voxeljet AG Reports Financial Results for the First Quarter Ended March 31, 2022 – Latest Digital Transformation Trends | Cloud News

FRIEDBERG, Germany–(BUSINESS WIRE)–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 first quarter ended March 31, 2022.

Highlights – First Quarter 2022

  • Total revenues for the first quarter increased 14.3% to kEUR 4,640 from kEUR 4,060
  • Gross profit margin and gross profit increased to 34.3% from 25.6% and to kEUR 1,591 from kEUR 1,039, respectively
  • Systems revenues decreased 32.1% to kEUR 1,418 from kEUR 2,087
  • Services revenues increased 63.3% to kEUR 3,222 from kEUR 1,973
  • Reaffirm full year 2022 guidance

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented: “We were extremely busy in our on-demand 3D printing segment with revenue up more than 60 percent year-over-year. It is great to see that this growth comes from a wide variety of applications: projects in space exploration in the US, large orders from the art & architecture sector in Germany, components for cooling of parts in electric vehicles in the UK, and so on. What we have seen in the past is that on-demand printing revenue is a leading indicator for future sales of 3D printers, so this makes us very optimistic for the rest of the year.”

First Quarter 2022 Results

Revenues for the first quarter of 2022 increased by 14.3% to kEUR 4,640 compared to kEUR 4,060 in the first quarter of 2021.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, decreased 32.1% to kEUR 1,418 in the first quarter of 2022 from kEUR 2,087 in last year’s first quarter. The Company delivered one new 3D printer in the first quarter of 2022, compared to two new printers delivered in last year’s first quarter. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. The decrease of revenues from our Systems segment was mainly due to lower revenues from the sale of 3D printers in line with the lower number of transactions. Systems-related revenues were almost flat. Systems revenues represented 30.6% of total revenues in the first quarter of 2022 compared to 51.4% in last year’s first quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 63.3% to kEUR 3,222 in the first quarter of 2022 from kEUR 1,973 in the comparative period of 2021. This was mainly due to significantly higher revenue contributions from the German operation as well as from our subsidiaries voxeljet America Inc. (“voxeljet America”) and voxeljet China Co. Ltd (“voxeljet China”).

Cost of sales were kEUR 3,049 for the first quarter of 2022 compared to kEUR 3,021 for the first quarter of 2021.

Gross profit and gross profit margin were kEUR 1,591 and 34.3%, respectively, in the first quarter of 2022 compared to kEUR 1,039 and 25.6%, respectively in the first quarter of 2021.

Gross profit for our Systems segment decreased to kEUR 246 in the first quarter of 2022 from kEUR 581 in the first quarter of 2021. This was mainly related to the decrease in revenues. Also gross profit margin for this segment decreased to 17.3% in the first quarter of 2022 compared to 27.8% in the first quarter of 2021 related to a less favorable product mix, especially regarding Systems-related revenues.

Gross profit for our Services segment significantly increased to kEUR 1,345 in the first quarter of 2022 compared to kEUR 458 in the first quarter of 2021. The gross profit margin for this segment also significantly increased to 41.7% in the first quarter of 2022 from 23.2% in the first quarter of 2021. Both, the increase of gross profit as well as gross profit margin was mainly related to higher contributions from each of our German, our American and our Chinese service center related to a higher utilization in line with the increases in revenues.

Selling expenses increased to kEUR 1,637 for the first quarter of 2022 compared to kEUR 1,448 in the first quarter of 2021, related to higher distribution expenses, in line with the increase in revenues. Expenses such as shipping and packaging vary from quarter to quarter depending on quantity and types of products being sold, as well as the destinations where those goods are being delivered.

Administrative expenses were kEUR 1,677 for the first quarter of 2022 compared to kEUR 1,483 in the first quarter of 2021. The increase is mainly related to higher legal advisor and regulatory fees related to our stock market listing as well as our communication to financial institutions.

