voxeljet AG Reports Financial Results for the First Quarter Ended March 31, 2022

FRIEDBERG, Germany — (BUSINESS WIRE) — May 19, 2022 — 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, 2022.

Highlights - First Quarter 2022

  • Total revenues for the first quarter increased 14.3% to kEUR 4,640 from kEUR 4,060
  • Gross profit margin and gross profit increased to 34.3% from 25.6% and to kEUR 1,591 from kEUR 1,039, respectively
  • Systems revenues decreased 32.1% to kEUR 1,418 from kEUR 2,087
  • Services revenues increased 63.3% to kEUR 3,222 from kEUR 1,973
  • Reaffirm full year 2022 guidance

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented: “We were extremely busy in our on-demand 3D printing segment with revenue up more than 60 percent year-over-year. It is great to see that this growth comes from a wide variety of applications: projects in space exploration in the US, large orders from the art & architecture sector in Germany, components for cooling of parts in electric vehicles in the UK, and so on. What we have seen in the past is that on-demand printing revenue is a leading indicator for future sales of 3D printers, so this makes us very optimistic for the rest of the year.”

First Quarter 2022 Results

Revenues for the first quarter of 2022 increased by 14.3% to kEUR 4,640 compared to kEUR 4,060 in the first quarter of 2021.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, decreased 32.1% to kEUR 1,418 in the first quarter of 2022 from kEUR 2,087 in last year’s first quarter. The Company delivered one new 3D printer in the first quarter of 2022, compared to two new printers delivered in last year’s first quarter. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. The decrease of revenues from our Systems segment was mainly due to lower revenues from the sale of 3D printers in line with the lower number of transactions. Systems-related revenues were almost flat. Systems revenues represented 30.6% of total revenues in the first quarter of 2022 compared to 51.4% in last year’s first quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 63.3% to kEUR 3,222 in the first quarter of 2022 from kEUR 1,973 in the comparative period of 2021. This was mainly due to significantly higher revenue contributions from the German operation as well as from our subsidiaries voxeljet America Inc. (“voxeljet America”) and voxeljet China Co. Ltd (“voxeljet China”).

Cost of sales were kEUR 3,049 for the first quarter of 2022 compared to kEUR 3,021 for the first quarter of 2021.

Gross profit and gross profit margin were kEUR 1,591 and 34.3%, respectively, in the first quarter of 2022 compared to kEUR 1,039 and 25.6%, respectively in the first quarter of 2021.

Gross profit for our Systems segment decreased to kEUR 246 in the first quarter of 2022 from kEUR 581 in the first quarter of 2021. This was mainly related to the decrease in revenues. Also gross profit margin for this segment decreased to 17.3% in the first quarter of 2022 compared to 27.8% in the first quarter of 2021 related to a less favorable product mix, especially regarding Systems-related revenues.

Gross profit for our Services segment significantly increased to kEUR 1,345 in the first quarter of 2022 compared to kEUR 458 in the first quarter of 2021. The gross profit margin for this segment also significantly increased to 41.7% in the first quarter of 2022 from 23.2% in the first quarter of 2021. Both, the increase of gross profit as well as gross profit margin was mainly related to higher contributions from each of our German, our American and our Chinese service center related to a higher utilization in line with the increases in revenues.

Selling expenses increased to kEUR 1,637 for the first quarter of 2022 compared to kEUR 1,448 in the first quarter of 2021, related to higher distribution expenses, in line with the 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 1,677 for the first quarter of 2022 compared to kEUR 1,483 in the first quarter of 2021. The increase is mainly related to higher legal advisor and regulatory fees related to our stock market listing as well as our communication to financial institutions.

Research and development (“R&D”) expenses decreased to kEUR 1,441 in the first quarter of 2022 from kEUR 1,604 in the first quarter of 2021. The decrease of kEUR 163 was mainly due to lower personnel expenses as well as lower material expenses.

Other operating expenses in the first quarter of 2022 were kEUR 158 compared to kEUR 101 in the prior year period. This was mainly related to a negative impact from changes in impairment allowance leading to an expense of kEUR 73 for the first quarter of 2022 compared to an income of kEUR 18 in the comparative period in 2021. This was partially offset by lower losses from foreign currency transactions, amounting to kEUR 59 for the first quarter of 2022 compared to kEUR 89 in the last year’s first quarter.

Other operating income was kEUR 2,204 for the first quarter of 2022 compared to kEUR 914 in the first quarter of 2021. This increase was mainly due to the reclassification of foreign currency translation reserve, which was previously recognized in other comprehensive income on consolidation of voxeljet UK accounts, to profit and loss account on deconsolidation amounting to kEUR 1,475, related to the finalization of the wind-up on February 17, 2022. This was partially offset by lower gains from foreign currency transactions amounting to kEUR 433 in the first quarter of 2022 compared to kEUR 778 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 1,118 in the first quarter of 2022 compared to an operating loss of kEUR 2,683 in the comparative period in 2021. 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 1,233 positive. In addition, gross profit significantly improved and research and development expenses slightly decreased. This was partially offset by slightly higher operating expenses from our functions administration as well as sales and marketing.

Financial result was positive kEUR 351 in the first quarter of 2022, compared to a financial result of negative kEUR 5,698 in the comparative period in 2021. This was mainly due to the finance income 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 1,316. 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, largely due to the two capital increases, which have been successfully completed in January and February 2021.

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