Earnings call transcript Q2 2023

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Operator

Greetings. Welcome to the voxeljet AG Second Quarter 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the prepared remarks. [Operator Instructions] As a reminder, this conference is being recorded.

would hand I to call time, Mr. this like the to over At of Business Relations Pesch, Investor Johannes Director and Development. Thank you.

You may begin.

Johannes Pesch

Thank With me a press voxeljet's good after the morning, Dr. Officer. announcing voxeljet Chief and and Ederer, issued close, voxeljet's Officer; Chief you, Ingo Executive its Yesterday, Franz, Financial release market today section operator, are Rudolf second The this as Relations well presentation for the release conference the quarter is of the financial in results for at the period website as ended June XXth, available call voxeljet.com. XXXX. company's accompanying Investor everyone.

we place about of Such guarantees call, results reliance undue forward-looking including our from may company's and not not are future During upon make them. performance certain statements expectations backlog. statements the and forward-looking our therefore, order current should performance, one

are risks those from that subject and differ results statements expressed. actual also inherent uncertainties to to cause could materially Forward-looking

concerning information company's contained well in risk additional the to discussed actual cause those contained as to For cautionary from Exchange and refer Securities statements, with that differ the release in as factors should factors our press the forward-looking results our filings the could Commission. you in statements

would I to Chief to Officer turn now the Ingo, call of over voxeljet. like Executive that With

Ingo Ederer

us Good Thank Johannes. morning, Thank you, earnings you on for everyone. call joining our today.

the We with revenues are our the for with very coming guidance happy quarter results in corridor. well above

XX,XXX start a industry. five the added printed generation automated US own than jobs board based next X Since significant this Group, we in new fully Jane has two VJET Jackie Arnold, our and in successfully our process. With Schneider members with year, more of experience printers, who of BMW

ever second entire discussing for and industry. the of true is energy, GE generation of develop XD project manufacturing next production That additive to the our we printer turbines. largest With are the excellent milestone wind for made Renewable result the already phase an

four to overview and of a company. turn brief slide Let's our

Technical in resins from on first were with with reach printing a manufacturing UV dosing university a hidden mind May vision project Initial Co-Founded University establish a in Munich. Our XD spin-off to standard. successful year the as of the I the back at context a the XXXX of to tests the the new XXXX, of roots clear Xth, performed company

Today, a by to production additive strategic we customers provide the our existing advantage solutions. upgrading competitive manufacturing methods

describe Let's turn where XX more to than are a In additive technologies, with slide application. there each five, manufacturing technology. we market, the our field different of specialized likely

we with is of well use X VJET a manufacturing technology, binder-jetting. Binder-jetting our high-volume for We technology are suited to potential new especially pushing boundaries. called scale because its

sales Slide six network shows our global footprint. and production

can see, you US we major position As in the as established an as in markets Asia. all well have in Europe, in reached

our we our segment, the Turning facilities XD in explain operate business three eight. on-demand to segments printers to slide we two seven, our access slide to services In technology. on the around world shown as affordable where own offer

understand new Our an business them. in art model data our engineering come easy as and general from customers including will efficient Customers various business user XD customers aerospace, printing. the for well opportunities to architecture. and way in to send as parts print only very we That need is automotive, and as for is XD industries, friendly

parts. we clients our format high-speed, Systems For our In is one grade, on industrial large and and in direct on-demand a systems company. segment printing mass towards of geared complex exploration of largest manufacture models, leading example, US, printing XD nine, supplier the space molds sell a production to slide

needs address important by from our the build size, This are to material, speed. ourselves competitors challenges most our printers of diversity leads that and customers. XD industrial and differentiate a to set to We complete

after of consumables, printers base sales material of recurring activities. is revenue and model recurring other XD of installed from This multiple also revenue contract, Systems expands. Each with sale sets. our portion the can used the growing includes upgrades revenue be as maintenance

advantages summarize of printing we the conventional and ten, printing. slide combining On call manufacturing, XD key indirect what metal we

and or need no for advantages the part of include in LOUs. Key cast XD it then limitation the you high the economies pattern a metal. First, and certification, print regarding of mode scale, no size

printing The casting. its While high direct of of part not direct simply too limited printing of applications, volume metal very printing in compared suitable the has for combination economies metal high it's production are because and per XD metal scale. to cost

