Nano Dimension Ltd. (“Nano Dimension” or the “Company”) (Nasdaq:
NNDM), an industry-leader in
Additively
Manufactured
Electronics
(
AME),
Printed
Electronics (
PE), and
Micro
Additive
Manufacturing
(
Micro-
AM), today announced
financial results for the third quarter ended September 30,
2021.
Nano Dimension reported revenues of $1,340,000
and $2,962,000 for the third quarter and nine-month periods ended
September 30, 2021, respectively, compared to revenues of $438,000
and $1,428,000 for the third quarter and nine-month periods ended
September 30, 2020, respectively. The Company ended the quarter
with a cash and deposits balance of $1,385,391,000 (including
short-term unrestricted bank deposits). Total operating loss for
the third quarter was $24,507,000 (including approximately
$12,521,000 of non-cash share-based compensation plus depreciation
and amortization expenses).
CEO MESSAGE TO SHAREHOLDERS:
Mr. Yoav Stern, Chairman and Chief Executive
Officer of Nano Dimension, commented:
“Our revenue for the nine months ended September
30, 2021, was up by more than 107% compared to the same period in
2020, with an increase of 65% in quarter-over-quarter (compared to
the second quarter of 2021). While this is a substantial early
indication of the build-up of our sales and marketing network, as
I’ve mentioned before, these results are not necessarily a
comprehensive attestation of the status of the company. Our
business is positively affected by sporadic yet repetitive
adjustments of the relevant industrial communities toward a ‘living
with Covid-19 mentality.’ Encouraging as they are, our revenue
numbers are still too small in absolute magnitude to derive any
meaningful conclusions.
"More important is the introduction of our new
DragonFly IV system, combined with the efficiency-enhancing FLIGHT
Software package. Both were introduced last week at the
strategically important Productronica trade show in Munich,
Germany, which resumed after a two-year hiatus resulting from the
Covid-19 shutdowns.
"DragonFly IV is a unique and innovative,
first-to-market Dielectric & Conductive-Materials
Additive Manufacturing System for the fabrication of
High-Performance Electronic Devices (Hi-PEDs®) by depositing layers
of proprietary materials simultaneously, while concurrently
integrating in-situ capacitors, antennas, coils, transformers, and
electro-mechanical components. DragonFly IV delivers improved
accuracy of traces, spacing, and vias, improved high end printed
circuit board (PCB) quality and the ability to design and produce
3D Hi-PEDs® in a one-step production process. New capabilities
include integration with Nano Dimension’s new FLIGHT software,
integration of 3D elements in PCB, 3D designed Hi-PEDs®, support of
HDI level elements, 75µm traces; 100µm spacing; 150µm via, enhanced
print quality, yield optimization with predictable conductivity and
low thickness variation <5%.
"No less important is our announcement from
early November regarding the acquisition of Essemtec AG from
Lucerne, Switzerland. Essemtec’s product portfolio is comprised of
production equipment for placing and assembling electronic
components on printed circuit boards. The products are leaders in
adaptive highly flexible surface mount technology (SMT)
pick-and-place equipment, sophisticated dispenser suitable for both
high-speed and micro-dispensing, and intelligent production
material storage and logistic system. The systems are equipped with
a software package which makes extensive and efficient material
management possible. Essemtec’s products portfolio will continue to
be available to the thousands of organizations that have called
themselves a customer of Essemtec, while also being integrated with
additive 3D-printing technologies, becoming part of the AME
revolution that Nano Dimension is driving with its existing product
line.”
“In summary,” added Mr. Stern, “Within the foreseeable future,
our three business development pillars:
- Synergetic mergers and acquisitions (M&A),
- Accelerated research and development (R&D), and
- Revolution in go-to-market efforts
are planned to converge and are designed to fuel
a mutually accelerated scalable growth. The companies we have
acquired as well as future potential M&A targets are analyzed
based on their ability to drive R&D efforts in ways not
otherwise possible. Additionally, they are chosen based on
their expected amalgamation with the marketing channels of the
products we develop, contributing to the market presence we need in
order to maximize our success. In parallel, 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 create a business-disruptive set of inflection points. While, as
usual, there is no guaranty for the timing thereof, these
milestones will hopefully cause an increase of value by step
functions and create an exceptional time-weighted return on
investment for all our long-term investors,” Mr. Stern
concluded.
Third Quarter 2021 Financial
Results
- Total revenues for the third quarter of 2021 were $1,340,000,
compared to $811,000 in the second quarter of 2021, and $438,000 in
the third quarter of 2020. The increase is attributed to more sales
of DragonFly systems in the third quarter of 2021, as well as
revenues generated by Fabrica 2.0 machines.
