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Nano Dimension Announces Record Q1/2023 Results Revenue of $14.97 Million, 43% YoY Growth

Gross Margins increased to 44% (Adjusted: 47%)

Best Quarter in the Company’s History

50% Organic Revenue Growth since Q3/2022

Company Plans to Continue its Share Buy-Back Program

Conference Call to be Held Today at 9:00 a.m. EDT

Waltham, Massachusetts, June 29, 2023 (GLOBE NEWSWIRE) --  Nano Dimension Ltd. (Nasdaq: NNDM, “Nano Dimension” or the “Company”), a leading supplier of Additively Manufactured Electronics (“AME”) and multi-dimensional polymer, metal & ceramic Additive Manufacturing (“AM”) 3D printers, today announced financial results for the first quarter ended March 31st, 2023.

The Company also announced the intention to promptly continue its share buy-back program.

Nano Dimension reported consolidated record revenues of $14.97 million for Q1/2023, an increase of:

  • 43% over Q1/2022
  • 24% over Q4/2022

Gross Margin (“GM”):

  • Q1/2023: 44%
  • Q1/2022: 10%

Adjusted1 Gross Margin (“Adjusted GM”):

  • Q1/2023: 47%
  • Q1/2022: 40%

Total income/loss before tax:

  • Q1/2023 income of $22 million
  • Q4/2022: negative $87 million
  • Q1/2022: negative $34 million

Adjusted EBITDA for the Q1/2023:

Negative $24 million which includes research and development (R&D) expenses of $15 million2.

Net cash used in operations; minus interest received:

  • Q1/2023: $17 million
  • Q4/2022: $14 million
  • Q1/2022: $21 million

Details regarding Adjusted EBITDA and Adjusted GM can be found below in this press release under “non-IFRS measures.”

CEO MESSAGE TO SHAREHOLDERS:

“We delivered significant revenue growth in the first quarter of 2023, with the third record-setting quarter in a row, defined by exceptional performance and steady quarterly organic growth since July 2022. While we still have 6 months left to go in 2023, at this point we hope to be ahead of the annual budget which our Board of Directors has set for us.

One of the most exciting developments this quarter is the fast adoption of our Deep Learning/AI technology, developed by our DeepCube division. It is now effectively installed in our newer models of machines, advancing industrial inspection, print quality optimization, process optimization, and monitoring and maintenance of machines.

While DeepCube is a significant value-add to new and existing customers, we are starting to receive requests from industrial customers to sell them the “DeepCube AI Engine” by itself, to be installed on their own machines, thereby turning our DeepCube group into a “stand-alone” revenue generating division.

Our Additive Electronic business has been growing organically for almost a year, in spite of the continued crisis in the European economy, especially in the DACH countries. Our AME printing business is advancing on budget, supported by impressive achievements in chemical development of dielectric and conductive printing consumable materials. In parallel, IPC International, Inc. (IPC), a global association that helps original equipment manufacturers, Electronics Manufacturing services, printed circuit board manufacturers, and suppliers build electronics better, has accepted our efforts of over a year – and is now adopting new standards for AME specifications. In the Additive Manufacturing and Ink Services product lines we are experiencing steady advancements as well.

Our organic growth is expected to be fully supported by our merger and acquisition (M&A) strategy. Consistent with our stated long-term strategy, strong market position, and robust balance sheet, we remain ideally positioned to act as a consolidator in the highly fragmented AM market landscape, which consists of small- and medium-sized businesses that are currently cash negative and “floating” on high valuations. We intend to accelerate our M&A strategy by carefully investing in assets that will create return on investment and value expansion for our shareholders, contrary to unprofitability which is still a common denominator for many players in the AM industry.”

Please feel free to read our new website regarding Nano’s special tender offer to purchase ordinary shares of Stratasys and educate yourselves: www.stratasysvaluenow.com

For information on how to tender Stratasys shares, call Georgeson LLC, the information agent for the special tender offer, toll-free at (877) 668-1646.
  
