Voxeljet posts 14% revenue growth for Q1 2022 while Systems revenue performance dips

Binder jet 3D printer manufacturer voxeljet (VJET) has reported a 14.3% percent revenue growth in its Q1 2022 financials, driven largely by its on-demand 3D printing segment.

Over the course of Q1 2022, the firm generated €4.6 million, around €500,000 more than the €4.06 million it brought in during Q1 2021. However, despite returning to growth in Q3 2020, the company’s Q1 2022 revenue remains below pre-Covid figures, coming in at around €1 million less than the €5.6 million generated during Q1 2019.

Although the firm saw a 33% dip in revenue from its Systems segment, attributed primarily to reduced sales of 3D printers during the quarter, voxeljet CEO Dr. Ingo Ederer explained the increasing activities of the company’s Services division contributed strongly to the total Q1 2022 growth. 

“We were extremely busy in our on-demand 3D printing segment with revenue up more than 60% year-over-year,” he said. “It is great to see that this growth comes from a wide variety of applications: projects in space exploration in the US, large orders from the art and architecture sector in Germany, components for cooling of parts in electric vehicles in the UK, and so on.

“What we have seen in the past is that on-demand printing revenue is a leading indicator for future sales of 3D printers, so this makes us very optimistic for the rest of the year.”

The voxeljet VX1000 HSS. Photo via voxeljet.
The voxeljet VX1000 HSS. Photo via voxeljet.

voxeljet’s Q1 2022 financial results

While voxeljet markets on-demand production services in Germany, the US, UK, China, and India, it usually derives the majority of its revenue from the sale of its High-Speed Sintering (HSS) and binder jet 3D printers. However, during Q1 2022 this appears to have flipped.

The firm reports its income across two main segments, Services and Systems, with the latter including any revenue generated by its part or maintenance-related activities. 

During Q1 2022, voxeljet’s Systems lost its title as the firm’s highest-earning division, with revenue down 32% from €2 million in Q1 2021 to €1.4 million in Q1 2022. The firm delivered one new 3D printer during the period, compared to the two new systems it delivered in Q1 2021, which the firm says is why the segment’s revenue dipped in Q1 2022. Meanwhile, the company’s systems-related revenue remained flat during the quarter. Systems revenue represented just under 31% of voxeljet’s total revenue for Q1 2022, compared to 51% in Q1 2021.

Meanwhile, the company’s Services division, which focuses on the printing of on-demand parts for its customers, increased 63% to €3.2 million in Q1 2022 from the €1.9 million it generated in Q1 2021. According to voxeljet, this was mainly due to “significantly higher” revenue contributions from its German business as well as from its subsidiaries voxeljet America and voxeljet China.

Regarding profitability, the company’s gross profit margin for Q1 2022 was €1.6 million compared to €1.03 million in Q1 2021, while its profit margin grew to 34% from 25.6%.

Alongside its financials, voxeljet revealed a backlog of nine 3D printers during Q1 2022 worth €5.7 million, compared to a backlog of €3.9 million in Q4 2021 representing seven 3D printers. The firm said that as production and delivery of its printers are generally characterized by lead times ranging between three to nine months, the conversion rate of order backlog into revenue is dependent on the equipping process for the respective 3D printer as well as the timing of customers’ requested deliveries.

voxeljet financials (€)Q1 2021Q1 2022Difference (%)Q1 2019Q1 2022Difference (%)
Cost of Sales-3.02m-3.04m+0.6-3.65m-3.04m-16.7
Gross Profit1.03m1.59m+54.31.91m1.59m-16.7
Net Profit/Loss-8.32m-0.75m+90.9-2.78-0.75m+73
A Brose engineer post-processing a voxeljet 3D printed part.
A Brose engineer post-processing a voxeljet 3D printed part. Photo via voxeljet.

Predicting continued growth

In its Q1 2022 financial report, voxeljet reaffirmed its revenue guidance for FY 2022 to be in the range of €25 million and €30 million. The company also anticipates its gross margin for the year to be above 32.5%, while adjusted EBITDA for Q4 2022 is expected to be “neutral to positive”.

Additionally, the firm’s capital expenditures for FY 2022 are projected to be between €4.5 million and €4.75 million, which the firm said will primarily include ongoing investments in its subsidiaries.

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Featured image shows the voxeljet VX1000 HSS. Photo via voxeljet.