voxeljet AG Reports Financial Results for the Third Quarter Ended September 30, 2022
voxeljet AG (NASDAQ: VJET) reported a 16.1% increase in Q3 2022 revenues, reaching kEUR 5,735, compared to kEUR 4,938 in Q3 2021. However, the gross profit margin declined to 28.7% from 39.3%. Systems revenues increased by 8.3% to kEUR 2,704, while services revenues rose by 24.2% to kEUR 3,031. The company reaffirmed its full-year 2022 revenue guidance but revised R&D and capital expenditure projections. The third quarter ended with a net loss of kEUR 8,702, or EUR 1.23 per share, compared to a loss of kEUR 800, or EUR 0.12 per share, in the prior year.
- Total revenue increased by 16.1% to kEUR 5,735 in Q3 2022.
- Services revenue grew by 24.2%, driven by higher demand.
- Total backlog of 3D printer orders increased to kEUR 13,683, indicating strong future sales.
- Gross profit margin decreased to 28.7% from 39.3%.
- Net loss widened to kEUR 8,702 in Q3 2022 from kEUR 800 in Q3 2021.
- R&D expenses projected to increase due to procurement delays.
FRIEDBERG,
Highlights - Third Quarter 2022 compared to the Third Quarter 2021
-
Total revenues increased
16.1% to kEUR 5,735 from kEUR 4,938 -
Gross profit margin decreased to
28.7% from39.3% -
Systems revenues increased
8.3% to kEUR 2,704 from kEUR 2,497 -
Services revenues increased
24.2% to kEUR 3,031 from kEUR 2,441 - Reaffirm full year 2022 revenue guidance while revising certain other elements of our guidance
Dr.
Three Months Ended
Revenues for the third quarter of 2022 increased by
Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased
Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased
Cost of sales were kEUR 4,089 for the third quarter of 2022 compared to kEUR 2,997 for the third quarter of 2021.
Gross profit and gross profit margin were kEUR 1,646 and
Gross profit for our Systems segment decreased to kEUR 651 in the third quarter of 2022 from kEUR 1,102 in the third quarter of 2021. Also gross profit margin for this segment decreased to
Gross profit for our Services segment increased to kEUR 995 for the third quarter of 2022 compared to kEUR 839 for the third quarter of 2021. The main driver for the improvement in gross profit were the contributions from our German service center, partially offset by lower contributions from voxeljet America as well as voxeljet
Selling expenses were kEUR 2,015 for the third quarter of 2022 compared to kEUR 1,471 for the third quarter of 2021. This increase was partially related to higher distribution expenses, in line with the increase in revenues. Distribution expenses like shipping and packaging are a main driver of the selling expenses, and do not only depend on the amount of revenue, but also on quantities and types of products sold, as well as the destinations of where those goods are being delivered. Therefore, distribution expenses can vary from quarter to quarter. In addition, we recorded higher expenses related to sales events like costs for trade fairs as well as travel expenses in the third quarter of 2022, compared to last year’s same period, due to further easing of COVID-19 related restrictions in most regions of the world.
Administrative expenses were kEUR 1,566 for the third quarter of 2022 compared to kEUR 1,536 in the third quarter of 2021 and therefore almost unchanged. This was due to higher legal expenses relating to the sale and leaseback transaction which closed on
Research and development (‘R&D’) expenses increased to kEUR 1,673 for the third quarter of 2022 from kEUR 1,498 for the third quarter of 2021. The increase of kEUR 175 was mainly due to higher usage of external services. R&D expenses can vary from quarter to quarter and are usually driven by variations in project types and phases.
Other operating expenses in the third quarter of 2022 were kEUR 159 compared to kEUR 101 in the prior year period. This was mainly due to higher losses from foreign currency transactions of kEUR 100 for the third quarter of 2022 compared to kEUR 62 for the third quarter of 2021.
Other operating income was kEUR 1,227 for the third quarter of 2022 compared to kEUR 1,177 for the third quarter of 2021. The increase was mainly due to higher gains from foreign currency transactions, which increased to kEUR 763 for the third quarter of 2022, compared to kEUR 514 in the last year’s third quarter. In addition, other operating income for the third quarter of 2022 included kEUR 104 in reimbursement of research and development costs, compared to kEUR 0 in the comparative period. This was partially offset by lower income from government grants amounting to kEUR 158 for the third quarter of 2022, compared to kEUR 537 for last year’s same period.
The changes in foreign currency gains were primarily driven by the valuation of the intercompany loans granted by the parent company to our US subsidiary.
Operating loss was kEUR 2,540 for the third quarter of 2022 compared to an operating loss of kEUR 1,488 for the comparative period in 2021. This was mainly due to higher expenses within the function sales and marketing as well as research and development in combination with a decrease in gross profit. The net impact from other operating expenses and other operating income was almost flat for the third quarter of 2022, compared to last year’s same period.
Financial result was negative kEUR 6,167 for the third quarter of 2022, compared to a financial result of positive kEUR 688 in the comparative period in 2021. This was mainly related to higher finance expense due to the write-down of bifurcated embedded derivative financial instruments relating to the performance participation interest for tranche A and tranche B1 loan with EIB amounting to kEUR 4,664 for the third quarter of 2022. The write-down resulted from the early repayment of the Finance Contract with EIB in
This compares to a finance income of kEUR 1,280 related to the revaluation of derivative financial instruments in the last year’s same period.
Additionally, we recognized a finance expense of kEUR 907 related to the revision of estimated future cash flows from tranches A and B1 of the EIB loan that led to an adjustment of the carrying amounts of tranches A and B1.
Finance expense related to long term debt amounted to kEUR 1,475 for the third quarter of 2022, including the kEUR 907 adjustment of the carrying amounts of tranches A and B1 as described above. This compares to a finance expense related to long term debt of kEUR 538 for the comparative period in 2021.
