Administrative expenses increased by kEUR 311 to kEUR 5,005 for the first nine months of 2021 from kEUR 4,694 in the prior year’s period. The increase was mainly related to higher legal advisor fees related to our stock market listing as well as our communication to financial institutions in connection with funding activities.

R&D expenses increased to kEUR 4,772 for the nine months ended September 30, 2021 from kEUR 4,737 in the same period in 2020, a slight increase of kEUR 35. The increase was mainly due to higher usage of external services as well as higher material expenses, partially offset by lower personnel expenses. R&D expenses can vary from quarter to quarter and are usually driven by the different project types and phases.

Other operating expenses for the nine months ended September 30, 2021 were kEUR 486 compared to kEUR 1,958 in the prior year period. This was mainly due to lower losses from foreign currency transactions amounting to kEUR 402 for the nine months ended September 30, 2021 compared to kEUR 1,859 in the prior year’s period.

Other operating income was kEUR 2,203 for the nine months ended September 30, 2021 compared to kEUR 1,258 in the prior year period. The increase was mainly due to higher gains from foreign exchange transactions amounting to kEUR 1,324 for the nine months ended September 30, 2021 compared to kEUR 489 for the comparative period in 2020. In addition, voxeljet AG received a government grant awarded for research and development project funding in the third quarter of 2021 amounting to kEUR 532, which was recorded within other operating income in the consolidated statement of comprehensive loss.

The changes in foreign currency gains and losses were primarily driven by the valuation of the intercompany loans granted by the parent company to our US subsidiary.

Operating loss was kEUR 8,053 in the nine months ended September 30, 2021 compared to an operating loss of kEUR 10,490 in the comparative period in 2020. This was mainly due to a positive net impact from other operating expenses and other operating income amounting to kEUR 1,717 for the nine months ended September 30, 2021 compared to a negative net impact amounting to kEUR 700 for the last year’s same period in combination with a significant improvement in gross profit. This was partially offset by slightly higher operating expenses within the functions sales and marketing, administration and R&D.

Financial result was negative kEUR 3,632 for the nine months ended September 30, 2021, compared to a financial result of negative kEUR 1,119 in the comparative period in 2020. This was mainly related to higher finance expense related to the revaluation of derivative financial instruments, amounting to kEUR 1,942 for the nine months ended September 30, 2021, compared to a finance expense of kEUR 394 and a finance income of kEUR 486 in the last year’s same period. As described above, as a result of the three successful capital increases in 2021, under the anti-dilution protection clause, the numbers of ordinary shares under the Synthetic Warrant Agreement were increased for tranche A as well as for tranche B1.

Interest expense included interest from long term debt which amounted to kEUR 1,598 for the nine months ended September 30, 2021, compared to kEUR 1,094 for the nine months ended September 30, 2020.

Net loss for the nine months ended September 30, 2021 was kEUR 11,633, or EUR 1.90 per share, as compared to net loss of kEUR 11,759, or EUR 2.41 per share in the prior year period.

Business Outlook

Our revenue guidance for the fourth quarter of 2021 is expected to be in the range of kEUR 9,250 to kEUR 10,750.

We reaffirm our guidance for the full year ending December 31, 2021:

- Full year revenue is expected to be in the range of kEUR 22,500 to kEUR 27,500

- Gross profit margin is expected to be above 32.5%

- Operating expenses for the full year are expected as follows: selling and administrative expenses are expected to be in the range of kEUR 11,400 to kEUR 11,900 and R&D expenses are projected to be between approximately kEUR 6,000 and kEUR 6,250. Depreciation and amortization expense is expected to be between kEUR 3,000 and kEUR 3,250.

- Adjusted EBITDA for the fourth quarter of 2021 is expected to be neutral-to-positive. Adjusted EBITDA is defined as net income (loss), as calculated under IFRS accounting principles before interest (income) expense, provision (benefit) for income taxes, depreciation and amortization, and excluding other operating (income) expense resulting from foreign exchange gains or losses on the intercompany loans granted to the subsidiaries.

