Nano Dimension Ltd. (Nasdaq: NNDM), an industry leading
Additively
Manufactured
Electronics (
AME) and
Printed
Electronics (PE)
manufacturing system provider, announced today financial results
for the second quarter ended June 30, 2021.
Nano Dimension reported revenues of $811,000 and
$1,622,000 for the second quarter and first half of 2021,
respectively, compared to revenues of $288,000 and $990,000 for the
second quarter and first half of 2020, respectively. The Company
ended the quarter with a cash and deposits balance of
$1,396,939,000 while total operating loss for the second quarter
was $19,859,000 (including approximately $10,000,000 of non-cash
share-based compensation plus depreciation and amortization
expenses).
“In April 2021, we purchased two entities,
NanoFabrica and DeepCube. Hence, the second quarter of 2021 is the
first quarter in which we consolidated the financial results of
those two entities in our financial statements.” said Yael Sandler,
Chief Financial Officer of Nano Dimension. “We are excited to
integrate the activities of those cutting-edge groups into Nano
Dimension and looking forward to demonstrating to the market
additional results of our M&A efforts.” concluded Ms.
Sandler.
CEO MESSAGE TO
SHAREHOLDERS:
Mr. Yoav Stern, Chairman and Chief Executive
Officer of Nano Dimension, commented: “Admittedly, Nano Dimension
is a different type of investment, in terms of the ability to
understand its breakthroughs and progressions on a monthly and
quarterly basis, especially under the understandable parameters
governing public disclosures. As an example, even the fact that our
revenue and gross margin (net of amortization of intangibles) for
the first half of 2021 were up by 68% and 40% compared to similar
periods in 2020, is not necessarily a comprehensive indication of
the status of our business. The results, positive as they may be
perceived, are still too small in absolute magnitude to derive any
meaningful conclusions.
Our achievements and progressions in performance
toward soon to be released new products, as well as advancement in
material properties developments, are much more important, now,
than the quarterly demonstrated revenue growth. Traders and
short-term investors may be disappointed from expenses not going
down, yet the right “financial” measure of our success at this
point is a total contradiction to that perception: It is rather our
ability to identify and hire the top scientific talents and the
meaningful increases in R&D, material research and data science
expense (actually, those are the most important business
“investments” but defined as “expenses” as per accounting
regulations). Therefore, the endeavors, if successful, will be
manifested in the publicly disclosed financial statements by
increased expenses, obviously to be spent smartly for increasing
value, and hence a reduction of profits, and with no correlation
with revenue whatsoever.
Nano Dimension is a startup business with
unique, outstanding and unprecedent disruptive status, stemming out
of three factors:
- Our unparalleled technology
and its prospects for self-learning, self-correcting high yield 3D
additive manufacturing machines: It is led by
one-of-a-kind capability to make the leap toward Industry 4.0 by
integrating DeepCube – our patented deep/machine learning (which is
at the forefront of artificial intelligence science) engine. This
“Robotic Brain” is in the process of being made to run a digital
network of 3D-fabrication printers which will convert material
inventory into digital-cloud-based-inventory, until printed as a
final 3D product – where needed, when needed, and only then. In the
same manner that paper is almost obsolete for repetitive daily
printing since PDF files serve as digital-cloud-based-inventory,
Nano Dimension’s printers for Additively Manufacturing Electronics
(known to customers as DragonFly®) and Additively Manufacturing
micro-mechanics (known to customers as Fabrica 2.0) are going to
enable capital and labor intensive ecologically offensive
industries to be converted to a digital network of
“lights-out-manufacturing” facilities. They will fittingly be based
in the Western Hemisphere, not only in Asia Pacific, and in doing
so reduce the risk of failing supply chains and vulnerability
resulting from trade wars and protectionist competition
schemes, so painfully observed during 2020-2021.
- Our $1.397 billion of
financial reserves, enable us to plan for at least 5-6
years with proper qualifiable, quantifiable and measurable
milestones and gateways. Typically, early-stage growth companies
are forced to focus on performing on a quarterly basis, while
compromising proper long-term execution for much higher returns
(albeit later in the game). This phenomenon is a result of their
need to constantly raise money in order to proceed. It is exactly
where Nano Dimension is so well positioned compared to its
competition. Nano Dimension leadership can think, plan and
efficiently execute long term business plans, for the benefit of
our shareholders and customers. We do so by evading the trap of
wasting expensive energy and especially time for reaching short
term financial goals. We do not undermine the ability of our
scientists, engineers, and business leaders to fulfil our
stakeholders’ long term investment goal: Creating unparalleled
added value which will drive financial value to an order of
magnitude above the company and its competitors’ present valuation,
even if it takes a bit longer than a few quarters.
