voxeljet AG

Third-quarter 2023 revenue was EUR6.2 million, up 7.5% from EUR5.7 million a year ago. Gross profit margin was 26.8%, down from 28.7% in Q3 2022. Systems revenue increased 25.2% to EUR3.4 million from EUR2.7 million, while Services revenue declined 8.2% to EUR2.8 million from EUR3.0 million. Services gross margin was 29.6% versus 32.8% a year ago; operating loss was EUR2.8 million versus EUR2.5 million, and net loss was EUR3.2 million or EUR0.35 per ADS versus EUR8.7 million or EUR1.23 per ADS. Cash, cash equivalents and short-term investments were roughly EUR10 million, including about EUR3 million of restricted cash, and the only financial debt was a $3.2 million promissory note due in early 2028. For 2023, management raised the midpoint of full-year revenue guidance to EUR30.75 million, lowered R&D expense guidance to EUR6.75 million-EUR7 million, lowered capex guidance to EUR1.5 million-EUR1.75 million, and guided Q4 revenue to EUR10 million-EUR13.5 million.

Ingo Ederer emphasized that business remains strong, with robust order inflow, a growing backlog, and a target to make Q4 the company’s best quarter to date. He highlighted strategic momentum around large-scale binder jetting, the BMW installation, the GE/DOE project for the new big and fast printer, and the rollout of high-speed sintering. His tone was confident and forward-looking, while also stressing cost discipline and cash preservation as the company finalizes next year’s plan.

Rudolf Franz focused on the quarter’s financial performance and the company’s cost actions. He pointed to revenue at the high end of guidance, Systems revenue up 36.7% for the first nine months, gross margin of 26.8%, and a cash position of roughly EUR10 million with about EUR3 million restricted cash. He also noted lower full-year R&D guidance, lower capex guidance, cash capex around EUR1 million for 2023, and said the company plans further SG&A reductions without hurting growth, with 2024 EBITDA expected to improve and 2025 targeted to be EBITDA positive.

Analysts asked about printer pricing and backlog quality, and management said average printer selling price depends on product mix, with quarterly levels around EUR700,000-EUR800,000, versus the longer-term average of around EUR500,000. On pipeline strength, management said interest in the products has increased, opportunities are growing, and they feel confident about 2024 and 2025. Questions about BMW were answered cautiously: the plant is still testing and building confidence in the solution, while discussions continue on future casting use cases. On 2024, management said it expects approximately 15% to 20% headline growth, better EBITDA from further SG&A cuts, and in the second half of 2024 to be either EBITDA neutral or slightly negative.