In closing
Our markets and their macro environments are neither perpetuum mobile, nor are they static, and so is our business. On many important items and especially those clearly within our control, what we said will happen, has happened. This is not to say there is no more to do, and some of the most important things still lie ahead. It is just the beginning.
Thank you for your support.
Yoav Stern
Chief Executive Officer and a Member of the Board of Directors
Nano Dimension
FINANCIAL RESULTS:
First Quarter 2024 Financial Results
- Total revenues for the first quarter of 2024 were $13,364,000, compared to $14,965,000 in the first quarter of 2023. The decrease is attributed to decreased sales of the Company’s product lines.
- Total cost of revenues for the first quarter of 2024 was $7,186,000, compared to $8,399,000 in the first quarter of 2023. The decrease resulted primarily from the above-mentioned decrease in revenues and cost reductions that improved the gross margin.
- As a result of the reorganization plan executed by the Company in the fourth quarter of 2023 and other cost reduction efforts taken in 2024, the Company’s operating expenses across all departments have decreased in the first quarter of 2024 compared to the first quarter of 2023.
- R&D expenses for the first quarter of 2024 were $9,133,000, compared to $19,250,000 in the first quarter of 2023. The decrease is mainly attributed to a decrease in payroll and related expenses, share-based compensation expenses, materials for R&D use and subcontractor services.
- Sales and marketing expenses for the first quarter of 2024 were $6,517,000, compared to $7,486,000 in the first quarter of 2023. The decrease is attributed mainly to payroll and related expenses, as well as share-based compensation expenses.
- General and administrative expenses for the first quarter of 2024 were $9,602,000, compared to $11,033,000 in the first quarter of 2023. The decrease is mainly attributed to a decrease in professional services, payroll and related expenses, and is partially offset by an increase in share-based compensation expenses.
- Net loss for the first quarter of 2024 was $34,772,000, or $0.15 loss per share, compared to net income of $22,222,000, or $0.09 per share, in the first quarter of 2023, with gains that quarter mainly attributed to the re-valuation of our investment in securities.
Conference call information
The Company will host a conference call to discuss these financial results today, June 3rd, 2024, at 9:00 a.m. EDT (4:00 p.m. IDT).
The call can be accessed via webcast link or phone as detailed below.
For webcast link with presentation viewing:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=GmLH60ir
For phone:
U.S. Dial-in Number (Toll Free): 1-844-695-5517
International Dial-in Number: 1-412-902-6751
Israel Dial-in Number (Toll Free): 1-80-9212373
Please request the “Nano Dimension NNDM call” when prompted by the conference call operator.
For those unable to participate in the conference call, there will be a replay available from a link on Nano Dimension’s website at http://investors.nano-di.com/events-and-presentations.
About Nano Dimension
Nano Dimension’s (Nasdaq: NNDM) vision is to transform existing electronics and mechanical manufacturing into Industry 4.0 environmentally friendly & economically efficient precision additive electronics and manufacturing – by delivering solutions that convert digital designs to electronic or mechanical devices - on demand, anytime, anywhere.
Nano Dimension’s strategy is driven by the application of deep learning based AI to drive improvements in manufacturing capabilities by using self-learning & self-improving systems, along with the management of a distributed manufacturing network via the cloud.
Nano Dimension has served over 2,000 customers across vertical target markets such as aerospace and defense, advanced automotive, high-tech industrial, specialty medical technology, R&D and academia. The Company designs and makes Additive Electronics and Additive Manufacturing 3D printing machines and consumable materials. Additive Electronics are manufacturing machines that enable the design and development of High-Performance-Electronic-Devices (Hi-PED®s). Additive Manufacturing includes manufacturing solutions for production of metal, ceramic, and specialty polymers-based applications - from millimeters to several centimeters in size with micron precision.
Through the integration of its portfolio of products, Nano Dimension is offering the advantages of rapid prototyping, high-mix-low-volume production, IP security, minimal environmental footprint, and design-for-manufacturing capabilities, which is all unleashed with the limitless possibilities of additive manufacturing.