Research and development (“R&D”) expenses decreased to kEUR 1,441 in the first quarter of 2022 from kEUR 1,604 in the first quarter of 2021. The decrease of kEUR 163 was mainly due to lower personnel expenses as well as lower material expenses.

Other operating expenses in the first quarter of 2022 were kEUR 158 compared to kEUR 101 in the prior year period. This was mainly related to a negative impact from changes in impairment allowance leading to an expense of kEUR 73 for the first quarter of 2022 compared to an income of kEUR 18 in the comparative period in 2021. This was partially offset by lower losses from foreign currency transactions, amounting to kEUR 59 for the first quarter of 2022 compared to kEUR 89 in the last year’s first quarter.

Other operating income was kEUR 2,204 for the first quarter of 2022 compared to kEUR 914 in the first quarter of 2021. This increase was mainly due to the reclassification of foreign currency translation reserve, which was previously recognized in other comprehensive income on consolidation of voxeljet UK accounts, to profit and loss account on deconsolidation amounting to kEUR 1,475, related to the finalization of the wind-up on February 17, 2022. This was partially offset by lower gains from foreign currency transactions amounting to kEUR 433 in the first quarter of 2022 compared to kEUR 778 in the last year’s first 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.

Operating loss was kEUR 1,118 in the first quarter of 2022 compared to an operating loss of kEUR 2,683 in the comparative period in 2021. The improvement was primarily related to the net impact of the quarter over quarter changes in other operating expenses and other operating income, which was kEUR 1,233 positive. In addition, gross profit significantly improved and research and development expenses slightly decreased. This was partially offset by slightly higher operating expenses from our functions administration as well as sales and marketing.

Financial result was positive kEUR 351 in the first quarter of 2022, compared to a financial result of negative kEUR 5,698 in the comparative period in 2021. This was mainly due to the finance income from the revaluation of the derivative financial instruments related to the performance participation interest (“PPI”) for tranche A and tranche B1 of the European Investment Bank (the “EIB”) loan amounting to kEUR 1,316. In the first quarter of 2021, the revaluation of the derivative financial instruments related to the PPI including the anti-dilution protection clause for tranche A and tranche B1 resulted in a finance expense of kEUR 1,906 and kEUR 3,282, respectively, largely due to the two capital increases, which have been successfully completed in January and February 2021.

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.

Finance expense included interest from long term debt, which amounted to kEUR 567 for the first quarter of 2022, compared to kEUR 524 in the comparative period in 2021.

Net loss for the first quarter of 2022 was kEUR 753 or EUR 0.10 per share, as compared to net loss of kEUR 8,329, or EUR 1.51 per share, in the first quarter of 2021.

Business Outlook

Our revenue guidance for the second quarter of 2022 is expected to be in the range of kEUR 5,000 to kEUR 6,000.

We reaffirm our guidance for the full year ending December 31, 2022:

– Full year revenue is expected to be in the range of kEUR 25,000 to kEUR 30,000

– Gross margin for the full year is expected to be above 32.5%

– Operating expenses for the full year are expected as follows: selling and administrative expenses are expected to be in the range of kEUR 13,250 to kEUR 13,750 and R&D expenses are projected 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 operating (income) expense resulting from foreign exchange gains or losses on the intercompany loans granted to the subsidiaries.

– Capital expenditures for the full year are projected to be in the range of kEUR 4,500 to kEUR 4,750, which primarily includes ongoing investments in our subsidiaries.

Our total backlog of 3D printer orders at March 31, 2022 was kEUR 5,707, which represents nine 3D printers. This compares to a backlog of kEUR 3,880 representing seven 3D printers, at December 31, 2021. As production and delivery of our printers is generally characterized by lead times ranging between 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 March 31, 2022, we had cash and cash equivalents of kEUR 7,396, additionally we held restricted cash of kEUR 2,390 and held kEUR 10,257 of investments in bond funds, which are included in current financial assets on our consolidated statements of financial position.

