3D Printing Financials: voxeljet Q2 Rising Revenues Shadowed by Deepening Net Losses

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Treading financial highs and lows, voxeljet (Nasdaq: VJET) has recently unveiled its financial results for the quarter ending on June 30, 2023. The company reported a revenue increase of 2.2%, reaching €6.8 million, compared to €6.7 million from the previous year’s second quarter. Notably, despite this growth, the firm’s net loss surged to €3.6 million, or 40 cents per share, a significant escalation from the €1.8 million, or 26 cents per share loss in the second quarter of 2022.

The company’s systems segment, responsible for 3D printer development, production, and sales, saw an 11.5% increase in its revenues, growing from €3.6 million in the second quarter of 2022 to €4 in the second quarter of this year. This growth was attributed to selling three new 3D printers in 2023, compared to two new and one refurbished printer in the previous year. The total backlog of 3D printer orders on June 30, 2023, was €10.2 million, representing 14 printers. This compares to a backlog of €10 million representing 11 printers last December. Consequently, systems revenues comprised 58.9% of the total revenues for the period, a growth from 54% in the same period the previous year.

On the other hand, concentrating on on-demand parts printing, the services segment saw a decline of 8.7% in revenues from €3.1 million in Q2 of last year to €2.8 million in Q2 this year. This decline primarily stems from the German service center and voxeljet China’s lower revenue contributions. However, voxeljet America reported higher revenue contributions due to an expanded regional customer base.

Diving into Q2’s financial details, the company’s gross profit for 2023 stood at €1.8 million with a profit margin of 27%. In comparison, last year’s Q2 had a gross profit of €2 million with a margin of 31.3%. Selling expenses rose to €2.1 million from €1.9 million in Q2 2022, mainly due to higher trade fair and exhibition expenses. Research and development expenses slightly reduced to €1.5 million, down from €1.6 million in Q2 2022, primarily due to reductions in personnel and external service costs.

During this quarter, voxeljet expanded its supervisory board to include two industry veterans. Jacqueline Schneider, who joined in May, boasts a rich history in the 3D printing sector, having held pivotal roles at Protolabs and Field Nation and currently advises at Xometry, 3DEO, and Tempo Automation. On the other hand, Jane Arnold, who came on board in June, carries extensive experience in Industry 4.0 applications, previously with Covestro and Stanley Black & Decker. Currently, she’s associated with Momenta and APERIO while continuing her education at institutions like Oxford University and MIT Sloan.

Engineer showing a 3D printed part.

On demand 3D printing services for voxeljet customers. Image courtesy of voxeljet.

Overall financial results were a negative €678,000 compared to a positive €93,000 in Q2 2022. Key financial events, such as the early settlement of the loan granted by the European Investment Bank in October 2022, impacted these figures. Additionally, the sale and leaseback transaction regarding voxeljet’s properties in Friedberg, Bavaria, Germany, in late 2022 also influenced the financial results.

voxeljet’s quarterly results depict a mixed financial landscape. While revenues from its systems segment show promising growth, challenges in the services segment and increased operational expenses have contributed to the escalated net loss. As the company continues to innovate, particularly with exciting projects like the development of a large 3D printer for next-generation wind turbines in collaboration with GE Renewable Energy, it remains crucial for voxeljet to maintain a strategic focus to ensure long-term financial health and continued growth.

Looking ahead to 2023, voxeljet projects revenue to fall between €27.5 million and €32.5 million, with a gross margin surpassing 31.5%. Operational expenses are forecasted with selling, general, and administrative (SG&A) expenses ranging from €14 to €16 million and R&D costs between €7.5 and €8.5 million. Furthermore, the company anticipates depreciation and amortization expenses of at least €3 million and capital expenditures of up to €4.25 million. For the remaining quarters, voxeljet predicts Q3 2023 revenue to be between €4.75 million and €7 million. Wrapping up the year, the last quarter’s adjusted EBITDA is projected to be slightly negative-to-neutral, excluding unpredictable foreign exchange impacts.

Inside voxeljet's HSS system.

3D printing in voxeljet’s HSS system. Image courtesy of voxeljet.

For those eager to delve deeper into the financial intricacies of 3D printing, there’s a valuable resource worth checking out:’s podcast, “Printing Money,” hosted by Alex Kingsbury and Danny Piper. Their latest episode delves into the nuances of the public markets’ Q2 reporting. With expert insight from Troy Jensen, Senior Research Analyst from Lake Street Capital, listeners get a full overview of the market and a chat about the main money topics in the 3D industry. It’s a must-listen for anyone interested in understanding the sector’s economic dynamics.

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