Exhibit 99.1




Sigma Labs Reports First Quarter 2021 Financial Results


New Global Customer Wins Drive Improved Financial Performance for Revenue & Gross Margins


Management to Host Conference Call Today at 4:30 p.m. ET


SANTA FE, NM – April 22, 2021 - Sigma Labs, Inc. (NASDAQ: SGLB) (“Sigma Labs” or the “Company”), a leading developer of quality assurance software for the commercial 3D metal printing industry, has reported its financial and operational results for the first quarter ended March 31, 2021.


Key First Quarter and Subsequent Operational Highlights


Improved financial performance with revenue increasing by more than 100% over both Q1 2020 and Q4 2020, to $0.5 million. Enhanced gross margin, resulting in gross profit before operating expenses of $0.3 million for the quarter.
Announced several key contract wins to further validate the company’s technology, including:


  Selected by Ermaksan Innovative Technologies to provide the Company’s In-Process Quality Assurance technology, PrintRite3D®, as a factory option on Ermaksan’s ENAVISION 3D metal additive machines and will be integrated with the Materialise Control Platform (MCP).
  Awarded contract from Lockheed Martin Space Additive Design & Manufacturing Center for an initial system of its PrintRite3D in-process quality assurance solution.
  Awarded contract from a large European aerospace company through OEM agreement with Additive Industries for a quad laser PrintRite3D system.


Completed two equity offerings raising gross proceeds of approximately $14.8 million.


  Additional capital brings new institutional investors and enables Company to further invest in business to expand unit sales and revenue growth.


Management Commentary


“The first quarter of 2021 was marked by continued adoption of Sigma Labs industry standard IPQA technology that was validated by our improved financial performance with solid PrintRite3D unit sales, a strengthened balance sheet showing strong institutional investor interest, and macro tailwinds signaling a return to growth in the coming months for the 3D metal printing industry,” said Mark K. Ruport, President and CEO of Sigma Labs. “We are increasingly seeing upticks of activity in the 3D metal printing market, resulting in several new contracts for initial systems. We believe that each new customer will open up opportunities for additional systems as our customers expand and accelerate their Additive Manufacturing initiatives.


“Recently we announced a $9.7 million registered direct offering priced at-the-market under Nasdaq rules to significantly strengthen our balance sheet and provide us with sufficient working capital to allow us to meet the growth demands of the market. Combined with our previous $5.1 million public offering which included the full exercise of the underwriter’s over-allotment option, we now have over $16.8 million in cash to support growth, direct sales and marketing. This achievement represents a significant milestone for the company and will put us in the strongest financial position in the history of Sigma Labs.





“For the remainder of the year, we are continuing along our roadmap to focus on new markets and opportunities, including aerospace, space exploration and defense. We are leveraging our sales team to expand sales through our current partnerships, and through direct sales to global end-user manufacturers, universities and R&D organizations. Additionally, we will continue to seek out new and expanded strategic partnerships with 3D printer OEMs, software companies, and integrators.


“The outlook for the Additive Manufacturing industry in 2021 appears robust, with increasing demand predicted by Statista and others as 3D metal printing goes from prototyping to full industrialization. We believe we are poised to set the standard for quality assurance and capture a significant share of the market. We look forward to sharing more of our accomplishments and contract wins as the year progresses,” concluded Ruport.


First Quarter 2021 Financial Results


Revenue for the first quarter of 2021 totaled $458,140. This compares to revenues of $221,730 for the first quarter of 2020. The increase in revenue was primarily due to increased PrintRite3D® unit sales in the first quarter of 2021.


Gross profit for the first quarter of 2021 was $329,809, which resulted in a gross margin of 72% as compared to negative $22,973 in the first quarter of 2020.


Total operating expenses for the first quarter of 2021 were $1.8 million as compared to total operating expenses of $1.6 million for the same period in 2020.