- Research and development (R&D) expenses for the third
quarter of 2021 were $13,726,000, compared to $9,129,000 in the
second quarter of 2021, and $2,556,000 in the third quarter of
2020. The increase compared to both the second quarter of 2021 and
the third quarter of 2020 is attributed to an increase in payroll
and related expenses, as well as an increase in materials,
subcontractors, depreciation, and share-based payment expenses, as
the Company is enhancing its R&D and product development
efforts. The R&D expenses for the third quarter of 2021 include
approximately $7,338,000 of non-cash share-based compensation plus
depreciation expenses.
- Sales and marketing (S&M) expenses for the third quarter of
2021 were $6,301,000, compared to $6,009,000 in the second quarter
of 2021, and $2,475,000 in the third quarter of 2020. The increase
compared to the second quarter of 2021 is attributed to an increase
in share-based payment expenses. The increase compared to the third
quarter of 2020 is attributed to an increase in payroll and related
expenses, as well as an increase in marketing and promotion and
share-based payment expenses.
- General and administrative (G&A) expenses for the third
quarter of 2021 were $4,843,000, compared to $4,906,000 in the
second quarter of 2021, and $14,805,000 in the third quarter of
2020. The decrease compared to the second quarter of 2021 is
attributed to a decrease in professional services expenses. The
decrease compared to the third quarter of 2020 is attributed to a
decrease in share-based payment expenses.
- Net loss for the third quarter of 2021 was $18,237,000, or
$0.07 per share, compared to $13,602,000, or $0.05 per share, in
the second quarter of 2021, and $20,716,000, or $0.45 per
share, in the third quarter of 2020.
Nine Months Ended September 30, 2021
Financial Results
- Total revenues for the nine months ended September 30, 2021,
were $2,962,000, compared to $1,428,000 in the nine months ended
September 30, 2020. The increase is attributed to more sales of
DragonFly systems in the third quarter of 2021, as well as revenues
generated by Fabrica 2.0 machines.
- R&D expenses for the nine months ended September 30, 2021,
were $26,587,000, compared to $6,153,000 in the nine months ended
September 30, 2020. The increase is attributed to an increase in
payroll and related expenses, as well as an increase in materials,
subcontractors, depreciation, and share-based payment expenses, as
the Company is enhancing its R&D and product development
efforts. The R&D expenses for the nine months ended September
30, 2021 include approximately $13,817,000 of non-cash share-based
compensation plus depreciation expenses.
- S&M expenses for the nine months ended September 30, 2021,
were $15,023,000, compared to $4,224,000 in the nine months ended
September 30, 2020. The increase is mainly attributed to an
increase in payroll and related expenses, as well as an increase in
marketing and promotion and share-based payment expenses.
- G&A expenses for the nine months ended September 30, 2021,
were $13,174,000, compared to $16,748,000 in the nine months ended
September 30, 2020. The decrease is mainly attributed to a decrease
in share-based payment expenses, which is partially offset by an
increase in professional services expenses.
- Net loss for the nine months ended September 30, 2021, was
$41,153,000, or $0.17 per share, compared to $31,055,000, or
$1.11 per share, in the nine months ended September 30, 2020.
Balance Sheet Highlights
- Cash and cash equivalents, together with short-term bank
deposits, totaled $1,385,391,000 as of September 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 sale
of American Depositary Shares representing the Company’s ordinary
shares, less cash used in operations, during the nine months ended
September 30, 2021.
- Total equity totaled $1,495,236,000 as of September 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, November 24, 2021, at 9:00
a.m. EST (4:00 p.m. IST). U.S. Dial-in Number: 1-866-744-5399,
Israel Dial-in Number: 972-3-9180692. Webcast link:
https://Veidan.activetrail.biz/nanodimensionq3-2021. 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 Dimension
Nano Dimension’s (Nasdaq: NNDM) vision is to
transform the electronics and similar additive
manufacturing sectors through the development and delivery
of environmentally friendly and economically efficient additive
manufacturing, Industry 4.0 solution, while enabling a
one-production-step-conversion of digital designs
into functioning devices - on-demand, anytime, anywhere.
Nano Dimension plans to execute on this vision
by building an eco-friendly and intelligent distributed network of
additively manufacturing self-learning & self-improving
systems, which are designed to deliver a superior ROI to their
owners as well as to Nano Dimension shareholders and
stakeholders.
The DragonFly
IV® system serves cross-industry
High-Performance
Electronic
Devices
(Hi-PEDs®) fabrication needs, by
depositing proprietary conductive and dielectric materials
simultaneously, while concurrently integrating in-situ capacitors,
antennas, coils, transformers, and electromechanical components.
