Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2023 | |
Document and Entity Information | |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2023 |
Entity Registrant Name | voxeljet AG |
Entity Central Index Key | 0001582581 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Current assets | € 31,543 | € 35,481 |
Cash and cash equivalents | 4,968 | 12,119 |
Other financial assets | 4,889 | 2,047 |
Trade receivables, net | 4,753 | 6,165 |
Inventories | 13,736 | 11,136 |
Income tax receivables | 46 | 23 |
Other assets | 3,151 | 3,991 |
Non-current assets | ||
Non-current assets | 17,724 | 19,639 |
Other financial assets | 4 | 944 |
Intangible assets | 826 | 819 |
Property, plant and equipment | 16,843 | 17,799 |
Other assets | 51 | 77 |
Total assets | 49,267 | 55,120 |
Current liabilities | ||
Current liabilities | 12,565 | 11,182 |
Trade payables | 2,426 | 2,683 |
Contract liabilities | 7,053 | 4,877 |
Other financial liabilities | 945 | 1,161 |
Other liabilities and provisions | 2,141 | 2,461 |
Non-current liabilities | ||
Non-current liabilities | 22,122 | 19,216 |
Contract liabilities | 220 | 281 |
Other financial liabilities | 21,701 | 18,743 |
Other liabilities and provisions | 201 | 192 |
Equity | ||
Equity | 14,580 | 24,722 |
Subscribed capital | 9,135 | 9,135 |
Capital reserves | 113,098 | 112,996 |
Accumulated deficit | (107,236) | (97,240) |
Accumulated other comprehensive income (loss) | (641) | (464) |
Equity attributable to the owners of the company | 14,356 | 24,427 |
Non-controlling interest | 224 | 295 |
Total equity and liabilities | € 49,267 | € 55,120 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Revenues | € 6,167 | € 5,735 | € 19,019 | € 17,066 |
Cost of sales | (4,515) | (4,089) | (13,597) | (11,738) |
Gross profit | 1,652 | 1,646 | 5,422 | 5,328 |
Selling expenses | (1,790) | (2,015) | (5,822) | (5,540) |
Administrative expenses | (1,782) | (1,566) | (4,924) | (4,748) |
Research and development expenses | (1,534) | (1,673) | (4,671) | (4,767) |
Other operating expenses | (181) | (159) | (795) | (573) |
Other operating income | 837 | 1,227 | 2,214 | 4,685 |
Operating loss | (2,798) | (2,540) | (8,576) | (5,615) |
Finance expense | (425) | (6,175) | (1,586) | (6,333) |
Finance income | 44 | 8 | 107 | 610 |
Financial result | (381) | (6,167) | (1,479) | (5,723) |
Loss before income taxes | (3,179) | (8,707) | (10,055) | (11,338) |
Income tax income (expense) | 5 | (12) | 84 | |
Net loss | (3,179) | (8,702) | (10,067) | (11,254) |
Other comprehensive income (loss) that may be reclassified subsequently to profit or loss(1) | (53) | (276) | (177) | (2,047) |
Total comprehensive loss(1) | (3,232) | (8,978) | (10,244) | (13,301) |
Loss attributable to: | ||||
Owners of the Company | (3,147) | (8,659) | (9,996) | (11,170) |
Non-controlling interests | (32) | (43) | (71) | (84) |
Net loss | (3,179) | (8,702) | (10,067) | (11,254) |
Total comprehensive loss attributable to: | ||||
Owners of the Company(1) | (3,200) | (8,935) | (10,173) | (13,217) |
Non-controlling interests | (32) | (43) | (71) | (84) |
Total comprehensive loss(1) | € (3,232) | € (8,978) | € (10,244) | € (13,301) |
Weighted average number of shares outstanding - basic (in shares) | 9,134,724 | 7,026,711 | 9,134,724 | 7,026,711 |
Weighted average number of shares outstanding - diluted (in shares) | 9,134,724 | 7,026,711 | 9,134,724 | 7,026,711 |
Loss per share - basic (in EUR per share) | € (0.34) | € (1.23) | € (1.09) | € (1.59) |
Loss per share - diluted (in EUR per share) | € (0.34) | € (1.23) | € (1.09) | € (1.59) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (parenthetical) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Thereof income (expense) from changes in impairment allowance included in other operating income (expense) | € (10) | € 9 | € (57) | € (120) |
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, 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 |
Balance at the beginning at Dec. 31, 2021 | 32,717 | 7,027 | 110,264 | (85,974) | 1,400 | (230) | 32,487 |
Loss for the period | (11,409) | ||||||
Balance at the end at Dec. 31, 2022 | 24,427 | 9,135 | 112,996 | (97,240) | (464) | 295 | 24,722 |
Loss for the period | (9,996) | (9,996) | (71) | (10,067) | |||
Foreign currency translations | (177) | (177) | (177) | ||||
Equity-settled share-based payment | 102 | 102 | 102 | ||||
Balance at the end at Sep. 30, 2023 | € 14,356 | € 9,135 | € 113,098 | € (107,236) | € (641) | € 224 | € 14,580 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS € in Thousands, $ in Millions | 9 Months Ended | |
Sep. 30, 2023 EUR (€) | Sep. 30, 2022 EUR (€) | |
Cash Flow from operating activities | ||
Loss for the period | € (10,067) | € (11,254) |
Depreciation and amortization | 2,198 | 2,174 |
Foreign currency exchange differences on loans to subsidiaries | (82) | (1,589) |
Foreign currency translation reserve reclassified to profit or loss | (1,475) | |
Change in fair value of bond funds | 773 | |
Share-based compensation expense | 102 | 49 |
Change in impairment of trade receivables and other receivables | 57 | 120 |
Non-cash interest expense on long-term debt | 333 | 2,540 |
Change in fair value of derivative equity forward | 2,311 | |
Change in fair value of derivative put option | 325 | |
Change in inventory allowance | 233 | 597 |
Loss on disposal of property, plant and equipment and intangible assets | 23 | |
Interest paid | 928 | 129 |
Interest received | (88) | (75) |
Interest accrued | (13) | |
Other | (1) | (87) |
Change in working capital | (666) | (1,635) |
Trade and other receivables, inventories and current assets | (2,343) | (6,163) |
Trade payables | (143) | 773 |
Other liabilities, contract liabilities and provisions | 1,842 | 3,776 |
Income tax payable/receivables | (22) | (21) |
Total | (6,741) | (7,399) |
Cash Flow from investing activities | ||
Payments to acquire property, plant and equipment and intangible assets | (534) | (574) |
Proceeds from disposal of financial assets | 1,873 | 12,581 |
Payments to acquire financial assets | (3,715) | |
Interest received | 88 | 75 |
Total | (2,288) | 12,082 |
Cash Flow from financing activities | ||
Repayment of lease liabilities | (761) | (356) |
Repayment of long-term debt | (79) | (1,522) |
Proceeds from long-term debt | 3,028 | |
Debt transaction cost | (124) | |
Proceeds from issue of ordinary shares in the form of ADS | 860 | |
Share issue cost | (71) | |
Change in restricted cash | 294 | |
Interest paid | (931) | (129) |
Total | 1,922 | (1,713) |
Net increase (decrease) in cash and cash equivalents | (7,107) | 2,970 |
Cash and cash equivalents at beginning of period | 12,119 | 7,027 |
Changes to cash and cash equivalents due to foreign exchanges rates | (44) | 240 |
Cash and cash equivalents at end of period | € 4,968 | € 10,237 |
Preparation of financial statem
Preparation of financial statements | 9 Months Ended |
Sep. 30, 2023 | |
Preparation of financial statements | |
Preparation of financial statements | voxeljet AG NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) 1. Preparation of financial statements Our condensed consolidated interim financial statements include the accounts of voxeljet AG 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, 2022. The results of operations for the three and nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. The IASB issued a number of new IFRS standards which are required to be adopted in annual periods beginning after December 31, 2022. Standard Effective date Descriptions IFRS 17 01/2023 Amendments to IFRS 17 Insurance Contracts IAS 1 01/2023 Amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgments 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) IAS 12 01/2023 International Tax Reform—Pillar Two Model Rules IAS 1 01/2024 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1) IFRS 16 01/2024 Lease Liability in a Sale and Leaseback IAS 7 and IFRS 7 01/2024 Supplier Finance Arrangements IFRS S1 01/2024 General Sustainability-related Disclosures IFRS S2 01/2024 Climate-related Disclosures IAS 21 01/2025 Lack of Exchangeability The adoption of standards effective 01/2023 did not have a material impact on the interim financial statements as of and for the three and nine months ended September 30, 2023. The Company has not yet conclusively determined what impact the new standards, amendments or interpretations effective 01/2024 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, 2023 and 2022 were authorized for issue by the Management Board on November 16, 2023. Reclassification Certain prior year amounts have been reclassified in the condensed consolidated statement of financial position to conform to the current period presentation. These reclassifications had no effect on reported total assets and equity attributable to the owners of the company. 