voxeljet AG reports +35.4% Q2 revenues, +25.9% H1 revenues
Reaffirms full year 2022 guidance of €25 million to €30 million
Voxeljet AG (NASDAQ: VJET), a provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers, reported that second-quarter revenues increased 35.4% to €6.7 million from €4.9 million. Revenues for the six months ended June 30, 2022, increased by 25.9% to €11.3 million compared to €9 million in the prior year period.
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented: “We are very happy with the results for the quarter. We continue to be extremely busy in our on-demand printing segment and won major orders for 3D printing systems over the last months. With the currently signed number of orders for 3D printers, we have already achieved our target for 2022. Now, we are working hard to make the deliveries and installations on time to be able to record revenue for these orders in 2022. Similar to many other companies, we continue to see some delays with our suppliers as well as increasing costs, especially for electrical components. We are working closely with our suppliers and the support we receive is excellent. We are very excited about how the Company is positioned and our opportunities ahead.”
Revenues from the Systems segment, which focuses on the development, production and sale of 3D printers, increased 35.0% to €3.6 in the second quarter of 2022. The Company sold two new and one used and refurbished 3D printer in the second quarter of 2022 compared to one new and one used and refurbished 3D printer in last year’s second quarter. Revenue from the sale of 3D printers increased due to the higher number of sold units in contrast with the comparative period in 2021. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. Those Systems-related revenues also increased in the second quarter year over year, reflecting the higher installed base of our 3D printers in the market. Systems revenues represented 54.0% of total revenues in the second quarter of 2022 compared to 54.1% in last year’s second quarter.
Revenues from the Services segment, which focuses on the printing of on-demand parts for our customers, increased 35.8% to €3 million in the second quarter of 2022. This was mainly due to significantly higher revenue contributions from the German service center as well as subsidiary voxeljet America Inc., reflecting an increased market demand in Europe as well as North America. Also, revenue contributions from the subsidiary voxeljet China Co. Ltd. slightly increased, mainly due to growing market penetration in the Asia Pacific sales region, which is accompanied by a larger customer base.
The company also reported growing gross profits in both the Systems and Services segments, with a reduced operating loss.
As a result, voxeljet projects revenues for the third quarter of 2022 is expected to be in the range of € 5.5 million to €6 million. The company is reaffirming its guidance for the full year ending December 31, 2022 with revenues expected to be in the range of €25 million to €30 million and gross profit margin is expected to be above 32.5%.