Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2022 | |
Document and Entity Information | |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2022 |
Entity Registrant Name | voxeljet AG |
Entity Central Index Key | 0001582581 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Current assets | € 34,984 | € 42,748 |
Cash and cash equivalents | 10,237 | 7,027 |
Other financial assets | 2,051 | 18,522 |
Trade receivables, net | 5,677 | 6,107 |
Inventories | 14,199 | 9,482 |
Income tax receivables | 45 | 23 |
Other assets | 2,775 | 1,587 |
Non-current assets | ||
Non-current assets | 24,121 | 24,711 |
Other financial assets | 3 | 4 |
Intangible assets | 798 | 878 |
Property, plant and equipment | 23,230 | 23,719 |
Other assets | 90 | 110 |
Total assets | 59,105 | 67,459 |
Current liabilities | ||
Current liabilities | 34,527 | 21,716 |
Trade payables | 3,520 | 2,594 |
Contract liabilities | 6,223 | 2,132 |
Other financial liabilities | 22,780 | 14,882 |
Other liabilities and provisions | 2,004 | 2,108 |
Non-current liabilities | ||
Non-current liabilities | 5,343 | 13,256 |
Deferred tax liabilities | 87 | |
Contract liabilities | 85 | 231 |
Other financial liabilities | 5,258 | 12,938 |
Equity | ||
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 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Revenues | € 5,735 | € 4,938 | € 17,066 | € 13,941 |
Cost of sales | (4,089) | (2,997) | (11,738) | (9,549) |
Gross profit | 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 |
Operating loss | (2,540) | (1,488) | (5,615) | (8,053) |
Finance expense | (6,175) | (648) | (6,333) | (3,795) |
Finance income | 8 | 1,336 | 610 | 163 |
Financial result | (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 | (276) | (108) | (2,047) | (228) |
Total comprehensive loss | (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) |
Net loss | (8,702) | (800) | (11,254) | (11,633) |
Total comprehensive loss attributable to: | ||||
Owners of the Company | (8,935) | (893) | (13,217) | (11,737) |
Non-controlling interests | (43) | (15) | (84) | (124) |
Total comprehensive loss | € (8,978) | € (908) | € (13,301) | € (11,861) |
Weighted average number of shares outstanding - basic (in shares) | 7,026,711 | 6,757,420 | 7,026,711 | 6,058,387 |
Weighted average number of shares outstanding - diluted (in shares) | 7,026,711 | 6,757,420 | 7,026,711 | 6,058,387 |
Loss per share - basic (in EUR per share) | € (1.23) | € (0.12) | € (1.59) | € (1.90) |
Loss per share - diluted (in EUR per share) | € (1.23) | € (0.12) | € (1.59) | € (1.90) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (parenthetical) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Thereof income (expense) from changes in impairment allowance included in other operating income (expense) | € 9 | € (39) | € (120) | € (52) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - EUR (€) € in Thousands | Equity attributable to owners of parent | Subscribed capital | Capital reserves | Accumulated deficit | Accumulated other comprehensive gain (loss) | Non-controlling interests | Total |
Balance at the beginning at Dec. 31, 2020 | € 19,796 | € 4,836 | € 88,748 | € (75,463) | € 1,675 | € (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 | 23,403 | 2,191 | 21,212 | 23,403 | |||
Equity-settled share-based payment | 261 | 261 | 261 | ||||
Balance at the end at Sep. 30, 2021 | 31,723 | 7,027 | 110,221 | (86,972) | 1,447 | (279) | 31,444 |
Balance at the beginning at Dec. 31, 2020 | 19,796 | 4,836 | 88,748 | (75,463) | 1,675 | (155) | 19,641 |
Loss for the period | (10,586) | ||||||
Balance at the end at Dec. 31, 2021 | 32,717 | 7,027 | 110,264 | (85,974) | 1,400 | (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 the end at Sep. 30, 2022 | € 18,881 | € 7,027 | € 109,645 | € (97,144) | € (647) | € 354 | € 19,235 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS € in Thousands, $ in Millions | 9 Months Ended | |
Sep. 30, 2022 EUR (€) | Sep. 30, 2021 EUR (€) | |
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 |
Preparation of financial statem
Preparation of financial statements | 9 Months Ended |
Sep. 30, 2022 | |
Preparation of financial statements | |
Preparation of financial statements | 1. Preparation of financial statements Our condensed consolidated interim financial statements include the accounts of voxeljet AG On June 15, 2022, the shareholders of voxeljet China approved the increase of registered capital of voxeljet China from RMB 20,000,000 to RMB 52,250,000 and the increase of total investment of voxeljet China from RMB 40,000,000 to RMB 130,625,000 (the ‘Capital Increase’). After the Capital Increase, voxeljet AG owns 88.52% of voxeljet China and is entitled to nominate three directors, while each of MK Holding GmbH and Mr. Jin Tianshi 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 International Accounting Standards Board (‘IASB’) and Interpretations of the IFRS Interpretations Committee (‘IFRIC’). The designation IFRS also includes all valid International Accounting Standards (‘IAS’); and the designation IFRIC also includes all valid interpretations of the Standing Interpretations Committee (‘SIC’). Specifically, these financial statements were prepared in accordance with the disclosure requirements and the measurement principles for interim financial reporting purposes specified by IAS 34. The condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto that are included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2021. The results of operations for the three and nine months ended September 30, 2022, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. The IASB issued a number of new IFRS standards which are required to be adopted in annual periods beginning after December 31, 2021. 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 September 30, 2022. The Company has not yet conclusively determined what impact the new standards, amendments or interpretations effective 01/2023 or later will have on its financial statements, but does not expect they will have a significant impact. The condensed consolidated interim financial statements as of and for the three and nine months ended September 30, 2022 and 2021 were authorized for issue by the Management Board on November 17, 2022. 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 September 30, 2022, full year 2021, 2020 and 2019 amounting to kEUR 11,254, kEUR 10,586, kEUR 15,481 and kEUR 13,978, respectively. Additionally, voxeljet had negative cash flows from operating activities in the nine months ended September 30, 2022, full year 2021, 2020 and 2019 of kEUR 7,399, kEUR 6,537, kEUR 6,598, kEUR 6,592, respectively, mainly due to continuous net losses. 