voxeljet AG Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2014

FRIEDBERG, Germany — (BUSINESS WIRE) — March 26, 2015 — voxeljet AG (NYSE: 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 fourth quarter and year ended December 31, 2014.

Highlights

  • Total revenues increased 38% to kEUR 16,163 in 2014 from kEUR 11,688 in 2013
  • Gross margin was 39.1% in 2014 compared to 39.7% in 2013
  • Total Q4 revenues increased 87.8% to kEUR 6,938 in 2014 from kEUR 3,693 in 2013
  • Q4 Systems revenues increased 72.8% to kEUR 4,247 in 2014 from kEUR 2,458 in 2013
  • Q4 Services revenues increased 117.9% to kEUR 2,691 in 2014 from kEUR 1,235 in 2013
  • Acquired a license in March 2015 for the production of durable plastic parts for direct use
  • Reaffirm full year 2015 guidance

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “I am pleased with our fourth quarter results. We sold seven printers in the quarter and shipped record box volumes for sand parts and generated strong revenues for plastic parts. This helped us achieve the high end of the revenue guidance for the year which we provided back in November. With the first quarter of 2015 nearly complete and the progress of our strategic initiatives, we are off to a good start for the year and we reaffirm our full year 2015 guidance of between kEUR 23,000 and kEUR 24,000 for the group.”

Dr. Ederer continued, “We began printing on-demand parts at our service facility in Detroit in the first quarter of 2015 and the integration of our subsidiary in the United Kingdom is going well. In keeping with our ongoing research and development efforts, we recently acquired a license from Evonik Industries for a 3D printing process using polymeric materials with distinct speed and cost benefits. This process is expect to compete with more traditional plastic injection molding and opens up new markets and opportunities for us including the ability to deliver final functional parts. We are very excited about this opportunity and will update you periodically with our progress.”

Fourth Quarter 2014 Results

Revenues for the fourth quarter of 2014 increased by 87.8% to kEUR 6,938 compared to kEUR 3,693 in the fourth quarter of 2013.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased 72.8% to kEUR 4,247 in the fourth quarter of 2014 from kEUR 2,458 in last year’s fourth quarter. The Company delivered seven printers in the fourth quarter of 2014 compared to three printers in last year’s fourth quarter. Systems revenues also includes all revenues from consumables, spare parts and maintenance. Systems revenues represented 61.2% of total revenue in the fourth quarter of 2014 compared to 66.6% in last year’s fourth quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 117.9%, to kEUR 2,691 in the fourth quarter of 2014 from kEUR 1,235 for the same quarter last year. The increase was attributable to increased capacity at our service center in Friedberg, Germany (from where we shipped record box volumes for sand parts and experienced strong revenues for plastic parts) and a full quarter’s contribution from our subsidiary voxeljet UK, which was acquired on October 2, 2014. We began printing on-demand parts at our subsidiary in the United States in the first quarter of 2015 and consequently it did not contribute any service revenues to the quarter.

Cost of sales was kEUR 3,950 for the fourth quarter of 2014 compared to kEUR 2,168 for the fourth quarter of 2013. Embedded in cost of sales was expenses of kEUR 50 related to our Long Term Cash Incentive Plan (“LTCIP”), which was initiated in October 2013.

Gross profit was kEUR 2,988 in the fourth quarter of 2014 compared to kEUR 1,525 in the fourth quarter of 2013. The gross profit margin increased to 43.1% in the fourth quarter of 2014 from 41.3% in the fourth quarter of 2013.

Gross profit for our Systems segment increased to kEUR 1,807 in the fourth quarter of 2014 from kEUR 1,185 in the fourth quarter of 2013. The gross profit margin for this segment decreased to 42.5% in the fourth quarter of 2014 compared to 48.2% in the fourth quarter of 2013. This was mainly due to increased headcount costs as we pursue our growth strategy. In the fourth quarter of 2014, cost of sales in the Systems segment related to the LTCIP was kEUR 24.

Gross profit for our Services segment increased to kEUR 1,181 in the fourth quarter of 2014 from kEUR 340 in the fourth quarter of 2013. The gross profit margin for this segment increased to 43.9% in the fourth quarter of 2014 from 27.5% in the fourth quarter of 2013. We benefited from scale and efficiencies at our expanded service facility in Germany. In the fourth quarter of 2014, cost of sales in the Services segment related to the LTCIP was kEUR 26.

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