FRIEDBERG, Germany — (BUSINESS WIRE) — November 10, 2021 — voxeljet AG (NASDAQ: VJET) (the “Company”, “voxeljet”, or “we”), 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 third quarter ended September 30, 2021.
Highlights - Third Quarter 2021 compared to the Third Quarter 2020
- Total revenues for the third quarter slightly increased 0.6% to kEUR 4,938 from kEUR 4,908
- Gross profit margin increased to 39.3% from 32.7%
- Systems revenues decreased 7.0% to kEUR 2,497 from kEUR 2,686
- Services revenues increased 9.9% to kEUR 2,441 from kEUR 2,222
- Reaffirm full year 2021 guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “It is an exciting time to be a technology leader in the 3D printing industry. By engaging in a strategic partnership with GE Renewables, we are now working on three principal R&D projects. We firmly believe these will help us enter a phase of meaningful growth in the years ahead. We are making steady progress with VJET X, arguably the most potent 3D printing solution currently available. Our first customer is a premium German car maker. In High Speed Sintering, we are developing the industry’s largest polymer sintering 3D printer. Recently, we signed with Brose a large multi-national company as our first beta customer. And now, we are engaging in a strategic partnership with GE Renewables for the development of the world’s largest binder-jetting 3D printer for offshore wind applications. This new 3D printer is expected to streamline the production of key components of GE Renewables’s Haliade-X offshore wind turbines, which are among the world’s largest and most efficient units of its type. We are proud to be part of this groundbreaking project in the field of renewable energies and see a significant market opportunity for us: for example, the International Energy Agency has projected that global offshore wind capacity will increase 15-fold by 2040, becoming a one trillion dollar industry.”
Three Months Ended September 30, 2021 Results
Revenues for the third quarter of 2021 increased by 0.6% to kEUR 4,938 compared to kEUR 4,908 in the third quarter of 2020.
Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, decreased by 7.0% to kEUR 2,497 in the third quarter of 2021 from kEUR 2,686 in last year’s third quarter. The Company sold one used and refurbished 3D printer in the third quarter of 2021 compared to two used and refurbished 3D printers in last year’s third quarter. Revenue from the sale of 3D printers slightly decreased due to the lower number of sold units in contrast to the comparative period in 2020. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. Those Systems-related revenues slightly increased in the third quarter year over year, which confirms the positive trend of the recovery from the economic slow-down mainly due to the ongoing global pandemic of COVID-19 disease (“the COVID-19 situation”). As our clients have begun to increase their production activities, the demand for consumables, maintenance service and spare parts increased. Systems revenues represented 50.6% of total revenues in the third quarter of 2021 compared to 54.7% in last year’s third quarter.
Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 9.9% to kEUR 2,441 in the third quarter of 2021 from kEUR 2,222 in the comparative period in 2020. This was mainly due to significantly higher revenue contributions from our subsidiary voxeljet America Inc. (“voxeljet America”) which reflects the economic recovery from the COVID-19 situation leading to a substantial increase in demand from our clients in North America. Revenue contributions from our German operation as well as from our subsidiary voxeljet China Co. Ltd. (“voxeljet China”) remained almost on the same level as the third quarter of 2020.
Cost of sales were kEUR 2,997 for the third quarter of 2021 compared to kEUR 3,301 for the third quarter of 2020.
Gross profit and gross profit margin were kEUR 1,941 and 39.3%, respectively, in the third quarter of 2021 compared to kEUR 1,607 and 32.7% in the third quarter of 2020.
Gross profit for our Systems segment slightly increased to kEUR 1,102 in the third quarter of 2021 from kEUR 1,060 in the third quarter of 2020. This was due to slight improvements of gross profit from both, revenues from the sale of 3D printers as well as Systems-related revenues. Gross profit margin for this segment increased to 44.1% in the third quarter of 2021 compared to 39.5% in the third quarter of 2020. This was related to increased revenues from the sale of 3D printers, as we sold a larger scale platform in the third quarter of 2021, compared to last year’s third quarter. Larger scale platforms usually provide higher gross profit (margins) compared to smaller platforms. Regarding Systems-related revenues, gross profit margin for the third quarter of 2021 was almost on the same level as in the comparative period in 2020.
Gross profit for our Services segment increased to kEUR 839 in the third quarter of 2021 compared to kEUR 547 in the third quarter of 2020. Gross profit margin for this segment significantly increased to 34.4% in the third quarter of 2021 from 24.6% in the third quarter of 2020. The main driver for the significant improvements in gross profit as well as gross profit margin were the contributions from our subsidiary voxeljet America. This was a result of higher utilization of our American service center in line with the substantial increase in revenues. Gross profit as well as gross profit margin contributions from our German operation as well as voxeljet China remained almost unchanged quarter over quarter, reflecting that revenues from both service centers were flat.
Selling expenses were kEUR 1,471 for the third quarter of 2021 compared to kEUR 1,295 in the third quarter of 2020. Although the change in revenues was almost flat quarter over quarter, the recorded increase in selling expenses was primarily driven by higher distribution expenses. Distribution expenses like shipping and packaging are a main driver of the selling expenses, and not only depend on the amount of revenue, but also on quantities and types of products sold, as well as the destinations of where those goods are being delivered. Therefore, distribution expenses can vary from quarter to quarter.
Administrative expenses were kEUR 1,536 for the third quarter of 2021 compared to kEUR 1,477 in the third quarter of 2020. The increase was mainly related to higher legal advisor fees related to our stock market listing as well as our communication to financial institutions in connection with funding activities.
Research and development (“R&D”) expenses slightly increased to kEUR 1,498 in the third quarter of 2021 from kEUR 1,482 in the third quarter of 2020. The increase of kEUR 16 was mainly due to higher usage of external services, partially offset by lower personnel expenses as well as lower material consumption. R&D expenses can vary from quarter to quarter and are usually driven by the different project types and phases. The main projects we focused on in the third quarter of 2021 were VJET X and High Speed Sintering.