It a performance some presents technology. applications our colleagues XX the of that XX ago. out illustration XX improvements started our comprehensive technology. a of of the printer almost wide with built tiny of Slide range recent in and all binder-jetting Slide highlights years I

bring our goal doing with to Renewable And beginning XD from today, was and GE into production. volume others, like the the BMW, are printing exactly massive high Energy partners this. we It

illustrative studies we clients On summarize value showcasing how across case slide industries. XX, we several different add for

results the the quarter of the year. quarter. I view with will the begin in-depth of financials second our provide presentation. more with the an start for and for our formal outlook Rudi of Let's will rest part for a then of XXXX second the overview the

Following happy to will your take be we questions. comments, his

Turning quarter new to corridor year a for in for This second X% million for EURX.X revenue last in us quarter EURX.X second increased backlog in the high very order with second record million year. slide the is This quarter XX. optimistic. came guidance well a makes second record and in quarter. above from combination revenue Total this to our

back, weeks our client largest quite few a to Just in printer business the sold our so well. Europe, going we is

below last and saw we centers XD our quarter slightly were year. successful very high Revenue second for German on-demand our with the Chinese services, robust In quarter from products. segment, service continued demand our another very printing

achieved in revenue more Our US fire subsidiary continues all quarter printing on-demand cylinders three and to on for any than years. the highest

and second portion installed contracts, is base printer growing our of revenue the to second other revenue one the new the expands. quarter upgrades as selling in This consumables, The XXXX and increased XD aftersales we the in quarter recurring as of sold In activities. Systems, new also three of XX% printers printers compared includes XXXX. two refurbished sale of maintenance

the Overall margin XX.X% from lower Gross centers. XX.X% lower to to printers profits our offices. decreased from Gross because XXXX. the for Chinese sale from profit profit and contribution Services Systems segment mainly in margin gross segment the service second of slightly related decreased profit in of from was XD the improved. This quarter gross German

from expenses backlog down hedge regions by second target against quarter last breaks events. by by the an to and end the backlog to EURX.X end revenue Slide risk When the even XD from EURXX.X XX geographic category. geography region, three operating by for of at Order across year's increased revenue local million at at looking distribution this the quarter, year quarter. order million second printers XX% of we

is Let's our XX. presented slide GIFA latest us. we showcasing products. booths and a of ever. some takes an where our largest Traffic turn as good We the years its as very probably had busy, throughout at was is to Germany, four for kind, place of opportunity GIFA show Dusseldorf, busy in the important week, Show every excellent

video new constantly in we printers BMW time, our existing our solutions production. very new Germany. were about to showed, speaking real And and were VJET a we for action plant industrial X in of clients. learn Visitors the at And to for keen first the

of scale at a where brings XX, to seen our you'll the industrial snapshots have truly me industry. I everything other unlike VJET X setup BMW, from players find This production any in slide anything

Turning to XX. slide

Supervisory We the to are to and voxeljet Jacky delighted Board. Schneider welcome Jane Arnold

value to valuable bring respected business advance our the they experience balance the leaders, highly further on each As diverse initiatives. creation skills enhance board and and

We and own in we to provider as build manufacturing from on our bottom forward benefiting position solutions industrial the a especially drive the leading growth expertise and top continue to durable and of for line look production. industry network additive as

way are Slide XX proposition. believe towards we We track summarizes on profitable value well our growth. our on

like the With call over would to that to turn Rudi? Rudi. now I

Rudolf Franz

Thank morning, you, and Ingo, everyone. good

order We the happy as significantly with quarter for can our results the The quarter. the high business revenue and guidance above the corridor. backlog are developing with from is coming second revenue see well, record you for in

now the take quarter. for are the take happy that, to financials will We second your we you through After questions.

