Shapeways Holdings, Inc. (NYSE: SHPW), a specialist in the large and fast-growing digital manufacturing industry, announced its results for the third quarter ended September 30, 2022.
“As we progress on our path to profitability, we continued to execute on each of our strategic initiatives in the third quarter. We are prioritizing those areas with the greatest opportunity, particularly the commercialization of our enterprise and SaaS solution for buyers and sellers of custom manufacturing, while expanding our reach within key verticals,” said Greg Kress, Shapeways’ Chief Executive Officer. “One of Shapeways’ key differentiators has been our software, and with the recent acquisitions, we further strengthened our digital manufacturing platform and accelerated the phased rollout of our OTTO Software-as-a-Service offering. We are also continuing to execute on our business development strategy targeting enterprise customers. We are encouraged by our progress and growing pipeline across our target automotive, medical, aerospace, and industrial segments as we are seeing initial qualification orders move to scaled production orders.”
Mr. Kress continued, “We are highly focused on achieving profitability and managing cash burn. Leveraging our investments in prior quarters, and supported by a solid balance sheet, we believe we are well-positioned to continue to execute on our strategic plan without the need to raise additional capital. Our digital manufacturing platform and software address an important and growing need to add flexibility and agility to supply chains. We have a significant market opportunity within the multi-trillion dollar global manufacturing industry, and with our enhanced capabilities, we believe our addressable market continues to expand.”
The Company expects to continue to invest in expanding its digital manufacturing platform and increasing its business development activities throughout the remainder of the year. The investments are expected to result in a ramp in sales in the future and are anticipated to continue to pressure margins in the coming quarters.
For the fourth quarter of 2022, the Company anticipates revenue to be in the range of $8.7 million to $9.1 million.
Webcast and Conference Call Information
Shapeways hosted a conference call and webcast on Tuesday, November 15, 2022, at 8:30 A.M. ET. To access the replay, please dial 1-844-512-2921, or 1-412-317-6671 for international participants, and reference pass code 10173202.
Find out more about Shapeways at shapeways.com.