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© voxeljet AG, Friedberg, Germany
Safe Harbor Summary
This presentation contains forward-looking statements about voxeljet AG based
on management’s current expectations which are subject to known and
unknown uncertainties and risks. Our actual results could differ materially from
those discussed due to a number of factors, including, but not limited to, the
risk factors included in our Annual Report on Form 20-F. We are providing this
information as of the date of this presentation and do not undertake any
obligation to update any forward-looking statements contained in this
presentation as a result of new information, future events or otherwise.
© voxeljet AG, Friedberg, Germany
voxeljet Senior Leadership
Dr. Ingo Ederer
CEO and Founder
Rudolf Franz
COO and CFO
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© voxeljet AG, Friedberg, Germany
History of Growth and Innovation
1999:Dr. Ingo Ederer, Rainer
Höchsmann and Prof. Dr. Joachim
Heinzl co-founded the Company
2003:
First institutional investment
round:
Established service center
Sold 40% ownership share in
certain patents and
technologies to ExOne
20131999 2002 2003 2005 2006 2011 20122000 2001 2004 2007 2008 2009 2010
2005:
First large-format 3D printer
using PMMA sold to
Alphaform AG
Introduced the VX800
2007:Introduced the VX500
2011:
Introduced the VX1000 and
VX4000
2012:
Introduced the VX200 and VXC800
2013:
Successfully completed IPO
Expansion of European facility
of production space and office
space
58 systems installed worldwide
as of December 31, 2013
Introduced the VX2000
2002:Sold first large-format 3D printers
using sand to BMW and Daimler
SKA Fund
2014
© voxeljet AG, Friedberg, Germany
3D Printing: Changing Manufacturing
Concept Design Model Product
Changing the way new products are designed and manufactured…
© voxeljet AG, Friedberg, Germany
Objective: Cost Reduction
Edge Quantity1
© voxeljet AG, Augsburg
Man
ufa
ctu
rin
g C
osts
Quantity
Cost SavingsCost Savings
© voxeljet AG, Friedberg, Germany
Our Technology: Powder Binding
Transfer of
CAD data1Application of
particulate
material2
Selective
addition of
chemical
binding agent
3Lowering of the
build platform4Steps 2-4
repeated5Removal of
unbound
material6
Finished
part7
Capable of largest build volumes
Cost effective vs. competition
Highly accurate with outstanding detail
Attractive material sets for industrial and commercial applications
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© voxeljet AG, Friedberg, Germany
Systems: Our 3D Printer Platforms
System Introduction
Build Box Size
(L x W x H)
(millimeters)
Volumetric
Output Rate
(liters per hour)
Price(1)
2011 4,000 x 2,000 x 1,000 123 €1,600,000
2013 2,000 x 1,000 x 1,000 45 €995,000 - €1,100,000
2011 1,060 x 600 x 500 23 €740,000 - €785,000
2012 850 x 500 x ∞ 18 €600,000
2007 500 x 400 x 300 3 €350,000 - €370,000
2012 300 x 200 x 150 0.7 €125,000VX200
VX500
VXC800
VX1000
VX2000
VX4000
We offer a range of build box sizes and print speeds to match our customers’ needs.
(1) Prices depend on system configuration and materials and are subject to change.
© voxeljet AG, Friedberg, Germany
(Volume shown in m3)
Largest 3D Printers in the Industry
8.00
2.00
1.26
0.62 0.51 0.40
0.02
VX4000 VX2000 S-Max iPro 9000 XL Fortus 900mc Objet 1000 A2X
Source: Wohlers Report 2013.
Powder Binding Powder Binding Powder Binding FDM EBMSLA Material Jetting /
Multi-Jetting
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© voxeljet AG, Friedberg, Germany
Integrated Business Model
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• High speed, large format printers
• Broad portfolio of materials
• Affordable on-demand access
• Lower cost of entry
• Channel for 3D printer sales
SYSTEMS SERVICES
From buying parts… to buying printers and parts.
© voxeljet AG, Friedberg, Germany
Operate 3D Printer /
Buy Materials /
Use Service Center
Purchase 3D
Printer
Purchase
More Parts
Integrated Services & Systems Approach
Purchase Parts
From
Service Center
Step 1 Step 2 Step 3 Step 4
From buying parts… to buying printers and parts.
