–
Nano Dimension Ltd. (Nasdaq: NNDM), a leading Additively
Manufactured Electronics (AME)/PE (Printed Electronics)
provider, today announced financial results for the third
quarter ended September 30, 2020.
Nano Dimension reported revenues of $438,000 for the third
quarter of 2020. The Company ended the quarter with a cash and
deposits balance of $45,720,000 (including short and long-term
unrestricted bank deposits), while net loss for the third quarter
was $20,716,000 and negative adjusted EBITDA for the third quarter
was $3,373,000.
“These are not disappointing results per se,”
said Yael Sandler, Chief Financial Officer of Nano Dimension. “As
we have projected starting April 2020, the reduced revenues in 2020
as a result of the COVID-19 pandemic being prolonged and
re-emerging crises, were in fact expected to be lower than we have
achieved. Actually, in APAC, the revenues have seemed to already
start a modest recovery in the fourth quarter of 2020. We believe
that the United States is still in a process of downswing of
capital expenditures under the influence of the COVID-19 pandemic,
and European prospective customers are sinking back toward a
commercial stand still, under the effects of its second wave. As
the market stagnation is prolonged, understandably hesitant and/or
careful customers tend to delay investments in breakthrough, new
prototyping and fabrication technologies of unique Hi-PEDs™
(High Performance
Electronic
Devices). While the phenomena are
clear and present, they are probably temporary,” concluded Ms.
Sandler.
Mr. Yoav Stern, Chief Executive Officer and
President of Nano Dimension commented: “The expectation of our
market growth has not changed, and we believe that this is a
interim delay. We expect the mid-term slow-down effect to act like
a “sling shot” once COVID-19 will start to phase-out.1 The pressure
of the trade struggles with the East is already creating an
interest for reshoring electronic manufacturing. Nano Dimension
technology is ideally positioned as our 3D printing machines for
Hi-PEDs™ are an environmentally friendly
non-polluting fabrication and overnight prototyping methodology,
fitting for setting up fabrication facilities in-house on the
western continents.”
Mr. Stern concluded: “As per above, we are not
judging, at this point, our success by quarterly revenues. That
will come later. Nano Dimension operates along an expected
fail-safe investment model, where upside may resemble Biotech
investments, but, contrary to those, downside in case of failure at
any stage is somewhat hedged and hence protected. We have sold 60
machines already, mostly to leading blue chip defense, academic and
commercial organizations worldwide. It is reasonable to assume that
in case a decision is made at the right time, a sale of our
existing business at improving multiples, as per future stages, is
a doable task. On the upside, an exponential growth post COVID-19
may lead us to an unprecedented leadership role. Our future
“Stages” as defined at this point (subject to adjustment based on
advancement in R&D) are: Stage I: Materials at
Commercial-Specs, Stage II: Materials at Industrial-Specs, Stage
III: Materials at Mil-Specs, Stage IV: Low Production Volume
3D-System, Stage V: Medium Production Volume
3D-System.”
1 IDTechEX (2019): The total
market for 3D printed electronics will be worth $2.3 billion by
2029 and will be dominated by the professional PCB prototyping
market segment. The educational and industrial production market
segments will continue to grow steadily.The market for
professional PCB prototyping is currently growing very
rapidly, almost entirely due to market leader Nano Dimension, and
has already overtaken the consumer and education. This growth will
slow but this market segment will become the largest by
2020.DataM Intelligence (2018): Analysts predict
3D printed electronics will be the next high-growth application for
product innovation: 2017 3D printed electronics market size is
estimated at $176 million, expected to reach $592 million in 2021
and up to $2.4 billion by 2025.Transparency Market Research
(2018): The global 3D printed electronics market was
valued at US$ 137.1 million in 2017 and is expected to expand at a
CAGR of 44.46% from 2018 to 2026, reaching $ 3.9 billion by the end
of the forecast
period. Third Quarter
2020 Financial Results
- Total revenues for the third quarter of 2020 were $438,000,
compared to $288,000 in the second quarter of 2020, and $2,243,000
in the third quarter of 2019. The decrease is attributed to
continuing delays in identified transactions of DragonFly systems,
which the Company primarily attributes to the impact of
COVID-19.
