Zortrax S.A. – one of the two companies in the 3D printing industry listed on the Polish NewConnect stock exchange, published financial results for the third quarter of 2022. The company generated revenue of PLN 1.125 million, but unfortunately also generated a significant loss: EUR -0,5 million from sales, EUR -0.84 million from operating activities and EUR -0.93 million of the total loss. The latter amount includes the amortization of the settlement of last year’s merger with Corelens, which enabled Zortrax’ IPO. While Q3 was quite poor, in total for three quarters of 2022 Zortrax generated revenue of EUR 6,92 million.
EUR 1.1 million in revenue in Q3 2022 is EUR -0.9 million less than in Q2 and EUR -2.6 million less than in the record-breaking Q1. The company explains this with the traditional holiday slowdown in the sales of products in the 3D printing sector and general problems in the global economy, however, in year-on-year terms, this result is still weaker – in Q3 2021 Zortrax generated EUR 1,5 million in revenue. At the same time, due to last year’s merger with Corelens, the report still shows a temporary lack of comparability of financial results for the entire year.
While lower revenues can be explained by the macroeconomic conditions faced by many companies in the world – also from the 3D printing sector, the growing operating losses of the company are worrying. At the moment, the accumulated accounting loss for the entire 2022 is one million EUR, of which EUR -0.68 million is a loss on sales and EUR -0.97 million is a loss on operating activities. It is possible that this trend will be reversed in the fourth quarter of this year thanks to the company’s new 3D printers – Zortrax Inkspire 2 and the historically best sales period each year?
As for the structure of Q3 revenues, EUR 0.62 million came from the sale of 3D printers, and EUR 0,51 million from the sale of 3D printing materials. At the end of September 2022, Zortrax employed 95 people and had slightly more than one hundred thousand EUR in cash.
The periodic report also includes information about the subsidiary – Zortrax Dental, but apart from relatively low costs (just EUR -1600), it does not generate any revenue so far.
Source: www.centrumdruku3d.pl