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, 2023, full year 2022, 2021 and 2020 amounting to kEUR 10,067, kEUR 11,409, kEUR 10,586 and kEUR 15,481, respectively. Additionally, voxeljet had negative cash flows from operating activities in the nine months ended September 30, 2023, full year 2022, 2021 and 2020 of kEUR 6,741, kEUR 9,184, kEUR 6,537 and kEUR 6,598, respectively, mainly due to continuous net losses. During 2021, in January, February and July, the Company 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 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 (€ 3.60) per share. The gross proceeds of the offering amounted to approximately USD 4.4 million (€ 4.6 million). On October 31, 2022 the Company closed a sale and leaseback transaction (the ’Sale-Leaseback‘) regarding voxeljet AG’s properties located in Friedberg, Free State of Bavaria, Germany with IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH, which was initiated on August 11, 2022. Under this agreement, voxeljet was entitled to receive proceeds from the sale amounting to € 26.5 million and entered 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 thereunder, including all interest for a fixed amount of € 22.0 million. In addition, the Company initiated the early settlement of certain loans for which the sold properties were collateralized, which were granted by Sparkasse Schwaben-Bodensee, Germany (formerly Kreissparkasse Augsburg) (‘Sparkasse‘) with a settlement of € 0.8 million in August 2022 and € 3.1 million in October 2022. Consequently, the Company has written down the bifurcated embedded derivative financial instruments relating to the performance participation interest for tranche A and tranche B. The write-down resulted from the early repayment of the Finance Contract in October 2022. The write-down of the bifurcated embedded derivative financial asset relating to the performance participation interest for tranche A resulted in finance expense amounting to kEUR 2,827, and the bifurcated embedded derivative financial liability for the performance participation interest for tranche B1 resulted in finance income of kEUR 516. The closing process of the transaction, which began through the initiation of the Sale-Leaseback at the notary on August 11, 2022, was successfully finalized on October 31, 2022. The closing included the receipt of the proceeds from IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH, the settlements with EIB and Sparkasse and the subsequent initiation of the release process for land charges and commencement of the long-term lease contract on November 1, 2022. These steps further improved voxeljet’s liquidity and financial flexibility, and released the Company from all covenants in the Finance Contract, including a Minimum Cash/Cash Equivalents requirement (the ’Minimum Cash Covenant’). In December 2022, the Company privately placed 828,943 ADSs, each representing one ordinary share, at a purchase price of USD 2.16 (€ 2.04), with the institutional investor Anzu Ventures II LLC (‘Anzu‘). The capital increase was registered on December 22, 2022 and the private placement was completed when voxeljet received the remaining portion of the related funds amounting to USD 0.9 million (€ 0.9 million) in January 2023. The first portion of USD 0.9 million (€ 0.8 million) was received in December 2022. This capital increase provided the Company with gross proceeds of USD 1.8 million (€ 1.7 million) before deducting fees and expenses. In January 2023, the Company issued a promissory note to Anzu (the ’Anzu Note‘), in a principal amount of USD 3.2 million (€ 3.0 million). The Anzu Note matures on January 3, 2028, and includes interest payable monthly at a rate of 3% per annum The capital increases described above improved voxeljet’s liquidity as well as equity ratio significantly. Also, the financing received through the Anzu Note had a positive impact on the Company’s cash reserves. In addition, the closing of the Sale-Leaseback in connection with the early settlement of certain loans, released voxeljet from significant financial obligations mainly related to the repayment of tranche A thereunder, including the performance participation interest from the loan received from the EIB. Tranche A would have become due in December 2022 amounting to approximately € 14.6 million reduced or increased by the fair value of the performance participation interest. The early settlement further released the Company from all the covenants in the Finance Contract, including the Minimum Cash Covenant. In spite of this success, according to the Group’s current liquidity forecasts, voxeljet will require further funding in the near short term to maintain its operations. Therefore, management is taking steps to raise additional funds, including meetings with potential new and existing investors and banks, which may include debt and/or equity financing, and there can be no assurance that the Company will be able to raise further funds on terms favorable to the Company, if at all. 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 in further adverse impacts on the Company’s business, including a drop in market demand, price increases for raw materials and energy or delays in the global supply chain. Currently management does not anticipate any material risks to the Company’s business, operations and financial performance resulting from the Israel-Hamas conflict which broke out in early October 2023. 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 as well as with the existing financial obligations, management assumes that voxeljet will continue as a going concern. However, the going concern is dependent upon management and the Company being successful in: - achievement of budgeted sales, and - successful fundraising in form of equity and/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, 2023 by the Management Board on November 16, 2023 and therefore continues as a going concern. |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022, 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 30, 2023. These policies have been applied to all financial periods presented. |
Share based payment arrangement
Share based payment arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Share based payment arrangements | |
Share based payment arrangements | 3. Share based payment arrangements Option Plan 2017 On April 7, 2017, voxeljet AG established a share option plan (Option Plan 2017) 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. 279,000 options (75%, tranche 1) were granted on April 7, 2017. 93,000 options (25%, tranche 2) were granted on April 12, 2018. 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 In order to avoid insider trading, there are defined trading windows during which the options can be exercised. When those trading windows are closed, the exercise of options is not possible. 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: Option Plan 2017 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, 2023 265,050 options are exercisable and 353,400 options are outstanding. The weighted-average contractual life of the options as of September 30, 2023 amounts to 3.8 years (September 30, 2022: 4.8 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 0 in the nine months ended September 30, 2023 (three months and nine months ended September 30, 2022: kEUR 0 and kEUR 49, respectively). Option Plan 2022 On November 21, 2022, voxeljet AG established a second share option plan (Option Plan 2022) 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 this share option plan are 330,671. 330,669 options were granted on November 23, 2022. The remaining two options will not be 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 In order to avoid insider trading, there are defined trading windows during which the options can be exercised. When those trading windows are closed, the exercise of options is not possible. The fair value of the employee share option plan has been measured 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: Option Plan 2022 Parameter Share price at grant date USD 3.04 Exercise price USD 3.04 Expected volatility 66.80% Expected dividends -- Risk-free interest rate 3.68% Fair value at grant date USD 1.90 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, 2023, 0 options are exercisable and 302,326 options are outstanding. The weighted-average contractual life of outstanding options as of September 30, 2023 amounts to 9.2 years. The expenses recognized in the profit and loss statement in relation to Option Plan 2022 amounted to kEUR 27 in the three months and kEUR 102 in the nine months ended September 30, 2023 (three months and nine months ended September 30, 2022: kEUR 0 and kEUR 0, respectively). Item 7 of voxeljet’s annual general meeting on May 25, 2023 resolved the extension of the authorization to issue stock option rights (Option Plan 2022). The authorization of the Management Board or - insofar as subscription rights are issued to members of the Management Board - of the Supervisory Board to issue share option rights resolved by the Annual General Meeting on June 2, 2022 under Item 7 was amended to the extent that the number of subscription rights to be issued is increased by 210,801 from 330,671 to 541,472. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventories | |
