voxeljet reports revenue growth for Q2 2018 led by strong 3D printing services segment

Industrial 3D printer manufacturer voxeljet AG (NYSE:VJET) has released its financial results for the second quarter and first half of FY2018.

Headline revenue for the three months ended June 30, 2018 was reported at €5.3 million, an increase of 2.1% on the same period in 2017 which was €5.1 million. The rise in revenue from this period was led by a strong performance in the company’s 3D printing Services segment, which experienced an increase of 26.4% to €3.4 million, compared to €2.6 million in Q2 2017.

The Systems segment, responsible for the sale of 3D printers, peripherals and maintenance, was reported at €1.8 million, a decrease of 25.9% to on the comparative period in 2017, and constituted 35.8% of total revenues, in comparison with 49.9% in Q2 2017.

H1 2018 revenue was reported at €10.3 million, the comparative for the previous year was €9.7 million. Furthermore, the company has reaffirmed its guidance for the full year, expecting revenue within the range of €28 million and €30 million.

voxeljet customers and industrial additive manufacturing machines. Photo via voxeljet AG.
voxeljet customers and industrial additive manufacturing machines. Photo via voxeljet AG.

3D binder jetting

voxeljet 3D printers employ binder jetting technology to produce sand investment castings, plastic parts and ceramics. As of 2017, its VX2000 system is also integrated with High Speed Sintering (HSS) technology.

In addition to the hardware and materials for these systems, voxeljet offers industrial 3D printing services from facilities located in India, China, Germany, the U.S. and the UK.

Most recently, in Q1 2018, voxeljet agreed to a 3 year contract supplying Tooling and Equipment International (TEI) in Livonia, Michigan, with over 500,000 liters of 3D printed sand.

Good performance in America and Germany

The strongest growth for Services revenue contributions in Q2 2018 was generated by the voxeljet America subsidiary and operations at the company’s German base. In the U.S. revenue for Q2 2018 was reported at €1.1 million, 21% of the overall revenue for the period. In Germany, the company generated €1.2 million in revenue, a respective 23% of the total for the period.

Summary of revenues by region – voxeljet financial results Q2 2018.
  Three months ended June 30,  
  Q2 2018 Variance Q2 2017 Variance
  (€ in thousands)
EMEA 3,690 70.13% 3,554 68.97%
Germany 1,220 23.19% 2,023 39.26%
France 1,160 22.04% 503 9.76%
Others 1,310 24.90% 918 17.81%
Asia Pacific 449 8.53% 1,001 19.43%
China 135 2.57% 808 15.68%
South Korea 181 3.44% 165 3.20%
Others 133 2.53% 28 0.54%
Americas 1,123 21.34% 598 11.60%
United States 1,115 21.19% 579 11.24%
Others 8 0.15% 19 0.37%
Total 5,262   5,153  

Overall decrease in Systems revenue when compared to Q2 2017 was due in part to a lower rate of machine sales. According to the company, two 3D printers were delivered in Q2 2018 (one new, one refurbished), as apposed to the three new 3D printers delivered in Q2 2017.

The 3D printing industry’s inflection point

Gross profit for Q2 2018 was reported at €2 million, with the comparison for Q2 2017 at €2.1 million. voxeljet reported a net loss of €2.7 million in Q2 2018. Net loss for Q2 2017 was €2.6 million.

Summary of Condensed Balance Sheets – voxeljet financial results Q2 2018.
  Q2 2018 Q2 2017 H2 2018 H2 2017
  (€ in thousands)
Revenue Systems 1,883 2,542 3,258 4,235
Revenue Services 3,379 2,611 7,056 5,448
Total Revenue 5,262 5,153 10,314 9,683
Gross Profit 2,053 2,110 4,320 3,691
Net Loss -2,748 -2,674 -4,330 -5,105

Taking a look at the company’s cash and liquid assets, there is also a marked difference between December 30, 2017 and the end of Q2 on June 30, 2018. In cash and financial assets combined, voxeljet has seen a decrease of €4.7 million from €21.6 million December end 2017, to $16.8 million end of June 2018.

  6/30/2018 12/31/2017 Variance
Cash and cash equivalents 3,643 7,569 -3,926
Financial assets 13,194 14,044 -850
Total cash and liquid assets 16,837 21,613 -4,776

In a statement relating to the results Dr. Ingo Ederer, CEO of voxeljet, comments,

“Today I can say that, together with our partners, we are reinventing the manufacturing landscape by launching the world’s first fully automated 3D production solution capable of replacing conventional manufacturing in serial-production,”

“The 3D printing industry is at an inflection point and this achievement marks a key milestone in our mission.”

The full report of voxeljet’s financial results for the second quarter of 2018 can be viewed online here.

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Featured image shows large scale casted/3D printed objects made by voxeljet. Photo via voxeljet