The outcomes are Hi-PEDs® which
are integral enablers of autonomous intelligent drones, cars,
satellites, smartphones, and in vivo medical devices. These
products enable iterative development, IP safety, fast
time-to-market, and device performance gains. With DragonFly IV®, a
revolution happens at the click of a button, allowing customers to
go from CAD to a functional device in a matter of hours instead of
weeks; creating products with better performance; reducing the size
and weight of electronic parts and devices; enabling innovation;
and, critically important, protecting IP, all the while limiting
environmental pollution and chemical waste.
Nano Dimension’s Fabrica 2.0
micro additive manufacturing system enables the production of
microparts based on a Digital Light Processor (DLP) engine that
achieves repeatable micron levels resolution. The Fabrica 2.0 is
engineered with a patented array of sensors that allows a closed
feedback loop, using proprietary materials to achieve very high
accuracy while remaining a cost-effective mass manufacturing
solution. It is used in the areas of micron-level resolution of
medical devices, micro-optics, semi-conductors, micro-electronics,
micro-electro-mechanical systems (MEMS), microfluidics, and life
sciences instruments.
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 benefits and
advantages of DragonFly IV system, that Essemtec’s portfolio of
products will continue to be available to their customers, while
also being part of the AME revolution that the Company is driving
with its existing technology, the potential for completion of and
benefits from any additional M&A transactions, future
performance of our solutions, potential achievement of future
milestones and the potential increase of value by step functions
and returns on investment. 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
Unaudited Consolidated Statements of
Financial Position as at
|
September 30, |
|
|
December 31, |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
(In thousands of USD) |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
1,127,778 |
|
|
21,020 |
|
|
585,338 |
|
Bank deposits |
257,613 |
|
|
16,300 |
|
|
85,596 |
|
Restricted deposits |
165 |
|
|
60 |
|
|
62 |
|
Trade receivables |
1,223 |
|
|
568 |
|
|
713 |
|
Other receivables |
3,459 |
|
|
661 |
|
|
1,126 |
|
Inventory |
4,035 |
|
|
4,032 |
|
|
3,314 |
|
Total current
assets |
1,394,273 |
|
|
42,641 |
|
|
676,149 |
|
|
|
|
|
|
|
|
|
|
Bank deposits |
- |
|
|
8,400 |
|
|
- |
|
Restricted deposits |
483 |
|
|
379 |
|
|
406 |
|
Property plant and equipment, net |
7,523 |
|
|
4,735 |
|
|
5,092 |
|
Right of use asset |
4,869 |
|
|
2,478 |
|
|
3,169 |
|
Intangible assets |
116,767 |
|
|
4,633 |
|
|
4,440 |
|
Total non-current
assets |
129,642 |
|
|
20,625 |
|
|
13,107 |
|
Total
assets |
1,523,915 |
|
|
63,266 |
|
|
689,256 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Trade payables |
1,796 |
|
|
842 |
|
|
776 |
|
Other payables |
7,970 |
|
|
4,420 |
|
|
5,910 |
|
Financial derivatives |
4,775 |
|
|
- |
|
|
- |
|
Total current
liabilities |
14,541 |
|
|
5,262 |
|
|
6,686 |
|
|
|
|
|
|
|
|
|
|
Liability in respect of government grants |
1,910 |
|
|
883 |
|
|
850 |
|
Lease liability |
3,577 |
|
|
1,829 |
|
|
2,618 |
|
Deferred tax liabilities |
3,128 |
|
|
- |
|
|
- |
|
Liability in respect of warrants and rights of purchase |
5,523 |
|
|
2,601 |
|
|
11,986 |
|
Total non-current
liabilities |
14,138 |
|
|
5,313 |
|
|
15,454 |
|
Total
liabilities |
28,679 |
|
|
10,575 |
|
|
22,140 |
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Non-controlling interests |
572 |
|
|
- |
|
|
- |
|
Share capital |
386,372 |
|
|
66,252 |
|
|
257,225 |
|
Share premium and capital reserves |
1,257,980 |
|
|
77,535 |
|
|
518,426 |
|
Treasury shares |
(1,509 |
) |
|
(1,509 |
) |
|
(1,509 |
) |
Presentation currency translation reserve |
1,431 |
|
|
1,431 |
|
|
1,431 |
|
Accumulated loss |
(149,610 |
) |
|
(91,018 |
) |
|
(108,457 |
) |
Total
equity |
1,495,236 |
|
|
52,691 |
|
|
667,116 |
|
Total liabilities and
equity |
1,523,915 |
|
|
63,266 |
|
|
689,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Statements of
Profit or Loss and Other Comprehensive Income(In thousands
of USD, except per share amounts)
|
For the Nine-Month PeriodEndedSeptember 30, |
|
|