Customer Adoption Cycle
Why Systems Customers Continue
to Use Our Service Center:
Larger Scale Parts
Incremental Production Capacity
New Parts / New Materials
1
2
3
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© voxeljet AG, Friedberg, Germany
Deep Customer Relationships
• We serve commercial and
industrial customers in a variety of
industries:
– Foundry
– Automotive
– Heavy Equipment
– Power Fluid Handling
– Aerospace
– Film and Entertainment
– Technical Universities
– Art, Design & Architecture
Selected Customers
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© voxeljet AG, Friedberg, Germany
Highly Differentiated 3D Printers
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VXC800VX4000
Industry’s largest build box Industry’s only continuous 3D printer(1)
Process station
Unpacking area
Robot
(1) Management believes the VXC800 is the only continuous build 3D printer that is commercially available.
© voxeljet AG, Friedberg, Germany
VX4000: Large Format 3D Printer
• 4,000 x 2,000 x 1,000 mm build space
• 600 dpi print resolution
• 26,560 drop-on-demand jets
• 15 mm/h build speed
• Unique machine concept
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© voxeljet AG, Friedberg, Germany
VX4000: Examples of Printed Parts
The VX4000 can build each of the following using one build-box
8
Pump Housings2,240
Water Jacket Cores
4,725
voxeljet Cubes
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© voxeljet AG, Friedberg, Germany
VXC800 Continuous 3D Printer: The Next
Generation in 3D Printing Production
VXC800
• First continuous build 3D printer
• Fully automated building process
• Designed for high density bulk materials
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© voxeljet AG, Friedberg, Germany
Production: Why is volume important?
• Large parts – extends additive manufacturing to new applications previously too
large to be printed
• Flexibility of manufacturing – small numbers of large parts or large numbers of
small parts, or any combination in between
• Lowers the per part cost
• Lowers time of manufacture per part
• Starts to shift additive manufacturing into the area of traditional manufacturing
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© voxeljet AG, Friedberg, Germany
Materials to Meet Customer Needs
• Silica
• Kerphalite
• Zirconium
Oxide
• Chromite
Particulate Materials Binding Agents
• Furane
(Services only)
• Inorganic
• Phenol ResinsSand
Plastic
• PMMA
(acrylic glass)
• Polypor B
• Polypor C
© voxeljet AG, Friedberg, Germany
Applications
Automotive
and
Aerospace
Engineering
and Design
Art and
Architecture
Film and
Entertainment
Consumer
Products
32
© voxeljet AG, Friedberg, Germany
Growth Strategies
Establish Large Scale Service
Centers
Continue to Innovate
Expand Sales and Marketing Presence
26
Expanded European service center
Q1 2015 opening of North American facility in
Detroit Metro area
Evaluating additional global facility opportunities
More than 170 U.S. and international patents and
patent applications
50 active R&D projects
Added 5 sales agents since IPO, bringing total to
30 worldwide
Appointed General Manager for U.S.
Acquisitions
Seeing increase in deal opportunities
Completed the acquisition of Propshop in October
2014
Well positioned to execute transactions
© voxeljet AG, Friedberg, Germany
New Headquarters in Germany (near Munich) –
Larger Service Center Facility
Expanded production space in our facility from 16,000 square
feet to over 40,000 square feet
− Eliminated capacity constraints
− Transfer completed in Q2 2014
Purchased land and buildings for approximately €10 million
on December 6, 2013
− 10-year option to purchase property adjacent to
headquarters
© voxeljet AG, Friedberg, Germany
Introduction of North American Service Center:
Expected Opening Q1 2015
Located in Detroit Metro Area
− Well-situated to serve the U.S. automotive industry
− Proximity provides access to customer base in the Midwest U.S. and Canada
Facility is approximately 50,000 square feet and allows opportunity for future growth
− Initially expected to operate 4 large format printers
Began printing on-demand parts at the facility in Q1 2015
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© voxeljet AG, Friedberg, Germany
Innovation: New Materials - Inorganic and
Phenolic Parts
37
Inorganic Part Phenolic Part
© voxeljet AG, Friedberg, Germany
Innovation: New Materials - Inorganic and
Phenolic binders
Inorganic-Binding (IOB)
environmental friendly
almost no gases emitting during casting process
bending strength <350 N/cm² recommended for core
printing
strongly recommended for light alloys (e.g.