FINANCIAL RESULTS:

First Quarter 2023 Financial Results

  • Total revenues for the first quarter of 2023 were $14,965,000, compared to $12,104,000 in the fourth quarter of 2022, and $10,430,000 in the first quarter of 2022. The increase is attributed to increased sales of the Company’s product lines.
  • R&D expenses for the first quarter of 2023 were $19,250,000, compared to $20,993,000 in the fourth quarter of 2022, and $17,870,000 in the first quarter of 2022. The decrease compared to the fourth quarter of 2022 is mainly attributed to a decrease in materials expenses and payroll and related expenses. The increase compared to the first quarter of 2022 is mainly attributed to an increase in payroll expenses, material, subcontractors, and depreciation expenses and is partially offset by a decrease in share-based compensation expenses.
  • Sales and marketing expenses for the first quarter of 2023 were $7,486,000, compared to $9,758,000 in the fourth quarter of 2022, and $9,308,000 in the first quarter of 2022. The decrease is mainly attributed to a decrease in share-based compensation and marketing expenses.
  • General and administrative expenses for the first quarter of 2023 were $11,033,000, compared to $9,091,000 in the fourth quarter of 2022, and $6,742,000 in the first quarter of 2022. The increase is mainly attributed to an increase in payroll and related expenses, share-based compensation expenses, and professional services.
  • Net income for the first quarter of 2023 was $22,222,000, or $0.09 per share, compared to net loss of $87,667,000, or $0.34 loss per share, in the fourth quarter of 2022, and net loss of $33,093,000, or $0.13 loss per share, in the first quarter of 2022.

Conference call information

The Company will host a conference call to discuss these financial results today, June 29th, 2023, at 9:00 a.m. EDT (4:00 p.m. IDT).

We encourage participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10179970/f9b871241c.

Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=p8t1ENcZ.

U.S. Dial-in Number: 844-695-5517, INTERNATIONAL DIAL IN: 1-412-902-6751, Israel Dial-in Number: 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 serves over 2,000 customers across vertical target markets such as aerospace & 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 its expectations for revenues for 2023, the advantages and benefits of its products and technology, growth of AE business and advancement of AME printing business, that its organic growth in the year ahead is expected to be fully supported by its M&A strategy and its intention to lead its M&A by carefully paying for assets that will create return on investment and value expansion for its shareholders and its expectation to continue the share buyback program. 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 30, 2023, 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

Investor Relations | ir@nano-di.com

Unaudited Consolidated Statements of Financial Position as at

  March 31,  December 31, 
  2022  2023  20223 
(In thousands of USD) (Unaudited)  (Unaudited)    
Assets         
Cash and cash equivalents  788,141   412,172   685,362 
Bank deposits  459,824   573,847   346,663 
Restricted deposits  126   60   60 
Trade receivables  6,242   10,152   6,342 
Other receivables  7,307   6,076   6,491 
Inventory  15,063   20,040   19,400 
Total current assets  1,276,703   1,022,347   1,064,318 
             
Restricted deposits  491   1,107   850 
Bank deposits  63,128       
Investment in securities     160,260   114,984 
Deferred tax  1,005   118   115 
Other receivables     816   809 
Property plant and equipment, net  9,844   10,012   5,843 
Right-of-use assets  15,142   15,497   16,539 
Intangible assets  21,358       
Total non-current assets  110,968   187,810   139,140 
Total assets  1,387,671   1,210,157   1,203,458 
             
Liabilities            
Trade payables  3,785   5,503   3,722 
Financial derivatives and deferred consideration  19,977   5,040   8,798 
Other payables  19,304   23,180   24,150 
Current portion of other long-term liability  416   347   363 
Total current liabilities  43,482   34,070   37,033 
             
Liability in respect of government grants  1,639   1,861   1,492 
Employee benefits  4,138   1,561   1,462 
Liability in respect of warrants  1,760   123   69 
Lease liability  12,395   11,409   12,374 
Deferred tax liabilities  1,101       
Other long-term liabilities  1,849       
Loan from banks     686   736 
Total non-current liabilities  22,882   15,640   16,133 
Total liabilities  66,364   49,710   53,166 
             
Equity            
Non-controlling interests  787   578   767 
Share capital  386,723   389,943   388,406 
Share premium and capital reserves  1,276,443   1,300,781   1,296,194 
Treasury shares  (1,509)  (19,901)  (1,509)
Foreign currency translation reserve  1,190   973   583 
Remeasurement of net defined benefit liability (IAS 19)     2,508   2,508 
Accumulated loss  (342,327)  (514,435)  (536,657)
Equity attributable to owners of the Company  1,320,520   1,159,869   1,149,525 
Total equity  1,321,307   1,160,447   1,150,292 
Total liabilities and equity  1,387,671   1,210,157   1,203,458 

  

Unaudited Consolidated Statements of Profit or Loss and Other Comprehensive Income

