Seeking Alpha

ExOne (XONE)

  • 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 | 3 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, 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
  • Thu, Aug. 6, 10:49 AM
    • After opening moderately higher in the wake of its Q2 miss, 3D Systems (NYSE:DDD) has surged above $14. Equally-beaten-down peers Stratasys (SSYS +9.1%), ExOne (XONE +6.5%), and Voxeljet (VJET +6.5%) are also up strongly.
    • 3D is still down 57% YTD, and over 85% from its early-2014 highs. With 36.4M shares (34% of the float) shorted as of July 15, profit-taking by shorts could be fueling today's gains.
    • 3D's Q2 results, details
    | Thu, Aug. 6, 10:49 AM | 7 Comments
  • Mon, Jul. 20, 12:01 PM
    • Though the Nasdaq is up fractionally, 3D Systems (DDD -6.5%) and Stratasys (SSYS -6.7%) have tumbled to multi-year lows yet again. ExOne (XONE -4.4%) and Voxeljet (VJET -2.9%) are also off.
    • Stratasys reports on July 30, and 3D Systems on August 6. Stratasys is now down 62% YTD; 3D is down 55%.
    | Mon, Jul. 20, 12:01 PM | 25 Comments
  • Mon, Jul. 6, 2:58 PM
    • 3D Systems (DDD -3.8%), ExOne (XONE -4.8%), Voxeljet (VJET -9.3%), and Camtek (CAMT -4.7%) have each made new 52-week lows amid a 0.8% drop for the Nasdaq. ExOne and Voxeljet have also made new post-IPO lows.
    • 3D Systems' decline has been on relatively light volume - 1.22M shares vs. a 3-month daily average of 2.64M. Voxeljet and Camtek have respectively seen 289K and 182K shares traded, well above 3-month averages of 135K and 90K. ExOne has seen 167K shares traded vs. a 3-montha verage of 153K.
    • YTD performances: DDD -44%. XONE -40%. VJET -25%. CAMT -12%.
    | Mon, Jul. 6, 2:58 PM | 3 Comments
  • Tue, Jun. 23, 3:40 PM
    • In addition to 3D Systems (up 6% with the help of fresh GE-related M&A chatter) printer makers Stratasys (SSYS +2.6%), ExOne (XONE +6%), Voxeljet (VJET +4.5%), and Arcam (OTCPK:AMAVF +2.4%) have posted healthy gains, and so has 3D measurement/scanning hardware maker Perceptron (PRCP +4.4%). The Nasdaq is up 0.1%.
    • Shorts, many of whom undoubtedly have large paper profits, might be cashing in: Stratasys, ExOne, and Voxeljet respectively had 22%, 33%, and 12% of their floats shorted as of May 29.
    | Tue, Jun. 23, 3:40 PM | Comment!
  • Thu, Jun. 11, 4:57 PM
    • ExOne (NASDAQ:XONE) is down 9.2% in postmarket trade after posting its delayed Q1 report where it missed on top and bottom lines amid negative effects from exchange rates.
    • The company had delayed its Q1 report, originally due May 11, which it attributed to problems with implementing an ERP system set to improve financial controls.
    • The quarter was "unfavorably impacted by the mix of sales including the level of machine sales in the quarter, compounded by higher fixed costs and inefficiencies associated with the Company's new and expanded production facilities" -- which it said included implementation expense around the ERP implementation.
    • Revenue by line: 3D printing machines, $1.1M (down 54%); non-machine, $5.7M (up 16.3%). Of total revenues, non-machine now makes up 84%.
    • It's reaffirming full-year expectations, with revenue expected to grow 32-50%, to $58M-$66M (on the high side of an expected $59.8M), gross margin between 36-40% and capex of $5M-$7M.
    • Conference call tomorrow at 8:30 a.m.
    • Press release
    | Thu, Jun. 11, 4:57 PM | 6 Comments
  • Wed, May 6, 3:31 PM
    • Today's notable tech gainers include LED/chip equipment maker Aixtron (AIXG +6.7%), distributed power system/software firm PowerSecure (POWR +7.2%), cloud customer support software vendor Zendesk (ZEN +5%), and chip packaging IP firm Tessera (TSRA +4.9%).
    • Notable decliners include LED giant Cree (CREE -4.2%), 3D printer maker ExOne (XONE -5.6%), big data/analytics software provider Hortonworks (HDP -5.7%), health site owner Everyday Health (EVDY -7.7%), and IP licensing firm WiLAN (WILN -6%). The Nasdaq is down 0.7%.
    • PowerSecure is up after beating Q1 estimates on the back of major increases in Distributed Generation and Solar Energy segment sales. Zendesk is up after posting a Q1 beat and guiding for full-year revenue of $192M-$195M (above a $189.6M consensus). Tessera is rallying thanks to a Q1 beat and strong Q2 guidance (revenue of $62M-$64M and EPS of $0.47-$0.50 vs. a consensus of $$57.3M and $0.40).
    • Cree is adding to the losses seen two weeks ago after it posted mixed results and light guidance. ExOne's drop comes after larger rival 3D Systems declined to provide guidance with its Q1 results.  Everyday has been downgraded to Hold by Stifel. WiLAN is adding to last week's post-earnings losses.
    • Previously covered: Zulily, Groupon, Axcelis, QuinStreet, Skullcandy, Millennial Media, LendingClub, TechTarget, Anadigics, Zagg, Cray, Enphase,, Jive Software
    | Wed, May 6, 3:31 PM | Comment!
