Selling expenses were kEUR 1,118 for the fourth quarter of 2014 compared to kEUR 1,303 in the fourth quarter of 2013. We continue to expand our sales efforts through increased headcount and trade shows and fair attendance as we pursue our growth strategy.

Administrative expenses were kEUR 1,383 for the fourth quarter of 2014 compared to kEUR 1,050 in the fourth quarter of 2013. This increase of kEUR 333 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 1,316 in the fourth quarter of 2014 from kEUR 1,283 in the prior year period, as we continued to invest in R&D with a number of active projects in various stages of development.

Other operating expenses in the fourth quarter of 2014 were kEUR 3 compared to kEUR 105 in the prior year period. The other operating expenses in the fourth quarter of 2013 consisted primarily of costs for internal scoping and planning and external consulting services related to our initial public offering, which was successfully completed in October 2013.

Other operating income was kEUR 281 for the fourth quarter of 2014 compared to kEUR 157 in the fourth quarter of 2013.

Operating loss was kEUR 545 in the fourth quarter of 2014, compared to an operating loss of kEUR 2,059 in the prior year period. Our operating loss in the fourth quarter of 2014 improved as revenues increased significantly while operating expenses remained largely unchanged.

Total comprehensive loss for the fourth quarter of 2014 was kEUR 634, or EUR 0.17 per share, as compared to a comprehensive loss of kEUR 2,547, or EUR 0.85 per share, in the fourth quarter of 2013.

Full Year 2014 Results

Revenues for the full year ended December 31, 2014 increased by 38.3% to kEUR 16,163 compared to kEUR 11,688 in the prior year period.

Systems revenues were kEUR 9,057 for the full year of 2014 compared to kEUR 6,343 in last year’s period. The Company sold 14 printers in the full year of 2014 compared to nine in the prior year period. Systems revenues represented 56.0% of total revenue for the full year ended December 31, 2014 compared to 54.3% for the same period a year ago. Services revenues were kEUR 7,106 for the full year ended December 31, 2014 compared to kEUR 5,345 for the same period last year.

Cost of sales for the full year ended December 31, 2014 was kEUR 9,838, an increase of kEUR 2,793, or 39.6%, over cost of sales of kEUR 7,045 for the same period in 2013. For the full year ended December 31, 2014, the cost of sales related to the LTCIP was kEUR 192.

Gross profit and gross margin for the full year ended December 31, 2014 were kEUR 6,325 and 39.1%, respectively, compared to kEUR 4,643 and 39.7% in the prior year period.

Gross profit for our Systems segment increased to kEUR 3,301 for the full year ended December 31, 2014 from kEUR 2,505 in the same period of 2013. The gross profit margin for this segment decreased to 36.4% compared to 39.5% for the prior period primarily due to increased headcount costs as we pursue our growth strategy. In the full year of 2014, cost of sales related to the LTCIP was kEUR 104.

Gross profit for our Services segment increased to kEUR 3,024 for the full year ended December 31, 2014 from kEUR 2,138 in the same period of 2013. The gross profit margin for this segment increased to 42.6% from 40.0%. In the full year of 2014, cost of sales related to the LTCIP was kEUR 88.

Selling expenses were kEUR 3,746 for the full year ended December 31, 2014 compared to kEUR 2,640 in the same period in 2013, an increase of kEUR 1,106. Administrative expenses increased by kEUR 2,350, to kEUR 4,026 for the full year of 2014 from kEUR 1,676 in the prior year period. The increases in selling and administrative expenses were in line with our efforts to grow our business. R&D expenses increased to kEUR 4,027 for the full year ended December 31, 2014 from kEUR 2,651 in the same period in 2013, an increase of kEUR 1,376, or 51.9%. The increase in R&D expenses in the full year of 2014 reflects our emphasis on developing new 3D printing technology and improving our existing 3D printing technology.

Our operating expenses for the full year ended December 31, 2014 were affected by the LTCIP. Selling, administrative and R&D expenses related to the LTCIP were kEUR 77, kEUR 60 and kEUR 174, respectively.

Other operating expenses for the full year ended December 31, 2014 were kEUR 101 compared to kEUR 583 in the prior year period.

Other operating income was kEUR 1,384 for the full year ended December 31, 2014 compared to kEUR 894 in the prior year period. The increase was mainly due to the recognition of kEUR 401 of deferred income as a result of the early termination of three sale and leaseback transactions.

Net loss for the full year ended December 31, 2014 was kEUR 4,332, or EUR 1.22 per share, as compared to a net loss of kEUR 2,714, or EUR 1.21 per share, in the prior year period.