Nano Dimension Ltd. (Nasdaq: NNDM), a leading Additively
Manufactured Electronics (AME)/PE (Printed Electronics)
provider, today announced financial results for the first
quarter ended March 31, 2021.
Nano Dimension reported revenues of $811,000 for
the first quarter of 2021. The Company ended the quarter with a
cash and deposits balance of $1,471,014,000 (including short and
long-term unrestricted bank deposits), while net loss for the first
quarter was $9,314,000.
CEO MESSAGE TO
SHAREHOLDERS:
Mr. Yoav Stern, Chief Executive Officer of Nano
Dimension, commented:
“Our business plan is proceeding on schedule but
uniquely to Nano Dimension, as I have explained to our supportive
investors and shareholders while we have raised the capital, to
comprehend Nano Dimension’s short-term advancements, one should
look at our quarterly performance through a magnifying glass that
can trifurcate our reported results among three orthogonal axes1 of
intense yet temporarily perpendicular activities and
developments:
- First axis- the
sale efforts of our existing early bird machines (DragonFly LDM)
which are slowly recovering from a long corona-related
hibernation.
- The Second axis -
our investment and expansion of our Product Development efforts,
which are the main reason for the larger expense line, show a
positive trend as we deploy capital as planned and promised, to
accelerate R&D of material and printing technologies to advance
the AME product line through the milestones of fitting market
specifications.
- The Third axis is
our M&A efforts. The two recent acquisitions, which have been
“in process” for approximately 6 months, and the additional
prospects we are working on since H2/2020, do not yet reflect
positively on our financial statements.
On the First
axis, as we have stated before, the
effects of the pandemic, which include slow vaccination processes
and recurring closures (especially in Europe), are still affecting
our ability to sell new machines. Our technology is in its early
adoption stage, and technologically forward-thinking prospective
customers have not been allowed to make large capital equipment
purchases under their current COVID-19 budgetary limitations.
Additionally, due to COVID-related restrictions we cannot visit the
facilities of most potential future customers, which severely
limits our marketing and sales efforts.
“It is important to note that academic
institutions are moving more quickly than private enterprise in
overcoming COVID-related restrictions in making large purchases of
capital equipment. In fact, we just announced the sale of a
DragonFly LDM® to the University of Quebec in Canada. We are also
very focused on building our sales and marketing organizations in
the U.S., Europe and Asia so that we are prepared to ramp our sales
efforts as pandemic-related restrictions are lifted. Our Sales and
Marketing efforts are expressed in our P&L statements under the
line: “Sales and marketing expenses,” which have more than tripled
over the same period last year.
Our product development efforts on the
Second axis are reflected in our P&L
statements in the line: “Research and development expenses,” which
have more than doubled in comparison to Q1/2020.
“The evolution on the Third
axis, our M&A activities, are manifested in
the line “General and administrative expenses” in our P&L
statements, which demonstrates more than tripled efforts, as we
have recruited senior executive and business research personnel, in
comparison to Q1/2020,” added Mr. Stern. “We see positive
developments. After approximately 6 months of due diligence and
negotiations, we have completed, at the end of April 2021, two
exciting acquisitions:
- “DeepCube’s Deep
Learning/Machine Learning technology will move us generations ahead
of the competition with technology that will result in a much
higher performance of our machines, based on self-learning,
self-improvements and self-correcting algorithms.
- NanoFabrica, is
one of the most unique DLP Micro-3D-Printing machines (Digital
Light Processing) developers in the world. We are in the process of
making introductions of its technology in the form of TERA 250
3D-printers to our mutual vertical market segments (Defense,
Aerospace, Aviation, Advance Medical and Industrial).
The much larger European and American companies
which we are negotiating with, have been in a temporary
acquisition-prohibitive status. Under the travel restrictions of
the last year, we, as a buyer, refuse to close any transaction
without physically visiting the facilities and undergoing a fully
responsible and in-depth face-to-face due diligence process.
We have laid the groundwork to pursue a deeper
due diligence and finalize those processes, as COVID travel and
other restrictions are lifted with those companies. An acquisition
of any one or more of the U.S. or European companies we are
evaluating is expected to leapfrog Nano Dimension into a leading
market position as we were aiming at over the last 2 quarters.”
“In summary,” Mr. Stern concluded, “Within a
reasonable amount of time, all 3 of the axes are going to lose
their orthogonality, and slowly merge into one direction. Product
activity, M&A and Go-To-Market thrusts, being built now to
deliver future synergy and complementarity, are planned to
gradually merge, leverage off of each other and fuel a mutually
accelerated growth. The companies we have acquired and plan to
procure are analyzed based on their ability to amalgamate with the
marketing channels of the products we develop and the market
presence we build now for our early product lines. All 3 axes of
activity will continue, but in parallel-overlapping routes rather
than perpendicularly, integrated into a clear direction and mutual
goals while quickening the growth. Nano Dimension’s vision is to
transform the electronics industry into an environmentally friendly
and economically efficient additive manufacturing INDUSTRY 4.0:
Enabling one-industrial-step process for the conversion of digital
designs into functioning electronic devices, on demand, anytime,
anywhere. We are in an incredibly strong financial position and
have laid the foundation for substantial future growth.”
