voxeljet – the German manufacturer of large-format 3D printers for the additive production of sand casting molds, published its financial results for the third quarter of 2023. The company recorded an increase in revenues, a significant improvement in net loss, a slight decrease in profit and gross margin, and a commitment to achieve the break-even point of adjusted EBITDA (profit before interest, taxes, depreciation) until 2025.
Total revenues for the third quarter of 2023 amounted to EUR 6.2 million, an increase of +7.5% compared to the same period in 2022, when revenues amounted to EUR 5.7 million. The company’s 3D printers segment recorded a revenue increase of +25.2% and amounted to EUR 3.4 million. In the third quarter of the year, the company sold three new 3D printers compared to one new and one used and refurbished 3D printer in the same quarter last year. As a result, the share of the 3D printers segment in total revenues increased to 54.9% in this period, compared to 47.1% in the same period of 2022.
The services segment, mainly engaged in the delivery of parts on demand, recorded a revenue decline of -8.2%, amounting to EUR 2.8 million. This decline can be attributed to lower revenue shares from subsidiaries, including voxeljet America, German Service Center and voxeljet China, due to reduced market demand. While voxeljet’s revenue growth is promising, gross profit margin declined to 26.8% compared to 28.7% in the third quarter of last year. In turn, the gross profit of the services segment decreased, with a gross profit margin of 29.6%.
The operating loss amounted to EUR -2.8 million, an increase compared to EUR -2.5 million in the same period of 2022. As a result, the net loss for the quarter amounted to EUR -3.2 million, which is a much better result in compared to the third quarter of the previous year, when the net loss amounted to EUR -8.7 million.
The company also provided insight into its financial results for the first nine months of 2023. During this period, revenues increased by +11.4% to EUR 19 million. The order book for 3D printers increased to EUR 11.7 million, which translates into fifteen 3D printers, compared to eleven 3D printers sold last year.
Looking ahead to the remainder of 2023, voxeljet expects fourth quarter revenue to be between €10 million and €13.5 million. Revenue forecasts for the full year for 2023 have been clarified and are expected to range from EUR 29 million to EUR 32.5 million. Gross profit margin is also expected to remain above 31.5% and adjusted EBITDA for the fourth quarter of 2023 is expected to be slightly negative or neutral.
Source: www.voxeljet.com