aluminum)
min. wall thickness 2 mm
Phenolic-Direct Binding (PDB)
standard silica sands can be printed
process doesn´t depend on PH-value,
therefore various sands printable
sands 100 % recyclable
universal for all metals
very easy handling in a 3D-printer
hollow cores printable due to high strength
less gas emissions
bending strength up to 800 N/cm² after oven curing
recommended for core and mold printing
min. wall thickness 0.5 mm
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© voxeljet AG, Friedberg, Germany
Innovation: New Materials - Ceramics and Hard
Metals
Porous ceramics:
• 3 years development
• >5-15 MPa tensile green part strength
• High resolution
• Geometric challenges
• Possible Infiltration after production
• SiSiC
• AlOx
• Silica based materials
• Mg- based materials
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© voxeljet AG, Friedberg, Germany
Innovation: Laminate Structure Applications
Using the inorganics system as tool:
• 0.5 years development
• Very high tensile strength
• Weak resolution
• Leightweight parts
• Complex geometries
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© voxeljet AG, Friedberg, Germany
Innovations: Concrete Casting Applications
Using the organics system as tool:
• 0.5 years development
• Lost form made of furane
• Material as known by architects
• Reinforcing bars includable
• Even for polymer casting
41
© voxeljet AG, Friedberg, Germany
Expanding Sales Footprint
• Added 5 Sales Agents since IPO
• Direct sales force and extensive global network of 30 sales agents
• Current footprint provides visibility for future investment
voxeljet direct sales
34
Sales agents
© voxeljet AG, Friedberg, Germany
Acquisitions: Propshop
• voxeljet acquired Propshop (Model Makers) Limited, which became Voxeljet UK, on October 1, 2014.
• Founded in 2002, Propshop is a physical and digital asset production company primarily focused on
building props for the entertainment industry
• Based at Pinewood Studios in London, England
• In addition to manufacturing physical props, Propshop provides specialized 3D modelling and scanning
facilities
• Propshop will continue to support the film and entertainment industry, as well as the broad, growing
consumer market for on-demand 3D printing services
• Clients include Warner Bros., Universal Pictures, Sony Pictures, Disney and BBC Films. Propshop
contributed to such films as Zero Dark Thirty (2013), Skyfall (2013), and, The Dark Knight Rises (2013)
• James Enright, founder and CEO of Propshop, joined the Company as Managing Director of voxeljet UK
and Vice President for Consumer Markets
43
© voxeljet AG, Friedberg, Germany
Revenue and Gross Profit:
Three Months Ended 09/30/2014
Q3 Revenue Q3 Gross Profit(1)
(€ in 000’s) (€ in 000’s)
Revenue for Q3 14 increased 6.8% compared to Q3 2013 Gross profit and margin of €1,398 and 37.2% in Q3 2014
partially affected by the increased headcount costs
Excluding cost of sales related to the LTCIP of €62 gross
profit and gross margin were €1,460 and 38.9%,
respectively
(1) Cost of sales includes €62 thousand impact of the Company’s Long Term Cash Incentive Plan; €35 thousand allocated to Systems cost of sales and €27 thousand allocated to
Services cost of sales.
€ 3,517€ 3,756
€ 0
€ 1,000
€ 2,000
€ 3,000
€ 4,000
€ 5,000
Q3 2013A Q3 2014A
€ 1,604€ 1,398
45.6%
37.2%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
€ 0
€ 1,000
€ 2,000
€ 3,000
€ 4,000
€ 5,000
Q3 2013A Q3 2014A
Gross Profit % Margin
45
© voxeljet AG, Friedberg, Germany
Segment Financials – Systems:
Three Months Ended 09/30/2014
Q3 Systems Revenue Q3 Systems Gross Profit(1)
(€ in 000’s)(€ in 000’s)
(1) Q3 2014 includes €35 thousand impact of the Company’s Long Term Cash Incentive Plan.
