Gross profit for our Services segment increased to kEUR 3,405 for the nine months ended September 30, 2015 from kEUR 1,843 in the same period of 2014. The gross profit margin for this segment decreased to 35.6% from 41.7%. The impairment charge in cost of sales recognized in the third quarter of 2015 (described above), is entirely attributed to the Services segment. The decrease in gross margin was primarily attributable to lower gross margin contributions from our two subsidiaries in the United States and the United Kingdom for the nine months ended September 30, 2015, which were below group level, as well as the impairment charge recognized in the third quarter of 2015. In the first nine months of 2015, cost of sales related to the LTCIP was kEUR 181 compared to kEUR 75 for the same period last year.

Selling expenses were kEUR 4,947 for the nine months ended September 30, 2015 compared to kEUR 2,628 in the same period in 2014, an increase of kEUR 2,319, or 88.2%. The increase was mainly related to higher headcount, due to the integration of the employees from voxeljet UK. In addition, commissions for sales agents increased, which was in line with our higher sales.

Administrative expenses increased by kEUR 1,390, to kEUR 4,033 for the first nine months of 2015 from kEUR 2,643 in the prior year period. This was also related to increase in headcount from the acquisition of our subsidiary in the UK during the fourth quarter of 2014. The increases in selling and administrative expenses were in line with our efforts to grow our business. Administrative expenses for the first nine months of 2014 included kEUR 157 related to the follow-on offering.

R&D expenses increased to kEUR 4,662 for the nine months ended September 30, 2015 from kEUR 2,711 in the same period in 2014, an increase of kEUR 1,951, or 72.0%. This also included higher personnel expenses due to increase in headcount from our acquisition of voxeljet UK during the fourth quarter of 2014. The increase in R&D expenses in the first nine months of 2015 reflects our emphasis on developing new 3D printing technology and improving our existing 3D printing technology.

Our operating expenses for the nine months ended September 30, 2015 were affected by the LTCIP. Selling expenses, administrative expenses and R&D expenses related to the LTCIP were kEUR 265, kEUR 143 and kEUR 390, respectively. This compares to kEUR 109, kEUR 55 and kEUR 148, respectively for the same period last year.

Other operating expenses for the nine months ended September 30, 2015 were kEUR 391 compared to kEUR 104 in the prior year period, primarily due to higher losses from foreign currency transactions.

Other operating income was kEUR 1,694 for the nine months ended September 30, 2015 compared to kEUR 1,103 in the prior year period. The increase was mainly due to higher gains from foreign exchange transactions and the recognition of kEUR 452 of deferred income which includes kEUR 230 resulting from the early termination of one sale and leaseback transaction during the first quarter in 2015.

Net loss for the nine months ended September 30, 2015 was kEUR 7,163, or EUR 1.93 per share, as compared to net loss of kEUR 3,634, or EUR 1.04 per share, in the prior year period. This is based on a weighted average number of ordinary shares outstanding of 3.720 million during the first nine months of 2015 compared to 3.500 million in the prior year period.

Based on a conversion rate of five American Depositary Shares (“ADSs”) per ordinary share, net loss was EUR 0.39 per ADS for the nine months ended September 30, 2015 compared to net loss of EUR 0.21 per ADS in the prior year period.

Business Outlook

We reaffirm our revenue guidance in a range of between kEUR 23,000 and kEUR 24,000 for the year ending December 31, 2015, representing approximately 50% growth over last year’s results.

The primary drivers of the Company’s anticipated revenue growth for the year ending December 31, 2015 are expected to be: (1) increased global Systems sales; (2) continued Services revenue growth at its facility in Friedberg, Germany; (3) contribution from voxeljet America Inc., the Company’s Services facility in Canton, Michigan, which began operating in January 2015; and (4) a full year’s contribution from voxeljet UK, the Company’s Services facility outside London, England. Based on these factors, the Company expects Services revenue growth to outpace Systems revenue growth in 2015.

Our total backlog of 3D printer orders at September 30, 2015 was kEUR 5,685, which represents ten 3D printers. This compares to backlog of kEUR 4,178, representing seven 3D printers, at 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.

At September 30, 2015, we had cash and cash equivalents of kEUR 3,593 and held kEUR 35,027 of investments in bond funds and notes receivable which are included in current financial assets on our consolidated statement of financial position.

Webcast and Conference Call Details

The Company will host a conference call and webcast to review the results for the third quarter of 2015 on Friday, November 13th 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.