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.

Operating loss was kEUR 8,844 for the year ended December 31, 2021, compared to an operating loss of kEUR 13,164 in the comparative period in 2020. This was mainly due to a positive net impact of the year over year changes in other operating expenses and other operating income amounting to kEUR 3,548. In addition, gross profit for 2021 increased by kEUR 1,195 compared to last year. Research and development expenses declined by kEUR 351. This was partially offset by higher operating expenses from our functions sales and marketing as well as administration. Year over year, selling expenses and administrative expenses increased by kEUR 604 and kEUR 170, respectively.

Financial result was negative kEUR 1,677 for the year ended December 31, 2021, compared to negative kEUR 2,405 in the comparative period in 2020. This was mainly due to the impact from the revaluation of derivative financial instruments amounted to positive kEUR 752, compared to negative kEUR 715 in 2020, which leads to a year over year change of kEUR 1,467 positive. This was partially offset by higher interest expense for long-term debt which amounted to kEUR 2,150 in 2021, compared to kEUR 1,602 in 2020.

Net loss for the year ended December 31, 2021 was kEUR 10,586, or EUR 1.68 per share, as compared to net loss of kEUR 15,481, or EUR 3.20 per share in the prior year period.

Business Outlook

Our revenue guidance for the first quarter of 2022 is projected to be in the range of kEUR 4,000 to kEUR 4,500. We expect to release our financial results for the first quarter of 2022 after the closing of the financial markets on or about Thursday, May 19, 2022 and we will host a conference call and webcast to review the results for the quarter on or about Friday, May 20, 2022 at 8:30 a.m. Eastern Time.

Financial guidance for the full year ended December 31, 2022:

- Revenue is expected to be in the range of kEUR 25,000 and kEUR 30,000
- Gross margin is expected to be above 32.5%
- Operating expenses for the full year are expected as follows: SG&A expenses expected to be in the range of kEUR 13,250 to kEUR 13,750; R&D expenses expected to be between approximately kEUR 7,250 and kEUR 7,500. Depreciation and amortization expense is expected to be between kEUR 3,000 and kEUR 3,250.
- Adjusted EBITDA for the fourth quarter of 2022 is expected to be neutral-to-positive. Adjusted EBITDA is defined as net income (loss), as calculated under IFRS accounting principles before interest (income) expense, provision (benefit) for income taxes, depreciation and amortization, and excluding other (income) expense resulting from foreign exchange gains or losses on the intercompany loans granted to the subsidiaries, which are not determinable at this time.
- Capital expenditures are projected to be in the range of kEUR 4,500 to kEUR 4,750, which primarily includes ongoing investments in our global subsidiaries.

Our total backlog of 3D printer orders at December 31, 2021 was kEUR 3,880, which represents seven 3D printers. This compares to a backlog of kEUR 6,844 at December 31, 2020, representing nine 3D printers. As production and delivery of our printers is generally characterized by lead times ranging from three to nine months, the conversion rate of order backlog into revenue is dependent on the equipping process for the respective 3D printer as well as the timing of customers’ requested deliveries.

At December 31, 2021, we had cash and cash equivalents of kEUR 7,027 and held kEUR 10,699 of investments in three bond funds as well as kEUR 2,655 in one term deposit and kEUR 2,342 of restricted cash.

Webcast and Conference Call Details

The Company will host a conference call and webcast to review the results for the fourth quarter and full year ended December 31, 2021 on Friday, April 1, 2022 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.

Interested parties may access the live audio broadcast by dialing 1-877-705-6003 in the United States/Canada, or 1-201-493-6725 for international, Conference Title “voxeljet AG Fourth Quarter and Full Year 2021 Financial Results Conference Call”. Investors are requested to access the call at least five minutes before the scheduled start time in order to complete a brief registration. An audio replay will be available approximately two hours after the completion of the call at 1-844-512-2921 or 1-412-317-6671, Replay Conference ID number 13726827. The recording will be available for replay through April 8, 2022.

A live webcast of the call will also be available on the investor relations section of the Company’s website. Please go to the website https://events.q4inc.com/attendee/944308287 at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. A replay will also be available as a webcast on the investor relations section of the Company’s website.

About voxeljet

voxeljet is a provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers. The Company’s 3D printers employ a powder binding, additive manufacturing technology to produce parts using various material sets, which consist of particulate materials and proprietary chemical binding agents. The Company provides its 3D printers and on-demand parts services to industrial and commercial customers serving the automotive, aerospace, film and entertainment, art and architecture, engineering and consumer product end markets. For more information, visit http://www.voxeljet.de/en/.

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements concerning our business, operations and financial performance. Any statements that are not of historical facts may be deemed to be forward-looking statements. You can identify these forward-looking statements by words such as ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ “projects”, ‘‘expects,’’ ‘‘plans,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’ ‘‘aims,’’ or other similar expressions that convey uncertainty of future events or outcomes. Forward-looking statements include statements regarding our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations concerning, among other things, our results of operations, financial condition, business outlook, the industry in which we operate and the trends that may affect the industry or us. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that forward-looking statements are not guarantees of future performance. All of our forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are in some cases beyond our control and that may cause our actual results to differ materially from our expectations, including those risks identified under the caption “Risk Factors” in the Company’s Annual Report on Form 20-F and in other reports the Company files with the U.S. Securities and Exchange Commission, as well as the risk that our revenues may fall short of the guidance we have provided in this press release. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

voxeljet AG
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

voxeljet AG