FINANCIAL RESULTS:First
Quarter 2021 Financial Results
● |
Total revenues for the first quarter of 2021 were $811,000,
compared to $1,971,000 in the fourth quarter of 2020, and $702,000
in the first quarter of 2020. The decrease is attributed to
continuing delays in sales of DragonFly systems, which the Company
primarily attributes to the impact of COVID-19. |
|
|
● |
Research and development (R&D) expenses for the first quarter
of 2021 were $3,732,000, compared to $3,725,000 in the fourth
quarter of 2020, and $1,702,000 in the first quarter of 2020. The
increase compared to the first quarter of 2020 is attributed to an
increase in payroll expenses and share-based payment expenses, as
well as increase in materials expenses. |
|
|
● |
Sales and marketing (S&M) expenses for the first quarter of
2021 were $2,713,000, compared to $2,373,000 in the fourth quarter
of 2020, and $819,000 in the first quarter of 2020. The increase
compared to the fourth quarter of 2020 is attributed to an increase
in share-based payment expenses and an increase in marketing
expenses. The increase compared to the first quarter of 2020 is
attributed to an increase in share-based payment expenses, an
increase in payroll expenses due to an increase in the number of
employees and an increase in marketing expenses. |
|
|
● |
General and administrative (G&A) expenses for the first quarter
of 2021 were $3,425,000, compared to $3,539,000 in the fourth
quarter of 2020, and $1,035,000 in the first quarter of 2020. The
increase compared to the first quarter of 2020 is attributed to an
increase in share-based payment expenses. |
|
|
● |
Net loss for the first quarter of 2021 was $9,314,000, or
$0.05 per share, compared to $17,439,000, or $0.20 per share,
in the fourth quarter of 2020, and $2,074,000, or $0.32 per share,
in the first quarter of 2020. |
Balance Sheet Highlights
● |
Cash and cash equivalents, together with short and long-term bank
deposits totaled $1,471,014,000 as of March 31, 2021, compared to
$670,934,000 as of December 31, 2020. The increase compared to
December 31, 2020, mainly reflects proceeds received from the sale
of American Depositary Shares representing the Company’s ordinary
shares. |
|
|
● |
Shareholders’ equity totaled $1,469,665,000 as of March 31, 2021,
compared to $667,116,000 as of December 31, 2020. |
Conference call information
The Company will host a conference call to
discuss these financial results today, May 20, 2021, at 9:00
a.m. EDT (4:00 p.m. IDT). U.S. Dial-in Number: 1-866-744-5399,
Israel Dial-in Number: 972-3-9180692. 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 (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 recovery of sales, the
expected benefits from investments in its sales and marketing
organizations, advancement of the AMWE product line through
milestones, the expected benefits from and continuation of M&A
efforts, and expected market position and accelerated growth. 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 11, 2021, 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
|
|
March 31, |
|
|
December 31, |
|
|
|
2020 |
|
|
|
2021 |
|
|
2020(*) |
|
(In thousands of USD) |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
4,509 |
|
|
|
|
1,099,057 |
|
|
|
585,338 |
|
Bank deposits |
|
|
- |
|
|
|
|
296,844 |
|
|
|
85,596 |
|
Restricted deposits |
|
|
31 |
|
|
|
|
61 |
|
|
|
62 |
|
Trade receivables |
|
|
1,482 |
|
|
|
|
999 |
|
|
|
713 |
|
Other receivables |
|
|
609 |
|
|
|
|
972 |
|
|
|
1,126 |
|
Inventory |
|
|
3,679 |
|
|
|
|
3,164 |
|
|
|
3,314 |
|
Total current
assets |
|
|
10,310 |
|
|
|
|
1,401,097 |
|
|
|
676,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank deposits |
|
|
- |
|
|
|
|
75,113 |
|
|
|
- |
|
Restricted deposits |
|
|
366 |
|
|
|
|
391 |
|
|
|
406 |
|
Property plant and equipment, net |
|
|
4,604 |
|
|
|
|
5,422 |
|
|
|
5,092 |
|
Right of use asset |
|
|
2,459 |
|
|
|
|
4,103 |
|
|
|
3,169 |
|
Intangible assets |
|
|
5,019 |
|
|
|
|
4,243 |
|
|
|
4,440 |
