FRIEDBERG, Germany–(BUSINESS WIRE)–voxeljet AG (NYSE: VJET) (the “Company”, or “voxeljet”), a leading
provider of high-speed, large-format 3D printers and on-demand parts
services to industrial and commercial customers, today announced
consolidated financial results for the first quarter ended March 31,
2019.

Highlights – First Quarter 2019⁽¹⁾

• Total revenues for the first quarter increased 10.2% to kEUR 5,565
  from kEUR 5,052
• Gross profit margin decreased to 34.4% from 42.2% to kEUR 1,913 from
  kEUR 2,133
• Systems revenues increased 75.6% to kEUR 2,415 from kEUR 1,375
• Services revenues decreased 14.3% to kEUR 3,150 from kEUR 3,677
• Reaffirm full year 2019 guidance

⁽¹⁾Certain comparative figures for the 3-month
period ended March 31, 2018 were restated for immaterial
errors. For further information, see Note 9 of the Q3-2018 condensed
consolidated interim financial statements.

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “We had
a strong first quarter with results that confirm why we are so excited
about our potential to establish a new manufacturing standard. Just
recently, we installed the first print engine into VJET X: This print
engine is the heart of our new additive mass manufacturing solution and
I firmly believe one of the most advanced piece of technology in the
whole additive manufacturing industry. The shifts we have made to our
business and our deeper focus on the three core areas of innovation,
integration and speed are igniting the next phase of growth and
profitability for voxeljet.”

First Quarter 2019 Results

Revenues for the first quarter of 2019 increased by 10.2% to kEUR 5,565
compared to kEUR 5,052 in the first quarter of 2018.

Revenues from our Systems segment, which focuses on the development,
production and sale of 3D printers, increased 75.6% to kEUR 2,415 in the
first quarter of 2019 from kEUR 1,375 in last year’s first quarter. The
Company delivered two new and one used and refurbished 3D printer in the
first quarter of 2019, compared to two used and refurbished printers
delivered in last year’s first quarter. Systems revenues also include
all Systems-related revenues from consumables, spare parts and
maintenance. The increase of revenues from our Systems segment was
mainly due to higher revenues from Systems-related revenues, while
revenue from the sale of 3D printers slightly increased. The increase of
Systems-related revenues reflects the higher installed base of 3D
printers in the market and the associated growth in aftersales
activities. Systems revenues represented 43.4% of total revenues in the
first quarter of 2019 compared to 27.2% in last year’s first quarter.

Revenues from our Services segment, which focuses on the printing of
on-demand parts for our customers, decreased 14.3% to kEUR 3,150 in the
first quarter of 2019 from kEUR 3,677 in the comparative period of 2018.
This was mainly due to lower revenue contributions from our German
operation. We received a lower number of orders mainly reflecting a
lower demand from the automotive industry. This was partially offset by
increased revenue contributions from our subsidiary voxeljet America
Inc. (“voxeljet America”). The increase in revenue at our American
service center was mainly attributable to a volume contract which we
entered into during the second quarter of 2018.

Cost of sales was kEUR 3,652 for the first quarter of 2019 compared to
kEUR 2,919 for the first quarter of 2018.

Gross profit and gross profit margin were kEUR 1,913 and 34.4%,
respectively, in the first quarter of 2019 compared to kEUR 2,133 and
42.2%, respectively in the first quarter of 2018.

Gross profit for our Systems segment increased to kEUR 829 in the first
quarter of 2019 from kEUR 381 in the first quarter of 2018. Gross profit
margin for this segment increased to 34.3% in the first quarter of 2019
compared to 27.7% in the first quarter of 2018. This was mainly due to
higher gross profit margin contributions from Systems-related revenues
resulting from a more favorable ratio of revenues to fixed costs
compared to last year’s first quarter.

Gross profit for our Services segment significantly decreased to
kEUR 1,084 in the first quarter of 2019 compared to kEUR 1,752 in the
first quarter of 2018. The gross profit margin for this segment
decreased to 34.4% in the first quarter of 2019 from 47.6% in the first
quarter of 2018. This was mainly related to lower gross profit margin
from the German service center as a result of lower utilization. Our
subsidiary voxeljet America also contributed lower gross profit margin
due to higher depreciation expense, as we added additional 3D printers
to our American service center during the third quarter of 2018,
including one VX4000 system.

Selling expenses remained nearly unchanged at kEUR 1,676 for the first
quarter of 2019 compared to kEUR 1,736 in the first quarter of 2018,
despite an increase in revenues. We incurred higher shipping and
packaging expenses, which vary from quarter to quarter depending on
quantity and types of products, as well as the destinations where those
goods are being delivered.

Administrative expenses were kEUR 1,439 for the first quarter of 2019
compared to kEUR 1,232 in the first quarter of 2018. This was mainly due
to an increase in headcount resulting in higher personnel expenses as
part of management’s remediation efforts on the material weakness
identified in the prior year. In addition, we incurred higher consulting
fees as part of our project to expand our Enterprise Resource Planning
(“ERP”) system. We have hired additional employees in the IT-Team for
the management of SAP ERP system related tasks.

Research and development (“R&D”) expenses increased to kEUR 1,705 in the
first quarter of 2019 from kEUR 1,597 in the first quarter of 2018. The
increase of kEUR 108 was mainly due to higher personnel expenses as a
result of a slight increase in headcount.

