Seeking Alpha

ExOne (XONE)

  • Wed, Nov. 25, 12:46 PM
    | Wed, Nov. 25, 12:46 PM | 3 Comments
  • Wed, Nov. 25, 12:30 PM
    • 3D Systems (DDD +5.8%), Stratasys (SSYS +5.1%), Voxeljet (VJET +4.6%), and (especially) ExOne (XONE +16.6%) are up strongly on a day the Nasdaq is up 0.4%.
    • Profit-taking from shorts is likely helping out: 3D had 34.1M shares (32% of its float) shorted as of Oct. 30. Stratasys had 12.4M shares (25% of its float) shorted, ExOne 2.5M shares (26% of its float), and Voxeljet 1.3M shares (10% of its float).
    • ExOne's gains come less than three weeks after shares plunged on account of a Q3 miss and full-year guidance cut.
    | Wed, Nov. 25, 12:30 PM | 6 Comments
  • Wed, Nov. 11, 1:46 PM
    • Markets continue to become more risk-averse towards two once-high-flying industries: Solar stocks are adding to the Tuesday losses seen following SunEdison and Canadian Solar's  earnings (TAN -2.5%), and 3D printing stocks are taking another leg lower after dropping yesterday in the wake of ExOne's results/guidance. The Nasdaq and S&P are nearly flat.
    • Solar decliners: SunEdison (SUNE -15.7%), SolarCity (SCTY -3.9%), SunPower (SPWR -3.5%), SolarEdge (SEDG -13.1%), Vivint (VSLR -10.8%), TerraForm Power (TERP -4%), TerraForm Global (GLBL -4.6%), Sunrun (RUN -2.9%), and 8point3 Energy (CAFD -4.4%). SunEdison, SolarCity, SolarEdge, and TerraForm Power have made new 52-week lows.
    • 3D printing decliners: 3D Systems (DDD -6.1%), Stratasys (SSYS -4.7%), ExOne (XONE -5.6%), and Voxeljet (VJET -3.9%). 3D and Stratasys have made new 52-week lows.
    • UBS has cut its SunEdison target by $3 to $6. Among other things, it attributes SunEdison's post-earning nosedive to lower-than-expected margins on retained projects, management's plans to push ahead with the Vivint acquisition, and LAP Holdings' plans to seek at least $150M in damages following SunEdison's cancelled acquisition of the company.
    • RBC (target cut by $4 to $20) has joined the ranks of firms defending SunEdison (previous), arguing its recent decisions to cut project construction guidance, lower spending, and sell a greater portion of its projects to third parties make sense. It sees the company "progressing towards sustainable growth," while cautioning shares will remain volatile in the near-term. SunEdison is down 34% over the last two days.
    | Wed, Nov. 11, 1:46 PM | 26 Comments
  • Mon, Nov. 9, 5:40 PM
    | Mon, Nov. 9, 5:40 PM | 1 Comment
  • Mon, Nov. 9, 5:02 PM
    • Following its major Q3 miss, ExOne (NASDAQ:XONE) expects full-year revenue of $40M, down from $43.9M a year and well below prior guidance of $58M-$60M. Consensus had already fallen to $55.1M. Gross margin guidance has been cut to 17%-21% from 30%-34%.
    • The 3D printer maker blames its top-line pressures on lengthy sales cycles for production machines (said to range from 30 days to 15 months), and says it's seeing "increasing difficulties in our ability to forecast the time cycle from order placement to customer acceptance." Chinese and Russian forex pressures are also blamed. 3D printing peers have also been having a rough time.
    • Printer sales: 5 printers were sold in Q3, down from 7 in Q2 and 8 a year ago. 1 high-end S-Max printer was sold, compared with none in Q2 and 1 a year ago. 3 Innovent machines (smaller, R&D-focused) were sold vs. 5 in Q2 and none a year ago.
    • Financials: Gross margin was 13.2% vs. 13% in Q2 and 25.8% a year ago. Lower sales, mix changes, and higher production costs are blamed for the Y/Y drop. R&D spend fell 19% Y/Y to a mere $1.8M; SG&A spend rose 9% to $5M. ExOne ended Q3 with $20.3M in cash (down $4.5M Q/Q), and $2M in debt.
    • Shares have plunged to $8.25 after hours.