- Research and development (R&D) expenses for the third
quarter of 2020 were $2,556,000, compared to $1,895,000 in the
second quarter of 2020, and $2,083,000 in the third quarter of
2019. The increase compared to both the second quarter of 2020 and
the third quarter of 2019 is attributed to an increase in payroll
and related expenses, as the Company is temporarily shifting
resources from sales and marketing to product enhancements, as well
as an increase in share-based payment expenses.
- Sales and marketing (S&M) expenses for the third quarter of
2020 were $2,475,000, compared to $930,000 in the second quarter of
2020, and $1,217,000 in the third quarter of 2019. The increase
compared to both the second quarter of 2020 and the third quarter
of 2019 is attributed to an increase in share-based payment
expenses.
- General and administrative (G&A) expenses for the third
quarter of 2020 were $14,805,000, compared to $908,000 in the
second quarter of 2020, and $799,000 in the third quarter of 2019.
The increase compared to both the second quarter of 2020 and the
third quarter of 2019 is attributed to an increase in share-based
payment expenses. In the third quarter of 2020, we recognized
share-based payment expenses of approximately $13,617,000 with
respect to warrants granted to our CEO and President and to one of
our directors.
- Net loss for the third quarter of 2020 was $20,716,000, or
$0.45 per share, compared to $8,265,000, or $0.27 per share,
in the second quarter of 2020, and $4,308,000, or $1.21 per share,
in the third quarter of 2019. The increase compared to both the
second quarter of 2020 and the third quarter of 2019 is mainly
attributed to share-based payment expenses of approximately
$15,852,000 that were recognized in the third quarter of
2020.
Nine Months Ended September 30, 2020 Financial
Results
- Total revenues for the nine months ended September 30, 2020
were $1,428,000, compared to $5,093,000 in the nine months ended
September 30, 2019. The decrease is attributed to less sales of
DragonFly systems, which the Company primarily attributes to the
impact of COVID-19.
- R&D expenses for the nine months ended September 30, 2020
were $6,153,000, compared to $6,557,000 in the nine months ended
September 30, 2019. The decrease resulted primarily from a decrease
in payroll and related expenses and materials expenses, partially
offset by an increase in share-based payment expenses.
- S&M expenses for the nine months ended September 30, 2020
were $4,224,000, compared to $4,088,000 in the nine months ended
September 30, 2019. The increase is mainly attributed to an
increase in share-based payment expenses, partially offset by a
decrease in marketing and advertising expenses.
- G&A expenses for the nine months ended September 30, 2020
were $16,748,000, compared to $2,389,000 in the nine months ended
September 30, 2019. The increase is mainly attributed to an
increase in share-based payment expenses. In the nine months ended
September 30, 2020, we recognized share-based payment expenses of
approximately $13,617,000 with respect to warrants granted to our
CEO and President and to one of our directors.
- Net loss for the nine months ended September 30, 2020 was
$31,055,000, or $1.11 per share, compared to $6,972,000, or
$2.08 per share, in the nine months ended September 30, 2019. The
increase is mainly attributed to share-based payment expenses of
approximately $16,797,000 that were recognized in the nine months
ended September 30, 2020.
Balance Sheet Highlights
- Cash and cash equivalents, together with short and long-term
bank deposits totaled $45,720,000 as of September 30, 2020,
compared to $3,894,000 as of December 31, 2019. The increase
compared to December 31, 2019, mainly reflects proceeds received
from the sale of American Depositary Shares representing the
Company’s ordinary shares, less cash used in operations, during the
nine months ended September 30, 2020.
- Shareholders’ equity totaled $52,691,000 as of September 30,
2020, compared to $11,602,000 as of December 31,
2019.
