02-06-2013: ExOne completed its IPO and raised $95.40 million from the stock market
ExOne became the third additive manufacturing company to enter the U.S. stock market
On February 6, 2013, ExOne debuted on the Nasdaq stock exchange, offering 163,048 common shares at a price of $18 per share. As a result of its initial public offering (IPO), the company raised approximately $90.4 million net after deducting issuance costs. ExOne became the third additive manufacturing company to enter the U.S. stock market, following 3D Systems and Stratasys (later followed by voxeljet and Materialise).
Based in North Huntingdon, Pennsylvania, ExOne specialized in manufacturing industrial 3D printing machines and providing 3D printing services for industrial customers. The company's technology was based on the binder jetting method, which allowed for the rapid transformation of powder-based materials, such as metals, ceramics, and sand, into precise parts and tooling.
ExOne traces its roots back to 1995, when Extrude Hone established the "ProMetal" division, dedicated to developing metal 3D printing technology. The founder and owner of Extrude Hone, Larry Rhoades, recognized the potential of additive manufacturing for industrial applications. In 2005, ExOne was spun off as an independent company, continuing its work on innovative 3D printing solutions.
ExOne was a true pioneer in metal 3D printing and the only company that focused on binder jetting technology, while most other companies concentrated on PBF, or DED / WAAM methods.
The 2013 stock market debut was a major milestone for ExOne, allowing it to raise capital for further technology development and international expansion. On its first day of trading, ExOne’s stock price surged by 47.3%, reaching over $34 per share, reflecting strong investor interest in 3D printing technology. At one point, the stock even peaked at $70.
However, like most additive manufacturing companies, ExOne struggled in the following years. By 2014, its stock price declined to around $20, despite revenues growing to $43 million. Unfortunately, the company continued reporting net losses, and this trend persisted in the years that followed. The average stock price declined by several dollars per year, reaching $6 per share by 2019.
When it comes to revenue, there was also significant fluctuation – in 2016, the company generated $47 million, dropped to $40 million in 2017, and then rebounded to $64 million in 2018. Unfortunately, the company consistently reported operating losses, which prevented it from fully realizing its potential.
Ultimately, on August 11, 2021, Desktop Metal announced the acquisition of ExOne, in a deal valued at $575 million.
And then, you know, things went south with the whole Desktop Metal conglomerate. Today, the future of ExOne is as uncertain as Desktop Metal itself.
Source: www.marketscreener.com