German 3D printer manufacturer voxeljet (VJET) has returned to pre-Covid-19 revenue levels during Q3 2021.
Over the third quarter, the company brought in €4.94 million, a marginal 0.6 percent more than the €4.9 million it generated in Q3 2020, and 11 percent more than the €4.44 million it reported in the pandemic-free Q3 of 2019.
According to voxeljet, its increased revenue is the result of continued recovery across its key markets, especially its voxeljet America subsidiary which saw a “substantial increase” in demand in line with the country’s economic comeback from Covid-19.
“It is an exciting time to be a technology leader in the 3D printing industry,” said Dr. Ingo Ederer, CEO of voxeljet. “By engaging in a strategic partnership with GE Renewables, we are now working on three principal R&D projects. We firmly believe these will help us enter a phase of meaningful growth in the years ahead.”
Voxeljet’s Q3 2021 results
While voxeljet also offers on-demand production services in Germany, the US, UK, China, and India, the firm generates most of its revenue from the sales of its High-Speed Sintering (HSS) and binder jet 3D printers. The company reports this income under two segments in its financial results: Systems and Services, with the former including any machine, parts, or maintenance-related revenue.
Throughout Q3 2021, however, Systems revenue took a slight hit to €2.5 million, down seven percent on the €2.7 million reported in Q3 2020 as a result of a lower number of printer sales. During the quarter, the company sold one used and refurbished 3D printer compared to the two sold in the same period in 2020.
The Systems-related revenues from consumables, spare parts and maintenance saw a slight rise in revenue year-over-year, though, which the firm says confirms the positive trend of recovery from the pandemic. As voxeljet’s clients began to once again increase their production activities, the demand for consumables, maintenance service, and spare parts also rose.
Meanwhile, revenue from the firm’s Services segment, which focuses on the 3D printing of on-demand parts for its customers, increased by 9.9 percent to €2.4 million in Q3 2021 compared to the €2.2 million reported in Q3 2020. The revenue increases were mainly as a result of higher contributions from its voxeljet America subsidiary amid growing demand from its North American clients.
Revenue contributions from its German operation and its China subsidiary remained flat, however, on the same level as Q3 2020.
| Revenue (€M) | Q3 2020 | Q3 2021 | Difference (%) | Q3 2019 | Q3 2021 | Difference (%) |
| Systems | 2.7 | 2.5 | -7 | 1.6 | 2.5 | +56 |
| Services | 2.2 | 2.4 | +9.9 | 2.8 | 2.4 | -16 |
| Total | 4.94 | 4.9 | +0.6 | 4.4 | 4.9 | +11 |
The firm’s gross profit and gross profit margin were €1.94 million and 39.3 percent respectively in Q3 2021, compared to €1.6 million and 32.7 percent in Q3 2020. In particular, the gross profit margin for its Systems segment increased from 39.5 percent in Q3 2020 to 44.1 percent in Q3 2021, as a result of selling a larger scale platform during the period than in the previous year.
Meanwhile, gross profit for the company’s Services segment increased significantly more to 34.4 percent in Q3 2021 from 24.6 percent in Q3 2020. The main driver behind the rise was, once again, contributions from voxeljet’s US subsidiary thanks to the higher utilization of its American service center.
At the end of the quarter, the firm had €8.8 million in cash and equivalents, due in part to the €10 million share sales and €12 million offering it announced back in Q1 2021.
R&D and Beta successes
According to Ederer, voxeljet’s beta program was key to the revenue growth achieved by its Systems segment in Q2 2021, and this has carried over into its third quarter performance.
“We are making steady progress with VJET X, arguably the most potent 3D printing solution currently available,” he said. “Our first customer is a premium German car maker. In HSS, we are developing the industry’s largest polymer sintering 3D printer. Recently, we signed with Brose, a large multinational company as our first beta company.”
The firm’s recently-announced R&D partnership with GE Renewable Energy and Fraunhofer IGCV also offers a significant market opportunity for the company going forwards. Voxeljet will develop the largest wind turbine 3D printer to date, which will be used to print the molds needed to cast parts for GE’s Haliade-X turbine.
“This new 3D printer is expected to streamline the production of key components of GE Renewables’ Haliade-X offshore wind turbines, which are among the world’s largest and most efficient units of its type,” continued Ederer. “We are proud to be part of this groundbreaking project in the field of renewable energies and see a significant market opportunity for us: for example, the International Energy Agency has projected that global offshore wind capacity will increase 15-fold by 2040, becoming a one trillion dollar industry.”
At present, the company’s backlog sits at 10 unfilled orders worth €7.6 million, around 10 percent more than it had at the same point last year. As its lead times generally range between three to nine months depending on the equipping process for each 3D printer and the timing of customers’ requested deliveries, the company has not divulged when this backlog will be converted into revenue.
Reaffirming FY 2021 guidance
Ahead of its earnings call, the firm has issued revenue guidance of between €9.3 and €10.8 million for Q4 2021, which could represent a rise of between 5-21 percent. Additionally, the company has reaffirmed its guidance for FY 2021 of €22.5-€27.5 million and a gross margin above 32.5 percent.
Voxeljet has also laid out its expectations for its FY 2021 operating expenses. Selling and administrative expenses are predicted to land between €11.4-€11.9 million, while R&D expenses are projected to be between €6-€6.25 million.
The firm expects its EBITDA to be “neutral-to-positive” for the remainder of the year, however stopped short of providing an exact estimate.
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Featured image shows Voxeljet’s HSS-equipped VX1000 3D printer. Photo via voxeljet.
