven million polish zloty, and the project will start in January 2024. Two other projects submitted by Sygnis were not selected to receive funding, although the company has prepared revised applications, which will be submitted in mid-November in the next grant competition.

In a letter to shareholders, the Sygnis management board announced that it intends to focus on increasing capital to increase the production and sales of Zmorph FAB 3D printers and the promotion and sales of F-NIS 3D printers. The increase in capital is urgent, because at the end of September the company reported only PLN 37.4 thousand of cash on the account (and PLN 99 thousand as a Group).

Source: www.newconnect.pl