Webcast and Conference Call Details

The Company will host a conference call and webcast to review the results for the first quarter of 2022 on Friday, May 20, 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 1-877-704-4453 in the United States/Canada, or 1-201-389-0920 for international, Conference Title “voxeljet AG First Quarter 2022 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 13729038. The recording will be available for replay through May 27, 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/473372882 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.

Non-IFRS Measure

Management regularly uses both IFRS and non-IFRS results and expectations internally to assess its overall performance of the business, making operating decisions, and forecasting and planning for future periods. Management believes that Adjusted EBITDA is a useful financial measure to the Company’s investors as it helps investors better understand and evaluate the projections our management board provides. The Company’s calculation of Adjusted EBITDA may not be comparable to similarly titled financial measures reported by other peer companies. Adjusted EBITDA should not be considered as a substitute to financial measures prepared in accordance with IFRS.

The Company uses Adjusted EBITDA as a supplemental financial measure of its financial performance. Adjusted EBITDA is defined as net income (loss), as calculated under IFRS accounting principles, 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. Management believes Adjusted EBITDA to be an important financial measure because it excludes the effects of fluctuating foreign exchange gains or losses on the intercompany loans granted to its subsidiaries. We are unable to reasonably estimate the potential full-year financial impact of foreign currency translation because of volatility in foreign exchange rates. Therefore, we are unable to provide a reconciliation to our forward-looking guidance for non-GAAP Adjusted EBITDA without unreasonable effort as certain information necessary to calculate such measure on an IFRS basis is unavailable, dependent on future events outside of our control and cannot be predicted without unreasonable efforts by the Company.

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,’’ ‘‘expects,’’ ‘‘projects,’’ ‘‘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

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 

 

 

 

 

 

 

 

    

Notes

    

3/31/2022

    

12/31/2021

 

 

 

 

(€ in thousands)

 

 

 

 

unaudited

 

 

Current assets

 

 

 

 41,918

 

 42,748

Cash and cash equivalents

 

 7

 

 7,396

 

7,027

Other financial assets

 

 7

 

 16,042

 

18,522

Trade receivables, net

 

 

 

 5,015

 

6,107

Inventories

 

 4

 

 11,486

 

9,482

Income tax receivables

 

 

 

 25

 

23

Other assets

 

 

 

 1,954

 

1,587

 

 

 

 

 

 

 

Non-current assets

 

 

 

 24,307

 

 24,711

Other financial assets

 

 7

 

 235

 

 4

Intangible assets

 

 

 

 822

 

 878

Property, plant and equipment, net

 

 5

 

 23,149

 

 23,719

Other assets

 

 

 

 101

 

 110

 

 

 

 

 

 

 

Total assets

 

 

 

 66,225

 

 67,459

 

 

 

 

 

 

 

 

    

Notes

    

3/31/2022

    

12/31/2021

 

 

 

 

 

 

 

Current liabilities

 

 

 

 23,570

 

 21,716

Trade payables

 

 7

 

 3,026

 

 2,594

Contract liabilities

 

 

 

 3,281

 

 2,132

Other financial liabilities

 

 7

 

 15,198

 

 14,882

Other liabilities and provisions

 

 6

 

 2,065

 

 2,108

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 12,441

 

 13,256

Deferred tax liabilities

 

 

 

 53

 

 87

Contract liabilities

 

 

 

 211

 

 231

Other financial liabilities

 

 7

 

 12,177

 

 12,938

 

 

 

 

 

 

 

Equity

 

 

 

 30,214

 

 32,487

Subscribed capital

 

 

 

 7,027

 

 7,027

Capital reserves

 

 

 

 110,307

 

 110,264

Accumulated deficit

 

 

 

 (86,662)

 

 (85,974)

Accumulated other comprehensive gain (loss)

 

 

 

 (163)

 

 1,400

Equity attributable to the owners of the company

 

 

 

 30,509

 

 32,717

Non-controlling interest

 

 

 

 (295)

 

 (230)

Total equity and liabilities

 