Conference call information
The Company will host a conference call to
discuss these financial results today, November 12, 2020,
at 9:00 a.m. EST (4:00 p.m. IDT). Investors interested in
participating are invited to register for the conference call here:
https://dpregister.com/sreg/10149108/db3a251138. Dial-in numbers,
including a local Israeli number and instructions, will be provided
upon registration. U.S. Dial-in Number: 1-844-695-5517,
International Dial-in Number: 1-412-902-6751, Israel Toll Free
Dial-in Number: 1-80-9212373. Please request the “Nano Dimension
NNDM call” when prompted by the conference call operator. The
conference call will also be webcast live from the Investor
Relations section of Nano Dimension’s website at
http://investors.nano-di.com/events-and-presentations.
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 (Nasdaq: NNDM) is a provider
of intelligent machines for the fabrication of Additively
Manufactured Electronics (AME). High fidelity active electronic and
electromechanical subassemblies are integral enablers of autonomous
intelligent drones, cars, satellites, smartphones, and in
vivo medical devices. They necessitate iterative development, IP
safety, fast time-to-market and device performance gains, thereby
mandating AME for in-house, rapid prototyping
and production. Nano Dimension machines serve cross-industry
needs by depositing proprietary consumable conductive and
dielectric materials simultaneously, while concurrently
integrating in-situ capacitors, antennas, coils, transformers and
electromechanical components, to function at unprecedented
performance. Nano Dimension bridges the gap between PCB and
semiconductor integrated circuits. A revolution at the click of a
button: From CAD to a functional high-performance AME device in
hours, solely at the cost of the consumable materials. 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 the expected
impact of the COVID-19 pandemic and the expected growth once it
starts to phase out, the expected recovery of its revenues,
including in APAC, its investment model, potential sale at
improving multiples and its future stages. 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 10, 2020, 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
Yael Sandler, CFO | ir@nano-di.com
Unaudited Consolidated Statements of
Financial Position as at
|
|
September 30, |
|
|
December 31, |
|
|
|
2019 |
|
|
2020 |
|
|
2019(*) |
|
(In thousands of USD) |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
5,466 |
|
|
|
21,020 |
|
|
|
3,894 |
|
Bank deposits |
|
|
|
|
|
|
16,300 |
|
|
|
|
|
Restricted deposits |
|
|
31 |
|
|
|
60 |
|
|
|
31 |
|
Trade receivables |
|
|
2,348 |
|
|
|
568 |
|
|
|
1,816 |
|
Other receivables |
|
|
458 |
|
|
|
661 |
|
|
|
570 |
|
Inventory |
|
|
3,620 |
|
|
|
4,032 |
|
|
|
3,543 |
|
Total
current assets |
|
|
11,923 |
|
|
|
42,641 |
|
|
|
9,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank deposits |
|
|
- |
|
|
|
8,400 |
|
|
|
- |
|
Restricted deposits |
|
|
359 |
|
|
|
379 |
|
|
|
377 |
|
Property plant and equipment, net |
|
|
4,979 |
|
|
|
4,735 |
|
|
|
4,743 |
|
Right of use asset |
|
|
4,054 |
|
|
|
2,478 |
|
|
|
2,673 |
|
Intangible assets |
|
|
5,404 |
|
|
|
4,633 |
|
|
|
5,211 |
|
Total
non-current assets |
|
|
14,796 |
|
|
|
20,625 |
|
|
|
13,004 |
|
Total
assets |
|
|
26,719 |
|
|
|
63,266 |
|
|
|
22,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables |
|
|
487 |
|
|
|
842 |
|
|
|
850 |
|
Other payables |
|
|
3,448 |
|
|
|
4,420 |
|
|
|
3,575 |
|
Total
current liabilities |
|
|
3,935 |
|
|
|
5,262 |
|
|
|
4,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability in respect of government grants |
|
|
811 |
|
|
|
883 |
|
|
|
1,044 |
|
Lease liability |
|
|
3,476 |
|
|
|
1,829 |
|
|
|
2,089 |
|
Liability in respect of warrants and rights of purchase |
|
|
7,575 |
|
|
|
2,601 |
|
|
|
3,698 |
|
Total
non-current liabilities |
|
|
11,862 |
|
|
|
5,313 |
|
|
|
6,831 |
|
Total
liabilities |
|
|
15,797 |
|
|
|
10,575 |
|
|
|
11,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
5,559 |
|
|
|
66,252 |
|
|
|
6,441 |
|
Share premium and capital reserves |
|
|
64,023 |
|
|
|
77,535 |
|
|
|
65,202 |
|
Treasury shares |
|
|
(1,509 |
) |
|
|
(1,509 |
) |
|
|
(1,509 |
) |
Presentation currency translation reserve |
|
|
1,431 |
|
|
|
1,431 |
|
|
|
1,431 |
|
Accumulated loss |
|
|
(58,582 |
) |
|
|
(91,018 |
) |
|
|
(59,963 |
) |
Total
equity |
|
|
10,922 |
|
|
|
52,691 |
|
|
|
11,602 |
|
Total
liabilities and equity |
|
|
26,719 |
|
|
|
63,266 |
|
|
|
22,858 |
|
(*) The December 31, 2019 balances were derived from the
Company’s audited annual financial statements.
