Massivit Releases Preliminary Q2 and H1 2023 Financial Results

News provided by

Massivit 3D Printing Technologies Ltd.

Jul 24, 2023, 08:37 ET

Q2 sales totaled approximately $4 million, an increase of about 90% compared to Q2 2022

The Company continues to enhance the Massivit 10000 marketing efforts.

During the second quarter, CNC World, UK-based, purchased the Massivit 10000 following the purchase of the Massivit 5000 last year.

Jason Rowe, CEO at CNC World: "Manufacturing molds with traditional methods takes weeks, and sometimes months. Printing a mold on a Massivit 10000 only takes a few days. It's a brand-new process that will significantly change the industry."

Erez Zimmerman, CEO of Massivit: "In the second quarter of the year, we continued our marketing efforts for the Massivit 10000, and these efforts bore fruit – we expanded the printers' install base. We see increased use of the company's unique, proprietary printing materials , an indication that customers value and leverage our technology. Sales grew by approximately 76% to approximately $7.2 million in the first half of this year compared to the first half of 2022, and we believe that we will continue to grow in the second half of 2023 as well."

LOD, Israel, July 24, 2023 /PRNewswire/ -- Massivit 3D Printing Technologies (Massivit) (TASE: MSVT), published partial preliminary results (unaudited and unreviewed) for Q2 and H1 2023. The Company continues its marketing efforts for the Massivit 10000 and plans to participate in several tradeshows in H2 2023 and to introduce the Massivit 10000 to new prospective customers.

The Company's sales in the second quarter of 2023 amounted to approximately $4 million, an increase of approximately 90% compared to sales of $2.1 million in Q2 2022. The company sold 7 3D printers compared to 5 printers in the corresponding quarter. The sales in the first half of 2023 amounted to approximately $7.2 million vs $4.1 million in the corresponding half of 2022, an increase of approximately 76%.The Company sold 15 printers during the first half of 2023 compared to 10 in the corresponding half of 2022, an increase of 50%.

The cash, cash equivalents, and marketable securities amounted to approximately $23 million at the end of the second quarter.

The Massivit 10000 is part of Massivit's second-generation of printers. The printer, which uses Cast In Motion technology, is designed for manufacturing composite material parts. It enables printing of molds, manufacturing tools, and large-scale models that are used by industrial manufacturing companies. As is known, the company's business model consists of sales of 3D printers and revenues from the company's unique printing materials.

Massivit continues its marketing operations for sales of its advanced Massivit 10000 printer in parallel with continued sales promotions for its first-generation product line – the Massivit 1800 and 5000 printers – with a focus on industrial sectors such as the marine and automotive industries.

About Massivit 3D Printing Technologies

Massivit 3D Printing Technologies Ltd. (TASE: MSVT) is a leading provider of large-scale 3D printing systems for the automotive, marine, railway, furniture and scenic fabrication markets. The company's solutions enable cost-effective production of large molds, parts, and prototypes at unprecedented speed. Massivit's vision is to transform manufacturing of large parts from traditional processes to digital fabrication through high-speed additive manufacturing using industrial-grade materials. The company was founded in 2013 by a team of experts, led by Gershon Miller - founder of Objet Geometry (which subsequently merged with Stratasys SSYS Nasdaq(.Massivit's headquarters are based in Lod, Israel, from which it provides services to its international community through a broad distributor network.

Logo - https://mma.prnewswire.com/media/2061242/4000985/Massivit_Logo.jpg

For additional information, please contact:
Miri Segal Scharia
CEO
MS-IR LLC
[email protected]
+1 (917) 607-8654

SOURCE Massivit 3D Printing Technologies Ltd.