Other operating expenses in the third quarter of 2021 were kEUR 101 compared to kEUR 590 in the prior year period. This was mainly due to lower losses from foreign currency transactions of kEUR 62 for the third quarter of 2021 compared to kEUR 570 for the third quarter of 2020.
Other operating income was kEUR 1,177 for the third quarter of 2021 compared to kEUR 223 in the third quarter of 2020. The increase was mainly due to higher gains from foreign currency transactions, which increased to kEUR 514 for the third quarter of 2021, compared to kEUR 109 in the last year’s third quarter. In addition, voxeljet AG received a government grant awarded for research and development project funding amounting to kEUR 532, which was recorded within other operating income in the consolidated statement of comprehensive loss.
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.
Operating loss was kEUR 1,488 in the third quarter of 2021 compared to an operating loss of kEUR 3,014 in the comparative period in 2020. This was mainly due to a positive net impact from other operating expenses and other operating income amounting to kEUR 1,076 for the third quarter of 2021 compared to a negative net impact amounting to kEUR 367 for the third quarter of 2020, in combination with a significant improvement in gross profit in the third quarter of 2021 compared to the third quarter of 2020. This improvement was partially offset by slightly higher operating expenses within the functions sales and marketing, administration and R&D.
Financial result was positive kEUR 688 in the third quarter of 2021, compared to a financial result of negative kEUR 928 in the comparative period in 2020. This was mainly related to higher finance income related to the revaluation of derivative financial instruments, amounting to kEUR 1,280, compared to a finance expense of kEUR 481 in the third quarter of 2020.
The derivative financial instruments are revalued on each balance sheet date, with changes in the fair value between reporting periods recorded within financial result of the consolidated statements of comprehensive loss. An increase in our share price results in a finance expense, while a decrease leads to a finance income, holding other parameters constant.
At the time tranche A of kEUR 10,000 was received in December 2017, the European Investment Bank (the “EIB”), under its Synthetic Warrant Agreement with the Company, dated November 9, 2017 (the “Synthetic Warrant Agreement”), was entitled to receive as consideration cash equal to the market value of 195,790 ordinary shares of the Company (or equivalent number of American Depositary Shares (“ADSs”) of the Company) at the maturity date (5 years after draw down), after the occurrence of a trigger event, or on the expiration date (10 years after draw down). Under the anti-dilution protection clause of the agreement the number of ordinary shares under the Synthetic Warrant Agreement was increased to 254,527 as a result of the capital increases effective October 17, 2018 and November 1, 2018. As a result of the capital increases effective January 25, 2021 and February 17, 2021, also under the anti-dilution protection clause, the number of ordinary shares under the Synthetic Warrant Agreement was increased to 310,558. Due to a further capital increase in July 2021, also under the anti-dilution protection clause, the number of ordinary shares under the Synthetic Warrant Agreement was increased to 369,828.
At the time tranche B1 of kEUR 5,000 was received in June 2020, the EIB, under the Synthetic Warrant Agreement, was entitled to receive as consideration cash equal to the market value of 404,928 ordinary shares of the Company (or equivalent number of ADS of the Company) at the maturity date (5 years after draw down), after the occurrence of a trigger event, or on the expiration date (10 years after draw down of the tranche A). As a result of the capital increases effective January 25, 2021 and February 17, 2021, under the anti-dilution protection clause, the number of ordinary shares under the Synthetic Warrant Agreement was increased to 494,068. Due to the further capital increase in July 2021, also under the anti-dilution protection clause, the number of ordinary shares under the Synthetic Warrant Agreement was increased to 588,361.
Interest expense included interest from long term debt which amounted to kEUR 538 for the third quarter of 2021, compared to kEUR 486 in the comparative period in 2020.
Net loss for the third quarter of 2021 was kEUR 800 or EUR 0.12 per share, as compared to net loss of kEUR 4,035, or EUR 0.82 per share, in the third quarter of 2020.
Nine Months Ended September 30, 2021 Results
Revenues for the nine months ended September 30, 2021 increased by 9.7% to kEUR 13,941 compared to kEUR 12,708 in the prior year period.
Systems revenues were kEUR 7,258 for the first nine months of 2021 compared to kEUR 5,862 for the same period last year. The Company sold three new and two used and refurbished 3D printers during the first nine months of 2021, compared to two new and three used and refurbished 3D printer in the prior year period. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. The substantial increase in revenues from our Systems segment was due to both revenues from the sale of 3D printers and Systems-related revenues. Although the Company sold the same number of units, revenue from the sale of 3D printers significantly increased due to the product mix, as we sold more larger scale platforms in the first nine months of 2021 as opposed to smaller platforms in the comparative period in 2020. In addition, Systems-related revenues increased, which reflects the recovery from the economic slow-down mainly due to the ongoing COVID-19 situation. Currently, we are able to perform installations of 3D printers as well as to offer service visits in most regions of the world. There remain some constraints and obstacles, but the situation is normalizing progressively. Systems revenues represented 52.1% of total revenue for the nine months ended September 30, 2021 compared to 46.1% for the same period in the prior year.
Services revenues were kEUR 6,683 for the nine months ended September 30, 2021 compared to kEUR 6,846 for the same period last year. This decrease of 2.4% was mainly due to lower revenue contributions from our subsidiaries voxeljet America as well as voxeljet China. Even though there was an increase in revenues in the third quarter of 2021, it did not fully compensate for the negative impact of the COVID-19 situation in the first half of 2021. Revenue contributions from the German service center were almost on the same level as in last year’s same period.
Cost of sales for the nine months ended September 30, 2021 were kEUR 9,549, an increase of kEUR 618 over cost of sales of kEUR 8,931 for the same period in 2020.
Gross profit and gross profit margin for the nine months ended September 30, 2021 were kEUR 4,392 and 31.5%, respectively, compared to kEUR 3,777 and 29.7% in the prior year period.
Gross profit for our Systems segment increased to kEUR 2,439 for the nine months ended September 30, 2021 from kEUR 2,040 in the same period in 2020. This increase was mainly related to the increased revenues from this segment. Gross profit margin for our Systems segment was almost flat, amounting to 33.6% for the nine months ended September 30, 2021 compared to 34.8% for the prior year period.
Gross profit for our Services segment increased to kEUR 1,953 for the nine months ended September 30, 2021 from kEUR 1,737 in the same period in 2020. Additionally, gross profit margin for this segment increased to 29.2% for the first nine months of 2021 from 25.4% in the same period in 2020. This increase was mainly related to significantly higher gross profit as well as gross profit margin contribution from our subsidiary voxeljet America, as a result of the improved utilization of the American service center due to the recovery in the third quarter of 2021. This increase was partially offset by weaker gross profit and gross profit margin contribution from our Chinese subsidiary. Regarding the German service center, both gross profit and gross profit margin contribution for the nine months ended September 30, 2021 remained on a similar level as the comparative period in 2020.
Selling expenses were kEUR 4,385 for the nine months ended September 30, 2021 compared to kEUR 4,136 in the same period in 2020. The year over year increase is mainly due to higher distribution expenses primarily corresponding to the increase in revenues. Shipping and packaging expenses as a main driver of the selling expenses varies from quarter to quarter depending on quantity and types of products, as well as the destinations where those goods are being delivered.
