Exhibit 12.1

The ExOne Company

Computation of Ratio of Earnings to Fixed Charges

(in thousands)

	Year Ended December 31,
	2014			2013			2012			2011			2010
Earnings
Loss before income taxes	$	(21,684	)	$	(5,947	)	$	(8,693	)	$	(6,586	)	$	(4,982	)
Fixed charges added to earnings		471			729			1,170			1,922			1,396
Total earnings	$	(21,213	)	$	(5,218	)	$	(7,523	)	$	(4,664	)	$	(3,586	)
Fixed charges
Interest expense	$	144		$	372		$	842		$	1,570		$	1,114
Amount representative of the interest factor in rents		327			357			328			352			282
Fixed charges added to earnings		471			729			1,170			1,922			1,396
Ratio of earnings to fixed charges		(A	)		(A	)		(A	)		(A	)		(A	)

(A) A deficiency of earnings to cover fixed charges of $21,684, $5,947, $8,693, $6,586 and $4,982 exists for 2014, 2013, 2012, 2011 and 2010, respectively.