Net loss for the third quarter of 2022 was kEUR 8,702 or
Nine Months Ended
Revenues for the nine months ended
Systems revenues were kEUR 7,732 for the first nine months of 2022 compared to kEUR 7,258 for the same period last year. The Company sold four new and two used and refurbished 3D printers during the first nine months of 2022, compared to three new and two 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 increase in revenues from our Systems segment was related to a significant increase in Systems-related revenues due to higher market demand in our after-sales activities in connection with an increased installed base of our 3D printers. This was partially offset by a decrease in revenues from the sale of 3D printers, due to a less favorable product mix. Systems revenues represented
Services revenues were kEUR 9,334 for the nine months ended
Cost of sales for the nine months ended
Gross profit and gross profit margin for the nine months ended
Gross profit for our Systems segment decreased to kEUR 1,765 for the nine months ended
Gross profit for our Services segment significantly increased to kEUR 3,563 for the nine months ended
Selling expenses were kEUR 5,540 for the nine months ended
Administrative expenses decreased by kEUR 257 to kEUR 4,748 for the first nine months of 2022 from kEUR 5,005 in the prior year’s period. The decrease was mainly related to slightly lower legal advisor fees related to our stock market listing as well as our communication with financial institutions in connection with funding activities.
R&D expenses slightly decreased to kEUR 4,767 for the nine months ended
Other operating expenses for the nine months ended
Other operating income was kEUR 4,685 for the nine months ended
The changes in foreign currency gains and losses were primarily driven by the valuation of the intercompany loans granted by the parent company to our US subsidiary.
Operating loss was kEUR 5,615 in the nine months ended
Financial result was negative kEUR 5,723 for the nine months ended
Additionally, we recognized a finance expense of kEUR 907 related to the revision of estimated future cash flows from tranches A and B1 of the EIB loan that led to an adjustment of the carrying amounts of tranches A and B1.
We further recorded finance expense related to the change in fair value of bond funds for the nine months ended
Finance expense related to long term debt amounted to kEUR 2,625 for the nine months ended
Net loss for the nine months ended
Business Outlook
Our revenue guidance for the fourth quarter of 2022 is expected to be in the range of kEUR 9,000 to kEUR 12,000.
We have revised certain elements of our guidance for the full year ending
- R&D expenses are projected to be in the range of kEUR 6,500 to kEUR 7,000 rather than kEUR 7,250 to kEUR 7,500 as previously projected, due to delays in the procurement of materials for certain projects.
- Capital expenditures are projected to be in the range of kEUR 2,500 to kEUR 3,000 rather than kEUR 4,500 to kEUR 4,750 as previously projected, and primarily includes ongoing investments in our global subsidiaries
We reaffirm the remainder of our guidance for the full year ending
- Full year revenue is expected to be in the range of kEUR 25,000 to kEUR 30,000
- Gross profit margin is expected to be above
- Operating expenses for the full year are expected as follows: selling and administrative expenses are expected to be in the range of kEUR 13,250 to kEUR 13,750. Depreciation and amortization expense is expected to be between kEUR 3,000 and kEUR 3,250.
- Adjusted EBITDA for the fourth quarter of 2022 is expected to be neutral-to-positive. Adjusted EBITDA is defined as net income (loss), as calculated under IFRS accounting principles before interest (income) expense, provision (benefit) for income taxes, depreciation and amortization, and excluding other operating (income) expense resulting from foreign exchange gains or losses on the intercompany loans granted to the subsidiaries.
Our total backlog of 3D printer orders at
At
Webcast and Conference Call Details
The Company will host a conference call and webcast to review the results for the third quarter of 2022 on
Interested parties may access the live audio broadcast by dialing 1-877-704-4453 in
A live webcast of the call will also be available on the investor relations section of the Company’s website. Please go to the website https://events.q4inc.com/attendee/508836120 at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. A replay will also be available as a webcast on the investor relations section of the Company’s website.
Non-IFRS Measure
Management regularly uses both IFRS and non-IFRS results and expectations internally to assess its overall performance of the business, making operating decisions, and forecasting and planning for future periods. Management believes that Adjusted EBITDA is a useful financial measure to the Company’s investors as it helps investors better understand and evaluate the projections our management board provides. The Company’s calculation of Adjusted EBITDA may not be comparable to similarly titled financial measures reported by other peer companies. Adjusted EBITDA should not be considered as a substitute to financial measures prepared in accordance with IFRS.
The Company uses Adjusted EBITDA as a supplemental financial measure of its financial performance. Adjusted EBITDA is defined as net income (loss), as calculated under IFRS accounting principles, interest (income) expense, provision (benefit) for income taxes, depreciation and amortization, and excluding other (income) expense resulting from foreign exchange gains or losses on the intercompany loans granted to the subsidiaries. Management believes Adjusted EBITDA to be an important financial measure because it excludes the effects of fluctuating foreign exchange gains or losses on the intercompany loans granted to its subsidiaries. We are unable to reasonably estimate the potential full-year financial impact of foreign currency translation because of volatility in foreign exchange rates. Therefore, we are unable to provide a reconciliation to our forward-looking guidance for non-GAAP Adjusted EBITDA without unreasonable effort as certain information necessary to calculate such measure on an IFRS basis is unavailable, dependent on future events outside of our control and cannot be predicted without unreasonable efforts by the Company.
About voxeljet
voxeljet is a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers. The Company’s 3D printers employ a powder binding, additive manufacturing technology to produce parts using various material sets, which consist of particulate materials and proprietary chemical binding agents. The Company provides its 3D printers and on-demand parts services to industrial and commercial customers serving the automotive, aerospace, film and entertainment, art and architecture, engineering and consumer product end markets. For more information, visit http://www.voxeljet.de/en/.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements concerning our business, operations and financial performance. Any statements that are not of historical facts may be deemed to be forward-looking statements. You can identify these forward-looking statements by words such as ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘projects,’’ ‘‘plans,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’ ‘‘aims,’’ or other similar expressions that convey uncertainty of future events or outcomes. Forward-looking statements include statements regarding our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations concerning, among other things, our results of operations, financial condition, business outlook, the industry in which we operate and the trends that may affect the industry or us. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that forward-looking statements are not guarantees of future performance. All of our forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are in some cases beyond our control and that may cause our actual results to differ materially from our expectations, including those risks identified under the caption “Risk Factors” in the Company’s Annual Report on Form 20-F and in other reports the Company files with the
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
|
|
|
|
|
|
|
|
|
Notes |
|
|
|
|
|
|
|
|
(€ in thousands) |
||
|
|
|
|
unaudited |
|
|
Current assets |
|
|
|
34,984 |
|
42,748 |
Cash and cash equivalents |
|
7 |
|
10,237 |
|
7,027 |
Other financial assets |
|
7 |
|
2,051 |
|
18,522 |
Trade receivables, net |
|
7 |
|
5,677 |
|
6,107 |
Inventories |
|
4 |
|
14,199 |
|
9,482 |
Income tax receivables |
|
|
|
45 |
|
23 |
Other assets |
|
|
|
2,775 |
|
1,587 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
24,121 |
|
24,711 |
Other financial assets |
|
7 |
|
3 |
|
4 |
Intangible assets |
|
|
|
798 |
|
878 |
Property, plant and equipment |
|
5 |
|
23,230 |
|
23,719 |
Other assets |
|
|
|
90 |
|
110 |
|
|
|
|
|
|
|
Total assets |
|
|
|
59,105 |
|
67,459 |
|
|
|
|
|
|
|
|
|
Notes |
|
|
|
|
|
|
|
|
(€ in thousands) |
||
Current liabilities |
|
|
|
34,527 |
|
21,716 |
Trade payables |
|
7 |
|
3,520 |
|
2,594 |
Contract liabilities |
|
|
|
6,223 |
|
2,132 |
Other financial liabilities |
|
7 |
|
22,780 |
|
14,882 |
Other liabilities and provisions |
|
6 |
|
2,004 |
|
2,108 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
5,343 |
|
13,256 |
Deferred tax liabilities |
|
|
|
-- |
|
87 |
Contract liabilities |
|
|
|
85 |
|
231 |
Other financial liabilities |
|
7 |
|
5,258 |
|
12,938 |
|
|
|
|
|
|
|
Equity |
|
|
|
19,235 |
|
32,487 |
Subscribed capital |
|
|
|
7,027 |
|
7,027 |
Capital reserves |
|
|
|
109,645 |
|
110,264 |
Accumulated deficit |
|
|
|
(97,144) |
|
(85,974) |
Accumulated other comprehensive income (loss) |
|
|
|
(647) |
|
1,400 |
Equity attributable to the owners of the company |
|
|
|
18,881 |
|
32,717 |
Non-controlling interest |
|
|
|
354 |
|
(230) |
Total equity and liabilities |
|
|
|
59,105 |
|
67,459 |
See accompanying notes to unaudited condensed consolidated interim financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
||||
|
|
Notes |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
(€ in thousands except share and share data) |
||||||
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
9, 10 |
|
5,735 |
|
4,938 |
|
17,066 |
|
13,941 |
Cost of sales |
|
9 |
|
(4,089) |
|
(2,997) |
|
(11,738) |
|
(9,549) |
Gross profit |
|
9 |
|
1,646 |
|
1,941 |
|
5,328 |
|
4,392 |
Selling expenses |
|
|
|
(2,015) |
|
(1,471) |
|
(5,540) |
|
(4,385) |
Administrative expenses |
|
|
|
(1,566) |
|
(1,536) |
|
(4,748) |
|
(5,005) |
Research and development expenses |
|
|
|
(1,673) |
|
(1,498) |
|
(4,767) |
|
(4,772) |
Other operating expenses |
|
|
|
(159) |
|
(101) |
|
(573) |
|
(486) |
Other operating income |
|
|
|
1,227 |
|
1,177 |
|
4,685 |
|
2,203 |
Thereof income (expense) from changes in impairment allowance included in other operating income (expense) |
|
|
|
9 |
|
(39) |
|
(120) |
|
(52) |
Operating loss |
|
|
|
(2,540) |
|
(1,488) |
|
(5,615) |
|
(8,053) |
Finance expense |
|
8 |
|
(6,175) |
|
(648) |
|
(6,333) |
|
(3,795) |
Finance income |
|
8 |
|
8 |
|
1,336 |
|
610 |
|
163 |
Financial result |
|
8 |
|
(6,167) |
|
688 |
|
(5,723) |
|
(3,632) |
Loss before income taxes |
|
|
|
(8,707) |
|
(800) |
|
(11,338) |
|
(11,685) |
Income tax income (expense) |
|
|
|
5 |
|
— |
|
84 |
|
52 |
Net loss |
|
|
|
(8,702) |
|
(800) |
|
(11,254) |
|
(11,633) |
Other comprehensive income (loss) that may be reclassified subsequently to profit or loss (1) |
|
|
|
(276) |
|
(108) |
|
(2,047) |
|
(228) |
Total comprehensive loss (1) |
|
|
|
(8,978) |
|
(908) |
|
(13,301) |
|
(11,861) |
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to: |
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
|
|
(8,659) |
|
(785) |
|
(11,170) |
|
(11,509) |
Non-controlling interests |
|
|
|
(43) |
|
(15) |
|
(84) |
|
(124) |
|
|
|
|
(8,702) |
|
(800) |
|
(11,254) |
|
(11,633) |
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to: |
|
|
|
|
|
|
|
|
|
|
Owners of the Company (1) |
|
|
|
(8,935) |
|
(893) |
|
(13,217) |
|
(11,737) |
Non-controlling interests |
|
|
|
(43) |
|
(15) |
|
(84) |
|
(124) |
|
|
|
|
(8,978) |
|
(908) |
|
(13,301) |
|
(11,861) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares outstanding |
|
|
|
7,026,711 |
|
6,757,420 |
|
7,026,711 |
|
6,058,387 |
Loss per share - basic/ diluted (EUR) |
|
|
|
(1.23) |
|
(0.12) |
|
(1.59) |
|
(1.90) |
See accompanying notes to unaudited condensed consolidated interim financial statements.
