FRIEDBERG, Germany — (BUSINESS WIRE) — August 12, 2021 — voxeljet AG (NASDAQ: VJET) (the “Company”, or “voxeljet”), a leading 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 second quarter ended June 30, 2021.

Highlights - Second Quarter 2021 compared to the Second Quarter 2020

• Total revenues for the second quarter increased 26.2% to kEUR 4,943 from kEUR 3,916
• Gross profit margin increased to 28.6% from 25.9%
• Systems revenues increased 42.9% to kEUR 2,674 from kEUR 1,871
• Services revenues increased 11.0% to kEUR 2,269 from kEUR 2,045
• Reaffirm full year 2021 guidance

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “I am very happy with the results for the second quarter, as we have made significant progress in our key projects: just recently, we signed a deal with a large multinational corporation for our new High Speed Sintering 3D printer as part of the beta program we have launched earlier this year. We have shipped the next VJET X units to the car maker’s facility. The 3D printers were brought in and are currently being installed in parallel with the ongoing operation of the VJET X units already in production. In our Services segment, the demand for 3D printed parts continues to be high in Europe and has significantly picked up in the US and also in China compared to the first quarter of 2021.”

Three Months Ended June 30, 2021 Results

Revenues for the second quarter of 2021 increased by 26.2% to kEUR 4,943 compared to kEUR 3,916 in the second quarter of 2020.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased 42.9% to kEUR 2,674 in the second quarter of 2021 from kEUR 1,871 in last year’s second quarter. The Company delivered one new and one used and refurbished 3D printer in the second quarter of 2021, compared to two new 3D printers in last year’s second quarter. Revenue from the sale of 3D printers also increased, as the Company sold larger scale platforms in the second quarter of 2021, compared to last year’s same period. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. Those Systems-related revenues also increased in the second quarter year over year, which reflects the recovery from the economic slow-down mainly due to the ongoing global pandemic of COVID-19 disease (“the COVID-19 situation”). As our clients have begun to increase their production activities, the demand for consumables, maintenance service and spare parts increased. Systems revenues represented 54.1% of total revenues in the second quarter of 2021 compared to 47.8% in last year’s second quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 11.0% to kEUR 2,269 in the second quarter of 2021 from kEUR 2,045 in the comparative period of 2020. This was mainly due to a significant increase in revenue contributions from the German operation, reflecting the recovery from the COVID-19 related economic slow-down in Europe. In contrast to this, revenue contributions from our subsidiaries voxeljet America Inc. (“voxeljet America”) as well as from voxeljet China Co. Ltd. (“voxeljet China”) remained almost on the same level as the second quarter of 2020.

Cost of sales were kEUR 3,531 for the second quarter of 2021 compared to kEUR 2,901 for the second quarter of 2020.

Gross profit and gross profit margin were kEUR 1,412 and 28.6%, respectively, in the second quarter of 2021, compared to kEUR 1,015 and 25.9% in the second quarter of 2020.

Gross profit for our Systems segment slightly increased to kEUR 756 in the second quarter of 2021 from kEUR 619 in the second quarter of 2020, mainly due to higher gross profit contributions from Systems-related revenues reflecting the higher sales volume. Gross profit from the sale of 3D printers was almost flat. Gross profit margin for this segment decreased to 28.3% in the second quarter of 2021 compared to 33.1% in the second quarter of 2020, related to weaker gross profit margin from the sale of 3D printers due to the product mix, partially offset by improved gross profit margins from Systems-related revenues.

Gross profit for our Services segment increased to kEUR 656 in the second quarter of 2021 compared to kEUR 396 in the second quarter of 2020. Also, the gross profit margin for this segment increased to 28.9% in the second quarter of 2021 from 19.4% in the second quarter of 2020. This was mainly related to a substantial improvement in gross profit as well as gross profit margin contribution from the German service center as a result of higher utilization in-line with the increase in revenues. Also gross profit as well as gross profit margin contribution from our American service center slightly improved. Gross profit and gross profit margin from voxeljet China slightly decreased quarter over quarter, reflecting the drop in revenues.

Selling expenses were kEUR 1,466 for the second quarter of 2021 compared to kEUR 1,305 in the second quarter of 2020. The increase was due to higher distribution expenses in-line with the increase in revenues. Shipping and packaging expenses were a main driver of the selling expenses and can vary from quarter to quarter depending on quantity and types of products sold, as well as the destinations of where those goods are being delivered.

Administrative expenses were kEUR 1,986 for the second quarter of 2021 compared to kEUR 1,841 in the second quarter of 2020. The increase was mainly related to higher legal advisor fees related to our stock market listing as well as our communication to financial institutions in connection with funding activities.

Research and development (“R&D”) expenses slightly increased to kEUR 1,670 in the second quarter of 2021 from kEUR 1,620 in the second quarter of 2020. The increase of kEUR 50 was mainly due to higher usage of external services as well as higher material consumption, partially offset by lower depreciation and personnel expenses.

Other operating expenses in the second quarter of 2021 were kEUR 284 compared to kEUR 709 in the prior year period. This was mainly due to lower losses from foreign currency transactions of kEUR 252 for the second quarter of 2021 compared to kEUR 688 for the second quarter of 2020.

Other operating income was kEUR 112 for the second quarter of 2021 compared to kEUR 503 in the second quarter of 2020. The decrease was mainly due to the government grant received by voxeljet America in April 2020 from the United States Small Business Administration (“SBA”) under the COVID-19 funding program amounting to kEUR 295. The full amount was recognised in profit and loss, in the second quarter of 2020, as the related costs for which the grant is intended to compensate, occurred in this period and we assume, that we comply with the conditions of the funding. The assessment of SBA whether we are in compliance with the conditions, has not been performed yet. In addition, gains from foreign currency transactions decreased to kEUR 31 for the second quarter of 2021, compared to kEUR 63 in the last year’s second quarter.

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