Sigma Labs Inc (NASDAQ: SASI) reported second-quarter revenue growth of 64.2% year-over-year to $237 thousand, beating the consensus of $110 thousand.
EPS loss was $(0.22) compared to $(0.18) in 2Q21, above the consensus of $(0.25).
The gross margin contracted 86 bps to 18.4%. Q2 loss from operations widened to $(2.24) million, from $(2.14) million in 2Q21.
Sigma Lab's net cash used in operating activities year-to-date totaled $(4.31) million, compared to $(3.27) million a year ago.
The company held cash of $6.93 million as of June 30, 2022.
The current order backlog for Q3 is total revenue of $240 thousand which consists of a mix of subscriptions and perpetual sales. The remaining revenue to be recognized related to year-to-date 2022 transactions is ~$30,000.
"We believe a revenue tail is beginning to develop that will help us increase our foundational level and begin to make revenue more predictable over time, with a current backlog of orders which consists of a mix of subscriptions and perpetual sales," stated CEO Jacob Brunsberg.
Price Action: SASI shares are trading lower by 7.57% at $1.22 on the last check Friday.
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