Zortrax publishes financial results for 2022

Zortrax – a manufacturer of FDM / FFF and UV LCD 3D printers from Olsztyn, has published financial results for the fourth quarter of last year, as well as for the entire year 2022. The fourth quarter was much weaker in terms of revenue compared to the same period in 2021, however, the company managed to exceed PLN 40 million in revenue in the entire 2022. Unfortunately, Zortrax still generates annual losses, this time at -8,7 million PLN. For the last time, the company recorded a positive, full-year financial result in 2016, when it achieved revenue of PLN 53.8 million and a profit of over PLN 14 million.

In the fourth quarter of last year, Zortrax generated revenue of PLN 7.5 million, PLN -4.4 million less than in the corresponding period of the previous year. 71% of the revenue came from the sale of 3D printers and accessories, and the remaining 29% from the sale of consumables. Thus, the structure of revenue sources remained practically at the same level as in the previous year (73%-27%). The loss on sales amounted to PLN -1.86 million (~1.1 million more than in Q4 2021), and the total accounting loss for this period amounted to PLN -2.91 million (~1 million more than in Q4 2021). Gross margin on products, goods and services amounted to PLN 3.5 million and was PLN -1.3 million lower compared to Q4 2021. The percentage level of the gross margin in the fourth quarter of 2022 was 46% and was 6.5 p.p. higher than in the comparable reporting period.

As the reasons for the weaker financial results, Zortrax mentions “decline in sales on the education market” and “the geopolitical situation that has a negative impact on the entire 3D printing industry.” It also indicates that it incurs large investment expenditures on research and development activities, however, “these costs are starting to increase further due to the increasingly high inflation rate.”

On a full-year basis, Zortrax generated PLN 40.15 million in revenue. Due to the merger with Corelens in June 2021, the Zortrax report does not include comparability of the results for 12 months of 2022 to 12 months of 2021. 76% of the revenue came from the sale of 3D printers and 24% from the sale of consumables. The total loss on sales was PLN -4.26 million, and the total book loss was PLN -8.71 million. In the income statement, a significant item (PLN 5.9m) is other operating costs, of which PLN 5.6m relates to the amortization of positive goodwill, which is the result of the settlement of the merger of Zortrax and Corelens.

Breakdown by quarter, revenues and profit / loss were as follows:

• Q1 2022 = PLN 17.6 million in revenue and PLN 0.3 million in profit
• Q2 2022 = PLN 9.6 million in revenue and PLN -1 million loss on sales
• Q3 2022 = PLN 5.3 million in revenue and loss on sales – PLN 2.59 million
• Q4 2022 = PLN 7.5 million in revenue and PLN -1.86 million loss on sales.

In the conclusions to the financial report, Zortrax states that its “further development and implementation of strategic plans is associated with the need to obtain additional financing”. The company’s management board, together with the consulting company Vienna Capital Partners, with which it established cooperation in June 2022, are conducting a number of activities related to the review of strategic options that are most favorable for the company. Various available scenarios on the broadly understood financial market are being considered.

Source: www.zortrax.com