Inventories | 4. Inventories 9/30/2023 12/31/2022 (€ in thousands) Raw materials and merchandise 4,223 3,116 Work in progress 9,513 8,020 Total 13,736 11,136 |
Property, plant and equipment,
Property, plant and equipment, net | 9 Months Ended |
Sep. 30, 2023 | |
Property, plant and equipment, net | |
Property, plant and equipment, net | 5. Property, plant and equipment, net 9/30/2023 12/31/2022 (€ in thousands) Land, buildings and leasehold improvements 11,356 12,038 Plant and machinery 4,724 4,900 Other facilities, factory and office equipment 747 784 Assets under construction and prepayments made 16 77 Total 16,843 17,799 Thereof pledged assets of Property, Plant and Equipment 242 310 As of September 30, 2023, the pledged assets consist of three (December 31, 2022: three) 3D printers that serve as collateral for certain credit lines and loan agreements. |
Other liabilities and provision
Other liabilities and provisions | 9 Months Ended |
Sep. 30, 2023 | |
Other liabilities and provisions | |
Other liabilities and provisions | 6. Other liabilities and provisions 9/30/2023 12/31/2022 (€ in thousands) Accruals for vacation and overtime 352 294 Employee bonus 332 623 Liabilities from payroll 301 301 Accruals for compensation of Supervisory board 158 180 Liabilities from VAT 143 164 Management compensation 130 167 Accruals for commissions 55 21 Accruals for licenses 35 46 Customers with a credit balance 19 22 Others 157 171 Other liabilities 1,682 1,989 Accrual for warranty 430 358 Accruals for management compensation 201 192 Labour dispute 29 114 Provisions 660 664 Total 2,342 2,653 Non-current portion of variable compensation for 2023 and 2022 of kEUR 201 and kEUR 192, respectively, are included in non-current other liabilities and provisions. |
Financial instruments
Financial instruments | 9 Months Ended |
Sep. 30, 2023 | |
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 9/30/2023 cost cost amount Level 1 Level 2 Level 3 Total Total assets — 4 14,610 — 14,614 Current assets — — 14,610 — 14,610 Cash and cash equivalents — — 4,968 — 4,968 Other financial assets — — 4,889 — 4,889 — — — — Term Deposit — — 1,891 — 1,891 — — — — Restricted cash — — 2,988 — 2,988 — — — — Accrued interest — — 10 — 10 — — — — Trade receivables, net — — 4,753 — 4,753 Non-current assets — 4 — — 4 Other financial assets — 4 — — 4 4 — — 4 Equity securities — 4 — — 4 4 — — 4 Total liabilities 869 — — 5,195 25,072 Current liabilities — — — 2,564 3,371 Trade payables — — — 2,426 2,426 Other financial liabilities — — — 138 945 — — 137 137 Current portion of long-term debt — — — 138 138 — — 137 137 Lease liability — — — — 807 — — — n/a Non-current liabilities 869 — — 2,631 21,701 Other financial liabilities 869 — — 2,631 21,701 — — 3,387 3,387 Derivative financial instruments 869 — — — 869 — — 869 869 Long-term debt — — — 2,631 2,631 — — 2,518 2,518 Lease liability — — — — 18,185 — — — n/a Security deposit — — — — 16 — — — n/a Carrying amount Fair Value (€ in thousands) Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 12/31/2022 cost cost amount Level 1 Level 2 Level 3 Total Total assets — 4 21,271 — 21,275 Current assets — — 20,331 — 20,331 Cash and cash equivalents — — 12,119 — 12,119 Other financial assets — — 2,047 — 2,047 — — — — Restricted cash — — 2,047 2,047 — — — — Trade receivables, net — — 6,165 — 6,165 Non-current assets — 4 940 — 944 Other financial assets — 4 940 — 944 4 — — 4 Equity securities — 4 — — 4 4 — — 4 Restricted cash — — 940 — 940 Total liabilities — — — 2,837 22,587 Current liabilities — — — 2,789 3,844 Trade payables — — — 2,683 2,683 Other financial liabilities — — — 106 1,161 — — 106 106 Current portion of long-term debt — — — 106 106 — — 106 106 Lease liability — — — — 1,055 — — — n/a Non-current liabilities — — — 48 18,743 Other financial liabilities — — — 48 18,743 — — 45 45 Long-term debt — — — 48 48 — — 45 45 Lease liability — — — — 18,679 — — — 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 as well as discounted cash flow analysis. The fair value of equity securities is determined by multiplying their quoted share price and the number of shares held. In January 2023, the Company issued the Anzu Note to the institutional investor Anzu Ventures II LLC ('Anzu’) in a principal amount of USD 3.2 million (€ 3.0 million). The Anzu Note matures on January 3, 2028, and includes interest payable monthly at a rate of 3% per annum The Anzu Note contains an early prepayment right for the Company (call option) and a conditional early prepayment right for the lender (put option dependent on the occurrence of a fundamental change event). The initial analysis of the derivative financial instruments in connection with the early prepayment rights embedded in the Anzu Note was based on the analysis of the market rate of interest implied in the contract and the contractual strike interest rate underlying the call and put option. This qualitative analysis yielded a fair value of zero for the call option and a fair value equal to the intrinsic value of the put option. The result was confirmed by a Hull-White model using the U.S. Treasury yield curve, the volatility thereof, the expected recovery rate and the default intensity (credit spread) as well as the mean reversion as input parameters. The fair value of the conditional put option at inception was derived in an iterative process based on the contractual terms of the Anzu Note, the strike price of the put option, likelihood of occurrence of a fundamental change event and the fair value of the combined instrument including the derivatives. The equilibrium (i.e. matching of the total fair value of the instrument with the funds received under the Anzu Note) yields the fair value of the put and the implied interest rate of the note without the put. The subsequent valuation of the call option is based on a qualitative assessment of changes in the credit conditions of the Company; the subsequent valuation of the conditional put option is based on the likelihood of occurrence of a fundamental change event and the updated implied interest rate using market yield curves. As of September 30, 2023, management assessed the likelihood of occurrence of a fundamental change event to be at 25%. The fair value of embedded derivative financial instruments from the Anzu Note is measured using inputs that are mostly not observable in the market and it has therefore been classified in level 3. The fair value of the conditional put option might increase (decrease) based on an increase (decrease) in the estimated likelihood of occurrence of a fundamental change event. An increase (decrease) in the likelihood of one percentage point would lead to an increase (decrease) in the fair value of the put of kEUR 35. For the revaluation of the put option voxeljet uses an external expert. The voxeljet team receives and reviews the calculation and makes appropriate postings on each balance sheet date. The external expert provides the calculation to the voxeljet team on a quarterly basis. The following table presents the changes in level 3 instruments for the nine months ended September 30, 2023, which were related to the Anzu Note as described above: Non-current liabilities (€ in thousands) Derivative financial instruments Balance at December 31, 2022 — Addition 535 (Gains)/losses from revaluation recognized in income statement 325 (Gains)/losses from foreign currency translation recognized in income statement 9 Balance at September 30, 2023 869 Derivative financial instruments are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss as finance income or finance expense. Finance expense amounting to kEUR 325 was recognized for the nine months ended September 30, 2023. Further, a loss from foreign currency valuation of kEUR 9 was recognized in other operating expenses for the nine months ended September 30, 2023. These effects are attributable to changes in unrealized gains/losses relating to financial liabilities held at the end of the reporting period September 30, 2023. The fair value of the other 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 level of interest rates, the carrying amounts of cash and cash equivalents, restricted cash, trade receivables, trade payables, term deposits and current portions of long-term debt approximate their fair values. 