    • Q3 results, PR
    | Mon, Nov. 9, 5:02 PM | 8 Comments
  • Mon, Nov. 9, 4:42 PM
    • ExOne (NASDAQ:XONE): Q3 EPS of -$0.70 misses by $0.59.
    • Revenue of $8.9M (-7.8% Y/Y) misses by $7.78M.
    • Shares -20.9%.
    • Press Release
    | Mon, Nov. 9, 4:42 PM | 4 Comments
  • Sun, Nov. 8, 5:35 PM
  • Wed, Nov. 4, 10:33 AM
    • After opening lower in response to their Q3 reports, 3D Systems (DDD +18.5%) and Stratasys (SSYS +8.6%) have quickly changed direction, as investors decide (for now, at least) enough bad news is priced in. 3D printing peers ExOne (XONE +2%) and Voxeljet (VJET +6%) are also rallying.
    • Profit-taking by shorts is likely helping: 3D had 33.8M shares (32% of its float) shorted as of Oct. 15, and Stratasys 12.8M shares (26% of its float). ExOne had 2.6M shares (28% of its float) shorted, and Voxeljet 1.3M shares (10% of its float).
    • Earlier: 3D Systems, Stratasys lower after posting Q3 results, hinting at job cuts
    | Wed, Nov. 4, 10:33 AM | 13 Comments
  • Mon, Oct. 26, 7:35 AM
    • ExOne (NASDAQ:XONE) has entered into a five-year revolving credit agreement with RHI Investments to provide a $15M revolving credit facility (with the opportunity to increase the facility by an additional $15M).
    • The agreement permits the company to use loan proceeds for providing lease financing to customers of its 3D printing machines, which will increase its global installed base beyond the current 200+ machines in service, and for working capital and general corporate purposes.
    | Mon, Oct. 26, 7:35 AM | 14 Comments
  • Thu, Oct. 22, 4:58 PM
    • Stratasys (NASDAQ:SSYS) has warned again: The 3D printer maker now expects Q3 revenue of $166M-$168M and EPS of -$0.03 to $0.02, below a consensus of $184.6M and $0.08.
    • A new $140M-$180M charge is expected for the MakerBot consumer/enthusiast 3D printer unit, and Stratasys is "in the process of performing a goodwill impairment analysis for its other reporting units."
    • Stratasys blames weak capital spending by "customers in key verticals," and (echoing many third-party opinions) believes the 3D printing industry's huge 2013/2014 growth "may have created excess capacity in the market." Q3 results arrive on the morning of Nov. 4.
    • Shares have plunged to $23.80 after hours. Rival 3D Systems (NYSE:DDD) has fallen to $11.40.  ExOne (NASDAQ:XONE) is down 4.3% to $10.31; Voxeljet (NYSE:VJET) is down 3.1% to $5.95.
    | Thu, Oct. 22, 4:58 PM | 11 Comments
  • Mon, Oct. 5, 3:14 PM
    • The Nasdaq is up 1.5% as equity markets display a renewed appetite for risk, and a large number of tech companies are posting 5%+ gains.
    • Major gainers include 3D printer makers 3D Systems (DDD +6.8%), Stratasys (SSYS +7.3%), and ExOne (XONE +10.4%), solar microinverter maker Enphase (ENPH +10.7%) and rival SolarEdge (SEDG +6.1%), car-buying site TrueCar (TRUE +10%), defense IT firm Kratos (KTOS +9.5%), online ad software firm Marin Software (MRIN +8.3%), and CDN owner Limelight (LLNW +8.9%).
    • Others: IP licensing firm Acacia (ACTG +7.2%), application delivery controller/security hardware vendor A10 Networks (ATEN +8.3%), travel deal site Travelzoo (TZOO +7.5%), home automation tech provider Control4 (CTRL +8.5%), M2M/telematics hardware and services firm CalAmp (CAMP +6.1%), online video hosting platform Brightcove (BCOV +6%).
    • 3D printing stocks, hit hard in 2014 and 2015, are reversing the big losses seen last Tuesday. Travelzoo's gains follow last Thursday's CEO change announcement. CalAmp is now up 24% since beating FQ2 estimates and providing in-line FQ3 guidance on Oct. 1.