 

 

 66,225

 

 67,459

See accompanying notes to unaudited condensed consolidated interim financial statements.

voxeljet AG

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

Notes

 

2022

 

2021

 

 

 

 

(€ in thousands except share and share data)

Revenues

 

9, 10

 

4,640

 

4,060

Cost of sales

 

 

 

(3,049)

 

(3,021)

Gross profit

 

9

 

1,591

 

1,039

Selling expenses

 

 

 

(1,637)

 

(1,448)

Administrative expenses

 

 

 

(1,677)

 

(1,483)

Research and development expenses

 

 

 

(1,441)

 

(1,604)

Other operating expenses

 

 

 

(158)

 

(101)

Other operating income

 

 

 

2,204

 

914

Thereof income (expense) from changes in impairment allowance included in other operating income (expense)

 

 

 

(73)

 

18

Operating loss

 

 

 

(1,118)

 

(2,683)

Finance expense

 

8

 

(1,048)

 

(5,801)

Finance income

 

8

 

1,399

 

103

Financial result

 

8

 

351

 

(5,698)

Loss before income taxes

 

 

 

(767)

 

(8,381)

Income tax income (expense)

 

 

 

14

 

52

Net loss

 

 

 

(753)

 

(8,329)

Other comprehensive income (loss) that may be reclassified subsequently to profit or loss

 

 

 

(88)

 

(171)

Total comprehensive loss

 

 

 

(841)

 

(8,500)

 

 

 

 

 

 

 

Loss attributable to:

 

 

 

 

 

 

Owners of the Company

 

 

 

(688)

 

(8,303)

Non-controlling interests

 

 

 

(65)

 

(26)

 

 

 

 

(753)

 

(8,329)

 

 

 

 

 

 

 

Total comprehensive loss attributable to:

 

 

 

 

 

 

Owners of the Company

 

 

 

(776)

 

(8,474)

Non-controlling interests

 

 

 

(65)

 

(26)

 

 

 

 

(841)

 

(8,500)

 

 

 

 

 

 

 

Weighted average number of ordinary shares outstanding

 

 

 

7,026,711

 

5,503,378

Loss per share – basic/ diluted (EUR)

 

 

 

(0.10)

 

(1.51)

See accompanying notes to unaudited condensed consolidated interim financial statements.

voxeljet AG

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to the owners of the company

 

 

 

 

 

    

 

    

 

    

 

    

Accumulated

 

 

    

 

 

 

 

 

 

 

 

 

 

 

other

 

 

 

 

 

 

 

 

Subscribed

 

Capital

 

Accumulated

 

comprehensive

 

 

 

Non-controlling

 

 

(€ in thousands)

    

capital

 

reserves

 

deficit

 

gain (loss)

    

Total

 

interests

    

Total equity

Balance at December 31, 2020

 

4,836

 

88,748

 

(75,463)

 

1,675

 

19,796

 

(155)

 

19,641

Loss for the period

 

 

 

(8,303)

 

 

(8,303)

 

(26)

 

(8,329)

Foreign currency translations

 

 

 

 

(171)

 

(171)

 

 

(171)

Issue of ordinary shares in the form of ADS, net of transaction costs and tax

 

1,065

 

14,888

 

 

 

15,953

 

 

15,953

Equity-settled share-based payment

 

 

166

 

 

 

166

 

 

166

Balance at March 31, 2021

 

5,901

 

103,802

 

(83,766)

 

1,504

 

27,441

 

(181)

 

27,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to the owners of the company

 

 

 

 

 

    

 

    

 

    

 

    

Accumulated

 

 

    

 

 

 

 

 

 

 

 

 

 

 

other

 

 

 

 

 

 

 

 

Subscribed

 

Capital

 

Accumulated

 

comprehensive

 

 

 

Non-controlling

 

 

(€ in thousands)

    

capital

 

reserves

 

deficit

 

gain (loss)

    

Total

 

interests

    