For the Three-Month PeriodEndedSeptember 30, |
|
|
For the Year ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
2,962 |
|
|
1,428 |
|
|
1,340 |
|
|
438 |
|
|
3,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
1,380 |
|
|
890 |
|
|
696 |
|
|
301 |
|
|
1,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues -
amortization of intangible |
772 |
|
|
579 |
|
|
281 |
|
|
193 |
|
|
771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues |
2,152 |
|
|
1,469 |
|
|
977 |
|
|
494 |
|
|
2,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss) |
810 |
|
|
(41 |
) |
|
363 |
|
|
(56 |
) |
|
1,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses, net |
26,587 |
|
|
6,153 |
|
|
13,726 |
|
|
2,556 |
|
|
9,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses |
15,023 |
|
|
4,224 |
|
|
6,301 |
|
|
2,475 |
|
|
6,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
expenses |
13,174 |
|
|
16,748 |
|
|
4,843 |
|
|
14,805 |
|
|
20,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
(53,974 |
) |
|
(27,166 |
) |
|
(24,507 |
) |
|
(19,892 |
) |
|
(35,697 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income |
13,065 |
|
|
171 |
|
|
6,036 |
|
|
41 |
|
|
446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance expense |
910 |
|
|
4,060 |
|
|
282 |
|
|
865 |
|
|
13,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
(41,819 |
) |
|
(31,055 |
) |
|
(18,753 |
) |
|
(20,716 |
) |
|
(48,494 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on income |
648 |
|
|
- |
|
|
498 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss after
tax |
(41,171 |
) |
|
(31,055 |
) |
|
(18,255 |
) |
|
(20,716 |
) |
|
(48,494 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss
attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
(18 |
) |
|
- |
|
|
(18 |
) |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
(41,153 |
) |
|
(31,055 |
) |
|
(18,237 |
) |
|
(20,716 |
) |
|
(48,494 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share (after
1:50 reverse split effective June 29, 2020) |
(0.17 |
) |
|
(1.11 |
) |
|
(0.07 |
) |
|
(0.45 |
) |
|
(1.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Changes in
Equity (Unaudited)(In thousands of USD)
|
Attributable to owners of the Company |
|
|
|
|
|
|
|
|
Sharecapital |
|
|
Share premium and capital reserves |
|
|
Treasury shares |
|
|
Presentation currency translation reserve |
|
|
Accumulated loss |
|
|
Total |
|
|
Non-controlling interests |
|
|
Total equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months
ended September 30, 2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
January 1, 2021 |
257,225 |
|
|
518,426 |
|
|
(1,509 |
) |
|
1,431 |
|
|
(108,457 |
) |
|
667,116 |
|
|
- |
|
|
667,116 |
|
Issuance of ordinary shares,
net |
123,222 |
|
|
711,844 |
|
|
- |
|
|
- |
|
|
- |
|
|
835,066 |
|
|
- |
|
|
835,066 |
|
Exercise of warrants and
options |
5,925 |
|
|
(2,944 |
) |
|
- |
|
|
- |
|
|
- |
|
|
2,981 |
|
|
- |
|
|
2,981 |
|
Share-based payments |
- |
|
|
30,654 |
|
|
- |
|
|
- |
|
|
|
|
|
30,654 |
|
|
- |
|
|
30,654 |
|
Investment of non-controlling
party in subsidiary |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
590 |
|
|
590 |
|
Net loss |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(41,153 |
) |
|
(41,153 |
) |
|
(18 |
) |
|
(41,171 |
) |
Balance as of
September 30, 2021 |
386,372 |
|
|
1,257,980 |
|
|
(1,509 |
) |
|
1,431 |
|
|
(149,610 |
) |
|
1,494,664 |
|
|
572 |
|
|
1,495,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended September 30, 2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
July 1, 2021 |
386,003 |
|
|
1,248,164 |
|
|
(1,509 |
) |
|
1,431 |
|
|
(131,373 |
) |
|
1,502,716 |
|
|
- |
|
|
1,502,716 |
|
Exercise of options |
369 |
|
|
(369 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Share-based payments |
- |
|
|
10,185 |
|
|
- |
|
|
- |
|
|
- |
|
|
10,185 |
|
|
- |
|
|
10,185 |
|
Investment of non-controlling
party in subsidiary |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
590 |
|
|
590 |
|
Net loss |
- |
|
|
|
|
|
- |
|
|
- |
|
|
(18,237 |
) |
|
(18,237 |
) |
|
(18 |
) |
|
(18,255 |
) |
Balance as of
September 30, 2021 |
386,372 |
|
|
1,257,980 |
|
|
(1,509 |
) |
|
1,431 |
|
|
(149,610 |
) |
|
1,494,664 |
|
|
572 |
|
|
1,495,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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