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First-quarter revenue was $13 million, a slight decline from a record first quarter in 2020. Record quarterly recurring revenue was $8.1 million, up 15% year over year and 7% sequentially, and contractual backlog was $47.8 million, up 41% year on year. Management did not give EPS or gross margin figures on the call. Looking ahead, ExOne reaffirmed 2021 full-year revenue growth expectations of 15% to 25%, driven by backlog, new product launches, and improving macro conditions, with Q2 still expected to face some COVID-related challenges and the second half expected to improve.

John Hartner said the quarter showed record recurring revenue and record backlog, which he framed as evidence that ExOne’s product set, adoption model, and pipeline are gaining traction. He emphasized a rebound in the U.S., stronger localizing/re-shoring trends, and growing customer interest in additive manufacturing as supply chains remain disrupted. His tone was constructive but cautious, repeatedly noting that COVID and travel restrictions are still limiting installations and customer acceptances.

Doug Zemba highlighted record quarterly recurring revenue of $8.1 million and record contractual backlog of $47.8 million, both strong indicators of demand despite execution delays. He said the company’s 2021 full-year revenue growth view remains 15% to 25%, and explained that Q1 was pressured by delayed system recognition, especially in China, where eight units represented about $6 million of revenue still in process at quarter-end. He also said Q1 was likely the trough for margins, Q2 should improve on better revenue leverage, and the impact from lower returns on the 25Pro should begin turning in the second half, with a more normalized return expected in 2022.

Analysts focused on the $30.5 million systems backlog, the Asia installation bottleneck, warranty costs, supply-chain risks, gross margin recovery, and the cadence of revenue through 2021. Management said China remained difficult because ExOne has no physical business there, travel and quarantine constraints limit support, and several units are physically in country with nearly all cash collected but awaiting installation and acceptance. They also said Q2 would still have challenges, Q1 was likely the margin trough, supply-chain issues were being watched closely on electronics and consumables, and the company expected more improvement in the second half.