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, 2023, and December 31, 2022, there were no transfers of financial instruments measured at fair value between level 1, level 2 and level 3. As of September 30, 2023, the Company was in compliance with all covenants. |
Financial result
Financial result | 9 Months Ended |
Sep. 30, 2023 | |
Financial result | |
Financial result | 8. Financial result Three months ended September 30, 2023 2022 (€ in thousands) Finance expense (425) (6,175) Interest expense on lease liabilities (286) (33) Interest expense from the application of the effective interest rate method (139) (1,475) Expense from revaluation of derivative financial instruments -- (4,664) Other -- (3) Finance income 44 8 Interest income from term deposits 34 -- Income from revaluation of derivative financial instruments 7 -- Other 3 8 Financial result (381) (6,167) Nine months ended September 30, 2023 2022 (€ in thousands) Finance expense (1,586) (6,333) Interest expense on lease liabilities (866) (103) Interest expense from the application of the effective interest rate method (395) (2,625) Expense from revaluation of derivative financial instruments (325) (2,827) Fair value valuation of financial assets -- (773) Other -- (5) Finance income 107 610 Payout of bond funds -- 77 Interest income from term deposits 100 -- Income from revaluation of derivative financial instruments -- 516 Other 7 17 Financial result (1,479) (5,723) |
Segment reporting
Segment reporting | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 3,503 2,781 (117) 6,167 2,874 3,031 (170) 5,735 Third party 3,386 2,781 6,167 2,704 3,031 -- 5,735 Intra-segment 117 -- (117) — 170 -- (170) — Cost of sales (2,557) (1,958) (4,515) (2,053) (2,036) (4,089) Gross profit 829 823 1,652 651 995 1,646 Gross profit in % 24.5% 29.6% 26.8% 24.1% 32.8% 28.7% Operating Expenses (5,106) (5,254) Other operating expenses (181) (159) Other operating income 837 1,227 Operating loss (2,798) (2,540) Finance expense (425) (6,175) Finance income 44 8 Financial result (381) (6,167) Loss before income taxes (3,179) (8,707) Income tax income (expense) — 5 Net loss (3,179) (8,702) Nine months ended September 30, 2023 2022 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 10,730 8,449 (160) 19,019 8,486 9,334 (754) 17,066 Third party 10,570 8,449 -- 19,019 7,732 9,334 -- 17,066 Intra-segment 160 -- (160) — 754 -- (754) — Cost of sales (7,766) (5,831) (13,597) (5,967) (5,771) (11,738) Gross profit 2,804 2,618 5,422 1,765 3,563 5,328 Gross profit in % 26.5% 31.0% 28.5% 22.8% 38.2% 31.2% Operating Expenses (15,417) (15,055) Other operating expenses (795) (573) Other operating income 2,214 4,685 Operating loss (8,576) (5,615) Finance expense (1,586) (6,333) Finance income 107 610 Financial result (1,479) (5,723) Loss before income taxes (10,055) (11,338) Income tax income (expense) (12) 84 Net loss (10,067) (11,254) |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2023 | |
Revenues | |
Revenues | 10. Revenues Three months ended September 30, 2023 2022 2023 2022 SYSTEMS SERVICES (€ in thousands) Primary geographical markets EMEA 1,586 847 1,783 1,731 Asia Pacific 720 1,252 134 326 Americas 1,080 605 864 974 3,386 2,704 2,781 3,031 Timing of revenue recognition Products transferred at a point in time 3,161 2,461 2,781 3,031 Products and services transferred over time 225 243 -- -- Revenue from contracts with customers 3,386 2,704 2,781 3,031 Nine months ended September 30, 2023 2022 2023 2022 SYSTEMS SERVICES (€ in thousands) Primary geographical markets EMEA 4,249 2,997 5,186 5,852 Asia Pacific 2,442 2,540 541 868 Americas 3,879 2,195 2,722 2,614 10,570 7,732 8,449 9,334 Timing of revenue recognition Products transferred at a point in time 9,698 6,705 8,449 9,334 Products and services transferred over time 872 1,027 -- -- Revenue from contracts with customers 10,570 7,732 8,449 9,334 Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (€ in thousands) EMEA 3,369 2,578 9,435 8,849 Germany 922 1,257 3,714 4,275 France 286 296 679 797 Great Britain 681 490 1,870 1,681 United Arab Emirates 706 -- 1,357 2 Others 774 535 1,815 2,094 Asia Pacific 854 1,578 2,983 3,408 China 296 537 1,229 1,923 South Korea 154 139 1,112 409 India 365 39 388 70 Others 39 863 254 1,006 Americas 1,944 1,579 6,601 4,809 United States 1,916 1,566 6,484 4,777 Others 28 13 117 32 Total 6,167 5,735 19,019 17,066 |
Commitments, contingent assets
Commitments, contingent assets and liabilities | 9 Months Ended |
Sep. 30, 2023 | |
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. Management expects that the cash outflow towards settlement of claims is very unlikely. In September 2023, a company which develops software for businesses (the ‘software provider’), notified the Company that unlicensed software owned and copyrighted by the software provider was installed on certain computers within a voxeljet subsidiary’s network (the ‘License Matter’). Relatedly, the software provider proposed a compensation package including the purchase of license and software maintenance by the applicable voxeljet subsidiary. As of November 16, 2023, the parties have not yet commenced negotiations over the settlement of the License Matter and at this time, the Company cannot reasonably estimate a contingency, if any, related to this matter. Management expects that cash outflow towards such a settlement of claims, if any, will not have a material impact on the Company’s financial position, results of operations and liquidity. voxeljet AG issued letters of support to its subsidiaries voxeljet China and voxeljet America to provide financial support to enable the companies to meet its obligation or liabilities as and when they fall due. The guarantee is irrevocable for at least 12 months from the date on which financial statements for the financial year ended December 31, 2022 are issued. Further, voxeljet AG issued a letter of support to voxeljet India on July 12, 2023 to provide financial support to enable the subsidiary to meet its obligation or liabilities as and when they fall due. The guarantee is irrevocable for at least 12 months from the date of issue of this letter. Management assessed that it is unlikely that the subsidiaries would exercise these letters of support, including in view of the License Matter. |
Related party transactions
Related party transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related party transactions | |
Related party transactions | 12. 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 DSCS Digital Supply Chain Solutions GmbH, Gersthofen Customer 05/11/2017 - 07/10/2023 Michele Neuber Employee 07/01/2019 - 03/31/2022 Lisa Franz Employee 10/01/2021 - 02/18/2022 Romy Ederer Employee 03/06/2023 - 04/14/2023 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, 2023 and September 30, 2022. Further, voxeljet acquired goods amounting to kEUR 0 and kEUR 0 in the nine months ended September 30, 2023 and September 30, 2022, respectively from ‘Schlosserei und Metallbau Ederer’, which is owned by the brother of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet. Further, voxeljet received orders amounting to kEUR 0 and kEUR 0 in the nine months ended September 30, 2023 and September 30, 2022, respectively from DSCS Digital Supply Chain Solutions GmbH ('DSCS’), which was an associated company where the Company owned 33.3%. Shareholders of DSCS initiated the wind-up of DSCS in 2020, which was finalized by DSCS’s removal from the commercial register on July 10, 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. Michele Neuber received a salary of kEUR 1 in the first quarter of 2022. 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 Further, voxeljet employed Romy Ederer, who is the daughter of Dr. Ingo Ederer, the Chief of voxeljet, as an intern between March and April 2023. She received All related party transactions voxeljet entered into were made on an arm's length basis. |