Unaudited Consolidated Statements of
Profit or Loss and Other Comprehensive Income(In thousands
of USD, except per share amounts)
|
|
For the Nine-Month Period Ended September 30, |
|
|
For the Three-Month Period Ended September 30, |
|
|
For the Year ended
December 31, |
|
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019(*) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
5,093 |
|
|
|
1,428 |
|
|
|
2,243 |
|
|
|
438 |
|
|
|
7,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
3,183 |
|
|
|
890 |
|
|
|
1,224 |
|
|
|
301 |
|
|
|
4,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues - amortization of intangible |
|
|
579 |
|
|
|
579 |
|
|
|
193 |
|
|
|
193 |
|
|
|
772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost
of revenues |
|
|
3,762 |
|
|
|
1,469 |
|
|
|
1,417 |
|
|
|
494 |
|
|
|
5,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
(loss) |
|
|
1,331 |
|
|
|
(41 |
) |
|
|
826 |
|
|
|
(56 |
) |
|
|
1,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses, net |
|
|
6,557 |
|
|
|
6,153 |
|
|
|
2,083 |
|
|
|
2,556 |
|
|
|
8,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing expenses |
|
|
4,088 |
|
|
|
4,224 |
|
|
|
1,217 |
|
|
|
2,475 |
|
|
|
5,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses |
|
|
2,389 |
|
|
|
16,748 |
(**) |
|
|
799 |
|
|
|
14,805 |
(**) |
|
|
3,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(11,703 |
) |
|
|
(27,166 |
) |
|
|
(3,273 |
) |
|
|
(19,892 |
) |
|
|
(14,835 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income |
|
|
6,923 |
|
|
|
171 |
|
|
|
100 |
|
|
|
41 |
|
|
|
8,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance expense |
|
|
2,192 |
|
|
|
4,060 |
|
|
|
1,135 |
|
|
|
865 |
|
|
|
2,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive loss |
|
|
(6,972 |
) |
|
|
(31,055 |
) |
|
|
(4,308 |
) |
|
|
(20,716 |
) |
|
|
(8,353 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss
per share (after 1:50 reverse split effective June 29, 2020) |
|
|
(2.08 |
) |
|
|
(1.11 |
) |
|
|
(1.21 |
) |
|
|
(0.45 |
) |
|
|
(2.38 |
) |
(*) The December 31, 2019 balances were derived from the
Company’s audited annual financial statements.
(**) The general and administrative expenses include share-based
payment expenses of approximately $14,547 in the nine months ended
September 30, 2020, and approximately $13,977 in the third quarter
of 2020.
