What changed in this filing

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Item 1. Business

2023-03-30 compared with 2022-03-24 · 246 added, 204 removed, 55 unchanged (89% of the section changed)

Sigma is a software company that was founded

by scientist-engineers composed of physicists and metallurgists then working at Los Alamos National Labs for the entrepreneurial purpose

of developing sophisticated metallurgical products.

Since 2016, the Company’s focus has been on solving the complex and challenging

problem of how to best assure the high quality of metal parts manufactured in laser powder bed additive manufacturing, or 3D printing,

Sigma and many others believe that until this problem was solved, 3D manufacturing of metal parts would not be scalable

enough to grow past prototyping and mature into a major industry enjoying high quality yields and cost-efficient production runs.

solution that Sigma developed to solve this problem is In-Process-Quality-Assurance (“IPQA®”) software known as PrintRite3D®.

Sigma Additive Solutions, Inc.

(the “Company,” “Sigma,”

“Sigma Additive,” “we,” “us” and “our”)

is a software company that was founded by scientist-engineers composed of physicists and metallurgists then working at Los Alamos National

Labs for the purpose of developing sophisticated metallurgical products.

Since 2016, the Company’s focus has been

on solving the complex and challenging problem of how to best assure the high quality of metal parts manufactured in laser powder bed

additive manufacturing, or 3D, printing, machines.

Sigma and many others believe that until this problem was solved, 3D manufacturing

of metal parts would not be scalable enough to grow past prototyping and mature into a major industry enjoying high quality yields and

cost-efficient production runs.

The solution that Sigma developed to solve this problem is In-Process-Quality-Assurance (“IPQA®”)

software known as PrintRite3D®.

2018, the Sigma team enhanced and added user features to its PrintRite3D® technology.

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test PrintRite3D® on various 3D metal printers at customers’ sites through the Company’s Rapid Test and Evaluation (“RTE”)

Upon receiving favorable responses from the various RTEs, in 2020 the Company began to aggressively market PrintRite3D®.

However, the worldwide COVID-19 pandemic caused a reduction, and in some cases a freeze, in capital spending within the Company’s

targeted industries and had what the Company believes to be a short-term negative impact on the Company’s expected timing of generating

meaningful revenue.

Despite the pandemic, the Company moved forward with its plan to market PrintRite3D® to the following industry

(1) global manufacturing companies with Additive Manufacturing (“AM”) initiatives;

(2) 3D printer Original Equipment Manufacturers (“OEMs”) for purchases of licenses and generating fees and royalties thereafter;

Upon receiving favorable responses from the various RTEs, in 2020 the Company began to market PrintRite3D®.

worldwide COVID-19 pandemic adversely affected capital spending within the Company’s targeted industries, the Company moved forward

with its plan to market PrintRite3D® to the following industry segments:

(1) global manufacturing companies with Additive Manufacturing

(“AM”) initiatives;

(2) 3D printer Original Equipment Manufacturers (“OEMs”) for purchases of licenses and generating

fees and royalties thereafter;

(3) additive manufacturing software venders for alliances and licenses for co-sales;

and (4) research foundations, standards organizations

and universities, all in service of Sigma’s potential for setting the industry standard of measurement by providing data and analytics

as a metrics-based quality standard of metal quality for all 3D laser powder bed manufactured parts, notwithstanding the design, metal,

or brand of equipment upon which parts are manufactured.

and (4) research

foundations, standards organizations and universities, all in service of Sigma’s potential for setting the industry standard of

measurement by providing data and analytics as a metrics-based quality standard of metal quality for all 3D laser powder bed manufactured

parts, notwithstanding the design, metal, or brand of equipment upon which parts are manufactured.

In 2022, we shifted our business model

from selling perpetual licenses of our combined hardware and software solution to subscription-based licenses and began the development

of a suite of software-only product offerings, which we believe will transform our business by providing a scalable, cost-effective solution

to our customers that can be more broadly connected to OEM’s, hardware, and software partners.

With the change to our

business model, and the desire to connect more fully to the full digital quality landscape, the business began to explore potential strategic

investments and mergers and acquisitions.

This is a major focus in 2023, as management seeks capital for operations, and to provide runway

to future options, and to take Sigma to the next phase of our business.

