ARC Group Worldwide Inc says that its fiscal Q1 revenue was US$24.5 million, a decrease of 14.7% compared to the prior year period.
The decrease was due to lower sales to European automotive customers and delayed US product launches, as well as macro and customer attrition issues, the company says.
At the same time, ARC subsidiary 3DMT Group reported record metal 3D printing revenue during the first fiscal quarter. EBITDA for the fiscal year first quarter was US$2.6 million, a decrease of 27.1% compared to the prior year period. EBITDA margin decreased to 10.8%, from 12.6% in the prior year period, primarily related to lower plant level utilization.
ARC has also has hired Stuart Gold in a newly created position, as executive vice president of global sales & marketing for the Company. Gold brings a strong track record of success in sales and marketing, most recently at a private equity-backed educational technology company, as well as previous leadership roles in sales and marketing at companies such as Cendant, Cisco, and Microsoft.
‘While we were disappointed in the performance of the business in the first fiscal quarter, we remain optimistic about the future of ARC,’ said Jason Young, chairman and CEO. ‘Driving sales is an important focus for the company, and we are excited to have Mr Gold join ARC to lead that effort.’ GAAP to Non-GAAP Reconciliation EBITDA and EBITDA margin are non-GAAP financial measures.
This story uses material from ARC Group, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.