xone-10q_20210331.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021


☐	TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-35806

The ExOne Company

(Exact name of registrant as specified in its charter)

Delaware

46-1684608

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

127 Industry Boulevard

North Huntingdon, Pennsylvania 15642

(Address of principal executive offices) (Zip Code)

(724) 863-9663

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of class	Trading symbol	Name of exchange on which registered
Common stock	XONE	The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 17, 2021, 22,216,497 shares of common stock, par value $0.01, were outstanding.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

The ExOne Company and Subsidiaries

Condensed Statement of Consolidated Operations and Comprehensive Loss (Unaudited)

(in thousands, except per-share amounts)

	Three Months Ended
	March 31,
	2021			2020
Revenue	$	13,021		$	13,383
Cost of sales		11,021			9,754
Gross profit		2,000			3,629
Operating expenses
Research and development		2,624			2,476
Selling, general and administrative		5,893			6,163
Gain from sale-leaseback of property and equipment		—			(1,462	)
		8,517			7,177
Loss from operations		(6,517	)		(3,548	)
Other expense (income)
Interest expense		160			64
Other (income) expense ̶ net		(125	)		(190	)
		35			(126	)
Loss before income taxes		(6,552	)		(3,422	)
(Benefit) provision for income taxes		(412	)		226
Net loss	$	(6,140	)	$	(3,648	)
Net loss per common share:
Basic	$	(0.29	)	$	(0.22	)
Diluted	$	(0.29	)	$	(0.22	)
Comprehensive loss:
Net loss	$	(6,140	)	$	(3,648	)
Other comprehensive loss:
Foreign currency translation adjustments		(1,120	)		(838	)
Comprehensive loss	$	(7,260	)	$	(4,486	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

The ExOne Company and Subsidiaries

Condensed Consolidated Balance Sheet (Unaudited)

(in thousands, except per-share and share amounts)

	March 31,		December 31,
	2021		2020
Assets
Current assets:
Cash and cash equivalents	$	137,321	$	49,668
Restricted cash		955		508
Accounts receivable ̶ net		4,825		5,225
Current portion of net investment in sales-type leases ̶ net		233

SEC Form 10-Q filed by The ExOne Company