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 USD 32.0 million (€ 26.6 million) before deducting fees and expenses. Further, on October 13, 2022, the Company announced that it has successfully completed another registered direct offering and sale of 1,279,070 ordinary shares in the form of ADSs at a purchase price of USD 3.44 (EUR 3.60) per share. The gross proceeds of the offering amounted to approximately USD 4.4 million (EUR 4.6 million). Those capital increases improved the Company’s liquidity as well as equity ratio significantly. Further, on August 11, 2022, management initiated a sale and leaseback of voxeljet AG’s properties located in Germany with the investor IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH. Under this agreement, voxeljet was entitled to receive proceeds from the sale amounting to € 26.5 million and to enter into a long-term lease contract. Simultaneously, on August 11, 2022, voxeljet initiated the full settlement of the Finance Contract entered into with the European Investment Bank (the ‘EIB’), dated November 9, 2017 (the ‘Finance Contract’) including the repayment of tranche A and B1, including all interests for a fixed amount of € 22.0 million. In addition, the Company initiated the early settlement of certain loans related to the sold properties, which were granted by Sparkasse Schwaben-Bodensee, Germany (formerly Kreissparkasse Augsburg) with a settlement amount of approximately € 3.1 million. The closing process of the transaction, which has been started through the initiation of the sale and leaseback at the notary on August 11, 2022, has been successfully finalized on October 31, 2022. The closing included the receipt of the proceeds from the investor, the settlements with EIB and Sparkasse Schwaben-Bodensee and the following release of land charges as well as the commencement of the long-term lease contract. These steps further improved voxeljet’s liquidity and moreover released the Company from all covenants in the Finance Contract, including a Minimum Cash/Cash Equivalents requirement (the “Minimum Cash Covenant”), which provides significantly greater financial flexibility for voxeljet. 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 October 2022 in New York City. The overall feedback was positive and different parties indicated that there is serious interest for participations in further capital increases from both, new as well as existing investors. The ongoing conflict between Russia and Ukraine raises further risks and uncertainties. The heightened use of trade restrictions and sanctions, including tariffs or prohibitions on technology transfers to achieve diplomatic ends could impact voxeljet’s ability to conduct its business as planned. A spill-over of the conflict to neighboring countries, the European Union or NATO members, could result into further adverse impacts on the Company’s business, such as a drop in market demand, price increases for raw materials and energy or delays in the global supply chain. 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 September 30, 2022 by the Management Board on November 17, 2022 and therefore continues as a going concern. 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 UK amounting to kEUR 1,475 , related to the finalization of the wind-up on February 17, 2022. 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 June 30, 2022 was increased. Accordingly, total comprehensive loss as of March 31, 2022 and June 30, 2022 amounts to kEUR 2,316 , (thereof kEUR 2,251 attributable to the owners of the Company and kEUR 65 attributable to non-controlling interest) and kEUR 4,323 (thereof kEUR 4,282 attributable to the owners of the Company and kEUR 41 attributable to non-controlling interest), respectively. |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Sep. 30, 2022 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 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 December 31, 2021, which can be found in its Annual Report on Form 20-F that was filed with the U.S. Securities and Exchange Commission on March 31, 2022. These policies have been applied to all financial periods presented. |
Share based payment arrangement
Share based payment arrangements | 9 Months Ended |
Sep. 30, 2022 | |
Share based payment arrangements | |
Share based payment arrangements | 3. Share based payment arrangements On April 7, 2017, voxeljet AG established a share option plan that entitles key management personnel and senior employees of voxeljet AG and its subsidiaries to purchase shares of the parent company. Total options available under the share option plan are 372,000. On April 7, 2017 279,000 options (75%, Tranche 1) were granted. On April 12, 2018 93,000 options (25%, Tranche 2) were granted. 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 20% in the period between the grant date and the respective exercise time frame) which must both be met. 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 USD 13.80 USD 16.15 Exercise price USD 13.90 USD 16.15 Expected volatility 55.00% 58.40% Expected dividends -- -- Risk-free interest rate 2.49% 2.85% Fair value at grant date USD 8.00 USD 9.74 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 September 30, 2022 353,400 options are exercisable and 353,400 options are outstanding. The weighted-average contractual life of the options at September 30, 2022 amounts to 4.8 years (September 30, 2021: 5.8 years). 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 September 30, 2022 (three months and nine months ended September 30, 2021: kEUR 44 and kEUR 261, respectively). |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventories | |
Inventories | 4. Inventories 9/30/2022 12/31/2021 (€ 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 September 30, 2022, voxeljet increased the reserve for slow-moving inventory for raw materials and merchandise as well as work in progress by kEUR 597, following the Company’s inventory reserve policy for inventory (increase in reserve for slow-moving inventory for the nine months ended September 30, 2021: kEUR 166). |
Property, plant and equipment,
Property, plant and equipment, net | 9 Months Ended |
Sep. 30, 2022 | |
Property, plant and equipment, net | |
Property, plant and equipment, net | 5. Property, plant and equipment, net 9/30/2022 12/31/2021 (€ 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 March 2020, voxeljet registered a first rank land charge amounting to kEUR 10,000 on its land and facility located in Friedberg, Germany as collateral in favor of the EIB related to the loan under the Finance Contract. This pledge was removed within the closing process of sale and leaseback transaction by notary, which was initiated on August 11, 2022 and successfully closed on October 31, 2022. Upon closing of the sale and leaseback transaction, the land and buildings were transferred to the investor. For further information, see Note 14. below. |
Other liabilities and provision
Other liabilities and provisions | 9 Months Ended |
Sep. 30, 2022 | |
Other liabilities and provisions | |
Other liabilities and provisions | 6. Other liabilities and provisions 9/30/2022 12/31/2021 (€ 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 |
Financial instruments
Financial instruments | 9 Months Ended |
Sep. 30, 2022 | |
Financial instruments | |
Financial instruments | 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 9/30/2022 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 12/31/2021 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 October 31, 2022, the expected future cash flows of tranches A and B1 related to the EIB loan after September 30, 2022, changed and the final settlement amount was determined. Consequently, the Company has written down the bifurcated embedded derivative financial instruments r elating to the performance participation interest for tranche A and tranche B1 and adjusted the carrying amount of EIB loan tranches A and B1. The write-down resulted from the early repayment of the Finance Contract with EIB in October 2022, expected already as of September 30, 2022. The write down of the bifurcated embedded derivative financial instruments and the adjustment of carrying amount of long-term debt as of September 30, 2022, resulted in a finance expense of kEUR 4,664 and kEUR 907 , respectively in the third quarter of 2022. 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 September 30, 2022, there were no transfers of financial instruments measured at fair value between level 1, level 2 and level 3. As of September 30, 2022, the Company was in compliance with all covenants related to the loan granted by the EIB. |
Financial result
Financial result | 9 Months Ended |
Sep. 30, 2022 | |
Financial result | |
Financial result | 8. Financial result Three months ended September 30, 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 September 30, 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) |
Segment reporting
Segment reporting | 9 Months Ended |
Sep. 30, 2022 | |
Segment reporting | |
Segment reporting | 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 September 30, 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 % 24.1% 32.8% 28.7% 44.1% 34.4% 39.3% 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 September 30, 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 % 22.8% 38.2% 31.2% 33.6% 29.2% 31.5% 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) |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2022 | |
Revenues | |
Revenues | 10. Revenues Three months ended September 30, 2022 2021 2022 2021 SYSTEMS SERVICES (€ in thousands) Primary geographical markets EMEA 847 791 1,731 1,369 Asia Pacific 1,252 1,374 326 230 Americas 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 September 30, 2022 2021 2022 2021 SYSTEMS SERVICES (€ in thousands) Primary geographical markets EMEA 2,997 3,494 5,852 4,056 Asia Pacific 2,540 1,979 868 674 Americas 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (€ in thousands) EMEA 2,578 2,160 8,849 7,550 Germany 1,257 852 4,275 2,489 France 296 194 797 1,170 Great Britain 490 399 1,681 1,129 Finland 12 38 31 703 Others 523 677 2,065 2,059 Asia Pacific 1,578 1,604 3,408 2,653 China 537 263 1,923 782 South Korea 139 234 409 571 India 39 1,070 70 1,123 Others 863 37 1,006 177 Americas 1,579 1,174 4,809 3,738 United States 1,566 1,167 4,777 3,647 Others 13 7 32 91 Total 5,735 4,938 17,066 13,941 |
Commitments, contingent assets
Commitments, contingent assets and liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Commitments, contingent assets and liabilities | |
Commitments, contingent assets and liabilities | 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 March 2018, ExOne GmbH, a subsidiary of The ExOne Company, notified voxeljet of its intent not to pay its annual license fees under an existing intellectual property-related agreement and asserted its rights to claim damages pursuant to an alleged material breach of the agreement. At this time, the Company cannot reasonably estimate a contingency, if any, related to this matter. On November 12, 2021, The ExOne Company and its affiliates were acquired by DESKTOP METAL, INC. voxeljet AG issued letters of support to voxeljet’s subsidiaries voxeljet China and voxeljet America to provide financial support to enable the subsidiaries to meet their obligation or liabilities as and when they fall due. The guarantee is irrecoverable for at least 12 months from the date of financial statements for the financial year ended December 31, 2021, are signed. Further, voxeljet AG issued a letter of support to voxeljet India on July 12, 2022, to provide financial support to enable the subsidiary to meet its obligation or liabilities as and when they fall due. The guarantee is irrecoverable for at least 12 months from date of issue of this letter. Management assessed that it is unlikely that the subsidiaries would exercise these letters of support. |
Settlement of SEC investigation
Settlement of SEC investigation | 9 Months Ended |
Sep. 30, 2022 | |
Settlement of SEC investigation | |
Settlement of SEC investigation | 12. Settlement of SEC investigation On July 1, 2022, the Company entered into a settlement agreement with the Securities and Exchange Commission (the ‘SEC’) in full resolution of a cease-and-desist order issued by the SEC related to the Company’s reporting during two quarters in 2019 of our compliance with the Finance Contract and the state of our internal accounting controls. The Company self-reported and shared facts developed in our internal investigation, and fully cooperated with the SEC in connection with the settlement. Without admitting or denying the SEC’s allegations (other than with respect to the SEC’s jurisdiction and the subject matter of the proceedings), the Company agreed to the entry of the order pursuant to which (i) the Company and Mr. Rudolf Franz, our Chief Financial Officer, agreed to pay a penalty of $175,000 and $50,000, respectively, to the SEC; (ii) the Company will cease and desist from committing or causing any violations and any future violations of the reporting standards of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Securities Exchange Act of 1934, as amended, and Rules 12b-20 and 13a-16 thereunder; and (iii) the Company will undertake to complete, fully implement, and test our remediation plan. |
Related party transactions
Related party transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related party transactions | |