- Our unique and dedicated
teams of over 130 world-class scientists and engineers, up from 70
just 8 months ago, are all shareholders of Nano Dimension
and make up the multidisciplinary team in the fields of deep
learning, data science, material science, process and fabrication
technologies, automation, machine building and advance
electromechanically robotics, algorithms for machine firmware and
process control as well as CAD/CAM design support and software for
design for digital manufacturing. All of them are critical for the
success of our business model, added value and Nano Dimension’s
valuation goals.
Nano Dimension’s vision is to transform the
electronics and adjacent AM 3D printing industries into an
environmentally friendly and economically efficient additive
manufacturing Industry 4.0 solution: Enabling
one-manufacturing-step process for the conversion of digital
designs into functioning electronic devices, on demand, anytime,
anywhere.
We intend to do so by building an ecofriendly
and intelligent distributed network of additively manufacturing
self-learning and self-improving machines, which will deliver a
superior ROI to their owners, to Nano Dimension shareholders
and to other stakeholders.
In summary:Within a reasonable amount of time,
our three business development axes – synergetic M&A,
accelerated R&D, and revolution in go-to-market efforts - are
planned to converge and designed to fuel a mutually accelerated
scalable growth. The companies we have acquired and those which are
M&A-work-in-progress as we speak, are analyzed based on their
ability to drive R&D efforts in ways not otherwise possible and
amalgamate with the marketing channels of the products we develop
and the market presence we need for success.
Factors A-B-C above did not exist 8 months ago.
Those are drivers of an evolution that has happened so fast, that
one might as well call it a “corporate revolution”, and it is still
going at an accelerated pace. We are in an incredibly strong
financial position and have laid the foundation for substantial
future growth and value creation.
As the metaphor I have used time and time again:
Similar to biotech investments in their multi-annual early
development stages, initially, we measure our success by
achieving our development goals. We have planned and are
currently executing and hoping to surpass any present solutions for
“robotic brains” in manufacturing, material technologies and
3D-printing performance. Those, in turn, are aimed to, and
hopefully will, create a business-disruptive set of inflection
points. While, as usual, there is no guaranty for the timing
thereof, these inflection points will hopefully cause an increase
of value by step functions and create exceptional time-weighted
return on investment for all of us, the long-term investors,” Mr.
Stern concluded.
Second Quarter 2021 Financial Results
Total revenues for the second quarter of 2021
were $811,000, compared to $811,000 in the first quarter of 2021,
and $288,000 in the second quarter of 2020.
Research and development (R&D) expenses for
the second quarter of 2021 were $9,129,000, compared to $3,732,000
in the first quarter of 2021, and $1,895,000 in the second quarter
of 2020. The increase compared to both the first quarter of 2021
and the second quarter of 2020 is attributed to an increase in
payroll and related expenses, as well as an increase in
depreciation and share-based payment expenses, as the Company is
enhancing its R&D and product development efforts.
Sales and marketing (S&M) expenses for the second quarter of
2021 were $6,009,000, compared to $2,713,000 in the first quarter
of 2021, and $930,000 in the second quarter of 2020. The increase
compared to both the first quarter of 2021 and the second quarter
of 2020 is attributed to an increase in payroll and share-based
payment expenses, as well as an increase in marketing and promotion
expenses.
General and administrative (G&A) expenses for the second
quarter of 2021 were $4,906,000, compared to $3,425,000 in the
first quarter of 2021, and $908,000 in the second quarter of 2020.
The increase compared to the first quarter of 2021 is attributed to
an increase in professional services expenses as a result of the
M&A efforts. The increase compared to the second quarter of
2020 is attributed to an increase in professional services expenses
as explained above, as well as an increase in share-based payment
expenses.
Net loss for the second quarter of 2021 was $13,602,000, or
$0.05 per share, compared to $9,314,000, or $0.05 per share,
in the first quarter of 2021, and $8,265,000, or $0.27 per
share, in the second quarter of 2020.
Six Months Ended June 30, 2021 Financial
Results
Total revenues for the six months ended June 30, 2021 were
$1,622,000, compared to $990,000 in the six months ended June 30,
2020. The increase is attributed to more sales of DragonFly systems
in the first half of 2021, as well as revenues of NanoFabrica,
which the Company purchased and consolidated from April 2021.
R&D expenses for the six months ended June 30, 2021 were
$12,861,000, compared to $3,597,000 in the six months ended June
30, 2020. The increase resulted primarily from an increase in
payroll and related expenses, share-based payment expenses and
depreciation expenses.
S&M expenses for the six months ended June 30, 2021 were
$8,722,000, compared to $1,749,000 in the six months ended June 30,
2020. The increase is mainly attributed to an increase in payroll
and related expenses, share-based payment expenses and marketing
and advertising expenses.
