voxeljet AG (NASDAQ: VJET), a provider of high-speed, large-format 3D printers and on-demand parts services, closed its Voxeljet FY 2021 with revenues of €24.826 million, up 15% from €21.567 in the previous fiscal year.
Among other highlights, total revenues for the fourth quarter increased 22.9% to €10.885 million from €8.859 million. The total gross profit margin for the fourth quarter slightly decreased from 33.6% to 32.7%. Systems revenues for the fourth quarter increased 26.5% to €8.470 million from €6.695 million. Services revenues for the fourth quarter increased 11.6% to €2.415 from €2.164.
Revenue for full-year 2022 is now expected to be between €25 million and €30 million. These are altogether excellent results for the german sand binder jetting and HSS company which has gone through a bit of a rough patch in previous years, with the global manufacturing industry and wall street analysts failing to fully comprehend its technology’s huge potential.
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented: “We ended 2021 with a number of notable achievements that underscore the growing demand across our product portfolio, increasing market dynamics and greater recognition of voxeljet’s leading 3D printing technology for industrial applications. In September 2021 we announced that, together with GE Renewables, we plan to develop the world’s largest binder jet 3D printer for the production of critical components for next-generation wind turbines, called Haliade-X. In the fourth quarter, we announced that Brose, a leading global supplier to the electric car industry, is the first client in the beta program for our new, large High Speed Sintering 3D printer. We also announced a partnership in the fourth quarter with Covestro, a billion-dollar chemical company, to advance additive manufacturing in series production. Last but not least we received the final acceptance of the first VJET X units from our partner in the fourth quarter, related to the project with a leading German automotive manufacturer. The VJET X is a new 3D printer with extreme performance for high volume, industrial applications. Overall, the fourth quarter 2021 was a record sales quarter for our company and we are pleased that this momentum has continued in the first months of the new year.”
During the Voxeljet FY 2021, systems revenues were €15.7 million for the year ended December 31, 2021 compared to €12.6 million in last year’s period. The Company sold ten new and four used and refurbished 3D printers during the year ended December 31, 2021 compared to eight new and five used and refurbished 3D printers in the prior year period. Revenue from the sale of 3D printers significantly increased in 2021 compared to last year, due to a more favorable product mix, as we sold more larger scale platforms in 2021 as opposed to smaller platforms in the comparative period in 2020.
Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. Those Systems-related revenues also increased, which reflects the recovery from the economic slow-down mainly due to the ongoing COVID-19 situation. Currently, we are able to perform installations of 3D printers as well as to offer service visits in most regions of the world. There remain some COVID-19 government regulation constraints that could delay service visits, however, the situation is normalizing progressively. Systems revenues represented 63.4% of total revenue for the year ended December 31, 2021 compared to 58.2% for the last year’s same period.
Services revenues were stable at €9 million for the year ended December 31, 2021. A slight increase was mainly due to higher revenue contributions from the German operation, but the Chinese service center also recorded slight growth in revenues. This was partially offset by lower revenue contributions from the subsidiary voxeljet America. Even though there was an increase in revenues starting in the third quarter of 2021, it did not fully compensate for the negative impact of the COVID-19 situation in the first half of 2021.