For more information, please visit www.nano-di.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Nano Dimension’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Nano Dimension could differ materially from those described in or implied by the statements in this press release. For example, Nano Dimension is using forward-looking statements when it discusses moving towards profitability, its expectation for its budgeted growth to continue, that its effective cash burn will be no more than $20 million for the year, and perhaps as low as $12 million, that Nano Dimension can maintain its position of strength with minimal cash usage, the Company’s belief that there are great consolidation opportunities in the scope of its M&A search, that valuable opportunities are becoming more likely and the Company’s belief that a share buyback provides considerable value to shareholders. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Nano Dimension’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 21, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, Nano Dimension undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Nano Dimension is not responsible for the contents of third-party websites.
NANO DIMENSION INVESTOR RELATIONS CONTACT
Tomer Pinchas, CFO & COO | ir@nano-di.com
| Unaudited Consolidated Statements of Financial Position as at | ||||||
| March 31, | December 31, | |||||
|
2023
|
2024
|
2023
1
| ||||
| (In thousands of USD) | (Unaudited) | (Unaudited) | ||||
| Assets | ||||||
| Cash and cash equivalents | 412,172 | 251,858 | 309,571 | |||
| Bank deposits | 573,847 | 541,164 | 541,967 | |||
| Restricted deposits | 60 | 60 | 60 | |||
| Trade receivables | 10,152 | 11,840 | 12,710 | |||
| Other receivables | 6,076 | 6,419 | 11,290 | |||
| Inventory | 20,040 | 19,698 | 18,390 | |||
| Total current assets | 1,022,347 | 831,039 | 893,988 | |||
| Restricted deposits | 1,107 | 879 | 881 | |||
| Investment in securities | 160,260 | 112,657 | 138,446 | |||
| Deferred tax | 118 | — | — | |||
| Other receivables | 816 | — | — | |||
| Property plant and equipment, net | 10,012 | 16,078 | 16,716 | |||
| Right-of-use assets | 15,497 | 11,084 | 12,072 | |||
| Intangible assets | — | 2,235 | 2,235 | |||
| Total non-current assets | 187,810 | 142,933 | 170,350 | |||
| Total assets | 1,210,157 | 973,972 | 1,064,338 | |||
| Liabilities | ||||||
| Trade payables | 5,503 | 4,123 | 4,696 | |||
| Financial derivatives and deferred consideration | 5,040 | — | — | |||
| Other payables | 18,456 | 21,837 | 25,265 | |||
| Current portion of lease liability | 4,724 | 4,317 | 4,473 | |||
| Current portion of bank loan | 347 | 138 | 38 | |||
| Total current liabilities | 34,070 | 30,415 | 34,472 | |||
| Liability in respect of government grants | 1,861 | 1,989 | 1,895 | |||
| Employee benefits | 1,561 | 4,009 | 2,773 | |||
| Liability in respect of warrants | 123 | — | — | |||
| Long term lease liability | 11,409 | 7,900 | 8,742 | |||
| Deferred tax liabilities | — | — | 75 | |||
| Bank loan | 686 | 380 | 595 | |||
| 15,640 | 14,278 | 14,080 | ||||
| Total non-current liabilities | 49,710 | 44,693 | 48,552 | |||
| Total liabilities | ||||||
| Equity | ||||||
| Non-controlling interests | 578 | 857 | 1,011 | |||
| Share capital | 389,943 | 404,366 | 400,700 | |||
| Share premium and capital reserves | 1,300,781 | 1,298,973 | 1,299,542 | |||
| Treasury shares | (19,901 | ) | (149,461 | ) | (97,896 | ) |
| Foreign currency translation reserve | 973 | 1,249 | 2,929 | |||
| Remeasurement of net defined benefit liability (IAS 19) | 2,508 | (726 | ) | 707 | ||
| Accumulated loss | (514,435 | ) | (625,979 | ) | (591,207 | ) |
| Equity attributable to owners of the Company | 1,159,869 | 928,422 | 1,014,775 | |||
| Total equity | 1,160,447 | 929,279 | 1,015,786 | |||
| Total liabilities and equity | 1,210,157 | 973,972 | 1,064,338 | |||
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