Metal Manufacturing and the role and need for Sigma’s technology:

use of 3D printing technology dates back to the 1980s for polymer applications, but the ability to print functional parts from metal

alloys has spurred significant interest and investment into AM over recent years.

use of 3D printing technology dates to the 1980s for polymer applications, but the ability to print functional parts from metal

alloys has spurred significant interest and investment in AM in recent years.

AM is now reshaping the product design process, entire

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Engineers are embracing new design freedoms to realize valuable product performance

improvements and cost efficiencies with lighter weight, better thermal management capability, better fluid mixing, customization, and/or

improvements and cost efficiencies with lighter weight, better thermal management capability, better fluid mixing, customization, and

the ability to make different structures and textures that yield better part integration.

believe that there are several significant

hurdles to be overcome for broader adoption of additive technologies for the production of industrial metal parts.

Among these are

lack of quality, consistency, and industry standards along with cost.

The Company believes PrintRite3D®

has the potential to contribute to widespread industrialization of 3D metal printing.

Additionally, the disruption in

complex and rigid supply chains caused by COVID-19 exposed the country’s vulnerability to shortages in times of crisis.

response, manufacturers are devising strategies to be able to be more agile, increase their ability to manufacture mission critical

parts on demand, with more customization, and closer to where the end part will be needed.

believe that there are several significant hurdles to be overcome for broader adoption of additive technologies for the production of

industrial metal and polymer parts.

Among these are lack of quality, consistency, and industry standards along with cost.

believes PrintRite3D® has the potential to contribute to widespread industrialization of 3D metal and polymer printing.

Additionally,

the disruption in complex and rigid supply chains caused by COVID-19 exposed the country’s vulnerability to shortages in times

In response, manufacturers are devising strategies to be able to be more agile, increase their ability to manufacture mission

critical parts on demand, with more customization, and closer to where the end part will be needed, and we believe quality systems

to ensure consistency will play a critical role.

Additionally, we believe that in-process data will play an important role in connecting

the full digital quality landscape from raw materials to final part.

Technology and Product Family

is an integrated hardware and software edge computing platform, or in-process quality assurance system that combines inspection, feedback,

data collection and critical analysis.

It is a 3D printer platform-independent solution that can be installed as a retrofit to an existing

3D printer or requested as a factory option from select 3D printer OEMs.

PrintRite3D® provides a high-fidelity, accurate system that

can confidently scale to multi-laser 3D metal printers.

The PrintRite3D® system detects potential anomalies and incorporates machine

learning in conjunction with developed metrics to map those metrics to the post-process data.

This provides the ability to reduce post-production

testing and costs, while creating a certification framework that serves the needs of end-users, printer manufacturers, and standards

organizations.

current version of PrintRite3D® is an integrated hardware and software edge computing platform, or in-process quality assurance

system, that combines inspection, feedback, data collection and critical analysis.

It is a 3D printer platform-independent solution

that can be installed as a retrofit to an existing 3D printer or requested as a factory option from select 3D printer OEMs.

PrintRite3D® provides a high-fidelity, accurate system that can confidently scale to multi-laser 3D metal and polymer printers.

The PrintRite3D® system detects potential anomalies in real-time and incorporates machine learning in conjunction with developed

metrics to map those metrics to live post-process data.

This provides the ability to reduce manufacturing costs by identifying

problems before post-production testing, while creating a certification framework that serves the needs of end-users,

printer manufacturers, and standards organizations.

was initially developed to work with industrial 3D metal printers using the Powder Bed Fusion (“PBF”) process, which is the most widely

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In 2020, we announced PrintRite3D for Direct Energy Deposition, or DED, for metal parts.

PrintRite3D DED opens up another segment of the industrial metal market for Sigma to sell and distribute our technology.

the Company introduced PrintRite3D Selective Laser Sintering, or (SLS) for polymer materials.

PrintRite3D DED opened another segment of the industrial metal market for Sigma to sell and distribute our technology.

Company introduced PrintRite3D Selective Laser Sintering, or SLS, for polymer materials.

The polymer market is larger and more advanced

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such as those being used in aerospace, space exploration, and defense.

The Company’s entry into this market was customer

driven by a supplier of critical equipment to the space exploration market.

The Company believes that PrintRite3D’s ability to

work across a different 3D printers, processes and materials gives it a competitive advantage and will help accelerate the adoption of

3D printing for industrial applications.

