ExOne
 (XONE)

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  • Thu, Feb. 4, 2:23 PM
    • German 3D printer maker Voxeljet (VJET +8.9%) is up 10% since guiding on Tuesday afternoon for 2016 revenue of €28M-€30M ($31.4M-$33.6M), slightly below a €30.4M consensus but above 2015 guidance of €23M-€24M and perhaps better than feared in light of recent industry woes.
    • Beaten-up peers have also been doing well, perhaps with the help of profit-taking from shorts. 3D Systems (DDD +8%) is up 23% over the last two days, Stratasys (SSYS +4.3%) is up 10%, and ExOne (XONE +12.1%) is up 20%.
    • Voxeljet is now aiming for a 25%-30% Y/Y long-term revenue growth rate. Gross margin is expected to rise to 40%-42% in 2016 - GM for the first 9 months of 2015 was only 33.3% - and full-year EBITDA is expected to be "neutral-to-positive." 3D and Stratasys are expected to post Q4 results in the coming weeks.
    | Thu, Feb. 4, 2:23 PM | 9 Comments
  • Mon, Jan. 11, 1:55 PM
    • ExOne (XONE -11.9%) has authorized FBR and MLV to offer and sell up to $50M worth of shares in the future, via at-the-market offerings. At current levels, $50M worth of stock sales would increase ExOne's share count by 40%. (8-K filing)
    • The 3D printer maker had $20.3M in cash and $2M in debt at the end of Q3. Shares have dropped to their lowest levels since November.
    • Last week: ExOne reports Q4 printer shipments, reiterates 2015 sales guidance
    | Mon, Jan. 11, 1:55 PM | 4 Comments
  • Mon, Jan. 11, 12:57 PM
    • Investors continue throwing in the towel on former tech high-flyers: Micron (MU -6.3%), GoPro (GPRO -4.4%), Fitbit (FIT -12.3%), 3D Systems (DDD -3.7%), Rackspace (RAX -6.7%), and Etsy (ETSY -8.8%) have each fallen to new 52-week lows on a day the Nasdaq is down 0.6%.
    • FireEye, which received cautious notes from Wedbush and Piper, is also selling off. As is ExOne (XONE -11.6%). Margin calls and/or fund liquidations could be contributing to the rout.
    • Etsy's losses come amid a lockup expiration. Possibly weighing on Rackspace: A Piper CIO survey indicating Amazon Web Services and Microsoft Azure continue gaining cloud infrastructure (IaaS) mindshare; the firm sees AWS/Azure having a duopoly, with Google, Rackspace, and IBM trailing.
    • Fitbit is now down 35% since Jan. 5, when the company's Blaze smartwatch was unveiled at CES. Shares go for 17x a 2016 EPS consensus of $1.13. GoPro and Micron now respectively trade for 14x and 8x their 2016 and FY17 (ends Aug. '17) consensus EPS estimates.
    • Update: Likely weighing on ExOne: The company has struck deals for at-the-market stock offerings worth up to $50M.
    | Mon, Jan. 11, 12:57 PM | 15 Comments
  • Mon, Jan. 4, 3:24 PM
    • Interestingly, a day in which major indices are down over 2% has proven kind to many tech and/or momentum names that endured steep losses in 2015. The list includes SunEdison (SUNE +13%), GoPro (GPRO +3.9%), ExOne (XONE +5.6%), Voxeljet (VJET +9.8%), Rubicon (RBCN +29%), Identiv (INVE +15.1%), and QuickLogic (QUIK +12.4%). Previously covered: 3D Systems/Stratasys and FireEye.
    • Profit-taking by shorts who (for tax purposes) didn't want to cover in 2015 is likely a factor behind some of the moves. SunEdison had 123.1M shares (48% of its float) shorted as of Dec. 15. GoPro had 32.9M shares (50% of its float) shorted, and ExOne 2.3M shares (24% of its float) shorted.
    • SunEdison rallied last week after announcing a $336M debt-for-equity exchange. Rubicon caught a bid after issuing a shareholder letter.
    | Mon, Jan. 4, 3:24 PM | 20 Comments
  • Dec. 28, 2015, 3:57 PM
    • Stratasys (SSYS -6.1%), ExOne (XONE -8.1%), and Voxeljet (VJET -6.2%) joined 3D Systems (DDD -9.4%) in selling off today after 3D announced it's exiting the consumer 3D printing space and discontinuing its $999 Cube 3D printer.
    • The consumer 3D printing market has been slower to take off than many bulls once hoped, and has seen a slew of startups enter the field. Stratasys has taken multiple charges on its MakerBot unit, whose printers are priced from $1,375-$6,499 and target consumers, enthusiasts, and SMBs.
    • Today's declines come five days after 3D printer makers rallied strongly in pre-Christmas trading.
    • Update: Citi's Kenneth Wong thinks 3D's exit, along with the sales estimate it provided for its consumer business (~2% of total revenue), doesn't reflect well on the market. "First, the numbers reveal a much smaller consumer end market than many were led to believe given the considerable investments made in this segment. We believe this point will also be viewed negatively as it relates to Stratasys’ Makerbot business as it paints a less favorable picture of a market rebound. Second, investors were likely hoping for deeper cuts to the Cube line than simply exiting “only” ~20% of the reported “Consumer” business line."
    | Dec. 28, 2015, 3:57 PM | 19 Comments
  • Dec. 23, 2015, 1:45 PM
    • 3D Systems (DDD +3.3%), Stratasys (SSYS +4.6%), ExOne (XONE +7.3%), and Voxeljet (VJET +8%) are among the tech standouts on a day the Nasdaq is up 0.7%, and the S&P 0.9%. Given still-high short interests, end-of-year short-covering is likely helping.
    • The group is nearing the end of a brutal 2015. YTD performances: DDD -68%. SSYS -68%. XONE -27%. VJET -38%. 3D Systems, Stratasys, ExOne, and Voxeljet now respectively trade for 1.8x, 1.9x, 3.4x, and 2.8x their 2016 sales consensus estimates.
    • 3D and Stratasys rallied last week after 3D caught an upgrade to Overweight from Stephens, which reported checks pointed to subdued but not terminal demand.
    | Dec. 23, 2015, 1:45 PM | 15 Comments
  • Nov. 25, 2015, 12:46 PM
    | Nov. 25, 2015, 12:46 PM | 3 Comments
  • Nov. 25, 2015, 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.
    | Nov. 25, 2015, 12:30 PM | 6 Comments
  • Nov. 11, 2015, 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.
    | Nov. 11, 2015, 1:46 PM | 26 Comments
  • Nov. 9, 2015, 5:40 PM
    | Nov. 9, 2015, 5:40 PM | 1 Comment
  • Nov. 9, 2015, 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
    | Nov. 9, 2015, 5:02 PM | 7 Comments
  • Nov. 4, 2015, 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
    | Nov. 4, 2015, 10:33 AM | 13 Comments
  • Oct. 22, 2015, 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.
    | Oct. 22, 2015, 4:58 PM | 11 Comments
  • Oct. 5, 2015, 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
    | Oct. 5, 2015, 3:14 PM | 6 Comments
  • Aug. 24, 2015, 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.
    | Aug. 24, 2015, 12:45 PM | 47 Comments
  • Aug. 10, 2015, 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
    | Aug. 10, 2015, 5:22 PM | 3 Comments
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.