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ExOne 4Q15 results ?5

17:42 22-Mar-16

The press release is finally out and the most important new information is that non-machine revenue seems to be leveling off.  According to the 10-K, the number of machines sold, actually fell YoY.  Management is putting a good face on a complete lack of guidance, making only qualitative statements, and of course, citing record backlog.

My own outlook is less optimistic.  The rebate rate has declined to under 19%, showing that recent gains in stock price are driven by short covering, and are likely to be ephemeral.

ExOne has reported financial results for the fourth quarter of 2015:

• loss of 8 cents per share, which beats by 7 cents
  
• on revenue of $16.2M, which beats by one and a half a million dollars
  

No press release or guidance are available yet, and the conference call is not until tomorrow morning.  This does little to change my outlook for the stock.

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