Consolidated revenue for the 2019 first quarter was $9.6 million and impacted by shipment/acceptance timing as well as $0.4 million due to unfavorable currency exchange rates.
Machine revenue was $3.3 million in the first quarter of 2019, down from the prior-year period, reflecting the impact of timing and product mix. In the 2019 first quarter, eight machines were sold, of which two were indirect and six were direct printing machines. This compares with six machines sold in the 2018 first quarter, consisting of three indirect and three direct printing machines.
Recurring revenue (3D printed and other products, materials and services) was $6.3 million in the first quarter of 2019, compared with $7.4 million in the first quarter of 2018. The decrease was primarily due to a lower volume of printing projects at the Company’s direct and indirect service centers, including the impact of the Company’s exit from its Houston facility.
Given the long sales cycle and significance of a machine’s average selling price relative to total revenue, fluctuations in machine-sale revenue vary from quarter to quarter. ExOne does not believe that such quarter-to-quarter fluctuations are necessarily indicative of larger trends.
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First Quarter Operations – Realizing Production Efficiency and Operating Leverage (compared with the prior-year period unless stated otherwise) |
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| ($ in millions, except per-share amounts) | Q1 2019 | Q1 2018 | Change | % Change | |||||||||||||||
| Gross profit | $ | 2.6 | $ | 2.6 | $ | 0.0 | 1 | % | |||||||||||
| Gross margin | 27.6 | % | 22.0 | % | |||||||||||||||
| Operating loss | $ | (5.2 | ) | $ | (6.4 | ) | $ | 1.2 | 18 | % | |||||||||
| Net loss | $ | (4.5 | ) | $ | (6.4 | ) | $ | 1.9 | 30 | % | |||||||||
| Diluted EPS | $ | (0.28 | ) | $ | (0.40 | ) | $ | 0.12 | 30 | % | |||||||||