|
Total non-current
assets |
|
|
12,448 |
|
|
|
|
89,272 |
|
|
|
13,107 |
|
Total
assets |
|
|
22,758 |
|
|
|
|
1,490,369 |
|
|
|
689,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables |
|
|
756 |
|
|
|
|
1,654 |
|
|
|
776 |
|
Other payables |
|
|
3,447 |
|
|
|
|
5,449 |
|
|
|
5,910 |
|
Total current
liabilities |
|
|
4,203 |
|
|
|
|
7,103 |
|
|
|
6,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability in respect of government grants |
|
|
937 |
|
|
|
|
754 |
|
|
|
850 |
|
Lease liability |
|
|
1,834 |
|
|
|
|
3,277 |
|
|
|
2,618 |
|
Liability in respect of warrants and rights of purchase |
|
|
464 |
|
|
|
|
9,570 |
|
|
|
11,986 |
|
Total non-current
liabilities |
|
|
3,235 |
|
|
|
|
13,601 |
|
|
|
15,454 |
|
Total
liabilities |
|
|
7,438 |
|
|
|
|
20,704 |
|
|
|
22,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
12,219 |
|
|
|
|
375,594 |
|
|
|
257,225 |
|
Share premium and capital reserves |
|
|
65,216 |
|
|
|
|
1,211,920 |
|
|
|
518,426 |
|
Treasury shares |
|
|
(1,509) |
|
|
|
|
(1,509) |
|
|
|
(1,509) |
|
Presentation currency translation reserve |
|
|
1,431 |
|
|
|
|
1,431 |
|
|
|
1,431 |
|
Accumulated loss |
|
|
(62,037) |
|
|
|
|
(117,771) |
|
|
|
(108,457) |
|
Total
equity |
|
|
15,320 |
|
|
|
|
1,469,665 |
|
|
|
667,116 |
|
Total liabilities and
equity |
|
|
22,758 |
|
|
|
|
1,490,369 |
|
|
|
689,256 |
|
(*) The December 31, 2020 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 Three-Month Period EndedMarch 31, |
|
|
For the Year ended December 31, |
|
|
2020 |
|
|
2021 |
|
|
2020(*) |
|
|
|
|
|
|
|
|
|
|
Revenues |
702 |
|
|
811 |
|
|
3,399 |
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
415 |
|
|
352 |
|
|
1,563 |
|
|
|
|
|
|
|
|
|
|
Cost of revenues - amortization of intangible |
193 |
|
|
197 |
|
|
771 |
|
|
|
|
|
|
|
|
|
|
Total cost of revenues |
608 |
|
|
549 |
|
|
2,334 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
94 |
|
|
262 |
|
|
1,065 |
|
|
|
|
|
|
|
|
|
|
Research and development expenses, net |
1,702 |
|
|
3,732 |
|
|
9,878 |
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
819 |
|
|
2,713 |
|
|
6,597 |
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
1,035 |
|
|
3,425 |
|
|
20,287 |
|
|
|
|
|
|
|
|
|
|
Operating loss |
(3,462 |
) |
|
(9,608 |
) |
|
(35,697 |
) |
|
|
|
|
|
|
|
|
|
Finance income |
1,426 |
|
|
818 |
|
|
446 |
|
|
|
|
|
|
|
|
|
|
Finance expense |
38 |
|
|
524 |
|
|
13,243 |
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
(2,074 |
) |
|
(9,314 |
) |
|
(48,494 |
) |
|
|
|
|
|
|
|
|
|
Basic loss per share (after 1:50 reverse split effective June 29,
2020) |
(0.32 |
) |
|
(0.05 |
) |
|
(1.13 |
) |
(*) The December 31, 2020 balances were derived from the
Company’s audited annual financial statements.
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 Three months
ended
March 31,
2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1,
2021 |
|
|
257,225 |
|
|
|
518,426 |
|
|
|
|
(1,509 |
) |
|
|
1,431 |
|
|
|
(108,457 |
) |
|
|
667,116 |
|
Issuance of ordinary shares, net |
|
|
114,024 |
|
|
|
682,322 |
|
|
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
796,346 |
|
Exercise of warrants and options |
|
|
4,345 |
|
|
|
(1,415 |
) |
|
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
2,930 |
|
Share-based payments |
|
|
-- |
|
|
|
12,587 |
|
|
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
12,587 |
|
Net loss |
|
|
-- |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
-- |
|
|
|
(9,314 |
) |
|
|
(9,314 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2021 |
|
|
375,594 |
|
|
|
1,211,920 |
|
|
|
|
(1,509 |
) |
|
|
1,431 |
|
|
|
(117,771 |
) |
|
|
1,469,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 An orthogonal classification is one in which
no item is a member of more than one group, that is, the
classifications are mutually exclusive. Independent variables that
affect a particular variable are said to be orthogonal if
they are uncorrelated.
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