Though I'd never heard of Voxeljet (VJET) until Wednesday when Citron posed some concerns about customer financing, I've been intensely researching the business since. Between Citron's report and SA Contributor Forensic Factor's report yesterday many alarms have been raised - chiefly the question of whether anyone actually paid cash for these systems in 3Q and that the company appears to have misled the SEC prior to their IPO. There was one other huge alarm which was not addressed in these two reports which I will discuss here.
First, let me point out something. Voxeljet has two business segments: 1) Services - provides 3D printing services to customers (represented 51.4% of revenue in the first 9 months) and...
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