XX. Turning to slide

EURX.X increased new second XX.X% period quarter. record slightly last to quarter decreased Gross a This Second in the in the million margin year. profit to in revenue and quarter second is EURX.X for the the to year. compared same revenues million quarter as XXXX XX.X% X.X% in last

Systems, break gross increased. In margin Let's XD down. this of sale the printers profit from

segment, margin for result Systems However, from the to a aftersales, as a product mix, lower whole of part which was the segment. is margin lower gross leading of contribution different

slightly to In and as gross the rate. year, China as of previous lower a margins second Services, compared of contributed lower utilization Germany result quarter

slide XX.X% XX, EURX On the for next as and XD includes segment, spare show million our reporting from slide consumables this quarter X.X segment EUR to from for the revenues second Systems quarter quarter. as selling well last The for our maintenance, year second increased from the printers, revenues year. parts million which

and quarter the three second two refurbishment to new sold one printers We XXXX. new this in quarter compared

order increase are second quarter. a We which in backlog for encouraged the printers, reached new by for three high

compared million slide the second profit On quarter margin Sales last quarter in X.X% million in in to revenues decreased the to second EURX.X year. decreased same to XXXX contribution profit the XX.X% Service margin center XX, gross XD the by was XXXX. our from XXXX slightly Higher lower and in offset printing printing XD from the Chinese German center. of quarter a XX.X% same quarter contributed US by EURX.X

XX to sales personnel the expenses of EURX.X for expenses and million expenses, expenses highlights selling the increased second as commissions rest in and slide financial -- distribution the of on of quarter to Looking such are freight XXXX. our Most Selling agents. now XX.

expenses EURX.X meeting one the to GIFA investments is our years related trade largest GIFA the The so in far. June, which quarter the the were compares increase excellent, show was XXXX. at for main attendance Show making reason million This of for the four to second every in

quarter increased fees in in year million million compared million second expenses we as to to million EURX.X EURX the than of more and EURX.X typically from Keep XXXX. fees. in EURX.X auditing spend per legal mind, Administrative

quarter in external to the second partially Research and million quarter to This mainly same EURX.X services. development personnel the consumption. lower as due offset was The as higher usage decreased EURX.X XXXX. expenses in lower material was to by of well compared decrease expenses million

and were are status. R&D R&D million shown partners, grants. income. expenses in is types EURX.X other through of project variations costs driven This Energy can operating reimbursed our and from Renewable primarily and GE quarter-to-quarter in project government vary by usually

other second gross profit to operating XXXX in a decrease other million second from to net quarter loss the of period XXXX. a to the expenses was and XXXX. income, in in compared in second compared This lower due positive loss in XXXX slight million of EURX.XX quarter impact operating mainly of with Operating change combination in quarter was the EURX.XX comparative of the an operating

As EURX.XX net EURX.X for the a loss as EURX.X per June the was quarter. a million ADS of ADRs. X,XXX,XXX outstanding same result, are loss in EURX.XX prior XXth, or Shares year of compared quarter to XXXX net or million

XXXX, six XXth, We Slide through presentation items. have period provided balance on similar for shows June slide months selected sheet XX a ended the XX XX.

