piper jaffray technology, media & telecommunications...

Piper Jaffray Technology, Media & Telecommunications Conference

March 2015

© 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.

Overview


voxeljet Senior Leadership

Dr. Ingo Ederer

CEO and Founder

Rudolf Franz

COO and CFO

4


Early Beginnings

5

Circa 1995 Initial Patent Filed in 1997


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


3D Printing: Changing Manufacturing

Concept Design Model Product

Changing the way new products are designed and manufactured…


Objective: Cost Reduction

Edge Quantity1

© voxeljet AG, Augsburg

Man

ufa

ctu

rin

g C

osts

Quantity

Cost SavingsCost Savings


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

9


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.


(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

11


Our Core Competencies

Speed

Size

Costeffectiveness

13

Business Model


Integrated Business Model

14

• 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.


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

15


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

17


Highly Differentiated 3D Printers

17

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.


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

18


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

19


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

22


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

24

Material Sets & Applications


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


Applications

Automotive

and

Aerospace

Engineering

and Design

Art and

Architecture

Film and

Entertainment

Consumer

Products

32

Growth Strategy


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


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


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

28


Innovation: New Materials - Inorganic and

Phenolic Parts

37

Inorganic Part Phenolic Part


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

38


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

39


Innovation: Laminate Structure Applications

Using the inorganics system as tool:

• 0.5 years development

• Very high tensile strength

• Weak resolution

• Leightweight parts

• Complex geometries

40


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


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


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

Recent Financials


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


Segment Financials – Systems:


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


46


Segment Financials – Services:


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


47


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





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


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


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%

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