Sigma Labs soars 200% after signing deal with Lockheed Martin for the software company's PrintRite3D product
- Shares of
Sigma Labssoared 200% on Monday after it announced a deal with Lockheed Martin.
- Lockheed Martin awarded the software company a contract for an initial system of its PrintRite3D.
- The value of the contract was not disclosed.
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Lockheed Martin Space Additive Design & Manufacturing Center awarded the software company a contract for an initial system of its PrintRite3D.
PrintRite3D is an in-process quality assurance system that uses machine learning to detect any anomalies in 3D printing. It collects and processes data that users can analyze and inspect in real-time, and, if necessary, implement corrections on the spot.
As part of the contract, Bethesda, Maryland-based Lockheed Martin will assess the workability of PrintRite3D in supporting its defense and space programs. The value of the contract was not disclosed.
Lockheed's center based in Sunnyvale, California supports the entire space portfolio of the company. The Space Additive Design & Manufacturing Center also is responsible for the research and development of affordable satellite components.
"After review of our needs and potential solutions, we selected the Sigma PrintRite3D system because of its robust analysis capabilities, quality assurance solutions, data capture technology, and scalability across various OEM 3D printing platforms," said Kristi Farley, Lockheed Martin Space vice president of spacecraft and missile engineering. "Assurance of print quality and repeatability is essential to the critical missions that we support."
Shares of Sigma Labs traded higher by 167% to $8.53 as of 2:36 pm ET.
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