Labs employs a multi-channel distribution model for its IPQA products including a direct sales force, value added resellers (“VARs”)

and 3D printer Original Equipment Manufacturers (“OEMs”).

In 2021, the majority of the Company’s revenue was

generated by direct sales in North America and Europe.

The Company’s entry into this market was customer driven

by a supplier of critical equipment to the space exploration market.

The Company believes that PrintRite3D’s ability to work across

a different 3D printers, processes and materials gives it a competitive advantage and will help accelerate the adoption of 3D printing

for industrial applications.

2022, we began the development of a new suite of software-only products, which we believe will allow us to scale into production

across enterprises with large installations of production printers.

These machine-health, process health, and part-health modules

will be built into the PrintRite3D suite.

These products will combine streaming health data from major OEM’s and off-axis

camera data, and thermal on-access melt pool technology to provide a centralized home for in-process quality solutions and reporting that can be connected to the broader digital quality ecosystem.

the connected and open data we are creating will allow users to simplify their quality operations, identify gross defects, utilize

machine-learning and artificial intelligence platforms, and significantly improve production quality while lowering the cost of

employs a multi-channel distribution model for its IPQA products, including a direct sales force, value added resellers (“VARs”)

software and hardware partners, and 3D printer OEMs.

In 2022, the majority of the Company’s revenue was generated by direct sales

in North America and Europe and through OEM relationships.

VARs are currently used in Japan and India.

The Company plans to extend its VAR

channel outside of North America and Europe.

Since 2020, the Company has moved aggressively to establish and extend relationships

with 3D printer OEMs and began to generate revenue from this channel.

The revenue generated by the OEMs in 2021 did not meet the Company’s

projections due to several reasons, including but not limited to:

(1) the ramp up time for the OEM’s sales force, (2)

the ongoing impact of COVID on our European based OEM partners, and (3) the lack of OEM sales into select vertical markets (e.g.,

aerospace and space exploration) that require that parts conform to specific quality standards.

We expect that the percentage of

the Company’s revenue coming from OEMs will increase in 2022 and beyond.

The Company plans to extend its

VAR channel outside of North America and Europe.

Since 2020, the Company has moved to establish and extend relationships with 3D printer

OEMs, software partners, and integrated hardware partners to expand our footprint and ability to scale our business.

Company markets its products through webinars, email and social media campaigns, and participation, both in person and virtually, in

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and Availability of Parts and Materials

have important relationships with several suppliers for critical components of our PrintRite3D® systems, in particular optics and

data acquisition components, and development of our user interface.

To-date, we have not experienced shortages of components, however,

in some cases COVID-19 has resulted in increased lead times and cost for certain parts.

have important relationships with several suppliers for critical components of our PrintRite3D® systems, in particular optics

and data acquisition components, and development of our user interface.

To-date, we have not experienced shortages of components;

however, in some cases COVID-19 has resulted in increased lead times and cost for certain parts.

We manage the risk of component

shortages by sourcing backup suppliers, and in the case of our user interface, hiring engineers in-house to support the ongoing development

and maintenance.

shortages by sourcing backup suppliers, and in the case of our user interface, hiring engineers in-house and contractors to support

the ongoing development and maintenance.

on a Few Major Customers and Partners

Company has established distribution agreements with two international 3D printer OEMs.

We expected each to contribute a significant

percentage of our 2021 revenue, however due to the previously discussed reasons, revenue in the first year of the relationship did not

meet either company’s expectations.

The Company supports the OEMs with joint marketing programs, field sales and technical

support personnel to assist in the sale of its technology.

It is the Company’s intent to continue to build the OEM channel through

distribution relationships with other 3D printer OEMs in the future.

is a third-party, agnostic In-Process Quality Assurance system designed to provide a consistent, standards-based measurement and prediction

of quality across a heterogeneous collection of 3D printers.

Competition has been primarily from the printer OEMs who offer their own

monitoring system, usually as a separately priced option to its printers.

Sigma believes that the future of AM will consist of factories

with various generations of printers from various manufacturers.

The primary reasons that global manufacturers will have machines from

various vendors is that certain machines and technologies are better suited for different applications than others.

Additionally, as

the industry progresses, innovation will accelerate, and new leaders will emerge.

Finally, many believe that there will be a consolidation

of 3D metal manufacturers and the number of vendors will decrease from approximately 50 to a much small number over the next decade.

