Exhibit 12.1

The ExOne Company

Computation of Ratio of Earnings to Fixed Charges

(in thousands)

	Year Ended December 31,
	2017			2016			2015			2014			2013
Earnings
Loss before income taxes	$	(19,979	)	$	(14,531	)	$	(26,038	)	$	(21,684	)	$	(5,947	)
Fixed charges added to earnings		213			410			292			471			729
Total earnings	$	(19,766	)	$	(14,121	)	$	(25,746	)	$	(21,213	)	$	(5,218	)
Fixed charges
Interest expense	$	94		$	298		$	152		$	144		$	372
Amount representative of the interest factor in rents		119			112			140			327			357
Fixed charges added to earnings	$	213		$	410		$	292		$	471		$	729
Ratio of earnings to fixed charges		(A	)		(A	)		(A	)		(A	)		(A	)

(A) A deficiency of earnings to cover fixed charges of $19,979, $14,531, $26,038, $21,684 and $5,947 exists for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively.