UPDATE: voxeljet AG (VJET) Reports Q4 Loss of EUR0.77 on Revenues of EUR8.86M

voxeljet AG (NASDAQ: VJET) reported Q4 EPS of (EUR0.77), versus (EUR0.77) reported last year. Revenue for the quarter came in at EUR8.86 million, versus EUR9.55 million reported last year.

Highlights

• Total revenues for the fourth quarter decreased 7.2% to kEUR 8,859 from kEUR 9,551
• Total gross profit margin for the fourth quarter increased from 30.1% to 33.6%
• Systems revenues for the fourth quarter decreased 8.0% to kEUR 6,695 from kEUR 7,274
• Services revenues for the fourth quarter decreased 5.0% to kEUR 2,164 from kEUR 2,277
• Revenue for the first quarter ended March 31, 2021 expected to be between kEUR 3,750 and kEUR 4,000
• Revenue for full year 2021 expected to be between kEUR 22,500 and kEUR 27,500

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented: “2020 was a transformational year for us and we are grateful for the continued support from our clients, investors and the European Investment Bank during the COVID-19 pandemic. We moved to NASDAQ mid-2020 and were able to collect additional orders for our new high-speed 3D printer VJET X towards the end of 2020. We developed key IP for our High Speed Sintering technology, which allows us to build larger polymer sintering platforms than any other player in the industry. What really differentiates us from other players in the 3D printing industry is our focus on additive manufacturing solutions for industrial mass production. I would estimate that with the current portfolio, our share in sales to manufacturing is already higher than any of our competitors. I expect this to grow further significantly with VJET X and the new High Speed Sintering printer.”

Business Outlook

Our revenue guidance for the first quarter of 2021 is projected to be in the range of kEUR 3,750 to kEUR 4,000. We expect to release our financial results for the first quarter of 2021 after the closing of the financial markets on or about Thursday, May 13, 2021 and we will host a conference call and webcast to review the results for the quarter on or about Friday, May 14, 2021 at 8:30 a.m. Eastern Time.

Financial guidance for the full year ended December 31, 2021:

- Revenue is expected to be in the range of kEUR 22,500 and kEUR 27,500

- Gross margin is expected to be above 32.5%

- Operating expenses for the full year are expected as follows: SG&A expenses expected to be in the range of kEUR 11,400 to kEUR 11,900; R&D expenses expected to be between approximately kEUR 6,000 and kEUR 6,250. Depreciation and amortization expense is expected to be between kEUR 3,000 and kEUR 3,250.

- Adjusted EBITDA for the fourth quarter of 2021 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 (income) expense resulting from foreign exchange gains or losses on the intercompany loans granted to the subsidiaries, which are not determinable at this time.

- Capital expenditures are projected to be in the range of kEUR 1,000 to kEUR 1,250, which primarily includes ongoing investments in our global subsidiaries.

Our total backlog of 3D printer orders at December 31, 2020 was kEUR 6,844, which represents nine 3D printers. This compares to a backlog of kEUR 2,792 at December 31, 2019, representing three 3D printers. As production and delivery of our printers is generally characterized by lead times ranging from three to nine months, the conversion rate of order backlog into revenue is dependent on the equipping process for the respective 3D printer as well as the timing of customers’ requested deliveries.

At December 31, 2020, we had cash and cash equivalents of kEUR 5,324 and held kEUR 2,984 of investments in bond funds, thereof kEUR 2,000 restricted, which are included in current financial assets on our consolidated statements of financial position.

In June 2020, the Company announced that the EIB and voxeljet further expanded their partnership. The EIB disbursed € 5.0 million of the second tranche (tranche B1) of the loan in June 2020 with a bullet repayment after five years. In addition, the EIB and the Company amended the financial covenants in the Finance Contract to replace the Total Net Financial Debt to EBITDA ratio with the Minimum Cash Covenant. As of June 30, 2020, pursuant to the semi-annual financial testing prescribed by the Finance Contract, as amended, the Company was in compliance with the Minimum Cash Covenant. As of December 31, 2020 the Company was not in compliance with the Minimum Cash Covenant. In March 2021, the Company received a waiver from the EIB for the noncompliance with the Minimum Cash Covenant, pursuant to which (i) the EIB agreed that it will not demand immediate repayment of the outstanding amounts owed and (ii) the EIB and the Company amended the financial covenants in the Finance Contract to clarify the calculation of cash and cash equivalents for determining compliance with the Minimum Cash Covenant.

For earnings history and earnings-related data on voxeljet AG (VJET) click here.

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