Share based payment arrangeme_2
Share based payment arrangements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Option Plan 2017 | |
Share based payment arrangements [line items] | |
Schedule of fair value inputs | Option Plan 2017 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 |
Option Plan 2022 | |
Share based payment arrangements [line items] | |
Schedule of fair value inputs | Option Plan 2022 Parameter Share price at grant date USD 3.04 Exercise price USD 3.04 Expected volatility 66.80% Expected dividends -- Risk-free interest rate 3.68% Fair value at grant date USD 1.90 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventories | |
Inventories by category | 9/30/2023 12/31/2022 (€ in thousands) Raw materials and merchandise 4,223 3,116 Work in progress 9,513 8,020 Total 13,736 11,136 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, plant and equipment, net | |
Schedule of property, plant and equipment | 9/30/2023 12/31/2022 (€ in thousands) Land, buildings and leasehold improvements 11,356 12,038 Plant and machinery 4,724 4,900 Other facilities, factory and office equipment 747 784 Assets under construction and prepayments made 16 77 Total 16,843 17,799 Thereof pledged assets of Property, Plant and Equipment 242 310 |
Other liabilities and provisi_2
Other liabilities and provisions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other liabilities and provisions | |
Summary of other liabilities and provisions | 9/30/2023 12/31/2022 (€ in thousands) Accruals for vacation and overtime 352 294 Employee bonus 332 623 Liabilities from payroll 301 301 Accruals for compensation of Supervisory board 158 180 Liabilities from VAT 143 164 Management compensation 130 167 Accruals for commissions 55 21 Accruals for licenses 35 46 Customers with a credit balance 19 22 Others 157 171 Other liabilities 1,682 1,989 Accrual for warranty 430 358 Accruals for management compensation 201 192 Labour dispute 29 114 Provisions 660 664 Total 2,342 2,653 |
Financial instruments (Tables)
Financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 9/30/2023 cost cost amount Level 1 Level 2 Level 3 Total Total assets — 4 14,610 — 14,614 Current assets — — 14,610 — 14,610 Cash and cash equivalents — — 4,968 — 4,968 Other financial assets — — 4,889 — 4,889 — — — — Term Deposit — — 1,891 — 1,891 — — — — Restricted cash — — 2,988 — 2,988 — — — — Accrued interest — — 10 — 10 — — — — Trade receivables, net — — 4,753 — 4,753 Non-current assets — 4 — — 4 Other financial assets — 4 — — 4 4 — — 4 Equity securities — 4 — — 4 4 — — 4 Total liabilities 869 — — 5,195 25,072 Current liabilities — — — 2,564 3,371 Trade payables — — — 2,426 2,426 Other financial liabilities — — — 138 945 — — 137 137 Current portion of long-term debt — — — 138 138 — — 137 137 Lease liability — — — — 807 — — — n/a Non-current liabilities 869 — — 2,631 21,701 Other financial liabilities 869 — — 2,631 21,701 — — 3,387 3,387 Derivative financial instruments 869 — — — 869 — — 869 869 Long-term debt — — — 2,631 2,631 — — 2,518 2,518 Lease liability — — — — 18,185 — — — n/a Security deposit — — — — 16 — — — n/a Carrying amount Fair Value (€ in thousands) Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 12/31/2022 cost cost amount Level 1 Level 2 Level 3 Total Total assets — 4 21,271 — 21,275 Current assets — — 20,331 — 20,331 Cash and cash equivalents — — 12,119 — 12,119 Other financial assets — — 2,047 — 2,047 — — — — Restricted cash — — 2,047 2,047 — — — — Trade receivables, net — — 6,165 — 6,165 Non-current assets — 4 940 — 944 Other financial assets — 4 940 — 944 4 — — 4 Equity securities — 4 — — 4 4 — — 4 Restricted cash — — 940 — 940 Total liabilities — — — 2,837 22,587 Current liabilities — — — 2,789 3,844 Trade payables — — — 2,683 2,683 Other financial liabilities — — — 106 1,161 — — 106 106 Current portion of long-term debt — — — 106 106 — — 106 106 Lease liability — — — — 1,055 — — — n/a Non-current liabilities — — — 48 18,743 Other financial liabilities — — — 48 18,743 — — 45 45 Long-term debt — — — 48 48 — — 45 45 Lease liability — — — — 18,679 — — — n/a Security deposit — — — — 16 — — — n/a |
Summary of changes in level 3 instruments | Non-current liabilities (€ in thousands) Derivative financial instruments Balance at December 31, 2022 — Addition 535 (Gains)/losses from revaluation recognized in income statement 325 (Gains)/losses from foreign currency translation recognized in income statement 9 Balance at September 30, 2023 869 |
Financial result (Tables)
Financial result (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Financial result | |
Schedule of financial result | Three months ended September 30, 2023 2022 (€ in thousands) Finance expense (425) (6,175) Interest expense on lease liabilities (286) (33) Interest expense from the application of the effective interest rate method (139) (1,475) Expense from revaluation of derivative financial instruments -- (4,664) Other -- (3) Finance income 44 8 Interest income from term deposits 34 -- Income from revaluation of derivative financial instruments 7 -- Other 3 8 Financial result (381) (6,167) Nine months ended September 30, 2023 2022 (€ in thousands) Finance expense (1,586) (6,333) Interest expense on lease liabilities (866) (103) Interest expense from the application of the effective interest rate method (395) (2,625) Expense from revaluation of derivative financial instruments (325) (2,827) Fair value valuation of financial assets -- (773) Other -- (5) Finance income 107 610 Payout of bond funds -- 77 Interest income from term deposits 100 -- Income from revaluation of derivative financial instruments -- 516 Other 7 17 Financial result (1,479) (5,723) |
Segment reporting (Tables)
Segment reporting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment reporting | |
Schedule of segment reporting | Three months ended September 30, 2023 2022 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 3,503 2,781 (117) 6,167 2,874 3,031 (170) 5,735 Third party 3,386 2,781 6,167 2,704 3,031 -- 5,735 Intra-segment 117 -- (117) — 170 -- (170) — Cost of sales (2,557) (1,958) (4,515) (2,053) (2,036) (4,089) Gross profit 829 823 1,652 651 995 1,646 Gross profit in % 24.5% 29.6% 26.8% 24.1% 32.8% 28.7% Operating Expenses (5,106) (5,254) Other operating expenses (181) (159) Other operating income 837 1,227 Operating loss (2,798) (2,540) Finance expense (425) (6,175) Finance income 44 8 Financial result (381) (6,167) Loss before income taxes (3,179) (8,707) Income tax income (expense) — 5 Net loss (3,179) (8,702) Nine months ended September 30, 2023 2022 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 10,730 8,449 (160) 19,019 8,486 9,334 (754) 17,066 Third party 10,570 8,449 -- 19,019 7,732 9,334 -- 17,066 Intra-segment 160 -- (160) — 754 -- (754) — Cost of sales (7,766) (5,831) (13,597) (5,967) (5,771) (11,738) Gross profit 2,804 2,618 5,422 1,765 3,563 5,328 Gross profit in % 26.5% 31.0% 28.5% 22.8% 38.2% 31.2% Operating Expenses (15,417) (15,055) Other operating expenses (795) (573) Other operating income 2,214 4,685 Operating loss (8,576) (5,615) Finance expense (1,586) (6,333) Finance income 107 610 Financial result (1,479) (5,723) Loss before income taxes (10,055) (11,338) Income tax income (expense) (12) 84 Net loss (10,067) (11,254) |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenues | |
Disclosure of information about revenue recognition | Three months ended September 30, 2023 2022 2023 2022 SYSTEMS SERVICES (€ in thousands) Primary geographical markets EMEA 1,586 847 1,783 1,731 Asia Pacific 720 1,252 134 326 Americas 1,080 605 864 974 3,386 2,704 2,781 3,031 Timing of revenue recognition Products transferred at a point in time 3,161 2,461 2,781 3,031 Products and services transferred over time 225 243 -- -- Revenue from contracts with customers 3,386 2,704 2,781 3,031 Nine months ended September 30, 2023 2022 2023 2022 SYSTEMS SERVICES (€ in thousands) Primary geographical markets EMEA 4,249 2,997 5,186 5,852 Asia Pacific 2,442 2,540 541 868 Americas 3,879 2,195 2,722 2,614 10,570 7,732 8,449 9,334 Timing of revenue recognition Products transferred at a point in time 9,698 6,705 8,449 9,334 Products and services transferred over time 872 1,027 -- -- Revenue from contracts with customers 10,570 7,732 8,449 9,334 |