Systems revenues increased 23.3%
3 new printers sold in Q3 2014 compared to 3 new
printers in Q3 2013
Systems revenues accounted for 60.3% of total
revenues in Q3 2014 compared to 52.2% in Q3 2013
Gross profit and margin of €803 and 35.5% in Q3 2014
partially affected by the increased headcount costs
Excluding cost of sales related to the LTCIP of €35
gross profit and gross margin were €838 and 37.0%,
respectively
€ 1,836
€ 2,264
€ 0
€ 500
€ 1,000
€ 1,500
€ 2,000
€ 2,500
€ 3,000
Q3 2013A Q3 2014A
€ 712€ 803
38.8%
35.5%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
€ 0
€ 500
€ 1,000
€ 1,500
€ 2,000
€ 2,500
€ 3,000
Q3 2013A Q3 2014A
Gross Profit % Margin
46
© voxeljet AG, Friedberg, Germany
Segment Financials – Services:
Three Months Ended 09/30/2014
Q3 Services Revenue Q3 Services Gross Profit(1)
(€ in 000’s)(€ in 000’s)
Services revenues decreased 11.2%
The decrease was primarily attributable to the
operating disruption of one VX4000 – our largest
format printer – at our service center in Germany
Gross profit and margin of €595 and 39.9% in Q3 2014
partially affected by operating disruption of a printer,
product mix, as well as increased headcount costs
contributed to decrease in gross margin
Excluding cost of sales related to the LTCIP of €27
gross profit and gross margin were €622 and 41.7%,
respectively(1) Q3 2014 includes €27 thousand impact of the Company’s Long Term Cash Incentive Plan.
€ 1,681€ 1,492
€ 0
€ 500
€ 1,000
€ 1,500
€ 2,000
€ 2,500
€ 3,000
Q3 2013A Q3 2014A
€ 892
€ 595
53.1%
39.9%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
€ 0
€ 500
€ 1,000
€ 1,500
€ 2,000
€ 2,500
€ 3,000
Q3 2013A Q3 2014A
Gross Profit % Margin
47
© voxeljet AG, Friedberg, Germany
Financial Highlights Three Months Ended
09/30/2014
Thousands of EUR (except per
share data)
Q3 2014 Q3 2013 % Change
Revenues 3,756 3,517 6.8%
Cost of sales(1) (2,358) (1,913) 23.2%
Gross profit(1) 1,398 1,604 -12.8%
Gross Margin %(1) 37.2% 45.6% -840 bps
SG&A(2) (2,167) (656) 230.0%
Research & Development(3) (1,032) (447) 130.8%
Other Operating income (expense), net 137 (101)
Operating income (loss)(1)(2)(3) (1,664) 400
Net income (loss)(1)(2)(3) (1,518) 211
Earnings(loss) per share(1)(2)(3) (0.41) 0.11
Weighted avg. shares outstanding 3,720,000 2,000,000
• Revenues grew 6.8% Q/Q, resulting from organic growth in Systems offset by decreased revenues in Services
• Investments in R&D, Sales and Marketing, LTCIP expenses contributed to operating loss in Q3 2014
48
(1) Q3 2014 includes €62 thousand impact of the Company’s Long Term Cash Incentive Plan.
(2) Q3 2014 includes €59 thousand impact of the Company’s Long Term Cash Incentive Plan.
(3) Q3 2014 includes €53 thousand impact of the Company’s Long Term Cash Incentive Plan.
© voxeljet AG, Friedberg, Germany
Thousands of EUR (except
share data)
9/30/2014 12/31/2013
Cash and cash equivalents €10,217 €33,459
Financial assets €45,359 €744
Trade receivables 1,476 1,003
Inventories 5,395 3,641
Property, plant and equipment 16,536 16,316
Total debt and finance lease obligations €3,728 €5,785
Equity €71,934 €45,400
Weighted average shares outstanding 3,720,000 2,000,000
Balance Sheet (selected items)
49
© voxeljet AG, Friedberg, Germany
Business Outlook
Full year 2014 revenue estimated to be in a range of between €15.0 million and €16.0
million.
Full year 2015 revenue estimated to be in a range of between €23.0 million and €24.0
million.
The primary drivers of the Company’s anticipated revenue growth for the year ending
December 31, 2015 are expected to be:
(1) increased global Systems sales;
(2) continued Services revenue growth at its facility in Friedberg, Germany;
(3) contribution from Voxeljet of America Inc., the Company’s Services facility in Canton,
Michigan, which began operating in January 2015, and;
(4) a full year’s contribution from Voxeljet UK, the Company’s Services facility outside
London, England.
Based on these factors, the Company expects Services revenue growth to outpace
Systems revenue growth in 2015.
42
© voxeljet AG, Friedberg, Germany
Long Term Target Operating Model
43Note: The operating target figures referenced above are targets only; they do not represent budget estimates or projections, and there is no assurance that they can be achieved.
Revenue Growth: >50%
Gross Margin: 45 – 50%
EBITDA Margin: 25 – 30%
Operating Margin: 10 – 15%