(1) The amount of other comprehensive income (loss) that may be reclassified subsequently to profit or loss was restated related to the correction of reclassification of foreign currency translation reserve. For further information, see Note 1 of the interim consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to the owners of the company |
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other |
|
|
|
|
|
|
|
|
Subscribed |
|
Capital |
|
Accumulated |
|
comprehensive |
|
|
|
Non-controlling |
|
|
(€ in thousands) |
|
capital |
|
reserves |
|
deficit |
|
gain (loss) |
|
Total |
|
interests |
|
Total equity |
Balance at |
|
4,836 |
|
88,748 |
|
(75,463) |
|
1,675 |
|
19,796 |
|
(155) |
|
19,641 |
Loss for the period |
|
-- |
|
-- |
|
(11,509) |
|
-- |
|
(11,509) |
|
(124) |
|
(11,633) |
Foreign currency translations |
|
-- |
|
-- |
|
-- |
|
(228) |
|
(228) |
|
-- |
|
(228) |
Issue of ordinary shares in the form of ADS, net of transaction costs and tax |
|
2,191 |
|
21,212 |
|
-- |
|
-- |
|
23,403 |
|
-- |
|
23,403 |
Equity-settled share-based payment |
|
-- |
|
261 |
|
-- |
|
-- |
|
261 |
|
-- |
|
261 |
Balance at |
|
7,027 |
|
110,221 |
|
(86,972) |
|
1,447 |
|
31,723 |
|
(279) |
|
31,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to the owners of the company |
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other |
|
|
|
|
|
|
|
|
Subscribed |
|
Capital |
|
Accumulated |
|
comprehensive |
|
|
|
Non-controlling |
|
|
(€ in thousands) |
|
capital |
|
reserves |
|
deficit |
|
gain (loss) |
|
Total |
|
interests |
|
Total equity |
Balance at |
|
7,027 |
|
110,264 |
|
(85,974) |
|
1,400 |
|
32,717 |
|
(230) |
|
32,487 |
Loss for the period |
|
-- |
|
-- |
|
(11,170) |
|
-- |
|
(11,170) |
|
(84) |
|
(11,254) |
Foreign currency translations |
|
-- |
|
-- |
|
-- |
|
(572) |
|
(572) |
|
-- |
|
(572) |
Reclassification to profit or loss on deconsolidation of subsidiary |
|
-- |
|
-- |
|
-- |
|
(1,475) |
|
(1,475) |
|
-- |
|
(1,475) |
Equity-settled share-based payment |
|
-- |
|
49 |
|
-- |
|
-- |
|
49 |
|
-- |
|
49 |
Change of non-controlling interests due to capital increase |
|
-- |
|
(668) |
|
-- |
|
-- |
|
(668) |
|
668 |
|
-- |
Balance at |
|
7,027 |
|
109,645 |
|
(97,144) |
|
(647) |
|
18,881 |
|
354 |
|
19,235 |
See accompanying notes to unaudited condensed consolidated interim financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|
|
|
|
|
|
Nine months ended |
||
|
|
2022 |
|
2021 |
|
|
(€ in thousands) |
||
|
|
|
|
|
Cash Flow from operating activities |
|
|
|
|
|
|
|
|
|
Loss for the period |
|
(11,254) |
|
(11,633) |
|
|
|
|
|
Depreciation and amortization |
|
2,174 |
|
2,336 |
Foreign currency exchange differences on loans to subsidiaries |
|
(1,589) |
|
(919) |
Foreign currency translation reserve reclassified to profit or loss |
|
(1,475) |
|
-- |
Change in fair value of bond funds |
|
773 |
|
137 |
Share-based compensation expense |
|
49 |
|
261 |
Change in impairment of trade receivables |
|
120 |
|
52 |
Non-cash interest expense on long-term debt |
|
2,540 |
|
1,447 |
Change in fair value of derivative equity forward |
|
2,311 |
|
1,942 |
Change in inventory allowance |
|
597 |
|
166 |
Loss on disposal of property, plant and equipment and intangible assets |
|
23 |
|
17 |
Interest paid |
|
129 |
|
201 |
Interest received |
|
(75) |
|
(85) |
Other |
|
(87) |
|
(27) |
|
|
|
|
|
|
|
|
|
|
Change in working capital |
|
(1,635) |
|
225 |
Trade and other receivables, inventories and current assets |
|
(6,163) |
|
(3,313) |
Trade payables |
|
773 |
|
681 |
Other liabilities, contract liabilities and provisions |
|
3,776 |
|
2,976 |
Change in restricted cash |
|
-- |
|
(127) |
Income tax payable/receivables |
|
(21) |
|
8 |
Total |
|
(7,399) |
|
(5,880) |
|
|
|
|
|
Cash Flow from investing activities |
|
|
|
|
|
|
|
|
|
Payments to acquire property, plant and equipment and intangible assets |
|
(574) |
|
(166) |
Proceeds from disposal of financial assets |
|
12,581 |
|
-- |
Payments to acquire financial assets |
|
-- |
|
(10,482) |
Interest received |
|
75 |
|
85 |
Total |
|
12,082 |
|
(10,563) |
|
|
|
|
|
Cash Flow from financing activities |
|
|
|
|
|
|
|
|
|
Repayment of lease liabilities |
|
(356) |
|
(247) |
Repayment of long-term debt |
|
(1,522) |
|
(881) |
Proceeds from issue of ordinary shares in the form of ADS |
|
-- |
|
26,619 |
Share issue cost |
|
-- |
|
(3,217) |
Change in restricted cash |
|
294 |
|
(2,000) |
Interest paid |
|
(129) |
|
(201) |
Total |
|
(1,713) |
|
20,073 |
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
2,970 |
|
3,630 |
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
7,027 |
|
5,324 |
Changes to cash and cash equivalents due to foreign exchanges rates |
|
240 |
|
(177) |
Cash and cash equivalents at end of period |
|
10,237 |
|
8,777 |
See accompanying notes to unaudited condensed consolidated interim financial statements.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Preparation of financial statements
Our condensed consolidated interim financial statements include the accounts of
On
The condensed consolidated interim financial statements were prepared in compliance with all applicable measurement and presentation rules contained in International Financial Reporting Standards (‘IFRS’) as set forth by the
The IASB issued a number of new IFRS standards which are required to be adopted in annual periods beginning after
|
|
|
Standard |
Effective date |
Descriptions |
IFRS 3 |
01/2022 |
Reference to the Conceptual Framework |
IAS 16 |
01/2022 |
Proceeds before intended use |
IAS 37 |
01/2022 |
Onerous contracts – Cost of Fulfilling a Contract |
IFRS 1, IFRS 9, IFRS 16 and IAS 41 |
01/2022 |
Annual Improvements to IFRS Standards 2018–2020 (IFRS 1, IFRS 9, IFRS 16 and IAS 41) |
IFRS 17 |
01/2023 |
Amendments to IFRS 17 Insurance Contracts |
IAS 1 |
01/2023 |
Classifications of Liabilities as Current or Non-Current (Amendment to IAS 1) |
IAS 1 |
01/2023 |
Amendment to IAS 1 - Disclosure of Accounting Policies |
IAS 8 |
01/2023 |
Amendment to IAS 8 - Definition of Accounting Estimate |
IAS 12 |
01/2023 |
Amendments to IAS 12 - Deferred Taxes in connection with Assets and Liabilities arising from a single transaction |
IFRS 17 and IFRS 9 |
01/2023 |
Initial Application of IFRS 17 and IFRS 9―Comparative Information (Amendment to IFRS 17) |
The adoption of standards effective 01/2022 did not have a material impact on the interim financial statements as of and for the three and nine months ended
The condensed consolidated interim financial statements as of and for the three and nine months ended
Going concern
The financial statements have been prepared on the basis of going concern which contemplates continuity of normal business activities and the realization of assets and settlement of liabilities in the ordinary course of business.
