voxeljet reports Q2, H1 2019 financial results driven by systems sales

German industrial 3D printer manufacturer voxeljet (NYSE:VJET) has reported its financial results for the second quarter and first half of fiscal 2019.

Q2 2019 revenue decreased 4 percent to €5 million compared to the same period in 2018 which reported revenue of €5.2 million. Of the total revenue, voxeljet Systems revenue constituted €2.1 million, a 13.1 percent increase compared to Q2 2018 which was €1.8 million. This was offset by revenue from the Services segment, which experienced a 13.6 percent decrease compared to Q2 2018.

Revenues Q2 FY2019 Q2 FY2018 Variance € millions %
Systems Revenue 2,129 1,883 246 13.06%
Services Revenue 2,921 3,379 -458 -13.55%
Total segments 5,050 5,262 -212 -4.03%

Revenue for H1 2019 reported a slight increase to €10.6 million, compared to €10.3 million for the same period in 2019. Across all six months, Systems revenue has been strong, reporting €4.5 million in H1 2019 compared to €3.3 million in H1 2018. In the six months ended June 30, 2019, voxeljet sold a total of five 3D printers, four new and one refurbished. This is compared to one new and three used sold in H1 2018.

Revenues H1 FY2019 H1 FY2018 Variance € millions %
Systems Revenue 4,544 3,258 1,286 39.47%
Services Revenue 6,071 7,056 -985 -13.96%
Total segments 10,615 10,314 301 2.92%

Dr. Ingo Ederer, Chief Executive Officer of voxeljet said that the company was “satisfied with the results for the first half of 2019.” He also chose to focus comments on the upcoming public launch of the VX1000 High Speed Sintering (HSS) printer.

“This new 3D printer can be used in the mass production of sports equipment, consumer goods & electronics as well as in the manufacturing of parts for mobility & transportation and similar markets,” commented Dr. Ederer.

“There is truly a lot to be excited about.”

Systems and Services at voxeljet

Cost of sales at voxeljet for Q2 2019 was €3.5 million, compared to €1.8 million in Q2 2019. This created a gross profit margin for voxeljet of €1.5 million and 30.2 percent in Q2 2019, compared to a Q2 2018 gross profit margin of €1.8 million and 35.2 percent.

In the Systems segment, the company reported a gross profit of €531 thousand, and a gross profit margin of 24.9 percent in Q2 2019. Q2 2018 gross profit in Systems, for comparison, was reported at €474 thousand, with a gross profit margin of 25.2 percent. The year over year decrease in gross profit margin was attributed to a “less favorable product mix.”

In the Services segment, voxeljet reported a decreased gross profit of €995 thousand in Q2 2019 compared to €1.4 million in Q2 2018. The gross profit margin for Services decreased to 34.1 percent in Q2 2019 compared to 40.8 percent in Q2 2018. Lower utilization of the company’s German service center was related to the lower gross profit margin, as was higher deprecation expense at the voxeljet America subsidiary.

Net loss for Q2 2019 was reported at €3.9 million, or €0.79 per share. This is compared to a net loss of €2.9 million, or €0.79 per share in Q2 2018.

Full year 2019 guidance

Within the three months ended June 30, 2019, voxeljet launched the VJET X machine, which is reportedly 10 times faster than the company’s previous models. Designed to be integrated into automotive production lines for metal casting, the VJET X has been externally tested by an anonymous business in the automotive sector – this could be any one of the leading automakers in Germany as voxeljet has lasting relationships with BMW, Daimler and Volkswagen. Dr. Ederer confirmed the said manufacturer is using the system to mass produce an engine components capable of reducing vehicle CO2 emissions.

In Q2 2019, the company also entered into the Industrialization of Core Printing (ICP) alliance with Spanish tooling maker Loramendi, and ASK Chemicals, a global foundry material-science company.

Diagram of the VJET X system. Image via Voxeljet
Diagram of the VJET X system. Image via Voxeljet

Giving an update on expected activity within the latter six months of 2019, Dr. Ederer said the the company is on track to present its VX1000 HSS 3D printed in the fourth quarter of 2019, in time for Formnext.

Reaffirming full year guidance set in Q1 2019, voxeljet expects year end 2019 revenue in the range of €27 million to €30 million. The third quarter of 2019 is expected to generate between €4.5 million and €5.5 million of overall annual revenue. Gross profit margin for FY 2019 is expected above 40 percent.

The total backlog of 3D printer orders at June 30, 2019 was €3.3 million, representing six machines. The company ends the period with liquidity of over €15 million (cash and cash equivalents and financial assets, which consist of investments in bond funds).

voxeljet financial results for the second quarter and first half of 2019 can be accessed online here.

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Featured image shows the sign at voxeljet HQ. Photo via voxeljet