Related party transactions | 13. Related party transactions Name Nature of relationship Duration of relationship Franz Industriebeteiligungen AG, Augsburg Lessor 10/01/2003 - Current Schlosserei und Metallbau Ederer, Dießen Supplier 05/01/1999 - Current Suzhou Meimai Fast Manufacturing Technology Co., Ltd., Suzhou Minority shareholder of voxeljet China, Customer 04/11/2016 - 09/01/2021 DSCS Digital Supply Chain Solutions GmbH, Gersthofen Customer 05/11/2017 - Current Michele Neuber Employee 07/01/2019 - 03/31/2022 Susanne Ederer-Pausewang Customer 03/17/2021 - Current Lisa Franz Employee 10/01/2021 - 02/18/2022 Transactions with Franz Industriebeteiligungen AG comprise the rental of office space in Augsburg, Germany. Rental expenses amounted to kEUR 2 in each of the nine months ended September 30, 2022 and September 30, 2021. Further, voxeljet acquired goods amounting to kEUR 0 and kEUR 0 in the nine months ended September 30, 2022 and September 30, 2021, respectively from ‘Schlosserei und Metallbau Ederer’, which is owned by the brother of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet. Moreover, voxeljet received orders amounting to kEUR 174 and kEUR 77 in the nine months ended September 30, 2022 and September 30, 2021, respectively from Suzhou Meimai Fast Manufacturing Technology Co. ('Meimai’), Ltd., which was our minority shareholder for voxeljet China until September 1, 2021. On this date, Meimai transferred half of its equity interest in voxeljet China, or 15.00% of voxeljet China’s equity, to its shareholder MK Holding GmbH and the remaining half of its equity interest, or 15.00% of voxeljet China’s equity to its shareholder Mr. Jin Tianshi, the managing director of voxeljet China. As a result, as of September 1, 2021, Meimai is no longer a related party. After the capital increase for voxeljet China by voxeljet AG, effective on June 28, 2022, voxeljet AG’s shareholding increased from 70.00% to 88.52% , while each of MK Holding GmbH’s and Mr. Jin Tianshi ’s shareholding decreased from 15.00% to 5.74% . Further, voxeljet received orders amounting to kEUR 0 and kEUR 0 in the nine months ended September 30, 2022 and September 30, 2021, respectively from ‘DSCS Digital Supply Chain Solutions GmbH’, which is an associated company of which the Company owns 33.3%. Shareholders of DSCS have initiated the wind-up of DSCS, which will be finalized by DSCS’s removal from the commercial register, expected to take place in the first quarter of 2023. In addition, voxeljet employed Michele Neuber as an intern between July 2019 and March 2022. Michele Neuber is the son of Volker Neuber, who has been a member of voxeljet’s supervisory board since July 2020. He received a salary of kEUR 1 and kEUR 1 in the nine months ended September 30, 2022 and September 30, 2021, respectively. Moreover, voxeljet sold a used car in the first quarter of 2021 to Susanne Ederer-Pausewang amounting to kEUR 27, who is the wife of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet. In addition, voxeljet employed Lisa Franz, who is the daughter of Rudolf Franz, the Chief Operating Officer and Chief Financial Officer of voxeljet, as an intern between October 2021 and February 2022. She received a salary of kEUR 1 in the nine months ended September 30, 2022. All related party transactions voxeljet entered into were made on an arm's length basis. |
Subsequent events
Subsequent events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent events | |
Subsequent events | 14. Subsequent events Capital Increase On October 13, 2022, the Company announced that it has completed its registered direct offering and sale of 1,279,070 ordinary shares in the form of ADSs at a purchase price of USD 3.44 (EUR 3.60) per share. The gross proceeds of the offering amounted to approximately USD 4.4 million (EUR 4.6 million). The Company intends to use the net proceeds of the offering for general corporate purposes. A.G.P./Alliance Global Partners acted as sole placement agent for the offering. Closing of sale and leaseback transaction regarding properties in Friedberg, Germanys On August 11, 2022, voxeljet initiated the sale and leaseback of voxeljet AG’s properties located in Germany with the investor IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH. The closing process with the notary has been finalized on October 31, 2022. In this course, voxeljet received proceeds from the sale amounting to € 26.5 million and the long-term lease contract commenced. As a result of completion of the sale and leaseback transaction, the Company derecognized a carrying amount of approximately € 14.1 million relating to land and buildings and recognized a right of use asset and lease liability at an amount of approximately € 9.2 million and approximately € 17.3 million, respectively. The gain from the sale and leaseback transaction amounted to approximately € 4.3 million. Settlement of Finance Contract with the EIB and of further loans with Sparkasse Schwaben-Bodensee Also on August 11, 2022, voxeljet initiated the full settlement of the Finance Contract with EIB including the repayment of tranche A and B1, including all interests for an amount of € 22.0 million and also agreed to an early settlement of loans related to properties, which were granted by Sparkasse Schwaben-Bodensee, Germany (formerly Kreissparkasse Augsburg). On the closing date October 31, 2022, voxeljet fully settled the Finance Contract with EIB including the repayment of tranche A and B1 and all interests for an amount of € 22.0 million. Also on October 31, 2022, voxeljet early settled the loans related to properties, granted by Sparkasse Schwaben-Bodensee, Germany (formerly Kreissparkasse Augsburg) for an amount of € 3.1 million. As a result of the settlement, the Company was released from all the covenants in the Finance Contract, including a Minimum Cash/Cash Equivalents requirement (the “Minimum Cash Covenant”) and the pledges of certain properties were removed. |
Share based payment arrangeme_2
Share based payment arrangements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share based payment arrangements | |
Schedule of fair value inputs | Tranche 1 Tranche 2 Parameter Share price at grant date USD 13.80 USD 16.15 Exercise price USD 13.90 USD 16.15 Expected volatility 55.00% 58.40% Expected dividends -- -- Risk-free interest rate 2.49% 2.85% Fair value at grant date USD 8.00 USD 9.74 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventories | |
Inventories by category | 9/30/2022 12/31/2021 (€ in thousands) Raw materials and merchandise 3,890 2,978 Work in progress 10,309 6,504 Total 14,199 9,482 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, plant and equipment, net | |
Schedule of property, plant and equipment | 9/30/2022 12/31/2021 (€ 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 |
Other liabilities and provisi_2
Other liabilities and provisions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other liabilities and provisions | |
Summary of other liabilities and provisions | 9/30/2022 12/31/2021 (€ 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 |
Financial instruments (Tables)
Financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Financial instruments | |