Schedule of revenues by geographic region | Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (€ in thousands) EMEA 3,369 2,578 9,435 8,849 Germany 922 1,257 3,714 4,275 France 286 296 679 797 Great Britain 681 490 1,870 1,681 United Arab Emirates 706 -- 1,357 2 Others 774 535 1,815 2,094 Asia Pacific 854 1,578 2,983 3,408 China 296 537 1,229 1,923 South Korea 154 139 1,112 409 India 365 39 388 70 Others 39 863 254 1,006 Americas 1,944 1,579 6,601 4,809 United States 1,916 1,566 6,484 4,777 Others 28 13 117 32 Total 6,167 5,735 19,019 17,066 |
Related party transactions (Tab
Related party transactions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 DSCS Digital Supply Chain Solutions GmbH, Gersthofen Customer 05/11/2017 - 07/10/2023 Michele Neuber Employee 07/01/2019 - 03/31/2022 Lisa Franz Employee 10/01/2021 - 02/18/2022 Romy Ederer Employee 03/06/2023 - 04/14/2023 |
Preparation of financial stat_2
Preparation of financial statements - Interim (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Oct. 31, 2022 EUR (€) | Oct. 13, 2022 EUR (€) | Oct. 13, 2022 USD ($) $ / shares shares | Jan. 31, 2023 EUR (€) | Jan. 31, 2023 USD ($) | Dec. 31, 2022 EUR (€) € / shares shares | Dec. 31, 2022 USD ($) shares | Oct. 31, 2022 EUR (€) | Aug. 31, 2022 EUR (€) | Jan. 31, 2023 EUR (€) | Jan. 31, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Sep. 30, 2022 EUR (€) | Sep. 30, 2023 EUR (€) | Sep. 30, 2022 EUR (€) | Dec. 31, 2022 EUR (€) € / shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 EUR (€) | Jan. 31, 2023 USD ($) | Dec. 31, 2022 $ / shares | Oct. 13, 2022 € / shares shares | |
Financial liabilities | ||||||||||||||||||||||
Net loss | € (3,179) | € (8,702) | € (10,067) | € (11,254) | € (11,409) | € (10,586) | € (15,481) | |||||||||||||||
Negative cash flows from operating activities | (6,741) | (7,399) | € (9,184) | € (6,537) | € (6,598) | |||||||||||||||||
Increase in shares issued (in shares) | shares | 828,943 | 828,943 | 2,190,711 | 2,190,711 | ||||||||||||||||||
Proceeds from issue of ordinary shares in the form of ADS | € 4,600 | $ 4.4 | € 900 | $ 0.9 | € 800 | $ 0.9 | € 1,700 | $ 1.8 | 860 | € 26,600 | $ 32 | |||||||||||
Offering price (in currency per share) | (per share) | $ 3.44 | € 2.04 | € 2.04 | $ 2.16 | € 3.60 | |||||||||||||||||
Proceeds from sale of property | € 26,500 | |||||||||||||||||||||
Repayments of borrowings | € 3,100 | € 800 | 79 | 1,522 | ||||||||||||||||||
Write down of derivative financial instrument | 4,664 | 325 | 2,827 | |||||||||||||||||||
Income from revaluation of derivative financial instruments | 7 | 516 | ||||||||||||||||||||
Shares issued (in shares) | shares | 1,279,070 | 1,279,070 | ||||||||||||||||||||
Reclassification of foreign currency translation reserve | 1,475 | |||||||||||||||||||||
Proceeds from long-term debt | 3,028 | |||||||||||||||||||||
Reclassification of foreign currency translation reserve | 1,475 | |||||||||||||||||||||
Total comprehensive loss | (3,232) | (8,978) | (10,244) | (13,301) | ||||||||||||||||||
Owners of the Company(1) | (3,200) | (8,935) | (10,173) | (13,217) | ||||||||||||||||||
Non-controlling interests | (32) | € (43) | (71) | € (84) | ||||||||||||||||||
Current financial liabilities | € 1,161 | 945 | 945 | € 1,161 | ||||||||||||||||||
European Investment Bank | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||
Repayments of borrowings | € 22,000 | |||||||||||||||||||||
Current financial liabilities | € 14,600 | € 14,600 | ||||||||||||||||||||
EIB-Tranche A | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||
Write down of derivative financial instrument | 2,827 | |||||||||||||||||||||
EIB-Tranche B1 | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||
Income from revaluation of derivative financial instruments | € 516 | |||||||||||||||||||||
Anzu Note, due January 2028 | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||
Face value | € 3,000 | € 3,000 | $ 3.2 | |||||||||||||||||||
Nominal interest rate | 3% | 3% | 3% | |||||||||||||||||||
One-time interest payment | € 3,000 | € 3,000 | $ 3.2 | |||||||||||||||||||
voxeljet China | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||
Subsidiary ownership (as a percent) | 88.52% |
Share based payment arrangeme_3
Share based payment arrangements - Narrative (Details) | May 25, 2023 shares | Nov. 23, 2022 EquityInstruments | Nov. 21, 2022 shares | Apr. 12, 2018 EquityInstruments | Apr. 07, 2017 shares |
Option Plan 2017 | |||||
Share based payment arrangements [line items] | |||||
Share based compensation, options authorized | 372,000 | ||||
Options granted (in shares) | 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% | ||||
Option Plan 2022 | |||||
Share based payment arrangements [line items] | |||||
Share based compensation, options authorized | 541,472 | 330,671 | |||
Share based compensation, increase in options authorized | 210,801 | ||||
Options granted (in shares) | EquityInstruments | 330,669 | ||||
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 ($) | Nov. 21, 2022 | Apr. 12, 2018 | Apr. 07, 2017 |
Option Plan 2017 | |||
Share based payment arrangements [line items] | |||
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 | |
Option Plan 2022 | |||
Share based payment arrangements [line items] | |||
Share price at grant date | $ 3.04 | ||
Exercise price | $ 3.04 | ||
Expected volatility | 66.80% | ||
Risk-free interest rate | 3.68% | ||
Fair value at grant date | $ 1.90 |
Share based payment arrangeme_5
Share based payment arrangements - Options (Details) € in Thousands | 3 Months Ended | 9 Months Ended | |||||
Nov. 23, 2022 EquityInstruments | Apr. 12, 2018 EquityInstruments | Apr. 07, 2017 shares | Sep. 30, 2023 EUR (€) EquityInstruments | Sep. 30, 2022 EUR (€) | Sep. 30, 2023 EUR (€) EquityInstruments | Sep. 30, 2022 EUR (€) | |
Option Plan 2017 | |||||||
Share based payment arrangements [line items] | |||||||
Options outstanding, ending balance (in shares) | 353,400 | 353,400 | |||||
Options exercisable (in shares) | 265,050 | 265,050 | |||||
Options granted (in shares) | 93,000 | 279,000 | |||||
Weighted-average contractual life | 3 years 9 months 18 days | 4 years 9 months 18 days | |||||
Expenses recognized in profit and loss | € | € 0 | € 0 | € 0 | € 49 | |||
Option Plan 2022 | |||||||
Share based payment arrangements [line items] | |||||||
Options exercised (in shares) | 0 | ||||||
Options outstanding, ending balance (in shares) | 302,326 | 302,326 | |||||
Options granted (in shares) | 330,669 | ||||||
Weighted-average contractual life | 9 years 2 months 12 days | ||||||
Expenses recognized in profit and loss | € | € 27 | € 0 | € 102 | € 0 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventories | ||
Raw materials and merchandise | € 4,223 | € 3,116 |
Work in progress | 9,513 | 8,020 |
Total | € 13,736 | € 11,136 |
Property, plant and equipment_3
Property, plant and equipment, net (Details) € in Thousands | Sep. 30, 2023 EUR (€) item | Dec. 31, 2022 EUR (€) item |
Property, plant and equipment | ||
Property, plant and equipment | € 16,843 | € 17,799 |
Thereof pledged assets of Property, Plant and Equipment | € 242 | € 310 |
Number of pledged 3D printers | item | 3 | 3 |
Land, buildings and leasehold improvements | ||
Property, plant and equipment | ||
Property, plant and equipment | € 11,356 | € 12,038 |
Plant and machinery | ||
Property, plant and equipment | ||
Property, plant and equipment | 4,724 | 4,900 |
Other facilities, factory and office equipment | ||
Property, plant and equipment | ||
Property, plant and equipment | 747 | 784 |
Assets under construction and prepayments made | ||
Property, plant and equipment | ||
Property, plant and equipment | € 16 | € 77 |
Other liabilities and provisi_3
Other liabilities and provisions (Details) - EUR (€) € in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other liabilities and provisions | ||
Accruals for vacation and overtime | € 352 | € 294 |
Employee bonus | 332 | 623 |
Liabilities from payroll | 301 | 301 |
Accruals for compensation of Supervisory board | 158 | 180 |
Liabilities from VAT | 143 | 164 |
Management compensation | 130 | 167 |
Accruals for commissions | 55 | 21 |
