voxeljet AG Reports Financial Results for Q3 2014

Cost of sales was kEUR 2,358 for the third quarter of 2014 compared to kEUR 1,913 for the third quarter of 2013. Embedded in cost of sales was expenses of kEUR 62 related to our Long Term Cash Incentive Plan (“LTCIP”), which was initiated in October 2013.

Gross profit was kEUR 1,398 in the third quarter of 2014 compared to kEUR 1,604 in the third quarter of 2013. The gross profit margin decreased to 37.2% in the third quarter of 2014 from 45.6% in the third quarter of 2013.

Gross profit for our Systems segment increased to kEUR 803 in the third quarter of 2014 from kEUR 712 in the third quarter of 2013. The gross profit margin for this segment decreased to 35.5% in the third quarter of 2014 compared to 38.8% in the third quarter of 2013. This was mainly due to increased headcount costs as we pursue our growth strategy. In the third quarter of 2014, cost of sales in the Systems segment related to the LTCIP was kEUR 35.

Gross profit for our Services segment decreased to kEUR 595 in the third quarter of 2014 from kEUR 892 in the third quarter of 2013. The gross profit margin for this segment decreased to 39.9% in the third quarter of 2014 from 53.1% in the third quarter of 2013. The decrease in gross margin was primarily related to the temporary operating disruption of one VX4000 printer during the quarter, as well as higher overhead costs resulting from increased headcount to pursue our growth strategy. Product mix in the third quarter of 2014 was also less favorable to the same period in 2013. As sand printers accounted for a greater percentage of our installed capacity for the first time in the third quarter, we believe that the trend in quarterly product mix comparisons is likely to continue for approximately the next year. In the third quarter of 2014, cost of sales in the Services segment related to the LTCIP was kEUR 27.

Selling expenses were kEUR 1,090 for the third quarter of 2014 compared to kEUR 507 in the third quarter of 2013. This increase of kEUR 583 resulted from expanded sales efforts as we increased headcount and attended more trade shows and fairs compared to the prior year period.

Administrative expenses were kEUR 1,077 for the third quarter of 2014 compared to kEUR 149 in the third quarter of 2013. This increase of kEUR 928 was primarily due to increased headcount related to the pursuit of our growth strategy and costs associated with being a publicly-traded company.

Research and development (“R&D”) expenses increased to kEUR 1,032 in the third quarter of 2014 from kEUR 447 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.

Our operating expenses for the third quarter of 2014 were affected by the LTCIP. Selling, administrative and R&D expenses related to the LTCIP were kEUR 39, kEUR 20 and kEUR 53, respectively.

Other operating expenses in the third quarter of 2014 were kEUR 18 compared to kEUR 308 in the prior year period. The other operating expenses in the third quarter of 2013 consisted primarily of costs for internal scoping and planning and external consulting services related to our initial public offering, which was successfully completed in October 2013.

Other operating income was kEUR 155 for the third quarter of 2014 compared to kEUR 207 in the third quarter of 2013.

Operating loss was kEUR 1,664 in the third quarter of 2014, compared to an operating profit of kEUR 400 in the prior year period. Our operating loss in the third quarter of 2014 was the result of an increase in our operating expenses which was 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 174.

Net loss for the third quarter of 2014 was kEUR 1,518, or EUR 0.41 per share, as compared to net income of kEUR 211, or EUR 0.11 per share, in the third quarter of 2013.

Nine Months Ended September 30, 2014 Results

Revenues for the nine months ended September 30, 2014 increased by 15.4% to kEUR 9,225 compared to kEUR 7,995 in the prior year period.

Systems revenues were kEUR 4,810 for the first nine months of 2014 compared to kEUR 3,885 in last year’s period. The Company sold seven new 3D printers in the first nine months of 2014 compared to six 3D printers (five new and one used) in the prior year period. Systems revenues represented 52.1% of total revenue for the nine months ended September 30, 2014 compared to 48.6% for the same period a year ago. Services revenues were kEUR 4,415 for the nine months ended September 30, 2014 compared to kEUR 4,110 for the same period last year.

Cost of sales for the nine months ended September 30, 2014 was kEUR 5,888, an increase of kEUR 1,011, or 20.7%, over cost of sales of kEUR 4,877 for the same period in 2013. For the nine months ended September 30, 2014, the cost of sales related to the LTCIP was kEUR 174.

Gross profit and gross margin for the nine months ended September 30, 2014 were kEUR 3,337 and 36.2%, respectively, compared to kEUR 3,118 and 39.0% in the prior year period.

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