Sigma Labs (SGLB) saw its loss widen to $0.94 million, or $0.25 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.47 million, or $0.08 a share.

Revenue during the quarter plunged 58.10 percent to $0.15 million from $0.36 million in the previous year period. Gross margin for the quarter contracted 1961 basis points over the previous year period to 50.38 percent.   

"During the First Quarter of 2017, we made additional, significant progress in our further establishing the requisites for Sigma Labs and our partners to provide market leading, end to end 3D advanced manufacturing ecosystem capabilities including computer aided design CAD engineering CAE manufacturing CAM and inspection CAI, with Web, IoT and cloud-based integration, designed to represent groundbreaking advancements in process control and real-time quality assurance," said Mark Cola, president & chief executive officer of Sigma Labs.

The company has spent $0.55 million cash to meet investing activities during the quarter as against cash outgo of $0.06 million in the last year period.

Cash and cash equivalents stood at $4.63 million as on Mar. 31, 2017, up 326.47 percent or $3.55 million from $1.09 million on Mar. 31, 2016.

Working capital increases sharply
Sigma Labs has recorded an increase in the working capital over the last year. It stood at $4.13 million as at Mar. 31, 2017, up 200.85 percent or $2.76 million from $1.37 million on Mar. 31, 2016. Current ratio was at 3.98 as on Mar. 31, 2017, down from 7.06 on Mar. 31, 2016.

Cash conversion cycle (CCC) has increased to 210 days for the quarter from 7 days for the last year period. Days sales outstanding went up to 281 days for the quarter compared with 36 days for the same period last year.

Days inventory outstanding has increased to 121 days for the quarter compared with 48 days for the previous year period. At the same time, days payable outstanding went up to 192 days for the quarter from 77 for the same period last year.