voxeljet has recognized continuous net losses during the nine months ended
During 2021, in January, February and July, the Company successfully completed three registered direct offerings and sales of a total of 2,190,711 ADSs, which provided voxeljet with total gross proceeds of approximately
Further, on
The closing process of the transaction, which has been started through the initiation of the sale and leaseback at the notary on
In spite of this success, according to the Company’s current liquidity forecasts, the Group will require further funding in early 2023 to maintain its operations. Therefore, management is taking steps to raise additional funds which may include debt or equity financing, not without mentioning that there can be no assurance that voxeljet will be able to raise further funds on terms favorable to the Company, if at all. The steps already initiated by management include several meetings with potential new as well as existing investors and banks, which have taken place in late
The ongoing conflict between
These events and conditions described above raise material uncertainties that may cast significant doubt upon voxeljet’s ability to continue as a going concern. Despite the ongoing losses, reduced cash flow and cash facilities as well as the financial obligations becoming due, management assumes that voxeljet will continue as a going concern. However, while management assumes of continuing as a going concern, the going concern is dependent upon management and the Company being successful in:
- achievement of budgeted sales, and
- successful fund raising in form of equity or debt
Those assumptions are included in the Company’s current liquidity forecasts, and management believes that the Company has the ability to meet its financial obligations for at least the next 12 months from the authorization for issuance of these condensed consolidated interim financial statements as of and for the three and nine months ended
Correction of error
In the third quarter of 2022, the Company corrected the other comprehensive income (loss) that may be reclassified subsequently to profit or loss, which was misstated in the first quarter of 2022, relating to reclassification of foreign currency translation reserve to profit and loss accounts on deconsolidation of voxeljet
As a result, the amount of other comprehensive loss that may be reclassified subsequently to profit or loss for the first quarter of 2022 and for the six months ended
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these interim financial statements are set out in the Company’s financial statements as of
3. Share based payment arrangements
On
Total options available under the share option plan are 372,000. On
The vesting conditions include a service condition (the options vest after a period of four years of continued service from the respective grant date) and a market condition (the options may only be exercised if the share price exceeds the exercise price over a period of 90 consecutive days by at least
The fair value of the employee share option plan has been measured for Tranches 1 and 2 using a Monte Carlo simulation. The market condition has been incorporated into the fair value at grant date.
The inputs used in the measurement of the fair value at grant date are as follows:
|
|
|
|
|
|
|
Tranche 1 |
|
Tranche 2 |
Parameter |
|
|
||
Share price at grant date |
|
|
|
|
Exercise price |
|
|
|
|
Expected volatility |
|
|
|
|
Expected dividends |
|
-- |
|
-- |
Risk-free interest rate |
|
|
|
|
Fair value at grant date |
|
|
|
|
The respective expected volatility has been based on an evaluation of the historical volatility of the Company’s share price as of the grant date. As of
The expenses recognized in the profit and loss statement in relation to the share-based payment arrangements amounted to kEUR 0 in the three months and kEUR 49 in the nine months ended
4. Inventories
|
|
|
|
|
|
|
|
|
|
|
|
(€ in thousands) |
||
Raw materials and merchandise |
|
3,890 |
|
2,978 |
Work in progress |
|
10,309 |
|
6,504 |
Total |
|
14,199 |
|
9,482 |
In the nine months ended
5. Property, plant and equipment, net
|
|
|
|
|
|
|
|
|
|
|
|
(€ in thousands) |
||
Land, buildings and leasehold improvements |
|
17,413 |
|
18,048 |
Plant and machinery |
|
4,517 |
|
4,329 |
Other facilities, factory and office equipment |
|
778 |
|
894 |
Assets under construction and prepayments made |
|
522 |
|
448 |
Total |
|
23,230 |
|
23,719 |
Thereof pledged assets of Property, Plant and Equipment |
|
11,821 |
|
12,261 |
In
6. Other liabilities and provisions
|
|
|
|
|
|
|
|
|
|
|
|
(€ in thousands) |
||
Employee bonus |
|
423 |
|
512 |
Liabilities from payroll |
|
352 |
|
255 |
Accruals for vacation and overtime |
|
333 |
|
230 |
Accruals for management compensation |
|
274 |
|
83 |
Accrual for warranty |
|
157 |
|
292 |
Accruals for compensation of Supervisory board |
|
135 |
|
180 |
Accruals for commissions |
|
132 |
|
298 |
Liabilities from VAT |
|
47 |
|
50 |
Accruals for licenses |
|
34 |
|
92 |
Customers with a credit balance |
|
26 |
|
17 |
Others |
|
91 |
|
99 |
Total |
|
2,004 |
|
2,108 |
7. Financial instruments
The following tables show the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
Fair Value |
||||||||||||||
(€ in thousands) |
|
|
|
|
|
Assets at |
|
Liabilities |