  Three Months Ended
March 31,
  Year ended
December 31,
 
  2022  2023  2022 
  Thousands  Thousands  Thousands 
  USD  USD  USD 
Revenues  10,430   14,965   43,633 
Cost of revenues  6,580   8,267   24,943 
Cost of revenues - write-down of inventories and impairment of assets recognized in business combination and technology  2,849   132   4,639 
Total cost of revenues  9,429   8,399   29,582 
Gross profit  1,001   6,566   14,051 
Research and development expenses, net  17,870   19,250   75,763 
Sales and marketing expenses  9,308   7,486   38,833 
General and administrative expenses  6,742   11,033   30,457 
Impairment losses on intangible assets        40,523 
Operating loss  (32,919)  (31,203)  (171,525)
Finance income  2,861   56,826   22,965 
Finance expense  3,685   3,590   79,471 
Income (Loss) before taxes on income  (33,743)  22,033   (228,031)
Taxes benefit (expense)  455   (74)  (264)
Income (Loss) for the period  (33,288)  21,959   (228,295)
Income (Loss) attributable to non-controlling interests  (195)  (263)  (872)
Income (Loss) attributable to owners  (33,093)  22,222   (227,423)
             
Income (Loss) per share            
Basic income (loss) per share  (0.13)  0.09   (0.88)
             
Other comprehensive income items that after initial recognition in comprehensive income were or will be transferred to profit or loss            
Foreign currency translation differences for foreign operations  (232)  403   (844)
Other comprehensive income items that will not be transferred to profit or loss            
Remeasurement of net defined benefit liability (IAS 19), net of tax        2,508 
Total other comprehensive income (loss) for the period  (232)  403   1,664 
Total comprehensive income (loss) for the period  (33,520)  22,362   (226,631)
Comprehensive loss attributable to non-controlling interests  (210)  (250)  (892)
Comprehensive income (loss) attributable to owners of the Company  (33,310)  22,612   (225,739)

  
Consolidated Statements of Changes in Equity (Unaudited)
(In thousands of USD)

  Share capital  Share premium and capital reserves  Remeasurement of IAS 19  Treasury shares  Presentation / Foreign currency translation reserve  Accumulated loss  Total  Non-controlling interests  Total equity 
  Thousands  Thousands  Thousands  Thousands  Thousands  Thousands  Thousands  Thousands  Thousands 
  USD  USD  USD  USD  USD  USD  USD  USD  USD 
Balance as of December 31, 2022  388,406   1,296,194   2,508   (1,509)  583   (536,657)  1,149,525   767   1,150,292 
Investment of non-controlling party in subsidiary                       61   61 
Income for the period                 22,222   22,222   (263)  21,959 
Other comprehensive income for the period              390      390   13   403 
Exercise of warrants, options and conversion of convertible notes  1,537   (1,537)                     
Repurchase of treasury shares           (18,392)        (18,392)     (18,392)
Share-based Compensation     6,124               6,124      6,124 
Balance as of March 31, 2023  389,943   1,300,781   2,508   (19,901)  973   (514,435)  1,159,869   578   1,160,447 

  

Consolidated Statements of Cash Flows (Unaudited)
(In thousands of USD)

  Three Months Ended
March 31,
  Year ended
December 31
 
  2022  2023  2022 
Cash flow from operating activities:         
Net income (loss)  (33,288)  21,959   (228,295)
Adjustments:            
Depreciation and amortization  1,141   1,423   7,283 
Impairment losses on intangible assets        31,045 
Impairment losses on property plant and equipment        9,478 
Financing (income) expenses, net  2,194   (8,152)  (1,769)
Revaluation of financial liabilities accounted at fair value  (1,370)  191   (4,516)
Revaluation of financial assets accounted at fair value     (45,276)  62,791 
Loss from disposal of property plant and equipment and ROU Assets  (3)  124   948 
Increase in deferred tax  (461)  (3)  (581)
Share-based compensation  10,123   6,124   32,563 
Other  94   45   166 
   11,718   (45,524)  137,408 
Changes in assets and liabilities:            
Increase in inventory  (468)  (545)  (4,603)
Increase in other receivables  (851)  (851)  (1,978)
Increase in trade receivables  (2,175)  (3,708)  (1,992)
Increase in other payables  1,724   (528)  5,281 
Increase (decrease) in employee benefits  1,148   (561)  1,497 
Increase in trade payables  729   1,805   628 
   107   (4,388)  (1,167)
Net cash used in operating activities  (21,463)  (27,953)  (92,054)
             