Cash used in operating activities for the three months ended March 31, 2021 totaled $1.2 million compared to $1.5 million in the first quarter of 2020, a decrease of $0.3 million.


Net loss for the first quarter of 2021 was $0.7 million, or $(0.09) per share, as compared to a net loss of $1.6 million, or $(1.30) per share, in the first quarter of 2020.


Cash totaled $16.8 million at March 31, 2021, as compared to $3.7 million at December 31, 2020. The increase in cash during the period was a result of a $9.7 million registered direct offering of common stock and short-term warrants and a public offering of shares of common stock with gross proceeds of approximately $5.1 million. In addition, warrant exercises during the first quarter of 2021 have contributed an additional $1.1 million in cash proceeds.


First Quarter 2021 Results Conference Call


Sigma Labs President and CEO Mark Ruport and CFO Frank Orzechowski will host the conference call, followed by a question-and-answer period.


To access the call, please use the following information:


Date: Thursday, April 22, 2021
Time: 4:30 p.m. Eastern time, 1:30 p.m. Pacific time
Toll-free dial-in number: 1-877-407-9039
International dial-in number: 1-201-689-8470
Conference ID: 13718662






Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.


The conference call will be broadcast live and available for replay at

http://public.viavid.com/index.php?id=144322 and via the investor relations section of the Company’s website at www.sigmalabsinc.com.


A replay of the conference call will be available after 7:30 p.m. Eastern time through May 6, 2021.


Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13718662


About Sigma Labs


Sigma Labs Inc. is a leading provider of in-process quality assurance (IPQA®) software to the additive manufacturing industry. Sigma Labs specializes in the development and commercialization of real-time monitoring solutions known as PrintRite3D® for 3D metal advanced manufacturing technologies. PrintRite3D detects and classifies defects and anomalies real-time during the manufacturing process, enabling significant cost-savings and production efficiencies. Sigma Labs believes its software product will be a major catalyst for the acceleration and adoption of 3D metal printing. For more information, please visit www.sigmalabsinc.com.


Forward-Looking Statements


This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, market and other conditions, Sigma Labs’ business and financial condition, Sigma Labs’ ability to satisfy its capital needs through increasing its revenue and obtaining additional financing, and the impact of COVID-19, general economic, industry or political conditions in the United States or internationally. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company’s forward-looking statements, please see disclosures contained in Sigma Labs’ public filings with the SEC, including the “Risk Factors” in Sigma Labs’ Annual Report on Form 10-K, and which may be viewed at www.sec.gov.






Investor Contact:


Chris Tyson

Executive Vice President

MZ Group - MZ North America





Company Contact:


Steven Gersten

Sigma Internal IR








Sigma Labs, Inc.

Condensed Balance Sheets



   March 31, 2021   December 31, 2020 
Current Assets:          
Cash  $16,843,201   $3,700,814 
Accounts Receivable, net   388,050    331,562 
Inventory   747,780    659,651 
Prepaid Assets   135,453    90,735 
Total Current Assets   18,114,484    4,782,762 
Other Assets:          
Property and Equipment, net   128,318    138,626 
Intangible Assets, net   762,368    753,122 
Long-Term Prepaid Asset   26,000    26,000 
Total Other Assets   916,686    917,748 
TOTAL ASSETS  $19,031,170   $5,700,510 
Current Liabilities:          
Accounts Payable  $280,437   $128,937 
Deferred Revenue   76,417    77,957 
Accrued Expenses   217,404    243,815 
Derivative Liability   4,905,927    - 
Total Current Liabilities   5,480,185    450,709 
Long-Term Liabilities          
Stock Appreciation Rights   93,525    48,341 
CARES Act Deferred Payroll Taxes   37,728    37,728 
Total Long-Term Liabilities   131,253    86,069 
TOTAL LIABILITIES   5,611,438    536,778 
Stockholders’ Equity          
Preferred Stock, $0.001 par; 10,000,000 shares authorized; 465 and 715 issued and outstanding, respectively   1    1 
Common Stock, $0.001 par; 12,000,000 shares authorized; 10,493,598 and 5,995,320 issued and outstanding, respectively   10,494    5,995 
Additional Paid-In Capital   47,225,812    38,262,744 
Accumulated Deficit   (33,816,575)   (33,105,008)
Total Stockholders’ Equity   13,419,732    5,163,732 






Sigma Labs, Inc.