G&A expenses for the six months ended June 30, 2021 were
$8,331,000, compared to $1,943,000 in the six months ended June 30,
2020. The increase is mainly attributed to an increase in
share-based payment expenses and professional services
expenses.
Net loss for the six months ended June 30, 2021 was $22,916,000,
or $0.10 per share, compared to $10,339,000, or $0.55 per
share, in the six months ended June 30, 2020.
Balance Sheet Highlights
Cash and cash equivalents, together with bank deposits totaled
$1,396,939,000 as of June 30, 2021, compared to $670,934,000 as of
December 31, 2020. The increase compared to December 31, 2020,
mainly reflects proceeds received from the sales of American
Depositary Shares representing the Company’s ordinary shares in the
first half of 2021, less cash used in operations during the six
months ended June 30, 2021.
Shareholders’ equity totaled $1,502,716,000 as of June 30, 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, August 18, 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. Webcast
link: https://Veidan.activetrail.biz/nanodimensionq2-2021.
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 DimensionNano
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. The DragonFly LDM® system is
being deployed in a wide range of industries, including academic
and research institutions, defense, aerospace, autonomous
automotive, robotics, and biotech. Its ability to enable on-site
prototyping in a matter of hours instead of weeks; create products
with better performance; reduce the size and weight of electronic
parts and devices; enable innovation; and critically important,
protect IP, is a paradigm shift in how industry and research
institutions will research, develop, and produce High-Performance
Electronic Devices (Hi-PEDs®.) 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 StatementsThis
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 integration of NanoFabrica and DeepCube, the
expected and potential capabilities, benefits and risk reduction
resulting from Nano Dimension’s technology, the sufficiency and
expected duration of Nano Dimension’s financial reserves, Nano
Dimension’s ability to deliver a superior ROI to owners of its
products, to Nano Dimension shareholders and to other stakeholders,
the potential for accelerated scalable growth and value
creation and potential additional M&A activities. 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. The following factors, among
others, could cause actual results to differ materially from those
described in the forward-looking statements: Nano Dimension’s
ability to increase sales and revenue, its burn rate, and its
ability to continue as a going concern. 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
Consolidated Statements of Financial
Position as at
|
|
June 30, |
|
|
December 31, |
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
(In thousands of
USD) |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
39,665 |
|
|
|
1,034,837 |
|
|
|
585,338 |
|
Bank deposits |
|
|
9,860 |
|
|
|
286,989 |
|
|
|
85,596 |
|
Restricted deposits |
|
|
- |
|
|
|
167 |
|
|
|
62 |
|
Trade receivables |
|
|
541 |
|
|
|
852 |
|
|
|
713 |
|
Other receivables |
|
|
503 |
|
|
|
3,329 |
|
|
|
1,126 |
|
Inventory |
|
|
3,956 |
|
|
|
4,120 |
|
|
|
3,314 |
|
Total current
assets |
|
|
54,525 |
|
|
|
1,330,294 |
|
|
|
676,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank deposits |
|
|
376 |
|
|
|
75,113 |
|
|
|
- |
|
Restricted deposits |
|
|
- |
|
|
|
478 |
|
|
|
406 |
|
Property plant and equipment, net |
|
|
4,391 |
|
|
|
6,823 |
|
|
|
5,092 |
|
Right of use asset |
|
|
2,258 |
|
|
|
5,225 |
|
|
|
3,169 |
|
Intangible assets |
|
|
4,826 |
|
|
|
118,218 |
|
|
|
4,440 |
|
Total non-current
assets |
|
|
11,851 |
|
|
|
205,857 |
|
|
|
13,107 |
|
Total
assets |
|
|
66,376 |
|
|
|
1,536,151 |
|
|
|
689,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables |
|
|
669 |
|
|
|
1,502 |
|
|
|
776 |
|
Financial derivatives |
|
|
- |
|
|
|
6,268 |
|
|
|
- |
|
Other payables |
|
|
3,678 |
|
|
|
7,000 |
|
|
|
5,910 |
|
Total current
liabilities |
|
|
4,347 |
|
|
|
14,770 |
|
|
|
6,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability in respect of government grants |
|
|
892 |
|
|
|
1,839 |
|
|
|
850 |
|
Lease liability |
|
|
1,699 |
|
|
|
3,914 |
