Voxeljet is one of the longest operating companies in the additive manufacturing market, developing sand 3D printing technology for the production of large-scale foundry applications. Unfortunately, it is also an example of a company that is constantly struggling with nicheness and low demand for its solutions, balancing on the edge of profitability for years. Although it has been listed on the American Stock Exchange for nearly a decade, it has achieved poor quotations there, occupying a place at the bottom of the table of listed companies from the 3D printing sector. In addition, in August this year Voxeljet was forced to conclude a so-called leaseback, which is expected to bring it approx. EUR 26.5 million in gross revenue – the company used the proceeds from this transaction to repay its financial liabilities.
Last week, Voxeljet published its financial results for Q3 2022 and once again it was bittersweet news… The revenue of the German company amounted to EUR 5.7 million, an increase of +16.1% year-on-year. While at first glance this looks like a pretty decent result in the current, difficult economic times, the increase in revenues was achieved mainly thanks to services and was still lower by 0.5 million than analysts’ forecasts. Revenue from 3D printer sales increased by +8.3% year-on-year to EUR 2.7 million, however, their gross profit margin decreased. Services revenue increased by +24.2% to EUR 3 million.
The good news is the growing orders for new 3D printers – at the end of September this year, the company received orders for the supply of machines for a total amount of EUR 13.7 million, which corresponds to 16 3D printers. This is a record in the history of the company. Voxeljet strives to deliver and install on time and has managed to record revenue from these orders as late as 2022, but like many other companies, voxeljet is still seeing some delays in deliveries, especially for electrical components.
The bad news is the deepening operating losses… The net loss in Q3 2022 increased to EUR -8.7 million. With continued losses, reduced cash flow, cash loans and financial liabilities coming due, the board decided that the company would still continue to operate. Unfortunately, Voxeljet posted net losses throughout the current year (-EUR 11.3 million at the moment) and all three previous years (-EUR 10.6 million in 2021, -EUR 15.5 million in 2020 and -EUR 14 million in 2019). In addition, voxeljet had negative cash flow from operating activities in the same periods, mainly due to ongoing net losses. At the same time, the company’s management hopes that this status can change when it reaches the target revenues and successfully raises equity or debt funds.
Full-year revenues in 2022 are expected to be between €25 million and €30 million, however Voxeljet has revised some elements of its full-year guidance and ultimately lowered its R&D spending projections due to delays in sourcing materials for some projects as well as projected capital expenditures.
Source: www.voxeljet.com