Summary of carrying amounts and fair values of financial assets and financial liabilities | Carrying amount Fair Value (€ in thousands) Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 9/30/2022 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 12/31/2021 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 |
Financial result (Tables)
Financial result (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Financial result | |
Schedule of financial result | Three months ended September 30, 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 September 30, 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) |
Segment reporting (Tables)
Segment reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment reporting | |
Schedule of segment reporting | Three months ended September 30, 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 % 24.1% 32.8% 28.7% 44.1% 34.4% 39.3% 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 September 30, 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 % 22.8% 38.2% 31.2% 33.6% 29.2% 31.5% 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) |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenues | |
Disclosure of information about revenue recognition | Three months ended September 30, 2022 2021 2022 2021 SYSTEMS SERVICES (€ in thousands) Primary geographical markets EMEA 847 791 1,731 1,369 Asia Pacific 1,252 1,374 326 230 Americas 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 September 30, 2022 2021 2022 2021 SYSTEMS SERVICES (€ in thousands) Primary geographical markets EMEA 2,997 3,494 5,852 4,056 Asia Pacific 2,540 1,979 868 674 Americas 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 |
Schedule of revenues by geographic region | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (€ in thousands) EMEA 2,578 2,160 8,849 7,550 Germany 1,257 852 4,275 2,489 France 296 194 797 1,170 Great Britain 490 399 1,681 1,129 Finland 12 38 31 703 Others 523 677 2,065 2,059 Asia Pacific 1,578 1,604 3,408 2,653 China 537 263 1,923 782 South Korea 139 234 409 571 India 39 1,070 70 1,123 Others 863 37 1,006 177 Americas 1,579 1,174 4,809 3,738 United States 1,566 1,167 4,777 3,647 Others 13 7 32 91 Total 5,735 4,938 17,066 13,941 |
Related party transactions (Tab
Related party transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related party transactions | |
Schedule of related parties | Name Nature of relationship Duration of relationship Franz Industriebeteiligungen AG, Augsburg Lessor 10/01/2003 - Current Schlosserei und Metallbau Ederer, Dießen Supplier 05/01/1999 - Current Suzhou Meimai Fast Manufacturing Technology Co., Ltd., Suzhou Minority shareholder of voxeljet China, Customer 04/11/2016 - 09/01/2021 DSCS Digital Supply Chain Solutions GmbH, Gersthofen Customer 05/11/2017 - Current Michele Neuber Employee 07/01/2019 - 03/31/2022 Susanne Ederer-Pausewang Customer 03/17/2021 - Current Lisa Franz Employee 10/01/2021 - 02/18/2022 |
Preparation of financial stat_2
Preparation of financial statements (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Nov. 09, 2022 EUR (€) | Oct. 31, 2022 EUR (€) | Oct. 13, 2022 EUR (€) | Oct. 13, 2022 USD ($) $ / shares shares | Jun. 28, 2022 | Jun. 15, 2022 CNY (¥) director | Sep. 01, 2021 | Sep. 30, 2022 EUR (€) | Mar. 31, 2022 EUR (€) | Sep. 30, 2021 EUR (€) | Jun. 30, 2022 EUR (€) | Sep. 30, 2022 EUR (€) | Sep. 30, 2021 EUR (€) | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 EUR (€) | Oct. 13, 2022 € / shares shares | Jun. 14, 2022 CNY (¥) | |
Financial liabilities | |||||||||||||||||||
Subscribed capital | € 7,027 | € 7,027 | € 7,027 | ||||||||||||||||
Number of directors entitled to be nominated | director | 3 | ||||||||||||||||||
Net loss | (8,702) | € (800) | (11,254) | € (11,633) | (10,586) | € (15,481) | € (13,978) | ||||||||||||
Negative cash flows from operating activities | (7,399) | (5,880) | € (6,537) | € (6,598) | € (6,592) | ||||||||||||||
Increase in shares issued (in shares) | shares | 2,190,711 | 2,190,711 | |||||||||||||||||
Proceeds from issue of ordinary shares in the form of ADS | 26,619 | € 26,600 | $ 32 | ||||||||||||||||
Repayments of borrowings | 1,522 | 881 | |||||||||||||||||
Reclassification of foreign currency translation reserve | (1,475) | ||||||||||||||||||
Total comprehensive loss | (8,978) | (908) | (13,301) | (11,861) | |||||||||||||||
Owners of the Company | (8,935) | (893) | (13,217) | (11,737) | |||||||||||||||
Non-controlling interests | (43) | € (15) | € (84) | € (124) | |||||||||||||||
Correction of error | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||
Total comprehensive loss | € 1,475 | € 2,316 | € 4,323 | ||||||||||||||||
Owners of the Company | 2,251 | 4,282 | |||||||||||||||||
Non-controlling interests | € 65 | € 41 | |||||||||||||||||
Share transaction | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||
Offering price (in currency per share) | (per share) | $ 3.44 | € 3.60 | |||||||||||||||||
Proceeds from issue of ordinary shares in the form of ADS | € 4,600 | $ 4.4 | |||||||||||||||||
Shares issued (in shares) | shares | 1,279,070 | 1,279,070 | |||||||||||||||||
Share Price Per Share | (per share) | $ 3.44 | € 3.60 | |||||||||||||||||
Sale and leaseback transaction | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||
Proceeds from sale of property | € 26,500 | € 26,500 | |||||||||||||||||
European Investment Bank | Finance contract settlement | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||
Repayments of borrowings | 22,000 | 22,000 | |||||||||||||||||
Sparkasse Schwaben-Bodensee | Finance contract settlement | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||
Repayments of borrowings | € 3,100 | € 3,100 | |||||||||||||||||
MK Technology GmbH | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||
Number of directors entitled to be nominated | director | 1 | ||||||||||||||||||
voxeljet China | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||
Subscribed capital | ¥ | ¥ 52,250,000 | ¥ 20,000,000 | |||||||||||||||||
Total investment | ¥ | ¥ 130,625,000 | ¥ 40,000,000 | |||||||||||||||||
Subsidiary ownership (as a percent) | 88.52% | 88.52% | 70% | ||||||||||||||||
voxeljet China | MK Technology GmbH | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||
Minority ownership interest (as a percent) | 5.74% | 5.74% | 15% | ||||||||||||||||
voxeljet China | Jin Tianshi | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||
Minority ownership interest (as a percent) | 5.74% | 5.74% | 15% |
Share based payment arrangeme_3
Share based payment arrangements - Narrative (Details) | 9 Months Ended | ||
Apr. 12, 2018 EquityInstruments | Apr. 07, 2017 EquityInstruments shares | Sep. 30, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares authorized | shares | 372,000 | ||
Options granted (in shares) | EquityInstruments | 93,000 | 279,000 | |
Options granted (in percent) | 25% | 75% | |
Vesting period | 4 years | ||
