FRIEDBERG, Germany — (BUSINESS WIRE) — August 18, 2022 — voxeljet AG (NASDAQ: VJET) (the ‘Company’, ‘voxeljet’, or ‘we’), 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 second quarter ended June 30, 2022.

Highlights - Second Quarter 2022 compared to the Second Quarter 2021

• Total revenues for the second quarter increased 35.4% to kEUR 6,691 from kEUR 4,943
• Gross profit margin increased to 31.3% from 28.6%
• Systems revenues increased 35.0% to kEUR 3,610 from kEUR 2,674
• Services revenues increased 35.8% to kEUR 3,081 from kEUR 2,269
• Reaffirm full year 2022 guidance

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented: “We are very happy with the results for the quarter. We continue to be extremely busy in our on-demand printing segment and won major orders for 3D printing systems over the last months. With the currently signed number of orders for 3D printers, we have already achieved our target for 2022. Now, we are working hard to make the deliveries and installations on time to be able to record revenue for these orders in 2022. Similar to many other companies, we continue to see some delays with our suppliers as well as increasing costs, especially for electrical components. We are working closely with our suppliers and the support we receive is excellent. We are very excited about how the Company is positioned and our opportunities ahead.”

Three Months Ended June 30, 2022 Results

Revenues for the second quarter of 2022 increased by 35.4% to kEUR 6,691 compared to kEUR 4,943 in the second quarter of 2021.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased 35.0% to kEUR 3,610 in the second quarter of 2022 from kEUR 2,674 in last year’s second quarter. The Company sold two new and one used and refurbished 3D printer in the second quarter of 2022 compared to one new and one used and refurbished 3D printer in last year’s second quarter. Revenue from the sale of 3D printers increased due to the higher number of sold units in contrast with the comparative period in 2021. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. Those Systems-related revenues also increased in the second quarter year over year, reflecting the higher installed base of our 3D printers in the market. Systems revenues represented 54.0% of total revenues in the second quarter of 2022 compared to 54.1% in last year’s second quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 35.8% to kEUR 3,081 in the second quarter of 2022 from kEUR 2,269 in the comparative period 2021. This was mainly due to significantly higher revenue contributions from our German service center as well as our subsidiary voxeljet America Inc. (‘voxeljet America’), reflecting an increased market demand in Europe as well as North America. Also revenue contributions from our subsidiary voxeljet China Co. Ltd. (‘voxeljet China’) slightly increased, mainly due to a growing market penetration in the Asia Pacific sales region, which is accompanied by a larger customer base.

Cost of sales were kEUR 4,600 for the second quarter of 2022 compared to kEUR 3,531 for the second quarter of 2021.

Gross profit and gross profit margin were kEUR 2,091 and 31.3%, respectively, in the second quarter of 2022 compared to kEUR 1,412 and 28.6% in the second quarter of 2021.

Gross profit for our Systems segment slightly increased to kEUR 868 in the second quarter of 2022 from kEUR 756 in the second quarter of 2021. Gross profit margin for this segment decreased to 24.0% in the second quarter of 2022 compared to 28.3% in the second quarter of 2021. Gross profit and gross profit margin from the sale of 3D printers slightly improved, while gross profit and gross profit margin from Systems-related revenues significantly decreased. This decrease was mainly due to the higher valuation allowance for inventories following the Company’s inventory reserve policy amounting to kEUR 243 negative for the second quarter of 2022 compared to kEUR 57 negative in the last year’s same period.

Gross profit for our Services segment increased to kEUR 1,223 in the second quarter of 2022 compared to kEUR 656 in the second quarter of 2021. Gross profit margin for this segment significantly increased to 39.7% in the second quarter of 2022 from 28.9% in the second quarter of 2021. The main driver for the significant improvements in gross profit as well as gross profit margin were the contributions from our German operation as well as from our American service center. This was a result of higher utilization of both service centers in line with the substantial increases in revenues. Also gross profit as well as gross profit margin contributions from voxeljet China improved based on an increased utilization.

Selling expenses were kEUR 1,888 for the second quarter of 2022 compared to kEUR 1,466 in the second quarter of 2021. This increase was mainly related to higher distribution expenses, in line with the increase in revenues. 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 1,505 for the second quarter of 2022 compared to kEUR 1,986 in the second quarter of 2021. This decrease was mainly related to significantly lower legal advisor fees related to our stock market listing as well as our communication with financial institutions in connection with funding activities.

Research and development (‘R&D’) expenses slightly decreased to kEUR 1,653 in the second quarter of 2022 from kEUR 1,670 in the second quarter of 2021. The decrease of kEUR 17 was mainly due to lower material consumption and lower personnel expenses, partially offset by higher usage of external services. R&D expenses can vary from quarter to quarter and are usually driven by variations in project types and phases.

Other operating expenses in the second quarter of 2022 were kEUR 256 compared to kEUR 284 in the prior year period. This was mainly due to lower losses from foreign currency transactions of kEUR 198 for the second quarter of 2022 compared to kEUR 252 for the second quarter of 2021.

Other operating income was kEUR 1,254 for the second quarter of 2022 compared to kEUR 112 in the second quarter of 2021. The increase was mainly due to higher gains from foreign currency transactions, which increased to kEUR 975 for the second quarter of 2022, compared to kEUR 31 in the last year’s second 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 1,957 in the second quarter of 2022 compared to an operating loss of kEUR 3,882 in the comparative period in 2021. This improvement was mainly due to a positive net impact from other operating expenses and other operating income amounting to kEUR 998 for the second quarter of 2022 compared to a negative net impact amounting to kEUR 172 for the second quarter of 2021, in combination with a significant improvement in gross profit in the second quarter of 2022 compared to the second quarter of 2021. In addition, administrative expenses significantly decreased compared to last year’s second quarter. This was partially offset by higher operating expenses within the function sales and marketing.