Financial result was negative kEUR 6,129 for the year ended December 31, 2022, compared to negative kEUR 1,677 in the comparative period in 2021. This was mainly due to the write-down of bifurcated embedded derivative financial asset relating to the performance participation interest for tranche A, which resulted in finance expense amounting to kEUR 2,827. This was partially offset by the write-down of bifurcated embedded derivative financial liability for the performance participation interest for tranche B1, which resulted in finance income of kEUR 516. The write-down resulted from the early repayment of the Finance Contract with EIB in October 2022. This compares to a finance income of kEUR 752 related to revaluation of embedded derivative financial instruments in last year’s same period.

Additionally, the finance expense relating to long-term debt in 2022 increased to kEUR 2,830, compared to kEUR 2,150 in 2021, which included kEUR 907 related to the revision of the expected future cash flows from tranches A and B1 of the EIB loan on September 30, 2022 as the final settlement amount was determined. The early repayment included the full settlement of all tranches and interest for an amount of € 22.0 million.

We further recorded finance expense related to the change in fair value of bond funds amounted to kEUR 773 in 2022, compared to kEUR 291 in 2021.

Net loss for the year ended December 31, 2022 was kEUR 11,409, or EUR 1.53 per share, as compared to net loss of kEUR 10,586, or EUR 1.68 per share in the prior year period.

Business Outlook

Our revenue guidance for the first quarter of 2023 is projected to be in the range of kEUR 5,750 to kEUR 6,000. We expect to release our financial results for the first quarter of 2023 after the closing of the financial markets on or about Thursday, May 18, 2023 and we will host a conference call and webcast to review the results for the quarter on or about Friday, May 19, 2023 at 8:30 a.m. Eastern Time.

Financial guidance for the full year ended December 31, 2023:

- Revenue is expected to be in the range of kEUR 27,500 and kEUR 32,500

- Gross margin is expected to be above 31.5%

- Operating expenses for the full year are expected as follows: SG&A expenses expected to be in the range of kEUR 14,000 to kEUR 16,000; R&D expenses expected to be between approximately kEUR 7,500 and kEUR 8,500. Depreciation and amortization expense is expected to be between kEUR 3,000 and kEUR 3,250.

- Adjusted EBITDA for the fourth quarter of 2023 is expected to be slightly negative to neutral. 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 3,750 to kEUR 4,250, which primarily includes ongoing investments in our global subsidiaries.

Our total backlog of 3D printer orders at December 31, 2022 was kEUR 9,975, which represents eleven 3D printers. This compares to a backlog of kEUR 3,880 at December 31, 2021, representing seven 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, 2022, we had cash and cash equivalents of kEUR 12,119 and kEUR 2,987 of restricted cash.

Webcast and Conference Call Details

The Company will host a conference call and webcast to review the results for the fourth quarter and full year ended December 31, 2022 on Friday, March 31, 2023 at 8:30 a.m. Eastern Time. Participants from voxeljet will include its Chief Executive Officer, Dr. Ingo Ederer, and its Chief Financial Officer, Rudolf Franz, who will provide a general business update and respond to investor questions.

Interested parties may access the live audio broadcast by dialing 1-877-704-4453 in the United States/Canada, or 1-201-389-0920 for international, Conference Title “voxeljet AG Fourth Quarter and Full Year 2022 Financial Results Conference Call”. Investors are requested to access the call at least five minutes before the scheduled start time in order to complete a brief registration. An audio replay will be available approximately two hours after the completion of the call at 1-844-512-2921 or 1-412-317-6671, Replay Conference ID number 13736688. The recording will be available for replay through April 7, 2023.

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/598160837 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.

About voxeljet

voxeljet is a 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,’’ “projects”, ‘‘expects,’’ ‘‘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 U.S. Securities and Exchange Commission, as well as the risk that our revenues may fall short of the guidance we have provided in this press release. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

voxeljet AG

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

voxeljet AG