Although standards for monitoring are slowly being set by various international standards organizations, it is highly unlikely that printer

OEMs will modify their monitoring systems to work with other OEMs machines.

Therefore, we believe that the only way to produce parts

with a consistent level of quality is with a third-party, agnostic, standards based IPQA system, such as PrintRite3D®.

Over the past

year or so, new competitors have entered the market with monitoring technology that follows Sigma’s lead as a 3rd party agnostic

system capable of working across 3D printer machine types.

These systems use camera-based technology and machine learning to identify

gross defects during the printing process.

These solutions are useful;

however, they fall short of determining root cause,

and unlike PrintRite3D, are not capable of instructing the printer, through closed-loop control, to vary certain machine variables

such as laser power to avoid creating the defects.

Company has established agreements with several international 3D printer OEMs, software, and integrated hardware companies.

supports the OEM, software, and hardware relationships with joint marketing programs, field sales and technical support personnel to

assist in the sale of its technology.

It is the Company’s intent and focus to expand our OEM and software channels

through distribution relationships with existing and additional 3D printer OEMs, hardware, and software relationships in the future.

PrintRite3D® is a

third-party, agnostic In-Process Quality Assurance system designed to provide a consistent, standards-based measurement and

prediction of quality across a heterogeneous collection of 3D printers.

Competition historically has been viewed as printer OEMs

with their own monitoring system, usually as a separately priced option to its printers.

However, with the move to software-only

solutions and API connection options to machines, Sigma believes it can provide machine agnostic analytics and reporting software

tools that help standardize digital quality in the industry.

Additionally, we plan to work with OEMs to reduce costs of hardware,

grow and expand their quality monitoring as a standard machine option, and provide a standard language for quality.

We believe that

the future of AM will consist of factories with various generations of printers from various manufacturers.

The primary reasons that

global manufacturers will have machines from various vendors is that certain machines and technologies are better suited for

different applications than others.

Additionally, as the industry progresses, innovation will accelerate, and new leaders will

Finally, many believe that there will be a consolidation of 3D metal manufacturers and the number of vendors will decrease

over the next decade from approximately 50 at present.

Although standards for monitoring are slowly being set by various

international standards organizations, it is highly unlikely that printer OEMs will modify their monitoring systems to work with

other OEMs machines.

Therefore, we believe that the best way to produce parts with a consistent level of quality is with a

third-party, agnostic, standards based IPQA system, such as PrintRite3D®.

Over the past year or so, new competitors have entered

the market with monitoring technology that follows Sigma’s lead as a third-party agnostic system capable of working across 3D

printer machine types.

However, most of these solutions are point solutions addressing one specific item of quality.

value, but do not provide the end user the full quality picture for regulators or customer needs.

Sigma has expanded its quality

footprint to be a home for holistic in-process quality data.

We see a path to integrate with other point solutions if customers find

interest in them, while still ensuring holistic quality for our end customers.

Point solutions are useful;

however, they fall short

of determining root cause, and unlike PrintRite3D, are not capable of instructing the printer, through closed-loop control, to vary

certain machine variables such as laser power to avoid creating the defects in the first place.

regard our patents, trademarks, domain names, trade secrets, know-how, and other intellectual property as critical to our success.

rely on a combination of patent, trademark, trade secret, other intellectual property law, confidentiality procedures, and contractual

provisions with employees, partners, and others to protect the technology and other proprietary rights, information and know-how that

comprise the core of our business.

The chart below summarizes our issued patents.

We are currently prosecuting foreign and U.S.

patent applications related to our IPQA® technology and rapid qualification of additive manufacturing for metal parts.

guarantee that the patent applications we have submitted will issue or that if issued, they will offer adequate protection under applicable

Sigma Labs, Inc.

We rely on a combination of patent, trademark, trade secret, other intellectual property law, confidentiality procedures, and

contractual provisions with employees, partners, and others to protect the technology and other proprietary rights, information and

know-how that comprise the core of our business.

The tables below summarize our issued patents.

We are currently prosecuting

foreign and U.S.

patent applications related to our IPQA® technology and rapid qualification of additive manufacturing for metal

There is no guarantee, however, that the patent applications will result in issued patents or that if issued,

any patents will offer adequate protection under applicable law.

Additive Solutions, Inc.