Number of consecutive days option may be exercised | 90 days | ||
Share price exceeds the exercise price (as a percent) | 20% |
Share based payment arrangeme_4
Share based payment arrangements - Measurement inputs (Details) - USD ($) | Apr. 12, 2018 | Apr. 07, 2017 |
Share based payment arrangements | ||
Share price at grant date | $ 16.15 | $ 13.80 |
Exercise price | $ 16.15 | $ 13.90 |
Expected volatility | 58.40% | 55% |
Risk-free interest rate | 2.85% | 2.49% |
Fair value at grant date | $ 9.74 | $ 8 |
Share based payment arrangeme_5
Share based payment arrangements - Options (Details) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 EUR (€) EquityInstruments | Sep. 30, 2021 EUR (€) | Sep. 30, 2022 EUR (€) EquityInstruments | Sep. 30, 2021 EUR (€) | |
Share based payment arrangements | ||||
Options outstanding, ending balance (in shares) | 353,400 | 353,400 | ||
Options exercisable (in shares) | 353,400 | 353,400 | ||
Weighted-average contractual life | 4 years 9 months 18 days | 5 years 9 months 18 days | ||
Expenses recognized in profit and loss | € | € 0 | € 44 | € 49 | € 261 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Inventories | |||
Raw materials and merchandise | € 3,890 | € 2,978 | |
Work in progress | 10,309 | 6,504 | |
Total | 14,199 | € 9,482 | |
Change in inventory allowance | € 597 | € 166 |
Property, plant and equipment_3
Property, plant and equipment, net (Details) - EUR (€) € in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Mar. 31, 2020 |
Property, plant and equipment | |||
Property, plant and equipment, net | € 23,230 | € 23,719 | |
Thereof pledged assets of Property, Plant and Equipment | 11,821 | 12,261 | |
European Investment Bank | |||
Property, plant and equipment | |||
Thereof pledged assets of Property, Plant and Equipment | € 10,000 | ||
Property | Leased assets | |||
Property, plant and equipment | |||
Property, plant and equipment, net | 17,413 | 18,048 | |
Production equipment | |||
Property, plant and equipment | |||
Property, plant and equipment, net | 4,517 | 4,329 | |
Other PPE | |||
Property, plant and equipment | |||
Property, plant and equipment, net | 778 | 894 | |
Assets under construction and prepayments made | |||
Property, plant and equipment | |||
Property, plant and equipment, net | € 522 | € 448 |
Other liabilities and provisi_3
Other liabilities and provisions (Details) - EUR (€) € in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other liabilities and provisions | ||
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 |
Financial instruments (Details)
Financial instruments (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Financial instruments | ||||
Write down of derivative financial instrument | € 4,664 | € 2,827 | € 1,942 | |
Loss on change in fair value of debt | (907) | |||
Total liabilities | ||||
Financial instruments | ||||
Financial liabilities | 31,558 | 31,558 | € 30,414 | |
Current liabilities. | ||||
Financial instruments | ||||
Financial liabilities | 26,300 | 26,300 | 17,476 | |
Trade payables | ||||
Financial instruments | ||||
Financial liabilities | 3,520 | 3,520 | 2,594 | |
Current financial liabilities. | ||||
Financial instruments | ||||
Financial liabilities | 22,780 | 22,780 | 14,882 | |
Financial liabilities, at fair value | 21,828 | 21,828 | 15,362 | |
Current financial liabilities. | Level Three | ||||
Financial instruments | ||||
Financial liabilities, at fair value | 21,828 | 21,828 | 15,362 | |
Long term debt | ||||
Financial instruments | ||||
Financial liabilities | 21,930 | 21,930 | 14,285 | |
Financial liabilities, at fair value | 21,828 | 21,828 | 15,362 | |
Long term debt | Level Three | ||||
Financial instruments | ||||
Financial liabilities, at fair value | 21,828 | 21,828 | 15,362 | |
Lease liability | ||||
Financial instruments | ||||
Financial liabilities | 850 | 850 | 597 | |
Non-current liabilities. | ||||
Financial instruments | ||||
Financial liabilities | 5,258 | 5,258 | 12,938 | |
Non-current financial liabilities. | ||||
Financial instruments | ||||
Financial liabilities | 5,258 | 5,258 | 12,938 | |
Financial liabilities, at fair value | 3,124 | 3,124 | 14,342 | |
Non-current financial liabilities. | Level Two | ||||
Financial instruments | ||||
Financial liabilities, at fair value | 516 | |||
Non-current financial liabilities. | Level Three | ||||
Financial instruments | ||||
Financial liabilities, at fair value | 3,124 | 3,124 | 13,826 | |
Non-current derivative liabilities financial instruments | ||||
Financial instruments | ||||
Financial liabilities | 516 | |||
Financial liabilities, at fair value | 516 | |||
Non-current derivative liabilities financial instruments | Level Two | ||||
Financial instruments | ||||
Financial liabilities, at fair value | 516 | |||
Non-current long term debt | ||||
Financial instruments | ||||
Financial liabilities | 3,174 | 3,174 | 9,793 | |
Financial liabilities, at fair value | 3,124 | 3,124 | 13,826 | |
Non-current long term debt | Level Three | ||||
Financial instruments | ||||
Financial liabilities, at fair value | 3,124 | 3,124 | 13,826 | |
Non-current lease liability | ||||
Financial instruments | ||||
Financial liabilities | 2,068 | 2,068 | 2,613 | |
Non Current Security Deposits | ||||
Financial instruments | ||||
Financial liabilities | 16 | 16 | 16 | |
Financial liabilities measured at amortized cost | Total liabilities | ||||
Financial instruments | ||||
Financial liabilities | 28,624 | 28,624 | 26,672 | |
Financial liabilities measured at amortized cost | Current liabilities. | ||||
Financial instruments | ||||
Financial liabilities | 25,450 | 25,450 | 16,879 | |
Financial liabilities measured at amortized cost | Trade payables | ||||
Financial instruments | ||||
Financial liabilities | 3,520 | 3,520 | 2,594 | |
Financial liabilities measured at amortized cost | Current financial liabilities. | ||||
Financial instruments | ||||
Financial liabilities | 21,930 | 21,930 | 14,285 | |
Financial liabilities measured at amortized cost | Long term debt | ||||
Financial instruments | ||||
Financial liabilities | 21,930 | 21,930 | 14,285 | |
Financial liabilities measured at amortized cost | Non-current liabilities. | ||||
Financial instruments | ||||
Financial liabilities | 3,174 | 3,174 | 9,793 | |
Financial liabilities measured at amortized cost | Non-current financial liabilities. | ||||
Financial instruments | ||||
Financial liabilities | 3,174 | 3,174 | 9,793 | |
Financial liabilities measured at amortized cost | Non-current long term debt | ||||
Financial instruments | ||||
Financial liabilities | 3,174 | 3,174 | 9,793 | |
Total assets | ||||
Financial instruments | ||||
Financial assets | 17,968 | 17,968 | 31,660 | |
Current assets. | ||||
Financial instruments | ||||
Financial assets | 17,965 | 17,965 | 31,656 | |
Cash and cash equivalents. | ||||
Financial instruments | ||||
Financial assets | 10,237 | 10,237 | 7,027 | |
