Sygnis SA publishes financial results for the first quarter of 2023, recording nearly three times lower revenues and a net loss of PLN -2.8 million

Sygnis S.A., one of two Polish companies in the 3D printing industry listed on the NewConnect stock exchange, published financial results for the first quarter of 2023. The company as a Group (which includes, among others, Zmorph SA – manufacturer of popular desktop 3D printers) achieved a revenue of PLN 4,4 million (EUR 0.93 million), i.e. PLN -8.3 million less than in the corresponding period in 2022, when it generated nearly PLN 13 million. The company’s management explains such a dramatic decline in revenues by the fact that a year ago, deliveries of 3D printers for schools related to the polish goverment “Laboratoria Przyszłości” program were booked, which increased the total result on an annual basis. It also counts on the next edition of the program this year, declaring at the same time that is “working on increasing this result in the coming months”.

As Sygnis SA, the company generated PLN 3.8 million in revenue, of which PLN 0.5 million came from the sale of products, and PLN 2.45 million from the sale of goods and materials. The loss on sales was PLN -1.39 million, and the total net loss was PLN -1.37 million, compared to PLN +3.43 million profit in the first quarter of 2022. At the end of the accounting period, the company had PLN 355,000 in cash.

Sygnis SA as a Group (which includes, among others, Zmorph), generated PLN 4.4 million in revenue, of which PLN 0.85 million came from the sale of products, while the sale of goods and materials was at the same level (2.45 million PLN). The Group’s total net loss for the first quarter of 2023 was PLN -2.798 million. Cash at the end of the period was PLN 437 thousand.

In a press release for shareholders, the Management Board of Sygnis announced that this loss will be made up in the coming quarters, and the reduction in personnel and fixed costs will be visible in the financial data from the end of April 2023. It also plans to publish an updated development strategy and the business model implemented by the Group. In the first quarter of 2023, the Sygnis Group established several strategic partnerships, e.g. with Markforged, with which it signed a distribution agreement, and the Space Technology Cluster, the Microelectronics, Electronics and Photonics Cluster and the Unimos Food Cluster.

At the beginning of 2023, Grzegorz Kaszyński – its then vice-president, president of Zmorph and the current owner of 12.3% of shares in the Sygnis SA Group – left the company. Kaszyński moved to AMAZEMET, where he is currently the Business Development Manager. At the end of April 2023, Jan Goliński, a member of the Sygnis Supervisory Board, resigned for personal reasons. The composition of the Supervisory Board will be supplemented as soon as possible.

The current share price of Sygnis SA on NewConnect is PLN 1.66 per share (as of May 14, 2023). The quarterly report was published on Friday, May 12, 2023 after the stock exchange closed, so it is not known what its impact on the price will be?

Source: www.newconnect.pl