voxeljet reports steady growth in Q3
Revenues for the first nine months of 2021 increased by 9.7% as company thinks big
voxeljet, a provider of high-speed, large-format 3D printers and on-demand parts services, reported revenues for the third quarter slightly increased 0.6% to €4.938 million. Gross profit margin increased to 39.3% from 32.7% although systems revenues decreased 7.0% to €2.497 million. On the other hand, services revenues increased 9.9% to €2.441 million. Revenues for the nine months ended September 30, 2021, increased by 9.7% to €13.9 million compared to €12.7 million in the prior-year period.
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “It is an exciting time to be a technology leader in the 3D printing industry. By engaging in a strategic partnership with GE Renewables, we are now working on three principal R&D projects. We firmly believe these will help us enter a phase of meaningful growth in the years ahead. We are making steady progress with VJET X, arguably the most potent 3D printing solution currently available. Our first customer is a premium German carmaker. In High-Speed Sintering, we are developing the industry’s largest polymer sintering 3D printer. Recently, we signed with Brose a large multi-national company as our first beta customer. And now, we are engaged in a strategic partnership with GE Renewables for the development of the world’s largest binder-jetting 3D printer for offshore wind applications. This new 3D printer is expected to streamline the production of key components of GE Renewables’s Haliade-X offshore wind turbines, which are among the world’s largest and most efficient units of its type. We are proud to be part of this groundbreaking project in the field of renewable energies and see a significant market opportunity for us: for example, the International Energy Agency has projected that global offshore wind capacity will increase 15-fold by 2040, becoming a one trillion dollar industry.”
More specifically, voxeljet Systems revenues were €7.26 for the first nine months of 2021 compared to €5.86 for the same period last year. The Company sold three new and two used and refurbished 3D printers during the first nine months of 2021, compared to two new and three used and refurbished 3D printers in the prior-year period. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. The substantial increase in revenues from our Systems segment was due to both revenues from the sale of 3D printers and Systems-related revenues.
Although the voxeljet sold the same number of units, revenue from the sale of 3D printers significantly increased due to the product mix, as we sold more larger scale platforms in the first nine months of 2021 as opposed to smaller platforms in the comparative period in 2020. In addition, Systems-related revenues 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 constraints and obstacles, but the situation is normalizing progressively. Systems revenues represented 52.1% of total revenue for the nine months ended September 30, 2021 compared to 46.1% for the same period in the prior year.
Services revenues were €6.68 million for the nine months ended September 30, 2021 compared to €6.85 million for the same period last year. This decrease of 2.4% was mainly due to lower revenue contributions from our subsidiaries voxeljet America as well as voxeljet China. Even though there was an increase in revenues 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. Revenue contributions from the German service center were almost on the same level as in last year’s same period.
