Binder jet 3D printer manufacturer voxeljet (VJET) has announced that its revenue rose 35.4% in Q2 2022 amid a resurgence in demand for its proprietary 3D printers.
As revealed in its Q2 2022 financials, the firm generated €6.7 million in revenue over the quarter, €1.8 million more than it managed in Q2 2021, and a €1.6 million increase against the pre-COVID period of Q2 2019. While voxeljet’s system income fell in Q1, this trend has reversed in recent months, culminating in a recovery that CEO Dr. Ingo Ederer attributes to the winning of ‘major 3D printing orders.’
Following the publication of its results, voxeljet’s share price rose 8.5% in pre-market trading, reflecting investor satisfaction about its strong Q2 revenue performance.
“We are very happy with the results for the quarter,” said Ederer. “With the currently signed number of orders for 3D printers, we have already achieved our target for 2022. Now, we are working hard to make the deliveries and installations on time to be able to record revenue for these orders.”
voxeljet’s Q2 2022 financial results
Although voxeljet markets on-demand production services in China, Germany, India, the US and UK, it tends to generate the majority of its revenue via the sale of its binder jet and High-Speed Sintering (HSS) 3D printers. This pattern had flipped in the first quarter, with Services outperforming the firm’s Systems, but things returned to normality in Q2, with the latter benefiting from resurgent demand.
During Q2 2022, voxeljet’s Systems segment, which includes income derived from its 3D printer development, production and sales, brought in €3.6 million, 35.0% more than the €2.7 million it generated in Q2 2021. The business’ growth was primarily driven by higher unit sales, with it selling two new and one used/refurbished 3D printer in Q2 2022, compared to the one new and one used it sold a year earlier.
In Services, voxeljet’s revenue also increased by 35.8% in Q2 2022, from the €2.3 million it reported in Q2 2021 to €3.1 million. According to the company, this growth was due to “significantly higher revenue contributions” from its German service center and subsidiary voxeljet America, reflecting “increased market demand” in both nations. Likewise, the firm says revenue contributions from its voxeljet China business rose slightly, due to “growing market penetration in Asia Pacific.”
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Building up a burgeoning backlog
Ahead of its Q2 2022 earnings call, voxeljet hasn’t revealed the identity of those that placed the ‘major orders’ which boosted its revenue last quarter, but it did unveil initiatives late last year that laid the groundwork for its sales success.
In October 2021, the company revealed that multinational automotive supplier Brose had become one of the first participants in its HSS Early-Access Beta Program. Since then, the firms have collaborated to further develop the voxeljet VX1000 3D printer for use in the series production of polymer automotive parts.
More recently, voxeljet has partnered with Fraunhofer IPA and the University of Bayreuth to establish a HSS 3D printing material network, designed to expedite the qualification of new polymers for the technology. The business has also begun working with Covestro, a firm with established expertise in 3D printable polymer R&D, to develop a seamless material-process solution for volume manufacturing.
No doubt, together, these technological advances continue to make voxeljet’s Systems offering more appealing to those in production environments, and contributed to its Q2 2022 backlog, which stood at €8.3 million. Though the company’s order conversion rate tends to be 3-9 months, this figure, which is more than double its Q2 2021 backlog of €3.9 million, positions it well for the rest of 2022.
Guiding growth in spite of headwinds
Heading into Q3, voxeljet has reaffirmed its FY 2022 guidance of €25 million to €30 million, which if realized, could constitute annual growth of anything from 0.8% to 21%. The firm also expects its profit margin to be above 32.5%, up from the 31.3% it reported in Q2 2022, and its adjusted EBITDA to be “neutral to positive,” with its Q3 revenue outlook set at €5.5 million to €6 million, reflecting growth of up to 22.4%.
Like many 3D printing firms last quarter, voxeljet also saw supply issues affect the lead times and material costs behind its machines, but Ederer says it remains focused on working with suppliers to convert its backlog before the end of 2022.
“Similar to many other companies, we continue to see some delays with our suppliers as well as increasing costs, especially for electrical components,” added Ederer. “We are working closely with our suppliers and the support we receive is excellent. We are very excited about how the company is positioned and our opportunities ahead.”
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Featured image shows the voxeljet VX1000 HSS 3D printer. Photo via voxeljet.