voxeljet revenue up 16% as services get “extremely busy” in Q3 2022

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Binder jet 3D printer manufacturer voxeljet (VJET) has announced that its revenue rose to €5.7 million in Q3 2022, up 16.1% on the €4.9 million it reported in Q3 2021. 

While the revenue generated by voxeljet’s 3D printers fell year-on-year, its Services income rose 24.2% to €3.0 million during the quarter. According to the firm itself, this growth was largely down to the “significantly higher revenue contributions” seen from its German service center and voxeljet America subsidiary, which reflect a broader “increased market demand in Europe as well as in North America.”

“We are very happy with our performance over the last month as we continue to collect large orders for our 3D printers, make progress in key R&D projects and we’re extremely busy in our on-demand 3D printing segment,” said Dr. Ingo Ederer, CEO of voxeljet. “With the demand for our product as high as ever, we are very excited about how we are positioned for the coming years.”

A Brose engineer post-processing a voxeljet 3D printed part.
A Brose engineer post-processing a voxeljet 3D printed part. Photo via voxeljet.

voxeljet’s Q3 2022 financials 

voxeljet generates revenue both from the sale of its binder jet and High-Speed Sintering (HSS) 3D printers, and orders for parts generated via its on-demand production services in China, Germany, India, the US and UK. Over Q3 2022, the company’s Systems division brought in a total of €2.7 million, 8.3% more than it did in Q3 2021 but 25.0% less than the €3.6 million it generated in Q2 2022. 

Although voxeljet sold the same number of machines as it did in Q3 last year, selling one new and one used/refurbished system, product mix caused its revenue in this area to fall year-on-year. This decline was offset by an increase in the firm’s consumable, spare part and maintenance-related revenue, which grew significantly over the same period, thanks primarily to its expanding install base. 

Compared to Systems, voxeljet’s Services division demonstrated far more rapid growth, thanks to strong demand seen in Germany and the US, which outpaced that of its Chinese business. The firm’s Services gross profit also rose to €1 million quarter-on-quarter while its Systems gross profit fell to €0.7 million. voxeljet has put this down to the robust performance of its German service center, as well as a change in its inventory policy, which saw it spend another €154,000 in this area. 

Revenue (€) Q2 2022 Q3 2022 Difference (€) Difference (%) Q3 2021Q3 2022 Difference (€) Difference (%) 
Systems 3.6m2.7m-0.9m-25.02.5m2.7m+0.2m+8.3
Services 3.1m3.0m-0.1m-3.22.4m3.0m+0.6m+24.2
Total 6.7m5.7m-1.0m-14.94.9m5.7m+0.8m+16.1
Net Profit/Loss -1.8m-8.7m-6.9m-383.3-0.8m-8.7m-7.9m-987.5

Delving into voxeljet’s record backlog 

Though voxeljet’s 3D printer revenue fell in Q3 2022, it did end the quarter with a new record €13.7 million backlog. On the firm’s earnings call, Ederer explained that “on-demand printing revenue is a good leading indicator for the future sales of 3D printers,” thus suggesting that its rising Service demand is starting to be reflected in System orders too. 

Another aspect that voxeljet’s CEO highlighted as being vital to 3D printing’s adoption in end-use scenarios is the technology’s ‘integration into automated workflows.’ Alongside an unnamed carmaker, Ederer revealed that the company has installed a run of five printers which are now operated independently by the customer, while Sharrow Marine has begun voxeljet-printing its next-gen propeller.  

In other recent developments, voxeljet has started working with GE Renewable Energy and Fraunhofer IGCV to develop the world’s largest wind turbine blade 3D printer. Long standing US customer TI, meanwhile, has adopted four voxeljet VX4000 units for the production of large complex castings, designed to be fitted to the underbody of an upcoming electric vehicle (EV). 

In terms of future deliveries, voxeljet has finished assembling its first VX1000 HSS beta systems and these are currently undergoing in-house commissioning. Once ready, these are expected to be shipped to clients early next year. The firm also experimented with 3D printing concrete powder on the VX200 in Q3, and Ederer said this has drawn interest from companies ‘operating large steel plants.’

The voxeljet VX1000 HSS. Photo via voxeljet.
The voxeljet VX1000 HSS 3D printer. Photo via voxeljet.

Reaffirming guidance for FY 2022 

As we move into Q4, voxeljet has forecast revenue of €9 million to €12 million, and reiterated its FY 2022 guidance of €25 million to €30 million, which if realized, could mean annual growth of anything from 0.8% to 21.0%. In terms of outlay, however, the firm’s combined Q4 R&D expenses and capital expenditure is set to be at least €1.7 million less than projected, due to delays in material procurement. 

More broadly, Ederer added that the company has been able to tidy up its balance sheet over the last quarter, leaving it with €10.2 million in cash and equivalents. As such, he believes the firm is well positioned to take advantage of wider trends in manufacturing, and leverage demand for its new products to drive “meaningful top-line growth.” 

“In August, we signed off on a sale and leaseback transaction of our headquarters in Germany, which closed on October 31, 2022,” concluded Ederer. “This cleans up our balance sheet as we use the proceeds of this transaction to repay most of our financial liabilities. With the demand for our products as high as ever, we are very excited about how we are positioned for the coming years.”

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Featured image shows the voxeljet VX1000 HSS 3D printer. Photo via voxeljet.