Patent Portfolio as of

December 31, 2021

The Company believes that its patented

PrintRite3D® technology is a significant barrier to entry to competitors attempting to replicate the Company’s

Company believes that its patented PrintRite3D® technology is a significant barrier to entry to competitors attempting to replicate

the Company’s strategy.

or Application No.

and Systems for Monitoring Additive Manufacturing Processes

and Methods for Additive Manufacturing Operations

Manufacturing Process Sensing and Status Indication System

And System for Monitoring Additive Manufacturing Processes

Quality Inference and Control For Additive Manufacturing Processes

Qualification System and Methodology

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ZL201680010333.X

Manufacturing Process Sensing and Status Indication System

and Methods for Measuring Radiated Thermal Energy During an Additive Manufacturing Operation

Manufacturing Process Sensing and Status Indication System

Qualification System and Methodology

And Methods for Additive Manufacturing Operations

and Methods for Measuring Radiated Thermal Energy During an Additive Manufacturing Operation

And Methods for Additive Manufacturing Operations

Defect Detection Using Normalized Sensor Data

And Method for Additive Manufacturing

ZL201980027059.0

Photodetector

Array for Additive Manufacturing Operations

Quality Inference and Control for Additive Manufacturing Processes

Manufacturing Process Sensing and Status Indication System

and System for Monitoring Additive Manufacturing Process

Defect Detection Using Normalized Sensor Data

112,019,000,521

Photodetector

Array for Additive Manufacturing Operations

Photodetector

Array for Additive Manufacturing Operations

of Non-Imaging Thermal Measurement Devices

And Methods for Measuring Radiated Thermal Energy During an Additive Manufacturing Operation

ZL201880064101.1

and Methods for Measuring Radiated Thermal Energy During an Additive Manufacturing Operation

112,018,001,597

and Methods for Measuring Radiated Thermal Energy During an Additive Manufacturing Operation

ZL201980027181.8

and Methods for Measuring Radiated Thermal Energy During an Additive Manufacturing Operation

112,019,000,498

and Methods for Measuring Radiated Thermal Energy During an Additive Manufacturing Operation

and Systems for Quality Inference and Control for Additive Manufacturing Processes

Identification Using Machine Learning in an Additive Manufacturing System

contracts that we enter into with governmental agencies will be subject to a variety of federal, state and local laws and regulations.

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Additionally,

with respect to our work with government agencies, our sales are driven by pricing based on costs incurred to produce products or perform

services under contracts with the U.S.

government contracts generally are subject to Federal Acquisition Regulations

(“FAR”), agency-specific regulations that implement or supplement FAR, such as the DoD’s Defense Federal Acquisition

Regulations and other applicable laws and regulations.

These regulations impose a broad range of requirements, many of which are unique

to government contracting, including various procurement, import and export, security, contract pricing and cost, contract termination

and adjustment, and audit requirements.

A contractor’s failure to comply with these regulations and requirements could result in

reductions of the value of contracts, contract modifications or termination, and the assessment of penalties and fines and could lead

to suspension or debarment from government contracting or subcontracting for a period of time.

In addition, government contractors are

also subject to routine audits and investigations by U.S.

our sales to U.

government agencies are driven by pricing based on costs incurred to produce products or perform services.

government contracts generally are subject to Federal Acquisition Regulations (“FAR”), agency-specific regulations that

implement or supplement FAR, such as the se Defense Federal Acquisition Regulations and other applicable laws and regulations.

regulations impose a broad range of requirements, many of which are unique to government contracting, including various procurement,

import and export, security, contract pricing and cost, contract termination and adjustment, and audit requirements.

Our failure to

comply with these regulations and requirements could result in reductions of the value of contracts, contract modifications or

termination, and the assessment of penalties and fines and could lead to temporary or permanent suspension or debarment from

government contracting or subcontracting.

In addition, government contractors are subject to routine

audits and investigations by U.S.

government agencies such as the Defense Contract Audit Agency (“DCAA”).

These agencies review a contractor’s performance, cost structure, and compliance with applicable laws, regulations, and standards.

The DCAA also reviews the adequacy of, and a contractor’s compliance with, its internal control systems and policies, including

the contractor’s purchasing, property, estimating, compensation, and information systems.

of March 23, 2022, we have several active contracts with government agencies.