  • Tue, Apr. 28, 8:40 PM
    • ExOne (NASDAQ:XONE) fell to $14.25 in AH trading after bigger peer Stratasys issued a major Q1/full-year warning. Shares are just $1.06 above a 52-week low of $13.19.
    • Stratasys' warning was the company's second in 3 months. It also followed a warning from 3D Systems last Friday.
    | Tue, Apr. 28, 8:40 PM | Comment!
  • Fri, Apr. 24, 9:38 AM
    • Stratasys (SSYS -5.7%), ExOne (XONE -1.9%), and Voxeljet (VJET -4.3%) have sold off after 3D Systems issued a major Q1 warning and stated it's evaluating its full-year outlook (an update will be provided with its May 6 Q1 report).
    • Notably, 3D says it saw "abrupt interruption in customer demand late in [Q1] from several economic factors" In addition to a strong dollar, it blames the impact of low oil prices on aerospace and auto industry purchases. Q2 bookings are said to be "ahead of the same period in the first quarter." Stratasys warned back in February.
    • Piper issued cautious remarks on 3D and Stratasys' Q1 performance (3D especially) on Tuesday.
    | Fri, Apr. 24, 9:38 AM | 7 Comments
  • Fri, Apr. 10, 4:47 PM
    • ExOne (NASDAQ:XONE) has filed to sell up to $150M worth of common stock, preferred stock, debt, warrants, and units through future offerings. The 3D printer maker only says proceeds from an offering will be used for "general corporate purposes, which may include working capital, capital expenditures, debt repayment or acquisitions."
    • Shares have dropped to $15.40 AH. ExOne ended 2014 with $36.2M in cash, and just $2.6M in debt.
    • Update: ExOne has issued a PR about the filing. CEO Kent Rockwell: "Although we do not have immediate plans for raising and using this additional capital, we anticipate that a shelf registration will provide more efficient access to the capital markets and allow ExOne to act opportunistically in support of our growth objectives."
    | Fri, Apr. 10, 4:47 PM | 7 Comments
  • Thu, Mar. 26, 5:52 PM
    • In its 2014 10-K (just filed), ExOne (NASDAQ:XONE) states it has "concluded that there are material weaknesses in the design and operating effectiveness of our internal control over financial reporting as defined in SEC Regulation S-X."
    • The identified weaknesses: 1) "We did not maintain adequate control with respect to the application of [GAAP accounting]." 2) "Each of our primary locations (United States, Germany, Italy and Japan) utilizes separate and distinct [IT]  platforms to record, process and summarize transactions. As a result, our process to consolidate and report financial information is substantially a manual process and inherently subject to error." 3) "[B]ecause of internal control weaknesses identified with respect to our financial reporting process and [IT] systems, management was unable to complete an adequate review of either subsidiary or consolidated financial results at a sufficient level of precision to prevent or detect misstatements."
    • To address the issues, ExOne says it's changing its accounting/reporting process, overhauling its IT systems, and hiring more financial personnel.
    | Thu, Mar. 26, 5:52 PM | 10 Comments
  • Fri, Mar. 13, 3:15 PM
    • The Nasdaq is down 0.9%, and major tech decliners are outnumbering major gainers by a sound margin.
    • Notable gainers include 3D printer maker ExOne (XONE +2.7%), OLED materials/IP provider Universal Display (OLED +3.9%), stock photo marketplace Shutterstock (SSTK +4%), flash storage array vendor Violin Memory (VMEM +8.2%), and Wi-Fi hardware vendor Aerohive (HIVE +4.6%).
    • For the second day in a row, Chinese companies are well-represented among major decliners. The list includes online retailer Vipshop (VIPS -4.8%), microblogging platform Weibo (WB -4.2%), auto site Autohome (ATHM -4.3%), online real estate plays SouFun (SFUN -5.3%) and Leju (LEJU -5.9%), and mobile game publisher iDreamSky (DSKY -4.5%).
    • Other major decliners include flash sales site Zulily (ZU -5.8%), server maker Super Micro (SMCI -3.7%), fleet management software vendor FleetMatics (FLTX -3.9%), and 4G baseband modem maker Sequans (SQNS -9.1%).
    • Universal Display is adding to yesterday's big gains, and appears to be benefiting from early signs of strong Galaxy S6 demand. Zulily has reversed yesterday's gains. Weibo's losses come two days after the company posted a Q4 revenue beat and offered in-line guidance.
    • Previously covered: IBM, Ebix, NXP/Freescale, Qiwi, eHealth, Pandora, InterCloud, ChipMOS, Demandware, Imperva, Rudolph, Globalstar, ChannelAdvisor
    | Fri, Mar. 13, 3:15 PM | 3 Comments
  • Fri, Feb. 27, 5:44 PM
    • Top gainers, as of 5:15 p.m.: TCPI +8.0%. XONE +4.4%. INCR +2.9%. HDB +2.5%. DGI +2.3%.
    • Top losers, as of 5:15 p.m.: MENT -8.5%. WMB -5.4%. APD -4.1%. TMO -3.9%. NSC -3.7%.
    | Fri, Feb. 27, 5:44 PM | 6 Comments
XONE vs. ETF Alternatives
Company Description
ExOne Cois engaged in providing 3D printing machines & 3D printed and other products, materials and services to industrial customers. Itmanufactures and sells 3D printing machines and printing products to specification for its customers.