|
Total |
|
|
|
|
|
|
|
|
|
|
FVTPL |
|
FVOCI |
|
amortized |
|
at amortized |
|
carrying |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
cost |
|
cost |
|
amount |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
— |
|
3 |
|
17,965 |
|
— |
|
17,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
— |
|
— |
|
17,965 |
|
— |
|
17,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
— |
|
— |
|
10,237 |
|
— |
|
10,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial assets |
|
— |
|
— |
|
2,051 |
|
— |
|
2,051 |
|
— |
|
— |
|
— |
|
— |
Restricted cash |
|
— |
|
— |
|
2,051 |
|
— |
|
2,051 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivables, net |
|
— |
|
— |
|
5,677 |
|
— |
|
5,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
— |
|
3 |
|
— |
|
— |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial assets |
|
— |
|
3 |
|
— |
|
— |
|
3 |
|
3 |
|
— |
|
— |
|
3 |
Equity securities |
|
— |
|
3 |
|
— |
|
— |
|
3 |
|
3 |
|
— |
|
— |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
— |
|
— |
|
— |
|
28,624 |
|
31,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
— |
|
— |
|
— |
|
25,450 |
|
26,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables |
|
— |
|
— |
|
— |
|
3,520 |
|
3,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial liabilities |
|
— |
|
— |
|
— |
|
21,930 |
|
22,780 |
|
— |
|
— |
|
21,828 |
|
21,828 |
Current portion of long-term debt |
|
— |
|
— |
|
— |
|
21,930 |
|
21,930 |
|
— |
|
— |
|
21,828 |
|
21,828 |
Lease liability |
|
— |
|
— |
|
— |
|
— |
|
850 |
|
— |
|
— |
|
— |
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
— |
|
— |
|
— |
|
3,174 |
|
5,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial liabilities |
|
— |
|
— |
|
— |
|
3,174 |
|
5,258 |
|
— |
|
— |
|
3,124 |
|
3,124 |
Long-term debt |
|
— |
|
— |
|
— |
|
3,174 |
|
3,174 |
|
— |
|
— |
|
3,124 |
|
3,124 |
Lease liability |
|
— |
|
— |
|
— |
|
— |
|
2,068 |
|
— |
|
— |
|
— |
|
n/a |
Security deposit |
|
— |
|
— |
|
— |
|
— |
|
16 |
|
— |
|
— |
|
— |
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
Fair Value |
||||||||||||||
(€ in thousands) |
|
|
|
|
|
Assets at |
|
Liabilities |
|
Total |
|
|
|
|
|
|
|
|
|
|
FVTPL |
|
FVOCI |
|
amortized |
|
at amortized |
|
carrying |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
cost |
|
cost |
|
amount |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
13,525 |
|
4 |
|
18,131 |
|
— |
|
31,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
13,525 |
|
— |
|
18,131 |
|
— |
|
31,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
— |
|
— |
|
7,027 |
|
— |
|
7,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial assets |
|
13,525 |
|
— |
|
4,997 |
|
— |
|
18,522 |
|
10,699 |
|
2,826 |
|
— |
|
13,525 |
Bond funds |
|
10,699 |
|
— |
|
— |
|
— |
|
10,699 |
|
10,699 |
|
— |
|
— |
|
10,699 |
Term deposit |
|
— |
|
— |
|
2,655 |
|
— |
|
2,655 |
|
— |
|
— |
|
— |
|
— |
Restricted cash |
|
— |
|
— |
|
2,342 |
|
|
|
2,342 |
|
— |
|
— |
|
— |
|
— |
Derivative financial instruments |
|
2,826 |
|
— |
|
— |
|
— |
|
2,826 |
|
— |
|
2,826 |
|
— |
|
2,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivables, net |
|
— |
|
— |
|
6,107 |
|
— |
|
6,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
— |
|
4 |
|
— |
|
— |
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial assets |
|
— |
|
4 |
|
— |
|
— |
|
4 |
|
4 |
|
— |
|
— |
|
4 |
Equity securities |
|
— |
|
4 |
|
— |
|
— |
|
4 |
|
4 |
|
— |
|
— |
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
516 |
|
— |
|
— |
|
26,672 |
|
30,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
— |
|
— |
|
— |
|
16,879 |
|
17,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables |
|
— |
|
— |
|
— |
|
2,594 |
|
2,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial liabilities |
|
— |
|
— |
|
— |
|
14,285 |
|
14,882 |
|
— |
|
— |
|
15,362 |
|
15,362 |
Current portion of long-term debt |
|
— |
|
— |
|
— |
|
14,285 |
|
14,285 |
|
— |
|
— |
|
15,362 |
|
15,362 |
Lease liability |
|
— |
|
— |
|
— |
|
— |
|
597 |
|
— |
|
— |
|
— |
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
516 |
|
— |
|
— |
|
9,793 |
|
12,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial liabilities |
|
516 |
|
— |
|
— |
|
9,793 |
|
12,938 |
|
— |
|
516 |
|
13,826 |
|
14,342 |
Derivative financial instruments |
|
516 |
|
— |
|
— |
|
— |
|
516 |
|
— |
|
516 |
|
— |
|
516 |
Long-term debt |
|
— |
|
— |
|
— |
|
9,793 |
|
9,793 |
|
— |
|
— |
|
13,826 |
|
13,826 |
Lease liability |
|
— |
|
— |
|
— |
|
— |
|
2,613 |
|
— |
|
— |
|
— |
|
n/a |
Security deposit |
|
— |
|
— |
|
— |
|
— |
|
16 |
|
— |
|
— |
|
— |
|
n/a |
The valuation techniques used to determine the fair value of financial instruments include the use of quoted market prices or dealer quotes for similar instruments as well as discounted cash flow analysis.
The fair value of the Company’s investments in the bond funds was determined based on the quoted unit prices received by the fund management company.
The fair value of equity securities is determined by multiplying their share price and the number of shares held.
The fair values of the derivative financial instruments that are not traded in an active market are determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. The fair values have been determined based on share prices and the relevant discount rates.