During fiscal year 2021, we entered into two contracts

with government agencies, and we plan to increase this activity in the future.

Human Capital

These agencies

review a contractor’s performance, cost structure, and compliance with applicable laws, regulations, and standards.

also reviews the adequacy of, and a contractor’s compliance with, its internal control systems and policies, including the

contractor’s purchasing, property, estimating, compensation, and information systems.

of March 29, 2023, we have several active contracts with government agencies, and, funding permitting, we plan to seek to increase

government contracting in the future.

of December 31, 2022, we had 25 full-time employees.

We continue to search for additional, qualified personnel, to support our expanding

operations in the area of IPQA® for AM.

We believe that our future success depends, in part, upon our continued ability to

attract and retain highly skilled employees and management and technical personnel.

Employee engagement is important to us and

we focus on continuously enhancing our corporate culture.

strive to provide robust and competitive compensation and benefits to our employees.

We continue to balance a search for additional, qualified personnel to support our targeted growth in the area

of IPQA® for AM, while ensuring that our operations are aligned towards our software focus

and corresponding cost structure.

We believe that our future success will depend, in part, upon our ability to attract and retain

highly skilled employees and management and technical personnel.

Employee engagement is important to us, and we strive to continuously

enhance our corporate culture and further the growth and development of our employees.

All employees are responsible for upholding the Sigma Code of Ethics and

Business Conduct, which is important in delivering on our strategy.

We maintain a compliance hotline for the confidential reporting of

any suspected policy violations or unethical business conduct on the part of our businesses, employees, officers, directors, suppliers,

or customers.

strive to provide competitive compensation and benefits to our employees.

Our benefit programs include bonuses, stock-based

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assistance programs.

The health and wellness of our

employees is also critical to our success.

In an effort to keep our employees safe during the COVID-19 pandemic, we have implemented

a number of health-related measures including, but not limited to, protocols governing the use of face-masks while on company property,

temperature taking protocols, a flexible work-from-home policy, cleaning procedures at our offices, and social-distancing protocols,

which measures we will continue to monitor.

incorporated as Messidor Limited in Nevada on December 23, 1985 and changed our name to Framewaves Inc.

On September 27, 2010,

we changed our name from Framewaves Inc.

to Sigma Labs, Inc.

health and wellness of our employees is important to our success.

We continue to follow guidance from health officials, and while

COVID-19 restrictions have been relaxed in the U.S.

and Europe, we have maintained a number of health-related measures including, but not limited to, a flexible work-from-home

continue to be isolated COVID-19 outbreaks in certain regions of the world, but these outbreaks have not had a significant impact on

our operations.

The extent to which the COVID-19 epidemic may impact our business, operations, financial condition, liquidity

and results of operations in 2023 and beyond remains uncertain and unpredictable.

- Ukraine Conflict

February 2022, Russian forces invaded Ukraine.

In response, the U.S., the European Union (“EU”), and several other

countries imposed economic and trade sanctions and other restrictions (collectively, “global sanctions”) targeting

Russia and Belarus.

Russia then imposed retaliatory economic measures against the U.S., the EU, and several other countries.

no sales to Russia or Ukraine, nor do we have any assets, employees or third-party contractors in Russia or Ukraine.

The duration of

the conflict and further sanctions could have further impact on the global economy, financial markets and inflation.

uncertainty around the duration or outcome of the conflict, we cannot predict its effect on our business.

were incorporated as Messidor Limited in Nevada on December 23, 1985 and changed our name to Framewaves Inc.

27, 2010, we changed our name to Sigma Labs, Inc., and on August 9, 2022, we changed our name to Sigma Additive

Solutions, Inc.

principal executive offices are located at 3900 Paseo del Sol, Santa Fe, New Mexico 87507, and our current telephone number at that address

is (505) 438-2576.

Our website address is www.sigmalabsinc.com.

Our website address is www.sigmaadditive.com.

The Company’s annual reports, quarterly reports, current reports

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contained therein, or connected thereto, are not and are not intended to be incorporated into this Report.

17, 2022, we announced that Jacob Brunsberg was appointed as President and Chief Operating Officer of the Company .

In this position, Mr.

Brunsberg will have responsibility for product direction, strategic relationships, sales, marketing, and

As President and Chief Operating Officer, he will report to Mark K.

Ruport, Sigma’s Chief Executive Officer.

