Sygnis SA records an increase in revenues of +6% in the second quarter

Sygnis SA – one of the two Polish companies in the 3D printing industry listed on the NewConnect stock exchange, has published financial results for the second quarter of 2023, as well as consolidated results for the first half of this year. The company as a Group (which includes, among others, Zmorph SA) generated revenue of PLN 4.4 million, which is an increase of +6% compared to the same period last year. In half-year terms, it generated PLN 8.8 million in revenue, which is a result worse by -47% compared to the first half of 2022. In the second quarter of this year, Sygnis generated a loss of PLN -2.25 million, and in the entire six-month period slightly over -5 million PLN. At the same time, the company announced the signing of a number of distribution agreements around the world for its proprietary products and believes that it will be able to significantly improve both the level of revenues and profitability in the second half of the year.

Sygnis emphasizes that it is constantly working on reducing its own costs through restructuring within the entire Group. In the second quarter of the year, the cost of external services was reduced from PLN 440,000 to PLN 230,000, and the cost of remuneration from PLN 760,000 to PLN 500,000. On the other hand, the company has submitted a number of applications for co-financing in various research and development programmes, hoping that if they win, it will allow it to further develop its activities in this area.

In the second quarter of 2023, Sygnis delivered to the Institute of Experimental Biology M. Nenckiego in Warsaw super-resolution ONI microscope with a set of systems for microinjection. The value of the transaction is PLN 1.6 million, which accounted for ~36% of total revenue for the second quarter. In addition, the company signed 7 new distribution agreements, which translated into an increase in sales of its own products by +157%. The company also boasts that it is one of the existing distributors of over 100 3D printers. signal
also continues to cooperate with Ukrainian brigades in the field of spare parts and drone production.

The average employment in the second quarter was 51 people employed under employment contracts. The company operates in four cities (Warsaw, Gdańsk, Pruszcz Gdański and Wrocław), in seven locations. At the end of the second quarter, it had cash in the amount of PLN 156 thousand.

Source: www.newconnect.pl