Accruals for licenses | 35 | 46 |
Customers with a credit balance | 19 | 22 |
Others | 157 | 171 |
Other liabilities | 1,682 | 1,989 |
Accrual for warranty | 430 | 358 |
Accruals for management compensation | 201 | 192 |
Labour dispute | 29 | 114 |
Provisions | 660 | 664 |
Total | 2,342 | 2,653 |
Accruals for LTCIP | € 201 | € 192 |
Financial instruments (Details)
Financial instruments (Details) € in Thousands, $ in Thousands | Sep. 30, 2023 EUR (€) | Jan. 31, 2023 USD ($) | Dec. 31, 2022 EUR (€) |
Anzu Note, due January 2028 | |||
Financial instruments | |||
Financial liabilities, at fair value | $ | $ 0 | ||
Level Three | Anzu Note, due January 2028 | |||
Financial instruments | |||
Financial liabilities, at fair value | € 869 | € 0 | |
Total liabilities | |||
Financial instruments | |||
Financial liabilities | 25,072 | 22,587 | |
Current liabilities. | |||
Financial instruments | |||
Financial liabilities | 3,371 | 3,844 | |
Trade payables | |||
Financial instruments | |||
Financial liabilities | 2,426 | 2,683 | |
Other financial liabilities, Current | |||
Financial instruments | |||
Financial liabilities | 945 | 1,161 | |
Financial liabilities, at fair value | 137 | 106 | |
Other financial liabilities, Current | Level Three | |||
Financial instruments | |||
Financial liabilities, at fair value | 137 | 106 | |
Current portion of long-term debt | |||
Financial instruments | |||
Financial liabilities | 138 | 106 | |
Financial liabilities, at fair value | 137 | 106 | |
Current portion of long-term debt | Level Three | |||
Financial instruments | |||
Financial liabilities, at fair value | 137 | 106 | |
Lease liability, Current | |||
Financial instruments | |||
Financial liabilities | 807 | 1,055 | |
Non-current liabilities. | |||
Financial instruments | |||
Financial liabilities | 21,701 | 18,743 | |
Other financial liabilities, Non-current | |||
Financial instruments | |||
Financial liabilities | 21,701 | 18,743 | |
Financial liabilities, at fair value | 3,387 | 45 | |
Other financial liabilities, Non-current | Level Three | |||
Financial instruments | |||
Financial liabilities, at fair value | 3,387 | 45 | |
Derivative liabilities financial instruments, Non-current | |||
Financial instruments | |||
Financial liabilities | 869 | ||
Financial liabilities, at fair value | 869 | ||
Derivative liabilities financial instruments, Non-current | Level Three | |||
Financial instruments | |||
Financial liabilities, at fair value | 869 | ||
Long-term debt, Non-current | |||
Financial instruments | |||
Financial liabilities | 2,631 | 48 | |
Financial liabilities, at fair value | 2,518 | 45 | |
Long-term debt, Non-current | Level Three | |||
Financial instruments | |||
Financial liabilities, at fair value | 2,518 | 45 | |
Lease liability, Non-current | |||
Financial instruments | |||
Financial liabilities | 18,185 | 18,679 | |
Security Deposits, Non-current | |||
Financial instruments | |||
Financial liabilities | 16 | 16 | |
Financial liabilities measured at amortized cost | Total liabilities | |||
Financial instruments | |||
Financial liabilities | 5,195 | 2,837 | |
Financial liabilities measured at amortized cost | Current liabilities. | |||
Financial instruments | |||
Financial liabilities | 2,564 | 2,789 | |
Financial liabilities measured at amortized cost | Trade payables | |||
Financial instruments | |||
Financial liabilities | 2,426 | 2,683 | |
Financial liabilities measured at amortized cost | Other financial liabilities, Current | |||
Financial instruments | |||
Financial liabilities | 138 | 106 | |
Financial liabilities measured at amortized cost | Current portion of long-term debt | |||
Financial instruments | |||
Financial liabilities | 138 | 106 | |
Financial liabilities measured at amortized cost | Non-current liabilities. | |||
Financial instruments | |||
Financial liabilities | 2,631 | 48 | |
Financial liabilities measured at amortized cost | Other financial liabilities, Non-current | |||
Financial instruments | |||
Financial liabilities | 2,631 | 48 | |
Financial liabilities measured at amortized cost | Long-term debt, Non-current | |||
Financial instruments | |||
Financial liabilities | 2,631 | 48 | |
Total assets | |||
Financial instruments | |||
Financial assets | 14,614 | 21,275 | |
Current assets. | |||
Financial instruments | |||
Financial assets | 14,610 | 20,331 | |
Cash and cash equivalents. | |||
Financial instruments | |||
Financial assets | 4,968 | 12,119 | |
Other financial assets, current | |||
Financial instruments | |||
Financial assets | 4,889 | 2,047 | |
Term deposit | |||
Financial instruments | |||
Financial assets | 1,891 | ||
Restricted cash, current | |||
Financial instruments | |||
Financial assets | 2,988 | 2,047 | |
Accrued interest | |||
Financial instruments | |||
Financial assets | 10 | ||
Trade receivables, net | |||
Financial instruments | |||
Financial assets | 4,753 | 6,165 | |
Non-current assets. | |||
Financial instruments | |||
Financial assets | 4 | 944 | |
Other financial assets, non-current | |||
Financial instruments | |||
Financial assets | 4 | 944 | |
Financial assets, at fair value | 4 | 4 | |
Other financial assets, non-current | Level One | |||
Financial instruments | |||
Financial assets, at fair value | 4 | 4 | |
Equity securities, non-current | |||
Financial instruments | |||
Financial assets | 4 | 4 | |
Financial assets, at fair value | 4 | 4 | |
Equity securities, non-current | Level One | |||
Financial instruments | |||
Financial assets, at fair value | 4 | 4 | |
Restricted cash, non-current | |||
Financial instruments | |||
Financial assets | 940 | ||
FVTPL - Assets | Total liabilities | |||
Financial instruments | |||
Financial liabilities | 869 | ||
FVTPL - Assets | Non-current liabilities. | |||
Financial instruments | |||
Financial liabilities | 869 | ||
FVTPL - Assets | Other financial liabilities, Non-current | |||
Financial instruments | |||
Financial liabilities | 869 | ||
FVTPL - Assets | Derivative liabilities financial instruments, Non-current | |||
Financial instruments | |||
Financial liabilities | 869 | ||
FVOCI - Assets | Total assets | |||
Financial instruments | |||
Financial assets | 4 | 4 | |
FVOCI - Assets | Non-current assets. | |||
Financial instruments | |||
Financial assets | 4 | 4 | |
FVOCI - Assets | Other financial assets, non-current | |||
Financial instruments | |||
Financial assets | 4 | 4 | |
FVOCI - Assets | Equity securities, non-current | |||
Financial instruments | |||
Financial assets | 4 | 4 | |
Assets at amortized cost | Total assets | |||
Financial instruments | |||
Financial assets | 14,610 | 21,271 | |
Assets at amortized cost | Current assets. | |||
Financial instruments | |||
Financial assets | 14,610 | 20,331 | |
Assets at amortized cost | Cash and cash equivalents. | |||
Financial instruments | |||
Financial assets | 4,968 | 12,119 | |
Assets at amortized cost | Other financial assets, current | |||
Financial instruments | |||
Financial assets | 4,889 | 2,047 | |
Assets at amortized cost | Term deposit | |||
Financial instruments | |||
Financial assets | 1,891 | ||
Assets at amortized cost | Restricted cash, current | |||
Financial instruments | |||
Financial assets | 2,988 | 2,047 | |
Assets at amortized cost | Accrued interest | |||
Financial instruments | |||
Financial assets | 10 | ||
Assets at amortized cost | Trade receivables, net | |||
Financial instruments | |||
Financial assets | € 4,753 | 6,165 | |
Assets at amortized cost | Non-current assets. | |||
Financial instruments | |||
Financial assets | 940 | ||
Assets at amortized cost | Other financial assets, non-current | |||
Financial instruments | |||
Financial assets | 940 | ||
Assets at amortized cost | Restricted cash, non-current | |||
Financial instruments | |||
Financial assets | € 940 |
Financial instruments - Narrati
Financial instruments - Narrative (Details) - Anzu Note, due January 2028 € in Thousands, $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 EUR (€) | Jan. 31, 2023 USD ($) | Jan. 31, 2023 EUR (€) | |
Disclosure of detailed information about borrowings [line items] | |||
Face value | $ 3.2 | € 3,000 | |
Nominal interest rate | 3% | 3% | |
One-time interest payment | € 3,000 | $ 3.2 | |
Increase in unobservable input (as a percent) | 1% | ||
Increase (decrease) due to derivative liability increase | € 3 | ||
Increase (decrease) due to derivative liability decrease | € 3 | ||
Likelihood of fundamental change event (as a percent) | 25% |