Brunsberg will oversee several strategic initiatives designed to accelerate the growth and performance of the company, including

the transition to a software only offering, initiating and implementing a comprehensive OEM integration program, building strategic partnerships,

and implementing a new subscription-based pricing model as an option to our existing perpetual pricing model.

Each of these key

initiatives is integral to lowering the additive manufacturing (“AM”) industry’s technology adoption barriers and easing

entry and expansion for manufacturers and OEM partners.

January 26, 2022, we announced that together with Materialise, a leading provider of additive manufacturing (AM) software and services,

we had developed a breakthrough technology to enhance the scalability of metal AM applications.

The new platform combines the Materialise

Control Platform and Sigma Labs’ PrintRite3D® sensor technology to allow users to identify and correct metal build issues in

With added control over their unique processes, manufacturers can optimize metal AM processes for consistency and repeatability,

key factors in scaling AM operations for serial production.

January 25, 2022, we announced that our PrintRite3D® in-process quality assurance solution had been purchased by Auburn University,

based in Auburn, Alabama.

The PrintRite3D solution will be installed on the university’s EOS M290 machine and is the start of an

academic and industrial collaboration between the university and Sigma Labs, and we will deploy the system under a commercial lease/purchase

program that provides more flexible and acceptable terms for academic institutions and early adopters.

will be implemented to support several projects at the Auburn University National Center for Additive Manufacturing Excellence (NCAME)

to utilize 3D printed (additively manufactured) components to improve commercial air and space travel.

As reported by the Auburn University

Samuel Ginn College of Engineering, NCAME is funded by a $3 million grant from the Federal Aviation Administration (FAA).

The objective

is to address issues related to the variability in additive manufacturing machines, as well as generate an understanding of how microscopic

anomalies in the 3D-printed metals affect overall fatigue and fracture properties.

January 20, 2022, we announced that our PrintRite3D® in-process quality assurance solution will be certified to work with Aconity3D’s

line of 3D metal printers and available as a standard option via Aconity3D’s online configurator.

Aconity3D will designate their

printers as ‘PrintRite3D Ready™’.

As an original equipment manufacturer (OEM) Aconity3D will sell, install and support

PrintRite3D as an integrated solution to its customers.

is a machine manufacturer for laser-based 3D printing of metals, with a focus on the buildup of customer specific systems for Laser Powder

Bed Fusion (LPBF), in which metal particles are fused layer upon layer by a laser.

The Aconity System Framework allows full customization

of each machine for customers’ specific applications.

Aconity3D’s customers and partners include leading industrial, aviation

and automotive companies, and world-renowned institutes and universities at the forefront of the additive manufacturing (AM) landscape.

On March 20, 2023, we announced the expansion of our collaboration with

Materialise, a global leader in 3D printing software and service solutions, to provide additive manufacturing (AM) users automated quality

control by integrating the PrintRite3D® quality assurance solution into the new software solution Materialise Process Control.

multiple complementary data sources and analytic methods allows businesses to make faster, data-driven decisions, improving operational

efficiency and driving revenue growth.

Materialise Process Control allows manufacturers to analyze and correlate layer data from the 3D

printing process.

Sigma and Materialise collaborated to integrate PrintRite3D® into Process Control and to make it available in CO-AM,

Materialise’s end-to-end software platform for 3D printing.

Sigma’s PrintRite3D® suite provides in-process data, including

thermal data from the melt pool, yielding layer data that can enable users to find the root cause of defects faster.

March 6, 2023, we announced that we will partner with DyeMansion, the global leader in connected and integrated post-processing solutions

for industrial polymer 3D-printing, to add an integrated hardware/software solution option that offers extra quality assurance for DyeMansion’s

post-processing solutions:

DM60, Powershot Performance and Powerfuse S.

DyeMansion’s comprehensive solution, the Print-to-Product

workflow and all components are applicable for Industry 4.0 and can be integrated seamlessly into various production processes.

The real-time

monitoring and data analytics from Sigma’s Machine Health module will complement DyeMansion’s systems by offering reduced

cost per part, unmatched quality, and high sustainability.

March 1, 2023, we announced that we had retained Lake Street Capital Markets as the Company’s financial advisor in connection

with our consideration of a range of strategic alternatives designed to enhance shareholder value, including a possible strategic investment,

acquisition, merger, business combination, or similar transaction.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business