FRIEDBERG, Germany — (BUSINESS WIRE) — March 30, 2023 — 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 fourth quarter and full year ended December 31, 2022.

Highlights

• Total revenues for the fourth quarter decreased 1.1% to kEUR 10,766 from kEUR 10,885
• Total gross profit margin for the fourth quarter decreased from 32.7% to 26.5%
• Systems revenues for the fourth quarter decreased 4.4% to kEUR 8,096 from kEUR 8,470
• Services revenues for the fourth quarter increased 10.6% to kEUR 2,670 from kEUR 2,415
• Positive EBITDA as well as adjusted EBITDA for the fourth quarter of 2022
• Revenue for the first quarter ended March 31, 2023 expected to be between kEUR 5,750 and kEUR 6,000
• Revenue for full year 2023 expected to be between kEUR 27,500 and kEUR 32,500

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented: “We are very happy with the results for the quarter.

Both our operating business and our financing activities with the completion of the sale and lease back transaction were very successful. In our Systems segment, we had a very strong order inflow and started with a new record-high order backlog into the new business year. Regarding our new VJET X 3D printers, we have now five units of this large, next generation 3D printer in operation at the Bavarian car maker and have realized revenue for all of them. In our on-demand printing segment Services, demand continues to be extremely good - both in Europe and the US. This high demand is driven by large productions orders, which is very exciting.”

Fourth Quarter 2022 Results

Revenues for the fourth quarter of 2022 decreased by 1.1% to kEUR 10,766 compared to kEUR 10,885 in the fourth quarter of 2021.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, decreased by 4.4% to kEUR 8,096 in the fourth quarter of 2022 from kEUR 8,470 in last year’s fourth quarter. The Company sold eight new and one used and refurbished 3D printer in the fourth quarter of 2022, compared to seven new and two used and refurbished 3D printers delivered in last year’s fourth quarter. Revenue from the sale of 3D printers decreased in 2022 compared to last year, due to the product mix. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. Those Systems-related revenues slightly increased in the fourth quarter year over year, reflecting the higher installed base of our 3D printers in the market. Systems revenues represented 75.2% of total revenues in the fourth quarter of 2022 compared to 77.8% in last year’s fourth quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased by 10.6%, to kEUR 2,670 in the fourth quarter of 2022 from kEUR 2,415 in the comparative period of 2021. This increase was mainly due to higher revenue contributions from our subsidiary voxeljet America Inc. (“voxeljet America”), partially offset by lower revenue contributions from our Chinese subsidiary voxeljet China Co. Ltd. (“voxeljet China”). Revenue contribution from the German service center slightly decreased.

Cost of sales was kEUR 7,908 for the fourth quarter of 2022 compared to kEUR 7,327 for the fourth quarter of 2021.

Gross profit was kEUR 2,858 in the fourth quarter of 2022 compared to kEUR 3,558 in the fourth quarter of 2021.

Gross profit for our Systems segment decreased to kEUR 2,167 in the fourth quarter of 2022 from kEUR 2,812 in the fourth quarter of 2021. The gross profit margin for this segment slightly decreased to 26.8% in the fourth quarter of 2022 compared to 33.2% in the fourth quarter of 2021. The decrease in gross profit and gross profit margin was mainly due to a less favorable product mix regarding the sale of 3D prtiners in the fourth quarter of 2022 as opposed to the comparative period. In contrast to this gross profit and gross profit margin from System-related goods and services, including consumables, spare parts and maintenance increased. This was mainly due to the year over year change in the reserve for slow-moving inventory amounting to kEUR 348 negative for the fourth quarter of 2022 compared to kEUR 685 negative in the comparative period.

Gross profit for our Services segment decreased to kEUR 691 in the fourth quarter of 2022 from kEUR 746 in the fourth quarter of 2021. The gross profit margin for this segment decreased to 25.9% in the fourth quarter of 2022 from 30.9% in the fourth quarter of 2021. This was mainly due to significant lower gross profit and gross profit margin contribution from the German and the Chinese service center, which was in line with the decrease in revenues resulting in a lower utilization of the service center. This was partially offset by higher gross profit and gross profit margin contributions from voxeljet America, reflecting a higher utilization of our American service center.

Selling expenses were kEUR 2,435 for the fourth quarter of 2022 compared to kEUR 2,035 in the fourth quarter of 2021 and therefore significantly increased, which was due to higher personnel expenses related to salary raises. Shipping and packaging expenses as a main driver of the selling expenses could vary from quarter to quarter depending on quantity and types of products, as well as the destinations where those goods are being delivered.

Administrative expenses were kEUR 1,836 for the fourth quarter of 2022 compared to kEUR 1,572 in the fourth quarter of 2021 and therefore increased. This was mainly due to higher personnel expenses related to salary raises as well as higher legal advisor fees related to the preparation of funding activities.

Research and development (“R&D”) expenses increased to kEUR 2,098 in the fourth quarter of 2022 from kEUR 1,377 in the fourth quarter of 2021. These expenses are usually driven by individual projects, especially through the consumption of material as well as the demand of external services and may differ on a quarter to quarter comparison. The quarter over quarter increase was mainly due to higher material expenses as well as higher labor costs related to various existing and future research and development projects. Also expenses for external services slightly increased.

Other operating expenses in the fourth quarter of 2022 were kEUR 2,018 compared to kEUR 132 in the prior year period. This was mainly related to higher losses from foreign currency transactions, amounting to kEUR 1,982 for the fourth quarter of 2022 compared to kEUR 59 in the last year’s fourth quarter. In the fourth quarter of 2021, an amount of kEUR 25 was recorded in other operating expenses, related to the fully write off of the investment in the joint venture DSCS Digital Supply Chain Solutions GmbH in course of the wind up process of the company.

Other operating income was kEUR 5,762 for the fourth quarter of 2022 compared to kEUR 767 in the fourth quarter of 2021. The increase was mainly due to the gain from the sale and leaseback transaction amounting to kEUR 4,335 compared to kEUR 0 in the comparative period. Furthermore, the increase in other operating income is due to the receipt of government grants amounting to kEUR 529 (fourth quarter 2021: kEUR 59) and cost reimbursements amounting to kEUR 284 (fourth quarter 2021: kEUR 110) for R&D expenses incurred in the fourth quarter 2022, respectively. Gains from foreign currency transactions, amounted to kEUR 462 for the fourth quarter of 2022 compared to kEUR 490 in the last year’s same quarter.

The changes in foreign currency losses and gains were primarily driven by the valuation of the intercompany loans granted by the parent company to our US subsidiary.