Shapeways Holdings, a prominent player in the rapidly expanding digital manufacturing sector, released its financial results for the third quarter (Q3) ended September 30, 2023. However, the aftermath of the announcement has seen a significant decline in the company’s stock today.
At the time of this publication, Shapeways Holdings Inc stock (SHPW) has witnessed a decline.
Shapeways Holdings Inc
Current Price: $2.35
Change : -0.63
Change (%): (-21.14%)
Volume: 21.8K
Source: Tomorrow Events Market Data
Shapeways Holdings Q3 2023 Financial Results Highlights:
– Revenue: Shapeways reported $8.4 million in revenue for both the third quarters of 2023 and 2022.
– Gross Profit: The gross profit for Q3 2023 was $3.4 million, a decline from $3.7 million during the same period in 2022.
– Gross Margin: The gross margin stood at 41%, down from 44% in Q3 2022.
– Net Loss: Shapeways faced a substantial net loss of $19.2 million in Q3 2023, significantly higher than the $4.6 million loss in Q3 2022.
– Adjted EBITDA: The adjted EBITDA for Q3 2023 was $(5.0) million, reflecting an increase from $(4.6) million in Q3 2022.
Nine Months Ending September 30, 2023:
– Revenue: Shapeways reported a total revenue of $25.0 million, a modest increase from $24.5 million for the same period in 2022.
– Gross Profit: The gross profit for the first nine months of 2023 was $10.1 million, a decline from $10.7 million in the corresponding period in 2022.
– Gross Margin: The gross margin for the nine months ending September 30, 2023, was 41%, down from 44% in 2022.
– Net Loss: Shapeways faced a net loss of $33.4 million, a significant rise from the $13.3 million loss in the same period last year.
– Adjted EBITDA: The adjted EBITDA for the nine months ending September 30, 2023, was $(17.4) million, compared to $(13.7) million in 2022.
Shapeways Holdings’ Future Outlook:
Looking ahead, Shapeways Holdings projects a revenue range of $9.3 million to $10.0 million for the fourth quarter of 2023. The company aims to maintain a robt foc on achieving profitability and managing cash burn throughout the remainder of 2023 and into 2024. This strategic approach aligns with the company’s expansion plans for its digital manufacturing platform, leveraging investments made in 2022.
Shapeways’ leadership remains optimistic about navigating the challenges, expressing confidence in the resilience of the digital manufacturing indtry. Investors, however, seem to be responding cautioly to the current financial results, leading to a decline in the company’s stock. Shapeways continues to adapt to the evolving market dynamics, seeking a balance between expansion and financial prudence in the competitive landscape of digital manufacturing.