Current financial assets. | ||||
Financial instruments | ||||
Financial assets | 2,051 | 2,051 | 18,522 | |
Financial assets, at fair value | 13,525 | |||
Current financial assets. | Level One | ||||
Financial instruments | ||||
Financial assets, at fair value | 10,699 | |||
Current financial assets. | Level Two | ||||
Financial instruments | ||||
Financial assets, at fair value | 2,826 | |||
Bond funds | ||||
Financial instruments | ||||
Financial assets | 10,699 | |||
Financial assets, at fair value | 10,699 | |||
Bond funds | Level One | ||||
Financial instruments | ||||
Financial assets, at fair value | 10,699 | |||
Term deposit | ||||
Financial instruments | ||||
Financial assets | 2,655 | |||
Current derivative assets financial instruments | ||||
Financial instruments | ||||
Financial assets | 2,826 | |||
Financial assets, at fair value | 2,826 | |||
Current derivative assets financial instruments | Level Two | ||||
Financial instruments | ||||
Financial assets, at fair value | 2,826 | |||
Restricted cash | ||||
Financial instruments | ||||
Financial assets | 2,051 | 2,051 | 2,342 | |
Trade receivables, net | ||||
Financial instruments | ||||
Financial assets | 5,677 | 5,677 | 6,107 | |
Non-current assets. | ||||
Financial instruments | ||||
Financial assets | 3 | 3 | 4 | |
Non-current financial assets. | ||||
Financial instruments | ||||
Financial assets | 3 | 3 | 4 | |
Financial assets, at fair value | 3 | 3 | 4 | |
Non-current financial assets. | Level One | ||||
Financial instruments | ||||
Financial assets, at fair value | 3 | 3 | 4 | |
Non-current equity securities | ||||
Financial instruments | ||||
Financial assets | 3 | 3 | 4 | |
Financial assets, at fair value | 3 | 3 | 4 | |
Non-current equity securities | Level One | ||||
Financial instruments | ||||
Financial assets, at fair value | 3 | 3 | 4 | |
FVTPL - Assets | FVTPL - Liabilities | Total liabilities | ||||
Financial instruments | ||||
Financial liabilities | 516 | |||
FVTPL - Assets | FVTPL - Liabilities | Non-current liabilities. | ||||
Financial instruments | ||||
Financial liabilities | 516 | |||
FVTPL - Assets | FVTPL - Liabilities | Non-current financial liabilities. | ||||
Financial instruments | ||||
Financial liabilities | 516 | |||
FVTPL - Assets | FVTPL - Liabilities | Non-current derivative liabilities financial instruments | ||||
Financial instruments | ||||
Financial liabilities | 516 | |||
FVTPL - Assets | Total assets | ||||
Financial instruments | ||||
Financial assets | 13,525 | |||
FVTPL - Assets | Current assets. | ||||
Financial instruments | ||||
Financial assets | 13,525 | |||
FVTPL - Assets | Current financial assets. | ||||
Financial instruments | ||||
Financial assets | 13,525 | |||
FVTPL - Assets | Bond funds | ||||
Financial instruments | ||||
Financial assets | 10,699 | |||
FVTPL - Assets | Current derivative assets financial instruments | ||||
Financial instruments | ||||
Financial assets | 2,826 | |||
FVOCI - Assets | Total assets | ||||
Financial instruments | ||||
Financial assets | 3 | 3 | 4 | |
FVOCI - Assets | Non-current assets. | ||||
Financial instruments | ||||
Financial assets | 3 | 3 | 4 | |
FVOCI - Assets | Non-current financial assets. | ||||
Financial instruments | ||||
Financial assets | 3 | 3 | 4 | |
FVOCI - Assets | Non-current equity securities | ||||
Financial instruments | ||||
Financial assets | 3 | 3 | 4 | |
Assets at amortized cost | Total assets | ||||
Financial instruments | ||||
Financial assets | 17,965 | 17,965 | 18,131 | |
Assets at amortized cost | Current assets. | ||||
Financial instruments | ||||
Financial assets | 17,965 | 17,965 | 18,131 | |
Assets at amortized cost | Cash and cash equivalents. | ||||
Financial instruments | ||||
Financial assets | 10,237 | 10,237 | 7,027 | |
Assets at amortized cost | Current financial assets. | ||||
Financial instruments | ||||
Financial assets | 2,051 | 2,051 | 4,997 | |
Assets at amortized cost | Term deposit | ||||
Financial instruments | ||||
Financial assets | 2,655 | |||
Assets at amortized cost | Restricted cash | ||||
Financial instruments | ||||
Financial assets | 2,051 | 2,051 | 2,342 | |
Assets at amortized cost | Trade receivables, net | ||||
Financial instruments | ||||
Financial assets | € 5,677 | € 5,677 | € 6,107 |
Financial result (Details)
Financial result (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financial result | ||||
Finance expense | € (6,175) | € (648) | € (6,333) | € (3,795) |
Interest expense on lease liabilities | (33) | (38) | (103) | (110) |
Long-term debt | (1,475) | (538) | (2,625) | (1,598) |
Expense from revaluation of derivative financial instruments | (4,664) | (2,827) | (1,942) | |
Change in fair value of bond funds | (70) | (773) | (137) | |
Other | (3) | (2) | (5) | (8) |
Finance income | 8 | 1,336 | 610 | 163 |
Payout of bond funds | 54 | 77 | 90 | |
Income from revaluation of derivative financial instruments | 1,280 | 516 | ||
Other | 8 | 2 | 17 | 73 |
Financial result | € (6,167) | € 688 | € (5,723) | € (3,632) |
Segment reporting - Segments (D
Segment reporting - Segments (Details) € in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 EUR (€) | Sep. 30, 2021 EUR (€) | Sep. 30, 2022 EUR (€) segment | Sep. 30, 2021 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 EUR (€) | |
Segment reporting | |||||||
Number of reportable segments | segment | 2 | ||||||
Revenues | € 5,735 | € 4,938 | € 17,066 | € 13,941 | |||
Cost of sales | (4,089) | (2,997) | (11,738) | (9,549) | |||
Gross profit | € 1,646 | € 1,941 | € 5,328 | € 4,392 | |||
Gross profit margin (as a percent) | 28.70% | 39.30% | 31.20% | 31.50% | |||
Operating Expenses | € (5,254) | € (4,505) | € (15,055) | € (14,162) | |||
Other operating expenses | (159) | (101) | (573) | (486) | |||
Other operating income | 1,227 | 1,177 | 4,685 | 2,203 | |||
Operating loss | (2,540) | (1,488) | (5,615) | (8,053) | |||
Finance costs | (6,175) | (648) | (6,333) | (3,795) | |||
Finance income | 8 | 1,336 | 610 | 163 | |||
Financial result | (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) | € (10,586) | € (15,481) | € (13,978) |
Systems | |||||||
Segment reporting | |||||||
Revenues | 2,704 | 2,497 | 7,732 | 7,258 | |||
Cost of sales | (2,053) | (1,395) | (5,967) | (4,819) | |||
Gross profit | € 651 | € 1,102 | € 1,765 | € 2,439 | |||
Gross profit margin (as a percent) | 24.10% | 44.10% | 22.80% | 33.60% | |||
Services | |||||||
Segment reporting | |||||||
Revenues | € 3,031 | € 2,441 | € 9,334 | € 6,683 | |||
Cost of sales | (2,036) | (1,602) | (5,771) | (4,730) | |||
Gross profit | € 995 | € 839 | € 3,563 | € 1,953 | |||
Gross profit margin (as a percent) | 32.80% | 34.40% | 38.20% | 29.20% | |||
Operating segments | |||||||
Segment reporting | |||||||
Revenues | € 5,735 | € 4,938 | € 17,066 | € 13,941 | |||
Operating segments | Systems | |||||||
Segment reporting | |||||||
