Voxeljet AG (NYSE:VJET) Q2 2020 Earnings Conference Call - Final Transcript
Aug 14, 2020 • 08:30 am ET
Greetings and welcome to Voxeljet AG Second Quarter 2020 Financial Results Conference Call. [Operator Instructions]
I would now like to turn the conference over to your host, Mr. Johannes, Director of IR and Business Development. Thank you. You may begin.
Thank you, operator, and good morning, everyone. With me today are Dr. Ingo Ederer, Voxeljet's Chief Executive Officer; and Rudi Franz, Voxeljet's Chief Financial Officer.
Yesterday, after the market closed, Voxeljet issued a press release announcing its second quarter and first half 2020 financial result for the period ended June 30, 2020. The release as well as the accompanying presentation For this conference call is available in the Investor Relations section of the Company's website at voxeljet.com. During our call, we may make certain forward-looking statements about the Company's performance, including expectations on results from our current order backlog. Such forward-looking statements are not guarantees of future performance, and therefore, one should not place undue reliance upon them. Forward-looking statements are also subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed, including the risks and uncertainties caused by the current COVID-19 pandemic and the resulting uncertainty in the global economy. For additional information concerning factors that could cause actual results to differ from those discussed in our forward-looking statements, you should refer to the cautionary statements contained in our press release as well as the risk factors contained in the Company's filings with the Securities and Exchange Commission. With that, I would now like to turn the call over to Ingo, Chief Executive Officer of Voxeljet.
Thank you, Johannes. Good morning, everyone. Thank you for joining us on our earnings call today. Today, we will take you through some highlights of our second quarter and first half 2020 performance. We were off to a decent start in 2020. In Germany, we received one of our largest individual orders for 3D printed parts from a supplier to a leading U.S. electric carmaker. Order backlog for 3D printers was growing to a new record in March 2020 and continued to increase from there.
In planning early 2020, we had already anticipated a significant impact of COVID-19. Nevertheless, the impact with customer shutdowns and travel restrictions were tougher than we thought initially. Meanwhile, we see a recovery in almost all relevant markets.
On June 1, we have issued a press release announcing the expansion of our partnership with the European Investment Bank to bring 3D printing into series production. We received additional funds of EUR5 million under the venture debt contract with EIB on June 19, 2020. With that EUR15 million [Phonetic] of the total of EUR25 million have been disbursed.
Before we start with the formal part of the presentation, let's quickly remind those who are new to what we do. Turning to Slide 5. We are in the business for additive serious production. We design, manufacture and sell high performance 3D printing solutions for cost efficient manufacturing. We have invested significantly into our IP