Administrative expenses were kEUR 614 for the first quarter of 2014 compared to kEUR 177 in the first quarter of 2013. This increase of kEUR 437 was primarily due to increased headcount related to the pursuit of our growth strategy and costs associated with being a publicly-traded company.

Research and development (“R&D”) expenses increased to kEUR 848 in the first quarter of 2014 from kEUR 431 in the prior year period, as we continued to invest heavily in R&D with a number of active projects in various stages of development.

Our operating expenses for the first quarter of 2014 were affected by the LTCIP. Selling expenses, administrative expenses and R&D expenses related to the LTCIP were kEUR 35, kEUR 17 and kEUR 47, respectively.

Other operating expenses in the first quarter of 2014 were kEUR 78, substantially all of which reflect costs related to our follow-on public offering.

Other operating income was kEUR 551 for the first quarter of 2014 compared to kEUR 277 in the first quarter 2013. The increase is mainly due to the recognition of kEUR 401 of deferred income as a result of the early termination of three sale and leaseback transactions.

Operating loss was kEUR 603 in the first quarter of 2014, compared to an operating profit of kEUR 209 in the prior year period. Operating expenses increased in the first quarter of 2014 due in part to increased headcount related to the pursuit of our growth strategy and costs related to being a publicly-traded company, including compensation expenses related to the LTCIP of kEUR 156.

Total comprehensive loss for the first quarter of 2014 was kEUR 675, or EUR 0.22 per share, as compared to total comprehensive income of kEUR 102, or EUR 0.05 per share, in the first quarter of 2013.

At March 31, 2014, the Company had cash and equivalents of kEUR 7,772 and held kEUR 20,035 of shares of a bond fund which are included in current financial assets on our consolidated statement of financial position.

Long Term Cash Incentive Plan (LTCIP)

On October 2, 2013, we announced that we would be implementing, effective on January 1, 2013, a long-term cash incentive plan (the “LTCIP”) for senior management and other key personnel. An initial grant of the awards under the LTCIP was made to participants on October 2, 2013. Personnel expenses incurred in the first quarter of 2014 related to the LTCIP amounted to kEUR 156. The first tranche of payments under the LTCIP is scheduled to be made in May 2014.

Incorporation of Voxeljet of America Inc. and Lease of Canton, Michigan Facility

On February 5, 2014, we incorporated our subsidiary, Voxeljet of America Inc., in Delaware. Voxeljet of America Inc. will be headquartered in our new facility near Detroit, Michigan and will conduct our North American operations. voxeljet AG holds 100% of the issued and outstanding shares of Voxeljet of America Inc. On March 14, 2014, we signed a five-year lease for a facility located near Detroit, Michigan that will house our U.S. 3D printing service center. Our U.S. service center is expected to commence printing parts in the third quarter of 2014. The facility is approximately 50,000 square feet and will allow us to print on-demand parts, molds, cores and models for automotive and other industrial customers.

Successful Completion of Follow-on Offering

On April 16, 2014, we completed a follow-on offering of 3,000,000 American Depositary Shares (“ADSs”) at a public offering price of USD 15.00 per ADS. Net proceeds from the follow-on offering to the Company were approximately USD 41.4 million, or approximately EUR 30.1 million. On April 24, 2014, the underwriters in the follow-on offering purchased 450,000 ADSs from certain of the Company’s shareholders (the “Selling Shareholders”) pursuant to the overallotment option they were granted in the follow-on offering. The net proceeds to the Selling Shareholders were approximately USD 6.4 million, or approximately EUR 4.6 million. The Company did not receive any proceeds from the sale of ADSs by the Selling Shareholders.

Business Outlook

The Company reaffirms its previous guidance for the year ending December 31, 2014 and continues to expect revenues to exceed kEUR 18,000, with revenue growth in excess of 50%.

The Company’s total backlog of 3D printer orders at March 31, 2014 was kEUR 3,770, which represents six 3D printers. This compares to backlog of kEUR 2,300, representing four 3D printers, at December 31, 2013. We estimate that most of the 3D printers in our backlog will ship prior to December 31, 2014. As production and delivery of our printers is generally not characterized by long lead times, backlog is more dependent on the timing of customers’ requested deliveries.

Webcast and Conference Call Details

The Company will host a conference call and webcast to review the results for the first quarter of 2014 on Friday, May 16th at 8:30 a.m. Eastern Time. Participants from voxeljet will include its Chief Executive Officer, Dr. Ingo Ederer, and its Chief Financial Officer, Rudolf Franz, who will provide a general business update and respond to investor questions.