FRIEDBERG, Germany — (BUSINESS WIRE) — May 13, 2021 — voxeljet AG (NASDAQ: VJET) (the “Company”, or “voxeljet”), a 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 first quarter ended March 31, 2021.
Highlights - First Quarter 2021
- Total revenues for the first quarter increased 4.5% to kEUR 4,060 from kEUR 3,884
- Gross profit margin and gross profit decreased to 25.6% from 29.7% and to kEUR 1,039 from kEUR 1,155, respectively
- Systems revenues increased 59.9% to kEUR 2,087 from kEUR 1,305
- Services revenues decreased 23.5% to kEUR 1,973 from kEUR 2,579
- Successful completion of two capital increases in January and February 2021
- Reaffirm full year 2021 guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented: “We are off to a decent start in 2021 and reached significant technological milestones: in High Speed Sintering, we successfully printed and sintered with our new 3D printer on what we believe to be the largest build area for polymer sintering in the industry. A day-long stress test was also successful. We are in advanced discussions with large chemical companies for joint material development projects. We firmly believe that this new printer and new material combinations will significantly increase our total addressable market. Regarding VJET X: the premium German car maker meanwhile operates its first VJET X units largely without requiring our support, which is excellent news. We believe we have the ecosystem, resources and technology to become the key supplier of solutions for high volume, industrial 3D printing. Keep in mind, that is the reason why we started the company 20 years ago.”
First Quarter 2021 Results
Revenues for the first quarter of 2021 increased by 4.5% to kEUR 4,060 compared to kEUR 3,884 in the first quarter of 2020.
Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased 59.9% to kEUR 2,087 in the first quarter of 2021 from kEUR 1,305 in last year’s first quarter. The Company delivered two new 3D printers in the first quarter of 2021, compared to one used and refurbished printer delivered in last year’s first quarter. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. The increase of revenues from our Systems segment was mainly due to higher revenues from the sale of 3D printers, but also Systems-related revenues slightly increased. Systems revenues represented 51.4% of total revenues in the first quarter of 2021 compared to 33.6% in last year’s first quarter.
Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, decreased 23.5% to kEUR 1,973 in the first quarter of 2021 from kEUR 2,579 in the comparative period of 2020. This was mainly due to lower revenue contributions from our subsidiary voxeljet America Inc. (“voxeljet America”) still impacted by lower market demand related to the slowdown of the economy caused by the global pandemic of COVID-19 disease. Also, still impacted by COVID-19, revenue contributions from the German operation decreased as well as from our subsidiary voxeljet China Co. Ltd (“voxeljet China”).
Cost of sales were kEUR 3,021 for the first quarter of 2021 compared to kEUR 2,729 for the first quarter of 2020.
Gross profit and gross profit margin were kEUR 1,039 and 25.6%, respectively, in the first quarter of 2021 compared to kEUR 1,155 and 29.7%, respectively in the first quarter of 2020.
Gross profit for our Systems segment increased to kEUR 581 in the first quarter of 2021 from kEUR 361 in the first quarter of 2020. This was related to the increase in revenues. Gross profit margin for this segment slightly increased to 27.8% in the first quarter of 2021 compared to 27.7% in the first quarter of 2020 and was therefore almost unchanged.
Gross profit for our Services segment decreased to kEUR 458 in the first quarter of 2021 compared to kEUR 794 in the first quarter of 2020. The gross profit margin for this segment also decreased to 23.2% in the first quarter of 2021 from 30.8% in the first quarter of 2020. Both, the decrease of gross profit as well as gross profit margin was related to the fixed costs associated with our service centers in United States, Germany and China.
Selling expenses decreased to kEUR 1,448 for the first quarter of 2021 compared to kEUR 1,536 in the first quarter of 2020, related to lower distribution expenses, in spite of the slight increase in revenues. Expenses such as shipping and packaging vary from quarter to quarter depending on quantity and types of products being sold, as well as the destinations where those goods are being delivered.
Administrative expenses were kEUR 1,483 for the first quarter of 2021 compared to kEUR 1,376 in the first quarter of 2020. The increase is mainly related to higher legal advisor fees related to our stock market listing as well as our communication to financial institutions.
Research and development (“R&D”) expenses slightly decreased to kEUR 1,604 in the first quarter of 2021 from kEUR 1,635 in the first quarter of 2020. The decrease of kEUR 31 was mainly due to lower depreciation expenses as well as lower personnel expenses partially offset by higher material expenses.
Other operating expenses in the first quarter of 2021 were kEUR 101 compared to kEUR 659 in the prior year period. This was mainly related to lower losses from foreign currency transactions, amounting to kEUR 89 for the first quarter of 2021 compared to kEUR 613 in the last year’s first quarter.
Other operating income was kEUR 914 for the first quarter of 2021 compared to kEUR 532 in the first quarter of 2020. The increase was mainly due to higher gains from foreign currency transactions, amounting to kEUR 778 compared to kEUR 427 in the last year’s first quarter.
The changes in foreign currency gains and losses were primarily driven by the valuation of the intercompany loans granted by the parent company to our US subsidiary.
Operating loss was kEUR 2,683 in the first quarter of 2021 compared to an operating loss of kEUR 3,519 in the comparative period in 2020. The improvement was primarily related to the net impact of the quarter over quarter changes in other operating expenses and other operating income, which was kEUR 940 positive. This was partially offset by a slight drop in gross profit as well as slightly higher administrative expenses.
Financial result was negative kEUR 5,698 in the first quarter of 2021, compared to a financial result of positive kEUR 981 in the comparative period in 2020. This was mainly due to higher interest expense from the revaluation of the derivative financial instruments related to the performance participation interest (“PPI”) for tranche A and tranche B1 of the European Investment Bank (the “EIB”) loan amounting to kEUR 5,188 in connection with the anti-dilution protection clause.
In the first quarter of 2021, the revaluation of the derivative financial instruments related to the PPI including the anti-dilution protection clause for tranche A and tranche B1 resulted in a finance expense of kEUR 1,906 and kEUR 3,282, respectively. This compares to a financial income from the revaluation related to tranche A for the first quarter of 2020 of kEUR 1,557.