Consolidated Statements of Changes in
Equity (Unaudited)(In thousands of USD)
|
|
Share capital |
|
|
Share premium and capital reserves |
|
|
Treasury shares |
|
|
Presentation currency translation reserve |
|
|
Accumulated loss |
|
|
Total equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 30, 2020: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2020 |
|
|
6,441 |
|
|
|
65,202 |
|
|
|
(1,509 |
) |
|
|
1,431 |
|
|
|
(59,963 |
) |
|
|
11,602 |
|
Issuance of ordinary shares, net |
|
|
55,512 |
|
|
|
(9,743 |
) |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
45,769 |
|
Conversion
of convertible notes |
|
|
2,013 |
|
|
|
(78 |
) |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
1,935 |
|
Exercise of warrants and options |
|
|
2,286 |
|
|
|
2,867 |
|
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
5,153 |
|
Share-based
payments |
|
|
-- |
|
|
|
19,287 |
|
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
19,287 |
|
Net
loss |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
(31,055 |
) |
|
|
(31,055 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2020 |
|
|
66,252 |
|
|
|
77,535 |
|
|
|
(1,509 |
) |
|
|
1,431 |
|
|
|
(91,018 |
) |
|
|
52,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended September 30, 2020: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of July 1, 2020 |
|
|
66,236 |
|
|
|
61,748 |
|
|
|
(1,509 |
) |
|
|
1,431 |
|
|
|
(70,302 |
) |
|
|
57,604 |
|
Exercise of options |
|
|
16 |
|
|
|
(16 |
) |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
Share-based
payments |
|
|
-- |
|
|
|
15,803 |
|
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
15,803 |
|
Net
loss |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
(20,716 |
) |
|
|
(20,716 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2020 |
|
|
66,252 |
|
|
|
77,535 |
|
|
|
(1,509 |
) |
|
|
1,431 |
|
|
|
(91,018 |
) |
|
|
52,691 |
|
Non-IFRS measures
The following is a reconciliation of EBITDA and
adjusted EBITDA to net loss:
|
|
For the Nine-Month Period Ended September 30, |
|
|
For the Three-Month Period Ended September 30, |
|
|
For the Year ended December 31, |
|
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net loss |
|
|
6,972 |
|
|
|
31,055 |
|
|
|
4,308 |
|
|
|
20,716 |
|
|
|
8,353 |
|
Interest
income |
|
|
- |
|
|
|
(52 |
) |
|
|
- |
|
|
|
(52 |
) |
|
|
- |
|
Depreciation
and amortization |
|
|
2,038 |
|
|
|
1,958 |
|
|
|
702 |
|
|
|
667 |
|
|
|
2,666 |
|
EBITDA |
|
|
(4,934 |
) |
|
|
(29,149 |
) |
|
|
(3,606 |
) |
|
|
(20,101 |
) |
|
|
(5,687 |
) |
Non-cash
financial expense (income), net |
|
|
(6,424 |
) |
|
|
3,941 |
|
|
|
566 |
|
|
|
876 |
|
|
|
(8,175 |
) |
Share-based
payments |
|
|
367 |
|
|
|
16,797 |
|
|
|
174 |
|
|
|
15,852 |
|
|
|
439 |
|
Adjusted
EBITDA |
|
|
(10,991 |
) |
|
|
(8,411 |
) |
|
|
(2,866 |
) |
|
|
(3,373 |
) |
|
|
(13,423 |
) |
EBITDA
EBITDA is a non-IFRS measure and is defined as
earnings before interest expense (income), income tax, depreciation
and amortization. We believe that EBITDA, as described above,
should be considered in evaluating the Company’s operations. EBITDA
facilitates operating performance comparisons from period to period
and company to company by backing out potential differences caused
by variations in capital structures (affecting interest expenses
(income), net), 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 earnings before non-cash financial expense (income),
income tax, depreciation and amortization, and share based
payments. Non-cash financial expenses (income), net include
exchange rate differences, finance expense (income) for revaluation
of liability in respect of government grants, finance expense
(income) for revaluation of liability in respect of warrants and
rights to purchase, as well as changes in lease liability. We
believe that Adjusted EBITDA, as described above, should also be
considered in evaluating the Company’s operations. Like EBITDA,
Adjusted EBITDA facilitates operating performance comparisons from
period to period and company to company by backing out potential
differences caused by variations in capital structures (affecting
non-cash financial expenses (income), net), 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 share-based
payment expenses, and Adjusted EBITDA is useful to an investor in
evaluating our operating performance because it’s 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 share based
payments.
EBITDA and Adjusted EBITDA 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 EBITDA and Adjusted EBITDA differently than we do.
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