The fair value of long-term debt was determined using discounted cash flow models based on the relevant forward interest rate yield curves, considering the credit risk of voxeljet.
Due to their short maturity and the current low level of interest rates, the carrying amounts of cash and cash equivalents, restricted cash, trade receivables, trade payables, term deposit, credit lines and bank overdrafts approximate their fair values.
Due to the successful closing process of the sale and leaseback transaction on
The write down of the bifurcated embedded derivative financial instruments and the adjustment of carrying amount of long-term debt as of
The Group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the end of each quarter. As of
As of
8. Financial result
|
|
|
|
|
|
|
Three months ended |
||
|
|
2022 |
|
2021 |
|
|
(€ in thousands) |
||
Finance expense |
|
(6,175) |
|
(648) |
Interest expense on lease liabilities |
|
(33) |
|
(38) |
Long-term debt |
|
(1,475) |
|
(538) |
Expense from revaluation of derivative financial instruments |
|
(4,664) |
|
-- |
Change in fair value of bond funds |
|
-- |
|
(70) |
Other |
|
(3) |
|
(2) |
Finance income |
|
8 |
|
1,336 |
Payout of bond funds |
|
-- |
|
54 |
Income from revaluation of derivative financial instruments |
|
-- |
|
1,280 |
Other |
|
8 |
|
2 |
Financial result |
|
(6,167) |
|
688 |
|
|
|
|
|
|
|
Nine months ended |
||
|
|
2022 |
|
2021 |
|
|
(€ in thousands) |
||
Finance expense |
|
(6,333) |
|
(3,795) |
Interest expense on lease liabilities |
|
(103) |
|
(110) |
Long-term debt |
|
(2,625) |
|
(1,598) |
Expense from revaluation of derivative financial instruments |
|
(2,827) |
|
(1,942) |
Change in fair value of bond funds |
|
(773) |
|
(137) |
Other |
|
(5) |
|
(8) |
Finance income |
|
610 |
|
163 |
Payout of bond funds |
|
77 |
|
90 |
Income from revaluation of derivative financial instruments |
|
516 |
|
-- |
Other |
|
17 |
|
73 |
Financial result |
|
(5,723) |
|
(3,632) |
9. Segment reporting
The following table summarizes segment reporting. The sum of the amounts of the two segments equals the total for the Group in each of the periods.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
||||||||||||||
|
|
2022 |
|
2021 |
||||||||||||
|
|
(€ in thousands) |
||||||||||||||
|
|
|
|
|
|
CONSO |
|
|
|
|
|
|
|
CONSO |
|
|
|
|
SYSTEMS |
|
SERVICES |
|
LIDATION |
|
GROUP |
|
SYSTEMS |
|
SERVICES |
|
LIDATION |
|
GROUP |
Revenues |
|
2,874 |
|
3,031 |
|
(170) |
|
5,735 |
|
2,513 |
|
2,441 |
|
(16) |
|
4,938 |
Third party |
|
2,704 |
|
3,031 |
|
|
|
5,735 |
|
2,497 |
|
2,441 |
|
-- |
|
4,938 |
Intra-segment |
|
170 |
|
-- |
|
(170) |
|
— |
|
16 |
|
-- |
|
(16) |
|
— |
Cost of sales |
|
(2,053) |
|
(2,036) |
|
|
|
(4,089) |
|
(1,395) |
|
(1,602) |
|
|
|
(2,997) |
Gross profit |
|
651 |
|
995 |
|
|
|
1,646 |
|
1,102 |
|
839 |
|
|
|
1,941 |
Gross profit in % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
(5,254) |
|
|
|
|
|
|
|
(4,505) |
Other operating expenses |
|
|
|
|
|
|
|
(159) |
|
|
|
|
|
|
|
(101) |
Other operating income |
|
|
|
|
|
|
|
1,227 |
|
|
|
|
|
|
|
1,177 |
Operating loss |
|
|
|
|
|
|
|
(2,540) |
|
|
|
|
|
|
|
(1,488) |
Finance expense |
|
|
|
|
|
|
|
(6,175) |
|
|
|
|
|
|
|
(648) |
Finance income |
|
|
|
|
|
|
|
8 |
|
|
|
|
|
|
|
1,336 |
Financial result |
|
|
|
|
|
|
|
(6,167) |
|
|
|
|
|
|
|
688 |
Loss before income taxes |
|
|
|
|
|
|
|
(8,707) |
|
|
|
|
|
|
|
(800) |
Income tax income (expense) |
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
— |
Net loss |
|
|
|
|
|
|
|
(8,702) |
|
|
|
|
|
|
|
(800) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
||||||||||||||
|
|
2022 |
|
2021 |
||||||||||||
|
|
(€ in thousands) |
||||||||||||||
|
|
|
|
|
|
CONSO |
|
|
|
|
|
|
|
CONSO |
|
|
|
|
SYSTEMS |
|
SERVICES |
|
LIDATION |
|
GROUP |
|
SYSTEMS |
|
SERVICES |
|
LIDATION |
|
GROUP |
Revenues |
|
8,486 |
|
9,334 |
|
(754) |
|
17,066 |
|
8,887 |
|
6,683 |
|
(1,629) |
|
13,941 |
Third party |
|
7,732 |
|
9,334 |
|
-- |
|
17,066 |
|
7,258 |
|
6,683 |
|
-- |
|
13,941 |
Intra-segment |
|
754 |
|
-- |
|
(754) |
|
— |
|
1,629 |
|
-- |
|
(1,629) |
|
— |
Cost of sales |
|
(5,967) |
|
(5,771) |
|
|
|
(11,738) |
|
(4,819) |
|
(4,730) |
|
|
|
(9,549) |
Gross profit |
|
1,765 |
|
3,563 |
|
|
|
5,328 |
|
2,439 |
|
1,953 |
|
|
|
4,392 |
Gross profit in % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
(15,055) |
|
|
|
|
|
|
|
(14,162) |
Other operating expenses |
|
|
|
|
|
|
|
(573) |
|
|
|
|
|
|
|
(486) |
Other operating income |
|
|
|
|
|
|
|
4,685 |
|
|
|
|
|
|
|
2,203 |
Operating loss |
|
|
|
|
|
|
|
(5,615) |
|