Revenues | 2,874 | 2,513 | 8,486 | 8,887 | |||
Operating segments | Services | |||||||
Segment reporting | |||||||
Revenues | 3,031 | 2,441 | 9,334 | 6,683 | |||
Inter-segment | |||||||
Segment reporting | |||||||
Revenues | (170) | (16) | (754) | (1,629) | |||
Inter-segment | Systems | |||||||
Segment reporting | |||||||
Revenues | € (170) | € (16) | € (754) | € (1,629) |
Revenues - Disaggregation (Deta
Revenues - Disaggregation (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | ||||
Revenue from contracts with customers | € 5,735 | € 4,938 | € 17,066 | € 13,941 |
EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 2,578 | 2,160 | 8,849 | 7,550 |
Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 1,578 | 1,604 | 3,408 | 2,653 |
Americas | ||||
Revenues | ||||
Revenue from contracts with customers | 1,579 | 1,174 | 4,809 | 3,738 |
Systems | ||||
Revenues | ||||
Revenue from contracts with customers | 2,704 | 2,497 | 7,732 | 7,258 |
Systems | Products transferred at a point in time | ||||
Revenues | ||||
Revenue from contracts with customers | 2,461 | 2,300 | 6,705 | 6,452 |
Systems | Products and services transferred over time | ||||
Revenues | ||||
Revenue from contracts with customers | 243 | 197 | 1,027 | 806 |
Systems | EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 847 | 791 | 2,997 | 3,494 |
Systems | Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 1,252 | 1,374 | 2,540 | 1,979 |
Systems | Americas | ||||
Revenues | ||||
Revenue from contracts with customers | 605 | 332 | 2,195 | 1,785 |
Services | ||||
Revenues | ||||
Revenue from contracts with customers | 3,031 | 2,441 | 9,334 | 6,683 |
Services | Products transferred at a point in time | ||||
Revenues | ||||
Revenue from contracts with customers | 3,031 | 2,441 | 9,334 | 6,683 |
Services | EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 1,731 | 1,369 | 5,852 | 4,056 |
Services | Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 326 | 230 | 868 | 674 |
Services | Americas | ||||
Revenues | ||||
Revenue from contracts with customers | € 974 | € 842 | € 2,614 | € 1,953 |
Revenues - Geographic (Details)
Revenues - Geographic (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure of geographical areas [line items] | ||||
Revenues | € 5,735 | € 4,938 | € 17,066 | € 13,941 |
EMEA | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2,578 | 2,160 | 8,849 | 7,550 |
Germany | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,257 | 852 | 4,275 | 2,489 |
France | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 296 | 194 | 797 | 1,170 |
Great Britain | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 490 | 399 | 1,681 | 1,129 |
Finland | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 12 | 38 | 31 | 703 |
Other EMEA | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 523 | 677 | 2,065 | 2,059 |
Asia Pacific | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,578 | 1,604 | 3,408 | 2,653 |
China | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 537 | 263 | 1,923 | 782 |
South Korea | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 139 | 234 | 409 | 571 |
India | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 39 | 1,070 | 70 | 1,123 |
Other Asia Pacific | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 863 | 37 | 1,006 | 177 |
Americas | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,579 | 1,174 | 4,809 | 3,738 |
United States | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,566 | 1,167 | 4,777 | 3,647 |
Other Americas | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | € 13 | € 7 | € 32 | € 91 |
Settlement of SEC investigati_2
Settlement of SEC investigation (Details) | Jul. 01, 2022 USD ($) |
Provisions | |
Penalty payment for settlement | $ 175,000 |
Mr. Rudolf Franz | |
Provisions | |
Penalty payment for settlement | $ 50,000 |
Related party transactions - Ot
Related party transactions - Other (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 28, 2022 | Jun. 15, 2022 | Sep. 01, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
voxeljet China | ||||||
Related parties | ||||||
Subsidiary ownership (as a percent) | 88.52% | 88.52% | 70% | |||
MK Technology GmbH | voxeljet China | ||||||
Related parties | ||||||
Minority ownership interest (as a percent) | 5.74% | 5.74% | 15% | |||
Jin Tianshi | voxeljet China | ||||||
Related parties | ||||||
Minority ownership interest (as a percent) | 5.74% | 5.74% | 15% | |||
Franz Industriebeteiligungen AG, Augsburg | ||||||
Related parties | ||||||
Rent expense | € 2 | € 2 | ||||
Schlosserei und Metallbau Ederer, Dieen | ||||||
Related parties | ||||||
Acquired goods from related parties | 0 | 0 | ||||
Suzhou Meimai Fast Manufacturing Technology | ||||||
Related parties | ||||||
Revenue from related parties | 174 | 77 | ||||
DSCS Digital Supply Chain Solutions GmbH | ||||||
Related parties | ||||||
Revenue from related parties | € 0 | 0 | ||||
Ownership interest in associate (as a percent) | 33.30% | |||||
Michele Neuber | ||||||
Related parties | ||||||
Services received from related parties | € 1 | € 1 | ||||
Susanne Ederer-Pausewang | ||||||
Related parties | ||||||
Sales of property and other assets from related parties | € 27 | |||||
Lisa Franz | ||||||
Related parties | ||||||
Services received from related parties | € 1 |
Subsequent events (Details)
Subsequent events (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions | 9 Months Ended | 12 Months Ended | |||||||
Nov. 09, 2022 EUR (€) | Oct. 31, 2022 EUR (€) | Oct. 13, 2022 EUR (€) | Oct. 13, 2022 USD ($) $ / shares shares | Sep. 30, 2022 EUR (€) | Sep. 30, 2021 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Oct. 13, 2022 € / shares shares | |
Subsequent events | |||||||||
Repayments of borrowings | € 1,522 | € 881 | |||||||
Proceeds from issue of ordinary shares in the form of ADS | € 26,619 | € 26,600 | $ 32 | ||||||
Sale and leaseback transaction | |||||||||
Subsequent events | |||||||||
Proceeds from sale of property | € 26,500 | € 26,500 | |||||||
Disposals | 14,100 | ||||||||
Right-of-use asset | 9,200 | ||||||||
Lease liabilities | 17,300 | ||||||||
Gain from sale and leaseback transaction | 4,300 | ||||||||
Finance contract settlement | European Investment Bank | |||||||||
Subsequent events | |||||||||
Repayments of borrowings | 22,000 | 22,000 | |||||||
Finance contract settlement | EIB-Tranche B | |||||||||
Subsequent events | |||||||||
Repayments of borrowings | 22,000 | ||||||||
Finance contract settlement | Sparkasse Schwaben-Bodensee | |||||||||
Subsequent events | |||||||||
Repayments of borrowings | € 3,100 | € 3,100 | |||||||
Share transaction | |||||||||
Subsequent events | |||||||||
Shares issued (in shares) | shares | 1,279,070 | 1,279,070 | |||||||
Share Price Per Share | (per share) | $ 3.44 | € 3.60 | |||||||
Proceeds from issue of ordinary shares in the form of ADS | € 4,600 | $ 4.4 |