Other operating expenses in the first quarter of 2019 were kEUR 13
compared to kEUR 358 in the prior year period. This was mainly due to
lower losses from foreign currency transaction for the first quarter of
2019 compared to the first quarter of 2018.

Other operating income was kEUR 978 for the first quarter of 2019
compared to kEUR 402 in the first quarter of 2018. The increase was
mainly due to higher gains from foreign currency transactions.

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 UK and US subsidiaries.

Operating loss was kEUR 1,942 in the first quarter of 2019, compared to
an operating loss of kEUR 2,388 in the comparative period in 2018. The
improvement was primarily related to a significant increase of other
operating income partially offset by a lower gross profit.

Financial result was negative kEUR 858 in the first quarter of 2019,
compared to a financial result of positive kEUR 678 in the comparative
period in 2018. The significant decrease was mainly driven by the
revaluation of the derivative financial instruments in connection with
the European Investment Bank loan.

Net loss for the first quarter of 2019 was kEUR 2,788 or EUR 0.57 per
share, as compared to net loss of kEUR 1,716, or EUR 0.46 per share, in
the first quarter of 2018.

Based on a conversion rate of five American Depositary Shares (“ADSs”)
per ordinary share, net loss was at EUR 0.11 per ADS for the first
quarter of 2019, compared to a net loss of EUR 0.09 per ADS for the
first quarter of 2018. Earnings per share is computed by dividing net
income attributable to stockholders of the parent by the
weighted-average number of ordinary shares outstanding during the
periods. Earnings per ADS is calculated by dividing the above earnings
per share by five as each ordinary share represents five ADSs.

Business Outlook

Our revenue guidance for the second quarter of 2019 is expected to be in
the range of kEUR 5,000 to kEUR 5,250.

We reaffirm our guidance for the full year ending December 31, 2019:

• Full year revenue is expected to be in the range of kEUR 27,000 to
  kEUR 30,000
• Gross margin is expected to be above 40%
• Operating expenses for the full year are expected as follows: selling
  and administrative expenses are expected to be in the range of
  kEUR 12,000 to kEUR 12,500 and R&D expenses are projected to be
  between approximately kEUR 5,500 and kEUR 6,000. Depreciation and
  amortization expense is expected to be between kEUR 3,750 and
  kEUR 4,000.
• Adjusted EBITDA for the second half of the year ending December 31,
  2019 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.
• Capital expenditures are projected to be in the range of kEUR 2,000 to
  kEUR 2,500, which primarily includes ongoing investments in our global
  subsidiaries.

Our total backlog of 3D printer orders at March 31, 2019 was kEUR 3,422,
which represents six 3D printers. This compares to a backlog of kEUR
3,392 representing six 3D printers, at December 31, 2018. As production
and delivery of our printers is generally characterized by lead times
ranging between 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 March 31, 2019, we had cash and cash equivalents of kEUR 8,482 and
held kEUR 8,924 of investments in bond funds and kEUR 1,253 in one note
receivable, which are included in current financial assets on our
consolidated statements of financial position.

Webcast and Conference Call Details

The Company will host a conference call and webcast to review the
results for the first quarter on Friday, May 17, 2019 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
1-877-705-6003 in the United States/Canada, or 1-201-493-6725 for
international, Conference Title “voxeljet AG First Quarter 2019
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 13690018.
The recording will be available for replay through May 24, 2019.

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://event.webcasts.com/starthere.jsp?ei=1241565&tp_key=90fb6173de
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

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 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.

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.

Exchange rate

This press release contains translations of certain U.S. dollar amounts
into euros at specified rates solely for the convenience of readers.
Unless otherwise noted, all translations from U.S. dollars to euros in
this press release were made at a rate of USD 1.1235 to EUR 1.00, the
noon buying rate of the Federal Reserve Bank of New York for the euro on
March 31, 2019.

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 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.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

See accompanying notes to unaudited condensed consolidated interim
financial statements.

⁽¹⁾The Company has initially applied IFRS 16 as of January 1,
2019, using the modified retrospective approach. Under this approach,
comparative information is not restated and the cumulative effect of
initially applying IFRS 16 is recognized in retained earnings at the
date of initial application. For further information, see Note 2 of the
condensed consolidated interim financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

See accompanying notes to unaudited condensed consolidated interim
financial statements.

⁽¹⁾The Company has initially applied IFRS 16 as of January 1,
2019, using the modified retrospective approach. Under this approach,
comparative information is not restated and the cumulative effect of
initially applying IFRS 16 is recognized in retained earnings at the
date of initial application. For further information, see Note 2 of the
condensed consolidated interim financial statements.

⁽²⁾Certain comparative figures for the 3-month period ended
March 31, 2018 were restated for immaterial errors. For further
information, see Note 9 of the Q3-2018 condensed consolidated interim
financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

See accompanying notes to unaudited condensed consolidated interim
financial statements.

⁽¹⁾The Company has initially applied IFRS 16 as of January 1,
2019, using the modified retrospective approach. Under this approach,
comparative information is not restated and the cumulative effect of
initially applying IFRS 16 is recognized in retained earnings at the
date of initial application. For further information, see Note 2 of the
condensed consolidated interim financial statements.

⁽²⁾Certain comparative figures for the 3-month period ended
March 31, 2018 were restated for immaterial errors. For further
information, see Note 9 of the Q3-2018 condensed consolidated interim
financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Contacts

Investors and Media
Johannes Pesch
Director Investor
Relations and Business Development
[email protected]
Office:
+49 821 7483172
Mobile: +49 176 45398316

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