- Capital expenditures are projected to be in the range of kEUR 1,000 to kEUR 1,250, which primarily includes ongoing investments in our global subsidiaries.

Our total backlog of 3D printer orders at September 30, 2021 was kEUR 7,556, which represents ten 3D printers. This compares to a backlog of kEUR 6,844 representing nine 3D printers, at December 31, 2020. As production and delivery of our printers is generally characterized by lead times ranging between three to nine months, the conversion rate of order backlog into revenue is dependent on the equipping process for the respective 3D printer, as well as the timing of customers’ requested deliveries.

At September 30, 2021, we had cash and cash equivalents of kEUR 8,777 and restricted cash of kEUR 2,245 and held kEUR 13,449 of investments in bond funds and term deposits, which are included in current financial assets on our consolidated statements of financial position.

Webcast and Conference Call Details

The Company will host a conference call and webcast to review the results for the third quarter of 2021 on Friday, November 12, 2021 at 8:30 a.m. Eastern Time. Participants from voxeljet will include its Chief Executive Officer, Dr. Ingo Ederer, and its Chief Financial Officer, Rudolf Franz, who will provide a general business update and respond to investor questions.

Interested parties may access the live audio broadcast by dialing 1-877-705-6003 in the United States/Canada, or 1-201-493-6725 for international, Conference Title “voxeljet AG Third Quarter 2021 Financial Results Conference Call”. Investors are requested to access the call at least five minutes before the scheduled start time in order to complete a brief registration. An audio replay will be available approximately two hours after the completion of the call at 1-844-512-2921 or 1-412-317-6671, Replay Conference ID number 13724085. The recording will be available for replay through November 19, 2021.

A live webcast of the call will also be available on the investor relations section of the Company’s website. Please go to the website https://event.on24.com/wcc/r/3408602/E1D0563206A4730C431595F6EB2D6BB3 at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. A replay will also be available as a webcast on the investor relations section of the Company’s website.

Non-IFRS Measure

Management regularly uses both IFRS and non-IFRS results and expectations internally to assess its overall performance of the business, making operating decisions, and forecasting and planning for future periods. Management believes that Adjusted EBITDA is a useful financial measure to the Company’s investors as it helps investors better understand and evaluate the projections our management board provides. The Company’s calculation of Adjusted EBITDA may not be comparable to similarly titled financial measures reported by other peer companies. Adjusted EBITDA should not be considered as a substitute to financial measures prepared in accordance with IFRS.

The Company uses Adjusted EBITDA as a supplemental financial measure of its financial performance. Adjusted EBITDA is defined as net income (loss), as calculated under IFRS accounting principles, interest (income) expense, provision (benefit) for income taxes, depreciation and amortization, and excluding other (income) expense resulting from foreign exchange gains or losses on the intercompany loans granted to the subsidiaries. Management believes Adjusted EBITDA to be an important financial measure because it excludes the effects of fluctuating foreign exchange gains or losses on the intercompany loans granted to its subsidiaries. We are unable to reasonably estimate the potential full-year financial impact of foreign currency translation because of volatility in foreign exchange rates. Therefore, we are unable to provide a reconciliation to our forward-looking guidance for non-GAAP Adjusted EBITDA without unreasonable effort as certain information necessary to calculate such measure on an IFRS basis is unavailable, dependent on future events outside of our control and cannot be predicted without unreasonable efforts by the Company.

About voxeljet

voxeljet is a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers. The Company’s 3D printers employ a powder binding, additive manufacturing technology to produce parts using various material sets, which consist of particulate materials and proprietary chemical binding agents. The Company provides its 3D printers and on-demand parts services to industrial and commercial customers serving the automotive, aerospace, film and entertainment, art and architecture, engineering and consumer product end markets. For more information, visit http://www.voxeljet.de/en/ .