Condensed Statements of Operations



   Three Months Ended 
   March 31, 2021   March 31, 2020 
REVENUES  $458,140   $221,730 
COST OF REVENUE   128,331    244,703 
GROSS PROFIT   329,809    (22,973)
Salaries & Benefits   847,171    652,197 
Stock-Based Compensation   117,477    154,171 
Operating R&D Costs   196,340    53,689 
Investor & Public Relations   108,341    215,441 
Organization Costs   77,616    49,444 
Legal & Professional Service Fees   176,847    184,891 
Office Expenses   148,225    147,747 
Depreciation & Amortization   23,031    18,012 
Other Operating Expenses   86,356    84,049 
Total Operating Expenses   1,781,404    1,559,641 
LOSS FROM OPERATIONS   (1,451,595)   (1,582,614)
Interest Income   55    851 
Gain on Derivative Liability   802,285    - 
Exchange Rate Loss   (51)   (1,391)
Interest Expense   (1,353)   (431)
Total Other Income (Expense)   800,936    (971)
Provision for Income Taxes   -    - 
Net Loss  $(650,659)  $(1,583,585)
Preferred Dividends   (60,908)   (315,247)
Net Loss Applicable to Common Stockholders  $(711,567)  $(1,898,832)
Net Loss per Common Share - Basic and Diluted  $(0.09)  $(1.30)
Weighted Average Number of Shares Outstanding - Basic and Diluted   7,790,121    1,463,627 






Sigma Labs, Inc.

Condensed Statements of Cash Flows



   Three Months Ended 
   March 31, 2021   March 31, 2020 
Net Loss  $(650,659)  $(1,583,585)
Adjustments to reconcile Net Loss to Net Cash used in operating activities:          
Noncash Expenses:          
Depreciation and Amortization   23,031    18,012 
Gain on Derivative Liability   (802,285)   - 
Stock Based Compensation Employees   117,477    154,171 
Stock Based Compensation – Third Party Services   30,981    39,618 
Stock Based Compensation - Directors   61,471    - 
Change in assets and liabilities:          
Accounts Receivable   (56,488)   (63,885)
Inventory   (88,129)   92,915 
Prepaid Assets   (44,718)   63,006 
Accounts Payable   151,500    (243,000)
Deferred Revenue   (1,540)   (45,330)
Accrued Expenses   (26,411)   42,383 
Long-term portion of Stock Appreciation Rights   45,184    - 
NET CASH USED IN OPERATING ACTIVITIES   (1,240,586)   (1,525,696)
Purchase of Property and Equipment   (5,350)   (11,474)
Purchase of Intangible Assets   (16,619)   (39,055)
Gross Proceeds from Public and Private Issuances of Securities   14,869,899    2,100,000 
Less Offering Costs   (1,600,967)   (428,876)
Payment of Note Payable   -    (50,000)
Proceeds from Exercise of Warrants   1,136,010    499,200 
NET CHANGE IN CASH FOR PERIOD   13,142,387    544,099 
CASH AT BEGINNING OF PERIOD   3,700,814    86,919 
CASH AT END OF PERIOD  $16,843,201   $631,018 
Supplemental Disclosures:          
Noncash investing and financing activities disclosure:          
Issuance of Common Shares for Preferred Dividends   60,908    315,247 
Other noncash operating activities disclosure:          
Issuance of Securities for Services   92,452    39,618 
Disclosure of cash paid for:          
Interest  $1,353   $1,458 
Income Taxes  $-   $-