As in EURX of short-term bond cash, includes roughly funds approximately of XXXX, of restricted investments equivalent, XXth, June the This company's cash million. million. cash EURXX

that I around in assets our compares that -- that an balance million the current to of favourable matures only promise the This on XXXX. point early EURXX sheet would we like million. to is financial the out that financial encumbered $X debt note

Revenue year full to for summarizes and is XX for the Slide EURX.XX guidance XXXX, the range million unchanged. of third in XXXX which expected quarter million. EURX financial be remains of our

remarks. my concludes operator. And your questions, for This now I call the will open Brian? with that, up

Operator

you. Thank

Instructions] with Alliance first We will conducting Our from [Operator Please Kinstlinger Brian with your the questions. has come Partners. line now be proceed question-and-answer question of session. a Global

Shervin Z

my Hey, Congrats you for quarter on Shervin This nice thank good taking is questions. and on morning. the Brian. for

Ingo Ederer

Good morning.

Shervin Z

printers. great to understood the the more was growth backlog. weighted continued the expensive of It the of last see towards was XD backlog that mix larger, quarter It's the

the of made to of a also, more three expect new printers? are times Should will And This printers up between imply makeup. sales we sequentially through printer the quarter's new months year average larger remainder nine still? be steady mostly of compared lead result three

Ingo Ederer

Yes. To Yes. both we questions, can say, yes.

larger to times lead goes back now back So the to normal. trend are and mainly the printers

So good assumption. your numbers are

Shervin Z

fulfilled implies of am wouldn't the printer to throughout backlog lower that, compared I completely from EURXX.X then So that wrong XX last year? million, assume backlog, end to that the quarter the be the

Rudolf Franz

change That assumption Currently, is midpoint right. didn't we is currently doable And given as guidance. our see we guidance definitely we foreseeable. said that

move see of work. couple can and to can finish of that facilities, still meaning we a we're clients the So that us. facility our guidance always predicting And their able not because higher we are not months do it's before into or end own finish not installment

are So I guidance is guidance, midpoint think assumption. and that to XX.X% the definitely assuming XX.X% fair above we given a

Shervin Z

That's great to you. Thank hear.

Next some if along residual German Center question. Last provide mentioned and that at COVID-related pick experiencing Could up what China you full main was more was detail the maybe declined you you and when a why little that detail And segment quarter, into with capacity the will is sequentially? challenges operating utilization, voxeljet could facing? the revenues services headwinds?

Ingo Ederer

a is this So fair question.

doing the So here quite well. is German entity

So second was extraordinary the quarter good. that you to need XXXX understand in

was good our year's second So definitely still This of at quarter the capacity. limit a quarter.

well, quarter. probably with results, happy than as I The say, business the quite is current in mentioned. already are So second doing better we the would quite

of is portion year remaining the the very for outlook well the good. as So

say limits. the post-COVID Chinese entity, in the Germany at would trouble. had, I this is at with definitely for the The beginning of moment, really working So they capacity problems least year,

we but then China. already New recovered Now Year, crisis, the it which a also Chinese that in I to economic little starting decline see bit say, a due saw is of slightly, would we after

Interestingly, is for So is say Systems remaining only increasing China outlook than and but this it of would well, Services. portion year, the I for good in robust. very the the for the hit year Systems could we business more a businesses the have sales. in also the

Shervin Z

That's all All have. Thank you right. so much. I

Ingo Ederer

you. Thank

Rudolf Franz

question. your for you Thank

Operator

hand to back to floor over time. Thank closing at Ederer you. comments. this like further questions would Dr. Ingo the There for I are no

Ingo Ederer

Thank you.

November with of to scalable inflow momentum utilization a is our position as XD and capacity to believe place call speaking forward foundation of XXXX. have forward which take joining deliver and and developed and leading have a call, third that for the you solutions and with beyond. again will for weekend. robust a a you nice expand much rest on today's very strong clients. We to for results earnings you our this Thank in provider we we expect strong printing quarter in Current next Thank order XXXX the look we which and industrial

Rudolf Franz

weekend. a very much. you nice Thank Have

Operator

your Thank participation. This you. conclude today's does appreciate teleconference. We

You this of Enjoy may at day. your rest lines disconnect your time. the

voxeljet (VJTTY) 18 Aug 232023 Q2 Earnings call transcript