Just as it was de-listed from the NASDAQ last March, voxeljet AG, a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers reported FY 2023 revenues of €33.3 million, growing by 19.7% after a record Q4.
In the fourth quarter of 2023, voxeljet saw a significant increase in total revenues, which surged by 32.9% to €14.3 million from €10.8 million in the same period of the previous year. This growth was fueled by a robust performance in both systems and services revenues. Systems revenues experienced a notable rise of 38.5% to €11.2 million, while services revenues also saw an uptick of 16.0% to €3.1 million. Additionally, the total gross profit margin for the fourth quarter improved to 34.7% from 26.5% in the corresponding period of 2022.
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, expressed satisfaction with the company’s performance, noting that the fourth quarter revenue reached a new quarterly record of €14.3 million, representing a 33% increase year-over-year. He further highlighted that full-year 2023 revenue surpassed expectations, reaching €33.3 million, which exceeded the top end of the company’s revenue guidance and set a new record.
In collaboration with US technology investor Anzu Partners, voxeljet has amended and expanded an existing loan note, securing net loan proceeds of approximately $5.5 million. These funds will be utilized for financing operational activities and facilitating the delisting and deregistration of voxeljet’s American Depositary Shares (ADSs). Following the delisting from Nasdaq on March 22, 2024, and the deregistration from US SEC reporting obligations on April 1, 2024, the ADSs are expected to commence trading on the over-the-counter (OTC) market.
Looking at the order backlog, voxeljet disclosed that as of December 31, 2023, the backlog value stood at €5.5 million, with 8 printers in the backlog, compared to €10.0 million and 11 printers in the previous year. The company explained that the conversion rate of the order backlog into revenue depends on the production and delivery lead times, ranging between three to nine months.
The financial results demonstrate voxeljet’s continued growth trajectory and its commitment to delivering innovative solutions to its customers. With a strong performance in both systems and services revenues, voxeljet remains well-positioned to capitalize on opportunities in the rapidly evolving AM industry.
