Total revenues at voxeljet AG (NASDAQ: VJET), a provider of high-speed, large-format 3D printers and on-demand parts services, increased 14.3% to €4.6 million. The Voxeljet Q1 2022 results are due to an impressive YoY jump in the services revenues category, where sales in the quarter grew by 63.3%. The downside of that is that hardware revenues are down by 32.1%.
Overall, though, it is a positive quarter for the company, a leader in sand binder jetting and now also high-speed polymer PBF technology via its newest HSS systems. The fact that the services business is growing is a good indicator that more companies are looking to use AM parts for their foundry (tooling, casting, molding, etc) and production needs, while the decrease in hardware sales is usually periodical, as voxeljet machines are very large and expensive so a relatively small, and physiological, variation in the number of orders can cause significant changes in revenues.
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented: “We were extremely busy in our on-demand 3D printing segment with revenue up more than 60 percent year-over-year. It is great to see that this growth comes from a wide variety of applications: projects in space exploration in the US, large orders from the art & architecture sector in Germany, components for cooling of parts in electric vehicles in the UK, and so on. What we have seen in the past is that on-demand printing revenue is a leading indicator for future sales of 3D printers, so this makes us very optimistic for the rest of the year.”
Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, were down to €1.4 million (from €2 million in Q1 2021) in last year’s first quarter. The Company delivered one new 3D printer in the first quarter of 2022, compared to two new printers delivered in last year’s first quarter. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. The decrease of revenues from our Systems segment was mainly due to lower revenues from the sale of 3D printers in line with the lower number of transactions. Systems-related revenues were almost flat. Systems revenues represented 30.6% of total revenues in the first quarter of 2022 compared to 51.4% in last year’s first quarter.
Revenues from the Services segment, which focuses on the printing of on-demand parts for our customers, increased to €3.2 million (from 2 million in the comparative period of 2021). This was mainly due to significantly higher revenue contributions from the German operation as well as from subsidiaries voxeljet America Inc. (“voxeljet America”) and voxeljet China Co. Ltd (“voxeljet China”).
Voxeljet’s revenue guidance for the second quarter of 2022 is expected to be in the range of €5 million to €6 million while the company is reaffirming its guidance for the full year ending December 31, 2022. Full year revenue is expected to be in the range of € 25 million to €30 million, with the gross margin for the full year expected to be above 32.5%