voxeljet AG Reports Financial Results for Q3 2014

Gross profit for our Systems segment increased to kEUR 1,494 for the nine months ended September 30, 2014 from kEUR 1,320 in the same period of 2013. The gross profit margin for this segment decreased to 31.1% compared to 34.0% for the prior period primarily due to increased headcount costs as we pursue our growth strategy. In the first nine months of 2014, cost of sales related to the LTCIP was kEUR 99.

Gross profit for our Services segment increased to kEUR 1,843 for the nine months ended September 30, 2014 from kEUR 1,798 in the same period of 2013. The gross profit margin for this segment decreased to 41.7% from 43.7%. In the first nine months of 2014, cost of sales related to the LTCIP was kEUR 75.

Selling expenses were kEUR 2,628 for the nine months ended September 30, 2014 compared to kEUR 1,337 in the same period in 2013, an increase of kEUR 1,291. Administrative expenses increased by kEUR 2,017, to kEUR 2,643 for the first nine months of 2014 from kEUR 626 in the prior year period. The increases in selling and administrative expenses were in line with our efforts to grow our business. R&D expenses increased to kEUR 2,711 for the nine months ended September 30, 2014 from kEUR 1,368 in the same period in 2013, an increase of kEUR 1,343, or 98.2%. The increase in R&D expenses in the first nine months of 2014 reflects our emphasis on developing new 3D printing technology and improving our existing 3D printing technology.

Our operating expenses for the nine month months ended September 30, 2014 were affected by the LTCIP. Selling, administrative and R&D expenses related to the LTCIP were kEUR 109, kEUR 55 and kEUR 148, respectively.

Other operating expenses for the nine months ended September 30, 2014 were kEUR 104 compared to kEUR 478 in the prior year period.

Other operating income was kEUR 1,103 for the nine months ended September 30, 2014 compared to kEUR 737 in the prior year period. The increase was mainly due to the recognition of kEUR 401 of deferred income as a result of the early termination of three sale and leaseback transactions.

Net loss for the nine months ended September 30, 2014 was kEUR 3,634, or EUR 1.04 per share, as compared to a net loss of kEUR 167, or EUR 0.08 per share, in the prior year period.

Business Outlook

We are revising our revenue guidance for the year ending December 31, 2014 to a range of between kEUR 15,000 and kEUR 16,000, from our previous guidance in excess of kEUR 18,000. This reflects the operating disruption of one VX4000 printer in our German service center in the third quarter, as well as the later-than-anticipated opening of our Canton, Michigan facility, which is now expected to start producing on-demand parts in the first quarter of 2015. We will also ship certain of our newer 3D printer models later than we had previously anticipated. The guidance includes contribution from the acquisition of Propshop (Model Makers) Limited on October 1, 2014. Our long term outlook for revenue growth of approximately 50% annually is unchanged

Our total backlog of 3D printer orders at September 30, 2014 was kEUR 4,144, which represents nine 3D printers. This compares to backlog of kEUR 2,300, representing four 3D printers, at December 31, 2013. As production and delivery of our printers is generally not characterized by long lead times, backlog is more dependent on the timing of customers’ requested deliveries.

At September 30, 2014, we had cash and equivalents of kEUR 10,217 and held kEUR 44,997 of investments in three bond funds which are included in current financial assets on our consolidated statement of financial position.

voxeljet AG Acquires Propshop (Model Makers) Limited

On October 1, 2014, we completed the acquisition of all outstanding shares of Propshop (Model Makers) Limited (“Propshop”). Propshop became voxeljet UK, a wholly-owned subsidiary of the Company, and continues to support the film and entertainment industry, as well as the broad, growing consumer market for on-demand 3D printing services. Propshop’s operating results will be included in voxeljet’s Services segment from the date of the acquisition.

Long Term Cash Incentive Plan (LTCIP)

On October 2, 2013, we announced that we would be implementing, effective on January 1, 2013, a long-term cash incentive plan (the “LTCIP”) for senior management and other key personnel. An initial grant of the awards under the LTCIP was made to participants on October 2, 2013. Personnel expenses incurred in the first nine months of 2014 related to the LTCIP amounted to kEUR 640. The first tranche of payments under the LTCIP was settled in May 2014.

Incorporation of Voxeljet of America Inc.

On February 5, 2014, we incorporated our subsidiary, Voxeljet of America Inc., in Delaware. Voxeljet of America Inc. is headquartered in our new facility near Detroit, Michigan and conducts our North American operations. voxeljet AG holds 100% of the issued and outstanding shares of Voxeljet of America Inc. We expect that our U.S. service center, which contains approximately 50,000 square feet will commence printing parts in first quarter of 2015.

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