|
|
|
2,618 |
|
Deferred tax liabilities |
|
|
- |
|
|
|
3,627 |
|
|
|
- |
|
Liability in respect of warrants and rights of purchase |
|
|
1,834 |
|
|
|
9,285 |
|
|
|
11,986 |
|
Total non-current
liabilities |
|
|
4,425 |
|
|
|
18,665 |
|
|
|
15,454 |
|
Total
liabilities |
|
|
8,772 |
|
|
|
33,435 |
|
|
|
22,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
66,236 |
|
|
|
386,003 |
|
|
|
257,225 |
|
Share premium and capital reserves |
|
|
61,748 |
|
|
|
1,248,164 |
|
|
|
518,426 |
|
Treasury shares |
|
|
(1,509 |
) |
|
|
(1,509 |
) |
|
|
(1,509 |
) |
Presentation currency translation reserve |
|
|
1,431 |
|
|
|
1,431 |
|
|
|
1,431 |
|
Accumulated loss |
|
|
(70,302 |
) |
|
|
(131,373 |
) |
|
|
(108,457 |
) |
Total
equity |
|
|
57,604 |
|
|
|
1,502,716 |
|
|
|
667,116 |
|
Total liabilities and
equity |
|
|
66,376 |
|
|
|
1,536,151 |
|
|
|
689,256 |
|
Consolidated Statements of Profit or Loss
and Other Comprehensive Income(In thousands of USD, except
per share amounts)
|
For the Six-Month Period Ended June 30, |
|
For the Three-Month Period Ended June 30, |
|
|
For the Year ended December 31, |
|
|
2020 |
|
2021 |
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
990 |
|
1,622 |
|
288 |
|
|
811 |
|
|
3,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
589 |
|
684 |
|
174 |
|
|
332 |
|
|
1,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues -
amortization of intangible |
386 |
|
491 |
|
193 |
|
|
294 |
|
|
771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues |
975 |
|
1,175 |
|
367 |
|
|
626 |
|
|
2,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss) |
15 |
|
447 |
|
(79) |
|
|
185 |
|
|
1,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses, net |
3,597 |
|
12,861 |
|
1,895 |
|
|
9,129 |
|
|
9,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses |
1,749 |
|
8,722 |
|
930 |
|
|
6,009 |
|
|
6,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
expenses |
1,943 |
|
8,331 |
|
908 |
|
|
4,906 |
|
|
20,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
(7,274) |
|
(29,467) |
|
(3,812) |
|
|
(19,859) |
|
|
(35,697) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income |
130 |
|
7,029 |
|
-- |
|
|
6,211 |
|
|
446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance expense |
3,195 |
|
628 |
|
4,453 |
|
|
104 |
|
|
13,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
(10,339) |
|
(23,066) |
|
(8,265) |
|
|
(13,752) |
|
|
(48,494) |
|
Tax income |
- |
|
150 |
|
- |
|
|
150 |
|
|
- |
|
Total comprehensive loss after
tax |
(10,339) |
|
(22,916) |
|
(8,265) |
|
|
(13,602) |
|
|
(48,494) |
|
Basic loss per share (after
1:50 reverse split effective June 29, 2020) |
(0.55) |
|
(0.10) |
|
(0.27) |
|
|
(0.05) |
|
|
(1.13) |
|
Consolidated Statements of Changes in
Equity (Unaudited)(In thousands of USD)
|
|
Share capital |
|
Sharepremiumand capitalreserves |
|
Treasuryshares |
|
Presentationcurrencytranslationreserve |
|
|
Accumulatedloss |
|
Total equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months
ended June 30, 2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2021 |
|
257,225 |
|
518,426 |
|
(1,509) |
|
1,431 |
|
|
(108,457) |
|
667,116 |
|
Issuance of ordinary shares,
net |
|
123,222 |
|
711,844 |
|
- |
|
- |
|
|
- |
|
835,066 |
|
Exercise of warrants and
options |
|
5,556 |
|
(2,575) |
|
- |
|
- |
|
|
- |
|
2,981 |
|
Share-based payments |
|
- |
|
20,469 |
|
- |
|
- |
|
|
- |
|
20,469 |
|
Net loss |
|
- |
|
- |
|
- |
|
- |
|
|
(22,916) |
|
(22,916) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30,
2021 |
|
386,003 |
|
1,248,164 |
|
(1,509) |
|
1,431 |
|
|
(131,373) |
|
1,502,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended June 30, 2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
April 1, 2021 |
|
375,594 |
|
1,211,920 |
|
(1,509) |
|
1,431 |
|
|
(117,771) |
|
1,469,665 |
|
Issuance of ordinary shares,
net |
|
9,198 |
|
29,522 |
|
- |
|
- |
|
|
- |
|
38,720 |
|
Exercise of warrants and
options |
|
1,211 |
|
(1,160) |
|
- |
|
- |
|
|
- |
|
51 |
|
Share-based payments |
|
- |
|
7,882 |
|
- |
|
- |
|
|
- |
|
7,882 |
|
Net loss |
|
- |
|
- |
|
- |
|
- |
|
|
(13,602) |
|
(13,602) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30,
2021 |
|
386,003 |
|
1,248,164 |
|
(1,509) |
|
1,431 |
|
|
(131,373) |
|
1,502,716 |
|
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