Selling expenses were kEUR 1,416 for the first quarter of 2015 compared to kEUR 693 in the first quarter of 2014. The increase of kEUR 723 was the result of our expanded global sales effort as we increased our headcount and attended more trade shows and fairs compared to the prior year period. Headcount (for employees performing sales and marketing functions) increased at the end of the first quarter of 2015 by 10 to 31 employees compared to 21 at the end of the first quarter 2014.

Administrative expenses were kEUR 1,619 for the first quarter of 2015 compared to kEUR 614 in the first quarter of 2014. This increase of kEUR 1,005 was primarily due to increased headcount related to the pursuit of our growth strategy and costs associated with being a publicly-traded company. Headcount (for employees performing administrative functions) increased at the end of the first quarter of 2015 by 23 to 42 employees compared to 19 at the end of the first quarter 2014.

Research and development (“R&D”) expenses increased to kEUR 1,560 in the first quarter of 2015 from kEUR 848 in the prior year period, as we continued to invest heavily in R&D with a number of active projects in various stages of development. Those investments are intended to strengthen our leadership in technology.

Our operating expenses for the first quarter of 2015 were affected by the LTCIP. Selling, administrative and R&D expenses related to the LTCIP were kEUR 114 (Q1 2014: kEUR 35), kEUR 69 (Q1 2014: kEUR 17) and kEUR 187 (Q1 2014: kEUR 47), respectively.

Other operating expenses in the first quarter of 2015 were kEUR 206 compared to kEUR 78 in the prior year period. This was mainly due to expenses from foreign currency exchange amounting to kEUR 100 (Q1 2014: kEUR 3).

Other operating income was kEUR 1,456 for the first quarter of 2015 compared to kEUR 551 in the first quarter of 2014. This was mainly due to gain from foreign currency transactions amounting to kEUR 924. In addition, other operating income included the release of deferred income amounting to kEUR 304, which included kEUR 230 resulting from the early termination of one sale and leaseback contract.

Operating loss was kEUR 1,466 in the first quarter of 2015, compared to an operating loss of kEUR 603 in the prior year period. Our operating loss in the first quarter of 2015 was the result of an increase in our operating expenses caused by increased headcount related to the pursuit of our growth strategy and costs related to being a publicly-traded company, including compensation expenses related to the LTCIP of kEUR 583. The personnel expenses related to the LTCIP for the first quarter of 2014 were kEUR 156. Regarding the LTCIP, management adjusted its judgement of the probability of achieving the targets for the second performance period. This led to a change in estimate resulting in higher personnel expenses through cost of sales and other operating expenses. The change in estimate recognized in the first quarter of 2015 amounted to kEUR 337.

Net loss for the first quarter of 2015 was kEUR 1,630, or EUR 0.49 per share, as compared to net loss of kEUR 711, or EUR 0.22 per share, in the first quarter of 2014.

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.

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 of 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 March 31, 2015 was kEUR 2,643, which represents six 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 March 31, 2015, we had cash and cash equivalents of kEUR 7,879 and held kEUR 39,065 of investments in five bond funds which are included in current financial assets on our consolidated statement of financial position.

Long Term Cash Incentive Plan (LTCIP)

On October 2, 2013, we announced that we would be implementing, effective on January 1, 2013, a long-term cash incentive plan (the “LTCIP”) for senior management and other key personnel. An initial grant of the awards under the LTCIP was made to participants on October 2, 2013. Personnel expenses incurred in the first three months of 2015 related to the LTCIP amounted to kEUR 583. The first tranche of awards granted under the LTCIP was settled in May 2014.

Webcast and Conference Call Details

The Company will host a conference call and webcast to review the results for the first quarter of 2015 on Wednesday, May 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.