|
|
|
|
|
|
(8,053) |
Finance expense |
|
|
|
|
|
|
|
(6,333) |
|
|
|
|
|
|
|
(3,795) |
Finance income |
|
|
|
|
|
|
|
610 |
|
|
|
|
|
|
|
163 |
Financial result |
|
|
|
|
|
|
|
(5,723) |
|
|
|
|
|
|
|
(3,632) |
Loss before income taxes |
|
|
|
|
|
|
|
(11,338) |
|
|
|
|
|
|
|
(11,685) |
Income tax income (expense) |
|
|
|
|
|
|
|
84 |
|
|
|
|
|
|
|
52 |
Net loss |
|
|
|
|
|
|
|
(11,254) |
|
|
|
|
|
|
|
(11,633) |
10. Revenues
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
SYSTEMS |
|
SERVICES |
||||
|
|
(€ in thousands) |
||||||
Primary geographical markets |
|
|
|
|
|
|
|
|
EMEA |
|
847 |
|
791 |
|
1,731 |
|
1,369 |
|
|
1,252 |
|
1,374 |
|
326 |
|
230 |
|
|
605 |
|
332 |
|
974 |
|
842 |
|
|
2,704 |
|
2,497 |
|
3,031 |
|
2,441 |
|
|
|
|
|
|
|
|
|
Timing of revenue recognition |
|
|
|
|
|
|
|
|
Products transferred at a point in time |
|
2,461 |
|
2,300 |
|
3,031 |
|
2,441 |
Products and services transferred over time |
|
243 |
|
197 |
|
-- |
|
-- |
Revenue from contracts with customers |
|
2,704 |
|
2,497 |
|
3,031 |
|
2,441 |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
SYSTEMS |
|
SERVICES |
||||
|
|
(€ in thousands) |
||||||
Primary geographical markets |
|
|
|
|
|
|
|
|
EMEA |
|
2,997 |
|
3,494 |
|
5,852 |
|
4,056 |
|
|
2,540 |
|
1,979 |
|
868 |
|
674 |
|
|
2,195 |
|
1,785 |
|
2,614 |
|
1,953 |
|
|
7,732 |
|
7,258 |
|
9,334 |
|
6,683 |
|
|
|
|
|
|
|
|
|
Timing of revenue recognition |
|
|
|
|
|
|
|
|
Products transferred at a point in time |
|
6,705 |
|
6,452 |
|
9,334 |
|
6,683 |
Products and services transferred over time |
|
1,027 |
|
806 |
|
-- |
|
-- |
Revenue from contracts with customers |
|
7,732 |
|
7,258 |
|
9,334 |
|
6,683 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(€ in thousands) |
||||||
EMEA |
|
2,578 |
|
2,160 |
|
8,849 |
|
7,550 |
|
|
1,257 |
|
852 |
|
4,275 |
|
2,489 |
|
|
296 |
|
194 |
|
797 |
|
1,170 |
|
|
490 |
|
399 |
|
1,681 |
|
1,129 |
|
|
12 |
|
38 |
|
31 |
|
703 |
Others |
|
523 |
|
677 |
|
2,065 |
|
2,059 |
|
|
1,578 |
|
1,604 |
|
3,408 |
|
2,653 |
|
|
537 |
|
263 |
|
1,923 |
|
782 |
|
|
139 |
|
234 |
|
409 |
|
571 |
|
|
39 |
|
1,070 |
|
70 |
|
1,123 |
Others |
|
863 |
|
37 |
|
1,006 |
|
177 |
|
|
1,579 |
|
1,174 |
|
4,809 |
|
3,738 |
|
|
1,566 |
|
1,167 |
|
4,777 |
|
3,647 |
Others |
|
13 |
|
7 |
|
32 |
|
91 |
Total |
|
5,735 |
|
4,938 |
|
17,066 |
|
13,941 |
11. Commitments, contingent assets and liabilities
In connection with the enforcement of voxeljet’s intellectual property rights, the acquisition of third-party intellectual property rights, or disputes related to the validity or alleged infringement of the Company’s or a third party’s intellectual property rights, including patent rights, voxeljet has been and may in the future be subject or party to claims, negotiations or complex, protracted litigation.
In
Management assessed that it is unlikely that the subsidiaries would exercise these letters of support.
12. Settlement of
On
13. Related party transactions
|
|
|
|
|
|
|
Nature of relationship |
|
Duration of relationship |
|
|
Lessor |
|
|
Schlosserei und Metallbau Ederer, Dießen |
|
Supplier |
|
|
|
|
Minority shareholder of voxeljet |
|
|
|
|
Customer |
|
|
|
|
Employee |
|
|
|
|
Customer |
|
|
|
|
Employee |
|
|
Transactions with
Further, voxeljet acquired goods amounting to kEUR 0 and kEUR 0 in the nine months ended
Moreover, voxeljet received orders amounting to kEUR 174 and kEUR 77 in the nine months ended
Further, voxeljet received orders amounting to kEUR 0 and kEUR 0 in the nine months ended
In addition, voxeljet employed
Moreover, voxeljet sold a used car in the first quarter of 2021 to
In addition, voxeljet employed
All related party transactions voxeljet entered into were made on an arm's length basis.
14. Subsequent events
Capital Increase
On
The gross proceeds of the offering amounted to approximately
Closing of sale and leaseback transaction regarding properties in Friedberg,
On
Settlement of Finance Contract with the EIB and of further loans with Sparkasse Schwaben-Bodensee
Also on
View source version on businesswire.com: https://www.businesswire.com/news/home/20221117005971/en/
Investors and Media
Director Investor Relations and Business Development
johannes.pesch@voxeljet.de
Office: +49 821 7483172
Mobile: +49 176 45398316
Source:
FAQ
What were voxeljet's Q3 2022 revenue results?
What is the financial outlook for voxeljet in 2022?
What net loss did voxeljet report for Q3 2022?
How did voxeljet's gross profit margin change in Q3 2022?
What factors contributed to voxeljet's increase in service revenues?
