voxeljet reports steady growth of 3D printing with €23 million revenue for FY2017

voxeljet (FRA:VX8A) continues 3D printing financial results season reporting for the fourth quarter and full year ended December 31, 2017.

Reporting a 3.8% increase on the €22.3 million revenue for FY2016, voxeljet reported revenue of €23.1 million for FY2017.

This final figure is marginally lower than the €26.0 million to €28.0 million range announced in an earlier preliminary report in March 2018. voxeljet also reaffirmed full year guidance for 2018. voxeljet revenue for 2018 is forecast in the range of €28.0 million to €30.0 million.

According to Ingo Ederer, Founder, CEO and Member of Management Board at voxeljet AG, the figures show that the company is “on track, both from a financial and from a strategic perspective.”

Under the hood of the VX200 industrial 3D printer. Photo via voxeljet
Under the hood of the VX200 industrial 3D printer. Photo via voxeljet

Horizon 2020’s financial boost

Financially, voxeljet received a boost by the European Investment Bank, in collaboration with the European Commission and its Horizon 2020 innovation project. voxeljet signed a loan of up to €25 million with the initiative, reinforcing its research and development activities.

Research and development expenses for the full year 2017 amounted to €5.5 million, mainly flat on the comparative of €5.6 million for FY2016.

As previously reported, the company has also signed a lucrative 3 year contract with Tooling and Equipment International (TEI), the largest user of 3D printed sand casts in the U.S.

Q4 2017 is the first year that operations in the U.S. reached profitability. By region, 25.1% of voxeljet sales for FY2017 was generated in the Americas, and 64% of revenue was from the EMEA region. Making up the remaining 10.9% of sales, success in these regions was offset by a decline in the Asian market which may soon receive a boost due to the completion of a new production facility in the area.

To lower the cost of its printing equipment and bolster on-demand 3D printing services for its clients, voxeljet is working on a large-scale production facility in China, which is reportedly “nearing completion.”

Full Year 2017 revenues for voxeljet by business unit, region and spending by function. Image via voxeljet
Full Year 2017 revenues for voxeljet by business unit, region and spending by function. Image via voxeljet

Performance in the quarter

Revenues a voxeljet can be analysed by segment as either Systems or Services.

Systems revenue for fourth quarter 2017 was €3.1 million, compared to €3.9 million for the same quarter ended December 31 2016.

Services revenue for Q4 2017 was up to €2.9 million from €2.3 million in Q4 2016.

Services and Systems revenues for the fourth quarter 2017 contributed to a total revenue of €6.1 million for the period with a gross profit of €2.4 million, and gross profit margin of 40% overall.

The total gross profit margin for Q4 2017 has doubled on Q4 2016’s margin of 20%.

Across the full year

Full year 2017 Systems revenue at voxeljet was €11.5 million, and Services revenue was €11.6 million. An increase in the Services segment, up from €9.2 million in FY2016, offset Systems revenue which, in FY2016 was reported at €13 million.

Total gross profit margin across the whole of 2017 was 40.4% (34.0% in Systems and 46.7% in Services) an increase of over 10% for the FY2016, which was 30.9% (24.4% Systems and 40% Services).

voxeljet's large format 3D printer manufacturing sand casting molds. Photo via voxeljet.
voxeljet’s large format 3D printer manufacturing sand casting molds. Photo via voxeljet.

Margins show an improvement on the cost of sales, particularly within voxeljet’s Systems segment.

Looking toward the future, Ederer stated, “The long-term success of our company must not only be measured by the quantity of our innovations, but also by our ability to bring these to their full potential,”

“This holds especially true for our Systems segment, which did not yet deliver the results we’re expecting,

“In the current calendar year, we therefore intend to spend significant time and effort on the many initiatives and collaborations that we have developed over the last several years into bringing these fully to fruition.”


As documented by our Trends in Additive manufacturing for End-Use Production thought leadership series, many companies within the 3D printing eco-system are working towards integration with the wider manufacturing world, and using degrees of automation to achieve this. voxeljet is no exception.

“Our vision is clear,” comments Ederer, “we want to replace conventional production by constantly pushing technological boundaries,”

“We want to bring our 3D printing technology into fully automated mass manufacturing.”

Key announcements for voxeljet in 2017 include an update on its PolyPor C2  software, and the launch of its first High Speed Sintering (HSS) 3D printer.

“In 2018,” Ederer concludes, “we will continue the execution of our strategy, so you can reasonably expect more innovations and more partnerships with a strong focus on bringing these innovations to their full potential.”

3D printed sand molds created at CSIRO Lab 22. Photo via Voxeljet.

The full report of voxeljet’s results in Q4 2017 and FY2017 can be found here. See below for the company’s current assets and consolidate statement of cash flows.

voxeljet AG


Year Ended December 31,
2017 2016
(€ in thousands)
Current assets 37,774 37,506
Cash and cash equivalents 7,569 7,849
Financial assets 14,044 12,579
Trade receivables 5,093 4,133
Inventories 9,539 11,213
Income tax receivables 3 8
Other assets 1,526 1,724
Non-current assets 29,257 24,633
Financial assets 357 211
Intangible assets 1,111 842
Property, plant and equipment 27,698 23,521
Investments in joint venture 39
Other assets 52 59
Total assets 67,031 62,139

voxeljet AG


Year Ended December 31,
2017 2016
(€ in thousands)
Cash Flow from operating activities
Loss for the period (8,525) (11,313)
Depreciation and amortization 3,163 2,542
Foreign currency exchange differences on loans to subsidiaries 1,056 1,092
Impairment losses on goodwill and intangible assets 1,130

Equity-settled share-based payment transaction in relation to the establishment of a
subsidiary with non-controlling interest

Share-based compensation expense 386
Impairment losses on trade receivables 237 367
Change in investment in joint venture 11
Change in fair value of the Performance Participation Interest 17
Change in derivative equity forward (352)
Change in inventory allowance (515) 954
Proceeds from customer loans 10
Deferred income taxes 79
Loss on disposal of assets 15 46
Change in working capital (2,654) (8,422)
Trade and other receivables, inventories and current assets (2,978) (6,784)
Trade payables 629 (27)
Other liabilities and provisions and deferred income (310) (1,657)
Income tax payable/receivables 5 46
Total (7,082) (13,338)
Cash Flow from investing activities
Decrease in Restricted Cash 206
Proceeds from disposal of property, plant and equipment and intangible assets 14
Payments to acquire property, plant and equipment and intangible assets (3,374) (3,700)
Proceeds from disposal of financial assets 4,077 34,979
Payments to acquire financial assets (5,542) (15,827)
Investment in Joint Venture (50)
Total (4,683) 15,466
Cash Flow from financing activities
Repayment from bank overdrafts and lines of credit


Repayment of sale and leaseback obligation


Repayment of finance lease obligation (51) (36)
Repayment from long-term debt (732) (378)
Proceeds of long-term debt 12,612 4,724
Total 11,279 3,616
Net increase (decrease) in cash and cash equivalents (486) 5,744
Cash and cash equivalents at beginning of period 7,849 2,086
Changes to cash and equivalents due to foreign exchanges rates 206 19
Cash and cash equivalents at end of period 7,569 7,849
Supplemental Cash Flow Information
Interest paid


Interest received 16 39
Income taxes paid 2
Property, plant and equipment added under finance lease 123 57


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Featured image shows voxeljet customers and industrial additive manufacturing machines. Photo via voxeljet AG.