Sigma Labs (NASDAQ:SGLB) is seeing shares of its stock soar higher on Monday after announcing a deal with Lockheed Martin (NYSE:LMT).
The deal is a contract between Sigma Labs and Lockheed Martin Space Additive Design & Manufacturing Center for its PrintRite3D in-process quality assurance solution. This will have LMT assessing the use of PrintRite3D for its Space division.
According to this news release, the Lockheed Martin Space division would use PrintRite3D to support certain defense and civil space programs. That includes tech that is used in the creation of satellites.
Sigma Labs’ PrintRite3D is a system that uses machine learning to search for and discover possible issues in 3D printing. That’s important for companies such as LMT that need their products to meet high standards.
Mark Ruport, president and CEO of Sigma Labs, said this about the news boosting SGLB stock up on Monday.
“We are extremely pleased to welcome Lockheed Martin’s Space Additive Design & Manufacturing Center as a Sigma Labs customer. It’s gratifying that they recognize the commitment our company has made to supporting the entire additive manufacturing industry with innovative in-process quality solutions.”
SGLB trading skyrocketed on today’s contract news. As of this writing, more than 169 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is only about 431,000 shares.
SGLB stock was up 157.2% as of Monday morning and is up 172.3% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