    • Previously covered: Twitter, Cisco, Rackspace, Micron, SunEdison, Vivint, Juniper, CEVA, Knowles, Yandex/Qiwi
    | Mon, Oct. 5, 3:14 PM | 6 Comments
  • Mon, Aug. 24, 12:45 PM
    • Off nearly 9% in early trading, the Nasdaq is now down just 0.4%. Along the way, many tech names have not only erased their early losses, but are now posting major gains.
    • Standouts include Micron (MU +5.3%), Skyworks (SWKS +6.7%), GoPro (GPRO +4.1%), Cree (CREE +6.7%), SunPower (SPWR +6.1%), Mobileye (MBLY +5.1%), Amkor (AMKR +9.1%), ExOne (XONE +4.7%), NXP (NXPI +3.7%), Yelp (YELP +4.3%), Cirrus Logic (CRUS +4.4%), and GoDaddy (GDDY +4.1%).
    • See also: SolarCity, SunEdison
    • Update (4:08PM ET): The Nasdaq went south again in afternoon trading, closeng down 3.8%. Skyworks, Cree, SunPower, Amkor, Mobileye, ExOne, and GoDaddy managed to stay in the green, while Micron, NXP, Yelp, GoPro, and Cirrus closed with modest losses.
    | Mon, Aug. 24, 12:45 PM | 47 Comments
  • Mon, Aug. 10, 5:22 PM
    • After rising 4.8% in regular trading amid a broader 3D printing rally, ExOne (NASDAQ:XONE) has slumped to $8.50 in AH trading following a sizable Q2 miss. 3D printer sales fell 60% Y/Y to $2.4M, while other revenue (materials/services) rose 17% to $6.1M.
    • In spite of the miss, ExOne is maintaining full-year revenue guidance of $58M-$66M; the pre-earnings consensus is only at $58.1M. Last year, ExOne maintained its full-year sales guidance in August in the face of analyst skepticism before cutting it in November.
    • 2015 gross margin guidance has been cut to 30%-34% from 36%-40%. Q2 gross margin was 13%, improved from Q1's 0.0% (that's not a typo) but down from 22.3% a year ago. ExOne blames a mix shift away from printer sales, along with "higher fixed costs and inefficiencies."
    • 7 printers were sold in Q2, up from 6 a year ago. However, no high-end S-Max machines were among them. 5 Innovent machines (smaller, focused on R&D projects) were sold.
    • GAAP operating expenses rose 12% Y/Y to $8M - SG&A spend totaled $6.3M, and R&D $1.7M. ExOne ended Q2 with $24.8M in cash (down from $36.2M at the end of 2014), and $2M in debt.
    • Q2 results, PR
    | Mon, Aug. 10, 5:22 PM | 3 Comments
  • Mon, Aug. 10, 4:15 PM
    • ExOne (NASDAQ:XONE): Q2 EPS of -$0.48 misses by $0.22.
    • Revenue of $8.5M (-24.1% Y/Y) misses by $2.62M.
    • Shares -2.6%.
    • Press Release
    | Mon, Aug. 10, 4:15 PM | 5 Comments
  • Mon, Aug. 10, 1:52 PM
    • Up strongly last Thursday following 3D Systems' Q2 miss, 3D printer makers are among the biggest tech gainers on a day the Nasdaq is up 1.2%. 3D Systems (DDD +8.8%), Stratasys (SSYS +8.3%), ExOne (XONE +8.5%), and Voxeljet (VJET +7.3%) are each up over 7%.
    • Volume for the group has been above-average, but not by a huge amount. With massive portions of each company's float still shorted, profit-taking by shorts is likely helping out today.
    • On Friday, Piper's Troy Jensen followed up his July 31 upgrade of Stratasys by upgrading 3D Systems to Neutral. Jensen reported industry checks pointed to improvements at channel partners, noted 3D mentioned in its earnings call (transcript) industrial clients began resuming purchases in Q2, and argued the metal 3D printing market is reaching an inflection point.
    • YTD performances: DDD -55%. SSYS -61%. XONE -45%. VJET -11%.
    | Mon, Aug. 10, 1:52 PM | 3 Comments
  • Sun, Aug. 9, 5:35 PM
Company Description
ExOne Co is engaged in providing 3D printing machines & 3D printed and other products, materials and services to industrial customers. It manufactures and sells 3D printing machines and printing products to specification for its customers.