Cash flow from investing activities:            
Change in bank deposits and loans net  (21,907)  (228,497)  141,555 
Interest received  762   11,292   17,465 
Change in restricted bank deposits  20   (271)  (327)
Acquisition of property plant and equipment  (1,975)  (3,944)  (9,388)
Acquisition of subsidiaries, net of cash acquired  (18,124)     (31,057)
Payment of a liability to pay a contingent consideration of business combination     (3,960)  (10,708)
Acquisition of financial assets in fair value through profit and loss        (177,775)
Decrease in pledged deposit        3,362 
Other        (800)
Net cash used in investing activities  (41,224)  (225,380)  (67,673)
             
Cash flow from financing activities:            
Lease payments  (796)  (1,220)  (4,151)
Repayment Long-term Bank Debt  (80)  (57)  (406)
Proceeds from non-controlling interests        510 
Amounts recognized in respect of government grants liability, net  (45)  (85)  (221)
Payments of share price protection recognized in business combination        (1,005)
Repurchase of treasury shares     (18,392)   
Net cash provided by (used in) financing activities  (921)  (19,754)  (5,273)
Decrease in cash  (63,608)  (273,087)  (165,000)
Cash at beginning of the year  853,626   685,362   853,626 
Effect of exchange rate fluctuations on cash  (1,877)  (103)  (3,264)
Cash at end of the period  788,141   412,172   685,362 
             
Non-cash transactions:            
Property plant and equipment acquired on credit  211   476   52 
Recognition of a right-of-use asset  11,237   127   15,196 

  

Non-IFRS measures

The following are reconciliations of income before taxes, as calculated in accordance with International Financial Reporting Standards (“IFRS”), to EBITDA and Adjusted EBITDA, as well as of gross profit, as calculated in accordance with IFRS, to Adjusted Gross Profit:

  For the Three-Month Period
Ended March 31st, 2023
 
    
Net income  21,959 
Tax expenses  74 
Depreciation and amortization  1,423 
Interest income  (11,520)
EBITDA  11,936 
Finance income from revaluation of assets and liabilities  (44,777)
Exchange rate differences  3,045 
Share-based compensation expenses  6,124 
Adjusted EBITDA (loss)  (23,672)


  For the Three-Month
Period Ended
 
  March 31, 
  2022  2023 
Gross profit  1,001   6,566 
Depreciation and amortization4  2,862   66 
Share-based compensation expenses  324   422 
Adjusted gross profit  4,187   7,054 

EBITDA is a non-IFRS measure and is defined as income before taxes, excluding depreciation and amortization expenses and amortization of assets recognized in business combination and interest income. We believe that EBITDA, as described above, should be considered in evaluating the Company’s operations. EBITDA facilitates the Company’s performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures, and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), and EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company’s operating performance without regard to the items mentioned above.

Adjusted EBITDA is a non-IFRS measure and is defined as income before taxes, excluding depreciation and amortization expenses and amortization of assets recognized in business combination, interest income, finance income for revaluation of assets and liabilities, exchange rate differences and share-based payments. We believe that Adjusted EBITDA, as described above, should also be considered in evaluating the Company’s operations. Like EBITDA, Adjusted EBITDA facilitates the Company’s performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures, and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), as well as from revaluation of assets and liabilities, exchange rate differences and share-based payment expenses. Adjusted EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company’s operating performance without regard to non-cash items, such as expenses related to revaluation, exchange rate differences and share-based payments.

Adjusted gross profit, excluding depreciation and amortization and share-based compensation expenses, is a non-IFRS measure and is defined as gross profit excluding amortization expenses. We believe that adjusted gross profit, as described above, should also be considered in evaluating the Company’s operations. Adjusted gross profit facilitates gross profit and gross margin comparisons from period to period and company to company by backing out potential differences caused by variations in amortization of inventory and intangible assets. Adjusted gross profit is useful to an investor in evaluating our performance because it enables investors, securities analysts and other interested parties to measure a company’s performance without regard to non-cash items, such as amortization expenses. Adjusted gross margin is calculated by dividing the adjusted gross profit by the revenues.

EBITDA, Adjusted EBITDA, and Adjusted gross profit do not represent cash generated by operating activities in accordance with IFRS and should not be considered alternatives to net income (loss) as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss) as presented in our consolidated statements of profit or loss and other comprehensive income. Other companies may calculate these measures differently than we do.

  

1 Excluding cost of revenues from depreciation and amortization and share-based compensation expenses

2 Excluding share-based compensation expenses and depreciation

3 The December 31, 2022 balances were derived from the Company’s audited annual financial statements

4 Including amortization of assets recognized in business combination and technology


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