FRIEDBERG, Germany — (BUSINESS WIRE) — March 31, 2022 — 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, 2021.

Highlights

• Total revenues for the fourth quarter increased 22.9% to kEUR 10,885 from kEUR 8,859
• Total gross profit margin for the fourth quarter slightly decreased from 33.6% to 32.7%
• Systems revenues for the fourth quarter increased 26.5% to kEUR 8,470 from kEUR 6,695
• Services revenues for the fourth quarter increased 11.6% to kEUR 2,415 from kEUR 2,164
• Positive EBITDA for the fourth quarter of 2021
• Revenue for the first quarter ended March 31, 2022 expected to be between kEUR 4,000 and kEUR 4,500
• Revenue for full year 2022 expected to be between kEUR 25,000 and kEUR 30,000

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented: “We ended 2021 with a number of notable achievements that underscore the growing demand across our product portfolio, increasing market dynamics and greater recognition of voxeljet’s leading 3D printing technology for industrial applications. In September 2021 we announced that, together with GE Renewables, we plan to develop the world’s largest binder jet 3D printer for the production of critical components for next generation wind turbines, called Haliade-X. In the fourth quarter, we announced that Brose, a leading global supplier to the electric car industry, is the first client in the beta program for our new, large High Speed Sintering 3D printer. We also announced a partnership in the fourth quarter with Covestro, a billion-dollar chemical company, to advance additive manufacturing in series production. Last but not least we received the final acceptance of the first VJET X units from our partner in the fourth quarter, related to the project with a leading German automotive manufacturer. The VJET X is a new 3D printer with extreme performance for high volume, industrial applications. Overall, the fourth quarter 2021 was a record sales quarter for our company and we are pleased that this momentum has continued in the first months of the new year.”

Fourth Quarter 2021 Results

Revenues for the fourth quarter of 2021 increased by 22.9% to kEUR 10,885 compared to kEUR 8,859 in the fourth quarter of 2020.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased by 26.5% to kEUR 8,470 in the fourth quarter of 2021 from kEUR 6,695 in last year’s fourth quarter. The Company sold seven new and two used and refurbished 3D printers in the fourth quarter of 2021, compared to six new and two used and refurbished 3D printers delivered in last year’s fourth quarter. Revenue from the sale of 3D printers increased in 2021 compared to last year, due to the slightly higher number of transactions but also due to the product mix, as we sold more larger scale platforms in the fourth quarter of 2021 as opposed to smaller platforms in the comparative period in 2020. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. Those Systems-related revenues also increased in the fourth quarter year over year, which confirms the positive trend of the recovery from the economic slow-down mainly due to the ongoing global pandemic of COVID-19 disease (“the COVID-19 situation”). Systems revenues represented 77.8% of total revenues in the fourth quarter of 2021 compared to 75.6% 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 11.6%, to kEUR 2,415 in the fourth quarter of 2021 from kEUR 2,164 in the comparative period of 2020. This increase was mainly due to higher revenue contributions from the German operation as well as from our subsidiary voxeljet China Co. Ltd. (“voxeljet China”), which reflects the economic recovery from the COVID-19 situation. Revenues from our subsidiary voxeljet America Inc. (“voxeljet America”), remained almost on the same level as the fourth quarter of 2020.

Cost of sales was kEUR 7,327 for the fourth quarter of 2021 compared to kEUR 5,881 for the fourth quarter of 2020.

Gross profit was kEUR 3,558 in the fourth quarter of 2021 compared to kEUR 2,978 in the fourth quarter of 2020.

Gross profit for our Systems segment increased to kEUR 2,812 in the fourth quarter of 2021 from kEUR 2,401 in the fourth quarter of 2020. The gross profit margin for this segment slightly decreased to 33.2% in the fourth quarter of 2021 compared to 35.9% in the fourth quarter of 2020. The increase in gross profit was mainly due to a more favorable product mix, as we sold more larger scale platforms in fourth quarter of 2021 as opposed to smaller platforms in the comparative period, while gross profit from System-related goods and services, including consumables, spare parts and maintenance decreased. This was mainly due to the year over year change in the reserve for slow-moving inventory amounting to kEUR 685 negative compared to kEUR 0 in the comparative period. This is also the reason for the decrease in gross profit margin from Systems-related revenues. Gross profit margin from the sale of 3D printers slightly increased.

Gross profit for our Services segment increased to kEUR 746 in the fourth quarter of 2021 from kEUR 577 in the fourth quarter of 2020. The gross profit margin for this segment increased to 30.9% in the fourth quarter of 2021 from 26.7% in the fourth quarter of 2020. This was mainly due to the significant improvement of gross profit and gross profit margin contribution from the German and the Chinese service center, which was in line with the increase in revenues resulting in a higher utilization of the service center. This was partially offset by lower gross profit and gross profit margin contributions from voxeljet America.

Selling expenses were kEUR 2,035 for the fourth quarter of 2021 compared to kEUR 1,680 in the fourth quarter of 2020 and therefore significantly increased, which was in line with the increase in revenues. 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 1,572 for the fourth quarter of 2021 compared to kEUR 1,713 in the fourth quarter of 2020 and therefore slightly decreased. This was mainly due to lower personnel expenses related to a lower number of employees in these department.

Research and development (“R&D”) expenses decreased to kEUR 1,377 in the fourth quarter of 2021 from kEUR 1,763 in the fourth quarter of 2020. 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 decrease was mainly due to lower material expenses as well as lower labor costs related to a lower number of employees supporting in various existing and future research and development projects. This was partially offset by higher expenses for external services.

Other operating expenses in the fourth quarter of 2021 were kEUR 132 compared to kEUR 841 in the prior year period. This was mainly related to lower losses from foreign currency transactions, amounting to kEUR 59 for the fourth quarter of 2021 compared to kEUR 686 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.