voxeljet AG Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2020

FRIEDBERG, Germany — (BUSINESS WIRE) — August 13, 2020 — voxeljet AG (NYSE: VJET) (the “Company”, or “voxeljet”), a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers, today announced consolidated financial results for the second quarter and six months ended June 30, 2020.

Highlights - Second Quarter 2020 compared to the Second Quarter 2019

  • Total revenues for the second quarter decreased 22.5% to kEUR 3,916 from kEUR 5,050
  • Gross profit margin decreased to 25.9% from 30.2%
  • Systems revenues decreased 12.1% to kEUR 1,871 from kEUR 2,129
  • Services revenues decreased 30.0% to kEUR 2,045 from kEUR 2,921
  • Reaffirm full year 2020 guidance

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “Earlier this year, we received one of our largest individual Services orders for 3D printed parts from a supplier to a leading US electric car maker. Then COVID-19 came and we really felt the impact since February until today. In June, we successfully improved our cash position by expanding our partnership with the European Investment Bank. When we look ahead, we are encouraged by a positive sales trend during the last weeks and we are optimistic that this trend continues during the second half of 2020 and beyond. We are making progress in our project with a leading German car maker for additive series production and received the order for an additional VJET X high-speed 3D printer last week.”

Three Months Ended June 30, 2020 Results

Revenues for the second quarter of 2020 decreased by 22.5% to kEUR 3,916 compared to kEUR 5,050 in the second quarter of 2019.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, decreased 12.1% to kEUR 1,871 in the second quarter of 2020 from kEUR 2,129 in last year’s second quarter. The Company delivered two new 3D printers in the second quarter of 2020 as well as in last year’s second quarter. Revenue from the sale of 3D printers was essentially flat. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. Those Systems-related revenues decreased in the second quarter year over year, which reflects the economic slow-down mainly due to the ongoing global pandemic of COVID-19 disease (“the COVID-19 situation”). As our clients have reduced their production activities, the demand for consumables and spare parts decreased. In addition, our ability to perform service and maintenance visits has been limited due to shutdowns and restrictions caused by the COVID-19 situation. Systems revenues represented 47.8% of total revenues in the second quarter of 2020 compared to 42.2% in last year’s second quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, decreased 30.0% to kEUR 2,045 in the second quarter of 2020 from kEUR 2,921 in the comparative period of 2019. This was mainly due to lower revenue contributions from our subsidiary voxeljet America Inc. (“voxeljet America”) as well as from the German operation, related to the COVID-19 situation leading to a significant decrease in demand from our clients. Revenue contribution from our subsidiary voxeljet UK Ltd. (“voxeljet UK”) significantly decreased. This was related to the close down of our service center in the United Kingdom in the fourth quarter of 2019 in the course of our restructuring, which started in the third quarter of 2019. In contrast to this, revenue contributions from our subsidiary voxeljet China Co. Ltd. (“voxeljet China”) slightly increased, showing, that the adverse impacts from the COVID-19 situation may have begun to reverse in certain parts of the world.

Cost of sales were kEUR 2,901 for the second quarter of 2020 compared to kEUR 3,524 for the second quarter of 2019.

Gross profit and gross profit margin were kEUR 1,015 and 25.9%, respectively, in the second quarter of 2020 compared to kEUR 1,526 and 30.2% in the second quarter of 2019.

Gross profit for our Systems segment slightly increased to kEUR 619 in the second quarter of 2020 from kEUR 531 in the second quarter of 2019. Gross profit margin for this segment increased to 33.1% in the second quarter of 2020 compared to 24.9% in the second quarter of 2019. Both, gross profit and gross profit margin from the sale of 3D printers as well as from Systems-related revenues slightly increased due to the product mix.

Gross profit for our Services segment decreased to kEUR 396 in the second quarter of 2020 compared to kEUR 995 in the second quarter of 2019. Also, the gross profit margin for this segment decreased to 19.4% in the second quarter of 2020 from 34.1% in the second quarter of 2019. This was mainly related to lower gross profit as well as gross profit margin contribution as a result of lower utilization inline with the decrease in revenues from our American and German service center. Gross profit as well as gross profit margin contribution from voxeljet China slightly increased quarter over quarter.

Selling expenses were kEUR 1,305 for the second quarter of 2020 compared to kEUR 1,762 in the second quarter of 2019. The decrease was due to lower distribution expenses in line with the decrease in revenues. Shipping and packaging expenses were a main driver of the selling expenses and can vary from quarter to quarter depending on quantity and types of products sold, as well as the destinations of where those goods are being delivered.

Administrative expenses were kEUR 1,841 for the second quarter of 2020 compared to kEUR 1,585 in the second quarter of 2019. The increase was mainly due to higher unexpected advisor fees also related to the Audit Committee Investigation as previously disclosed in the Company’s SEC filings.

Research and development (“R&D”) expenses decreased to kEUR 1,620 in the second quarter of 2020 from kEUR 1,702 in the second quarter of 2019. The decrease of kEUR 82 was mainly due to lower personnel expenses as well as lower depreciation expenses partially offset by higher material consumption.

Other operating expenses in the second quarter of 2020 were kEUR 709 compared to kEUR 818 in the prior year period. This was mainly due to lower losses from foreign currency transactions of kEUR 688 for the second quarter of 2020 compared to kEUR 813 for the second quarter of 2019.

Other operating income was kEUR 503 for the second quarter of 2020 compared to kEUR 148 in the second quarter of 2019. The increase was mainly due to the government grant received by voxeljet America in April 2020 from the United States Small Business Administration (“SBA”) under the COVID-19 funding program amounting to kUSD 325. The full amount was recognised in profit and loss, in the second quarter of 2020, as the related costs for which the grant is intended to compensate, occurred in this period and we assume, that we comply with the conditions of the funding. The assessment of SBA whether we are in compliance with the conditions, has not been performed yet. In addition, gains from foreign currency transactions increased to kEUR 63 for the second quarter of 2020, compared to kEUR 28 in the last year’s second quarter.

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