Zortrax presents financial results for the third quarter of 2023, recording a -40% decline in revenues year-to-year

Zortrax S.A. presented its financial results for the third quarter of 2023. Unfortunately, the company once again records a decline in revenues, this time by -40% year-to-year and generates a loss of PLN -3.8 million. The latter, however, is still largely of an accounting nature, as it mostly concerns the amortization of positive goodwill resulting from the settlement of the merger transaction with Corelens in 2021, which allowed Zortrax to be listed on the NewConnect stock exchange. Nevertheless, the gradual decline in revenues may be worrying, especially since the difference in revenues from the sale of 3D printers and consumables is decreasing.

In the third quarter of 2023, Zortrax generated revenue of PLN 3.2 million compared to PLN 5.4 million in the same period a year ago. Cumulatively since the beginning of the year, the company has generated PLN 11.3 million in revenue compared to PLN 32.6 million in revenue in nine months of 2022. The decrease of -65% is explained by last year’s implementation of the contract for the sale of 3D printers to the educational market as part of the Laboratories of the Future program, which in terms of value, accounted for over 31% of sales for this period. The lack of a similar contract in the current period resulted in a significant deterioration of financial liquidity. Zortrax says it is analyzing the possibilities of supplying 3D printers as part of educational programs in other European countries.

Zortrax generated revenue of PLN 2 million from the sale of 3D printers and related devices, and PLN 1.1 million from the sale of consumables. Therefore, revenues from the sale of materials already constitute 1/3 of the company’s total revenues.

A very difficult piece of information in the report is the amount of cash held – at the end of September 2023, Zortrax had only PLN 44,000… The solution to this serious problem is to be:

  • introducing potential investors to the company, whom Zortrax meets as part of the ongoing review of strategic options,
  • the company is working intensively on recovering receivables resulting from loan agreements concluded by its legal predecessor, i.e. Zortrax SA (i.e. the company before the merger with Corelens); the total value of receivables under loan agreements is PLN 6.8 million; Zortrax transferred ownership of shares in the land property with a complex of residential and farm buildings, and on October 25, 2023, it concluded a preliminary agreement for its sale, which may allow it to regain financial liquidity.

Among important non-financial events, Zortrax boasts of establishing permanent cooperation with the British AM Center of Excellence (AM-CoE) – a manufacturer of light-cured ceramic resins intended for prototyping and 3D printing in the aviation, electronics, chemical and automotive industries. Zortrax has created dedicated software and prepared a complete solution tailored to the needs of companies producing ceramic parts based on the Inkspire 2 resin 3D printer, which is also distributed by AM-CoE.


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