Total equity

Balance at December 31, 2021

 

7,027

 

110,264

 

(85,974)

 

1,400

 

32,717

 

(230)

 

32,487

Loss for the period

 

 

 

(688)

 

 

(688)

 

(65)

 

(753)

Foreign currency translations

 

 

 

 

(88)

 

(88)

 

 

(88)

Reclassification to profit or loss on deconsolidation of subsidiary

 

 

 

 

(1,475)

 

(1,475)

 

 

(1,475)

Equity-settled share-based payment

 

 

43

 

 

 

43

 

 

43

Balance at March 31, 2022

 

7,027

 

110,307

 

(86,662)

 

(163)

 

30,509

 

(295)

 

30,214

See accompanying notes to unaudited condensed consolidated interim financial statements.

voxeljet AG

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

 

 

 

 

 

 

Three months ended March 31,

 

 

2022

 

2021

 

 

(€ in thousands)

Cash Flow from operating activities

 

 

 

 

 

 

 

 

 

Loss for the period

 

(753)

 

(8,329)

 

 

 

 

 

Depreciation and amortization

 

719

 

786

Foreign currency exchange differences on loans to subsidiaries

 

(462)

 

(672)

Foreign currency translation reserve reclassified to profit or loss

 

(1,475)

 

Change in fair value of bond funds

 

443

 

45

Share-based compensation expense

 

43

 

166

Change in impairment of trade receivables

 

73

 

(18)

Non-cash interest expense on long-term debt

 

544

 

421

Change in fair value of derivative equity forward

 

(1,316)

 

5,188

Change in inventory allowance

 

164

 

Loss on disposal of property, plant and equipment and intangible assets

 

19

 

1

Interest paid

 

189

 

67

Interest received

 

(87)

 

(30)

Other

 

(32)

 

(160)

 

 

 

 

 

Change in working capital

 

207

 

778

Trade and other receivables, inventories and current assets

 

(1,328)

 

(162)

Trade payables

 

390

 

472

Other liabilities, contract liabilities and provisions

 

1,147

 

996

Change in restricted cash

 

 

(520)

Income tax payable/receivables

 

(2)

 

(8)

Total

 

(1,724)

 

(1,757)

 

 

 

 

 

Cash Flow from investing activities

 

 

 

 

 

 

 

 

 

Payments to acquire property, plant and equipment and intangible assets

 

(264)

 

(44)

Proceeds from disposal of financial assets

 

2,653

 

Payments to acquire financial assets

 

 

(7,462)

Interest received

 

87

 

30

Total

 

2,476

 

(7,476)

 

 

 

 

 

Cash Flow from financing activities

 

 

 

 

 

 

 

 

 

Repayment of lease liabilities

 

(89)

 

(82)

Repayment of long-term debt

 

(140)

 

(202)

Proceeds from issue of ordinary shares in the form of ADS

 

 

18,153

Share issue cost

 

 

(2,200)

Change in restricted cash

 

 

(2,000)

Interest paid

 

(189)

 

(67)

Total

 

(418)

 

13,602

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

334

 

4,369

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

7,027

 

5,324

Changes to cash and cash equivalents due to foreign exchanges rates

 

35

 

68

Cash and cash equivalents at end of period

 

7,396

 

9,761

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated interim financial statements.

voxeljet AG

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Preparation of financial statements

Our condensed consolidated interim financial statements include the accounts of voxeljet AG and its wholly-owned subsidiaries voxeljet America Inc. (‘voxeljet America’) and voxeljet India Pvt. Ltd. (‘voxeljet India’), as well as voxeljet China Co. Ltd. (‘voxeljet China’), which are collectively referred to herein as the ‘Group’ or the ‘Company’, which is listed on the NASDAQ Capital Market (‘NASDAQ’).

Contacts

Investors and Media
Johannes Pesch

Director Investor Relations and Business Development

johannes.pesch@voxeljet.de
Office: +49 821 7483172

Mobile: +49 176 45398316

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