Financial instruments - Reconci
Financial instruments - Reconciliation (Details) € in Thousands | 9 Months Ended |
Sep. 30, 2023 EUR (€) | |
Changes in fair value measurement, liabilities | |
(Gains)/losses from revaluation recognized in income statement | € (325) |
(Gains)/losses from foreign currency translation | (9) |
Level Three | Anzu Note, due January 2028 | |
Changes in fair value measurement, liabilities | |
Beginning balance | 0 |
Addition | 535 |
(Gains)/losses from revaluation recognized in income statement | 325 |
(Gains)/losses from foreign currency translation | 9 |
Ending balance | € 869 |
Financial result (Details)
Financial result (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financial result | ||||
Finance expense | € (425) | € (6,175) | € (1,586) | € (6,333) |
Interest expense on lease liabilities | (286) | (33) | (866) | (103) |
Interest expense from the application of the effective interest rate method | (139) | (1,475) | (395) | (2,625) |
Expense from revaluation of derivative financial instruments | (4,664) | (325) | (2,827) | |
Fair value valuation of financial assets | (773) | |||
Other | (3) | (5) | ||
Finance income | 44 | 8 | 107 | 610 |
Payout of bond funds | 77 | |||
Interest income from term deposits | 34 | |||
Income from revaluation of derivative financial instruments | 7 | 516 | ||
Fair value valuation of financial assets | 100 | |||
Other | 3 | 8 | 7 | 17 |
Financial result | € (381) | € (6,167) | € (1,479) | € (5,723) |
Segment reporting - Segments (D
Segment reporting - Segments (Details) € in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 EUR (€) | Sep. 30, 2022 EUR (€) | Sep. 30, 2023 EUR (€) segment | Sep. 30, 2022 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Segment reporting | |||||||
Number of reportable segments | segment | 2 | ||||||
Revenues | € 6,167 | € 5,735 | € 19,019 | € 17,066 | |||
Cost of sales | (4,515) | (4,089) | (13,597) | (11,738) | |||
Gross profit | € 1,652 | € 1,646 | € 5,422 | € 5,328 | |||
Gross profit margin (as a percent) | 26.80% | 28.70% | 28.50% | 31.20% | |||
Operating Expenses | € (5,106) | € (5,254) | € (15,417) | € (15,055) | |||
Other operating expenses | (181) | (159) | (795) | (573) | |||
Other operating income | 837 | 1,227 | 2,214 | 4,685 | |||
Operating loss | (2,798) | (2,540) | (8,576) | (5,615) | |||
Finance expense | (425) | (6,175) | (1,586) | (6,333) | |||
Finance income | 44 | 8 | 107 | 610 | |||
Financial result | (381) | (6,167) | (1,479) | (5,723) | |||
Loss before income taxes | (3,179) | (8,707) | (10,055) | (11,338) | |||
Income tax income (expense) | 5 | (12) | 84 | ||||
Net loss | (3,179) | (8,702) | (10,067) | (11,254) | € (11,409) | € (10,586) | € (15,481) |
Systems | |||||||
Segment reporting | |||||||
Revenues | 3,386 | 2,704 | 10,570 | 7,732 | |||
Cost of sales | (2,557) | (2,053) | (7,766) | (5,967) | |||
Gross profit | € 829 | € 651 | € 2,804 | € 1,765 | |||
Gross profit margin (as a percent) | 24.50% | 24.10% | 26.50% | 22.80% | |||
Services | |||||||
Segment reporting | |||||||
Revenues | € 2,781 | € 3,031 | € 8,449 | € 9,334 | |||
Cost of sales | (1,958) | (2,036) | (5,831) | (5,771) | |||
Gross profit | € 823 | € 995 | € 2,618 | € 3,563 | |||
Gross profit margin (as a percent) | 29.60% | 32.80% | 31% | 38.20% | |||
Operating segments | |||||||
Segment reporting | |||||||
Revenues | € 6,167 | € 5,735 | € 19,019 | € 17,066 | |||
Operating segments | Systems | |||||||
Segment reporting | |||||||
Revenues | 3,503 | 2,874 | 10,730 | 8,486 | |||
Operating segments | Services | |||||||
Segment reporting | |||||||
Revenues | 2,781 | 3,031 | 8,449 | 9,334 | |||
Operating segments | Consolidation | |||||||
Segment reporting | |||||||
Revenues | (117) | (170) | (160) | ||||
Inter-segment | Systems | |||||||
Segment reporting | |||||||
Revenues | 117 | (170) | (160) | (754) | |||
Inter-segment | Consolidation | |||||||
Segment reporting | |||||||
Revenues | € 117 | € (170) | € (160) | € (754) |
Revenues - Disaggregation (Deta
Revenues - Disaggregation (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | ||||
Revenue from contracts with customers | € 6,167 | € 5,735 | € 19,019 | € 17,066 |
EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 3,369 | 2,578 | 9,435 | 8,849 |
Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 854 | 1,578 | 2,983 | 3,408 |
Americas | ||||
Revenues | ||||
Revenue from contracts with customers | 1,944 | 1,579 | 6,601 | 4,809 |
Systems | ||||
Revenues | ||||
Revenue from contracts with customers | 3,386 | 2,704 | 10,570 | 7,732 |
Systems | Products transferred at a point in time | ||||
Revenues | ||||
Revenue from contracts with customers | 3,161 | 2,461 | 9,698 | 6,705 |
Systems | Products and services transferred over time | ||||
Revenues | ||||
Revenue from contracts with customers | 225 | 243 | 872 | 1,027 |
Systems | EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 1,586 | 847 | 4,249 | 2,997 |
Systems | Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 720 | 1,252 | 2,442 | 2,540 |
Systems | Americas | ||||
Revenues | ||||
Revenue from contracts with customers | 1,080 | 605 | 3,879 | 2,195 |
Services | ||||
Revenues | ||||
Revenue from contracts with customers | 2,781 | 3,031 | 8,449 | 9,334 |
Services | Products transferred at a point in time | ||||
Revenues | ||||
Revenue from contracts with customers | 2,781 | 3,031 | 8,449 | 9,334 |
Services | EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 1,783 | 1,731 | 5,186 | 5,852 |
Services | Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 134 | 326 | 541 | 868 |
Services | Americas | ||||
Revenues | ||||
Revenue from contracts with customers | € 864 | € 974 | € 2,722 | € 2,614 |
Revenues - Geographic (Details)
Revenues - Geographic (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Geographical region | ||||
Revenues | € 6,167 | € 5,735 | € 19,019 | € 17,066 |
EMEA | ||||
Geographical region | ||||
Revenues | 3,369 | 2,578 | 9,435 | 8,849 |
Germany | ||||
Geographical region | ||||
Revenues | 922 | 1,257 | 3,714 | 4,275 |
France | ||||
Geographical region | ||||
Revenues | 286 | 296 | 679 | 797 |
Great Britain | ||||
Geographical region | ||||
Revenues | 681 | 490 | 1,870 | 1,681 |
United Arab Emirates | ||||
Geographical region | ||||
Revenues | 706 | 1,357 | 2 | |
Other EMEA | ||||
Geographical region | ||||
Revenues | 774 | 535 | 1,815 | 2,094 |
Asia Pacific | ||||
Geographical region | ||||
Revenues | 854 | 1,578 | 2,983 | 3,408 |
China | ||||
Geographical region | ||||
Revenues | 296 | 537 | 1,229 | 1,923 |
South Korea | ||||
Geographical region | ||||
Revenues | 154 | 139 | 1,112 | 409 |
India | ||||
Geographical region | ||||
Revenues | 365 | 39 | 388 | 70 |
Other Asia Pacific | ||||
Geographical region | ||||
Revenues | 39 | 863 | 254 | 1,006 |
Americas | ||||
Geographical region | ||||
Revenues | 1,944 | 1,579 | 6,601 | 4,809 |
United States | ||||
Geographical region | ||||
Revenues | 1,916 | 1,566 | 6,484 | 4,777 |
Other Americas | ||||
Geographical region | ||||
Revenues | € 28 | € 13 | € 117 | € 32 |
Related party transactions - Ot
Related party transactions - Other (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Franz Industriebeteiligungen AG, Augsburg | |||
Related parties | |||
Rent expense | € 2 | € 2 | |
Schlosserei und Metallbau Ederer, Dieen | |||
Related parties | |||
Acquired goods from related parties | 0 | 0 | |
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 | ||
Lisa Franz | |||
Related parties | |||
Services received from related parties | € 1 | ||
Romy Ederer | |||
Related parties | |||
Services received from related parties | € 1 |
Subsequent events (Details)
Subsequent events (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions | 1 Months Ended | 2 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 13, 2022 EUR (€) | Oct. 13, 2022 USD ($) $ / shares | Jan. 31, 2023 EUR (€) | Jan. 31, 2023 USD ($) | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2022 USD ($) $ / shares shares | Jan. 31, 2023 EUR (€) | Jan. 31, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2022 € / shares | Oct. 13, 2022 € / shares | |
Subsequent events | |||||||||||||
Increase in shares issued (in shares) | 828,943 | 828,943 | 2,190,711 | 2,190,711 | |||||||||
Offering price (in currency per share) | (per share) | $ 3.44 | $ 2.16 | € 2.04 | € 3.60 | |||||||||
Proceeds from issue of ordinary shares in the form of ADS | € 4,600 | $ 4.4 | € 900 | $ 0.9 | € 800 | $ 0.9 | € 1,700 | $ 1.8 | € 860 | € 26,600 | $ 32 |