It goes without saying that the 3D printing space has been a treacherous one for investors over the last 12-18 months. Slowing growth, rising expenses, currency exchange fluctuations and difficulties integrating recent acquisitions have all been reasons provided by some of the larger 3D printer manufacturers to explain these recent trends.
With that said, not every company within the space is suffering during this slight downturn. In fact, some of the smaller firms, which do not have the overhead and workforces to bog them down, are reporting continued growth, oftentimes better than even they had expected. On such company is Vancouver, Canada-based Tinkerine Studios. Many of you may recognize their name as they are the manufacturers of one of the more highly rated desktop 3D printers, the Ditto Pro, which took top honors at CES Asia 2015, while others may recall their innovative uses for 3D printing within the education space via TinkerineU.
While the company’s stock (TKSTF) has been floundering, down to $0.06 the last we checked from a high of $0.43 last July, this morning they released their second quarter financial results, and quite simply put, the numbers are very impressive.
Tinkerine reported revenue for the quarter of $344,986 and a gross profit of $170,881. This compares to revenues of $54,603 and a gross profit of $43,586 during the second quarter of last year, representing revenue growth of 532% and gross profit expansion of 292% over the course of a single year.
“With additional dealers for Tinkerine’s Ditto Pro and filament being added, we are experiencing increased orders for each quarter in 2015 underpinned by strong acceptance of our focus into the STEAM (Science, Technology, Engineering, Arts and Mathematics) educational field,” explained the company in their report. “Tinkerine continues to generate additional sales through the introduction of the Tinkerine product line, which includes its Ditto Pro 3D Printer, filament and its TinkerineU online store.”
The company reports that approximately 60% of Ditto Pro sales have come through dealers, compared to just 49% in the first quarter of this year. As their dealer network continues to expand, revenue should also continue to follow suit. While a net loss was still reported of $338,665, this represents a substantial improvement over last year’s second quarter when the company lost over $1.6 million, as expenses have dropped while revenues have grown.
In addition to reporting last quarter’s results, Tinkerine also has announced the departure, via resignation, of John Velheer from their Board of Directors. The Board is now looking for potential shareholders to fill his role.
Let us know your thoughts on this recent quarter’s earnings by Tinkerine and what it may mean for the company. Discuss in the Tinkerine forum thread on 3DPB.com.