voxeljet AG Reports Financial Results for the Second Quarter Ended June 30, 2015

Administrative expenses were kEUR 1,097 for the second quarter of 2015 compared to kEUR 952 in the second quarter of 2014. This increase of kEUR 145 was primarily due to increased headcount related to the pursuit of our growth strategy. Headcount (for employees performing administrative functions) increased at the end of the second quarter of 2015 by 23 to 46 employees compared to 23 at the end of the second quarter 2014. The company incurred transaction costs for the follow-on public offering in the amount of kEUR 157 during the second quarter of 2014.

Research and development (“R&D”) expenses increased to kEUR 1,417 in the second quarter of 2015 from kEUR 831 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.

Operating loss was kEUR 2,095 in the second quarter of 2015, compared to an operating loss of kEUR 1,379 in the prior year period. Our increased operating loss in the second quarter of 2015 was the result of an increase in our operating expenses caused by higher selling as well as research and development expenses and increased headcount related to the pursuit of our growth strategy.

Net loss for the second quarter of 2015 was kEUR 2,136, or EUR 0.57 per share, as compared to net loss of kEUR 1,405, or EUR 0.38 per share, in the second quarter of 2014. This is based on a weighted average number of ordinary shares outstanding of 3.720 million for the second quarter of 2015 compared to 3.660 million in the second quarter of 2014.

Based on a conversion rate of five American Depositary Shares (“ADSs”) per ordinary share, net loss was EUR 0.11 per ADS for the second quarter of 2015 compared to net loss of EUR 0.08 per ADS in the second quarter of 2014.

Six Months Ended June 30, 2015 Results

Revenues for the six months ended June 30, 2015 increased by 102.5% to kEUR 11,073 compared to kEUR 5,469 in the prior year period.

Systems revenues were kEUR 4,750 for the first six months of 2015 compared to kEUR 2,546 in last year’s period. The Company sold five new and two used and refurbished 3D printers during the first six months of 2015 compared to four new 3D printers in the prior year period. Systems revenues represented 42.9% of total revenue for the six months ended June 30, 2015 compared to 46.6% for the same period a year ago.

Services revenues were kEUR 6,323 for the six months ended June 30, 2015 compared to kEUR 2,923 for the same period last year. This was mainly due to the revenue contribution from our subsidiaries voxeljet UK Ltd. (“voxeljet UK”, acquired in the fourth quarter 2014) and Voxeljet of America, Inc. (“Voxeljet of America”, which began printing on-demand parts in the first quarter of 2015). We also continued to benefit from the expansion of our service center in Germany (completed in April 2014).

Cost of sales for the six months ended June 30, 2015 was kEUR 7,360, an increase of kEUR 3,830, or 108.5%, over cost of sales of kEUR 3,530 for the same period in 2014. For the six months ended June 30, 2015, the cost of sales related to our Long Term Cash Incentive Plan (“LTCIP”), implemented effective January 1, 2013 was kEUR 295 compared to kEUR 112 for the same period last year.

Gross profit and gross margin for the six months ended June 30, 2015 were kEUR 3,713 and 33.5%, respectively, compared to kEUR 1,939 and 35.4% in the prior year period.

Gross profit for our Systems segment increased to kEUR 1,404 for the six months ended June 30, 2015 from kEUR 691 in the same period of 2014. The gross profit margin for this segment increased to 29.6% compared to 27.1% for the prior period primarily due to more favorable printer mix. In the first half of 2015, cost of sales related to the LTCIP was kEUR 165 compared to kEUR 64 for the same period last year.

Gross profit for our Services segment increased to kEUR 2,309 for the six months ended June 30, 2015 from kEUR 1,248 in the same period of 2014. The gross profit margin for this segment decreased to 36.5% from 42.7%. The decrease in gross margin was primarily related to lower gross margin contributions from our two subsidiaries in the United States and the United Kingdom for the six months ended June 30, 2015. In the first half of 2015, cost of sales related to the LTCIP was kEUR 130 compared to kEUR 48 for the same period last year.

Selling expenses were kEUR 3,159 for the six months ended June 30, 2015 compared to kEUR 1,538 in the same period in 2014, an increase of kEUR 1,621, or 105.4%. Administrative expenses increased by kEUR 1,150, to kEUR 2,716 for the first six months of 2015 from kEUR 1,566 in the prior year period. The increases in selling and administrative expenses were in line with our efforts to grow our business. R&D expenses increased to kEUR 2,977 for the six months ended June 30, 2015 from kEUR 1,679 in the same period in 2014, an increase of kEUR 1,298, or 77.3%. The increase in R&D expenses in the first six months of 2015 reflects our emphasis on developing new 3D printing technology and improving our existing 3D printing technology.

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