Nano Dimension Ltd. (Nasdaq: NNDM, “Nano
Dimension” or the “Company”), an industry leader
in
Additively
Manufactured
Electronics
(
AME) and
Micro
Additive
Manufacturing
(
Micro-AM), today announced financial results for
the first quarter ended March 31st, 2022.
Nano Dimension reported revenues of $10,430,000
for the first quarter of 2022, an increase of 1,186% over the same
quarter in 2021, and an increase of 38% over the fourth quarter of
2021.
Moreover, the first quarter
of 2022 revenue run-rate indicates the potential for
growth of approximately 300% in full year 2022 over 2021.
If this occurs, the Company will perform ahead
of its own expectations, by growing revenue over 10 times
from 2020 to 2022, assuming no critical changes in world economy
resulting from current international affairs and/or other
factors.
The Company ended the quarter with a cash and
deposits balance of $1.311 Billion (including short and long-term
unrestricted bank deposits), while net loss for the first quarter
was $33.3 million and EBITDA was negative $29.3 million.
Excluding $13.7 million of adjustments for
share-based payments and depreciation and amortization
expenses:
- Adjusted net loss was $19.6 million.
- Gross margin (excluding amortization of intangible assets, also
recognized in business combination) was 37%.
- Adjusted EBITDA was negative $19.2 million.
- Adjusted EBITDA net of $11.7 million of R&D cash expenses
was negative $7.5 million.
Net cash used in operations during the first quarter of 2022 was
$21.4 million.Details regarding EBITDA and Adjusted EBITDA can be
found later in this press release under “Non-IFRS measures”.
CEO MESSAGE TO
SHAREHOLDERS:
Few observations should be noted as our revenue
grows and we endeavor to supplement it, over time, with improved
profitability:
- Gross Margin (“GM”): GM is affected by changing mixture of our
products: over 60% GM for the new and disruptive Additive
Manufacturing (AM) systems, similar and higher GM for materials,
and 35%-50% GM for our other products such as surface mounting and
ink printing machines and subsystems.
- Net Cash Burn: The majority ($11.7 million) of the $21.4
million net cash used in operations in the first quarter of 2022,
was our investment in the research and development (R&D)
efforts.
- R&D Expense: We have spent approximately 23% less in
R&D in comparison to our budget. Our expenses in sales and
marketing are below budget as well. These are indications of the
difficulties we have in recruiting the quality scientists and
engineers that we need, especially in the USA and Israel, and
specifically in the fields of software, data science, algorithm
design and material science as well as high level technical sales
and application engineers. This phenomenon affects our ability to
accelerate our business plans. If it was up to us, the R&D
figure would have been higher, in order to shorten the return on
investment (ROI) timeline.
- Cost of Labor: We are hoping that the current trends in
employment and salaries will reduce the intensity of the point
above, and support our need for increased recruitment pace,
specifically of high-quality research and sales personnel.
- ROI: As we have declared many times over the last few quarters,
as we increase our revenue and invest in R&D, the profitability
that will lead to ROI on the cash investment in R&D is not
going to be demonstrated on an immediate quarterly basis, but it is
rather expected to take at least 8-12 quarters until it will
hopefully be manifested as return on capital invested, in the
EBITDA and profits lines.
The vision of the Company was expanded based on
the conclusion we have reached from analyzing the following data
points:
- Nano Dimension’s successful current growth, through expansion
of revenues in Additive Manufacturing Electronics.
- The emerging results of growth originated by acquisitions and
the organic growth thereof under Nano Dimension’ Go-To-Market and
technology development umbrellas.
- The obvious contraction of multiples in the public and private
market which justify our previous thesis of not burning our cash by
buying at overly inflated values.
- Ample opportunities emerging in Additive Manufacturing, as well
as in adjacent technologies in need of AI, Deep Learning and
digital conversions.
Our vision continues to evolve as we look to
transform AM & AM Electronics & adjacent industrial
non-yet-fully-digitalized sectors into an environmentally
friendly & economically efficient additive manufacturing
Industry 4.0 – enabling a one production-step-conversion
of digital designs into functioning mechanical & electronic
devices, On demand, anytime, anywhere.
The business plan aimed at reaching the above is
heading in a similar direction as before but with a wider field of
view, in order to cover the new opportunities arising from the
dramatic changes in the markets. We hope that if contraction of
multiples and valuation is sustainable, acquisitions will continue
to be at more reasonable prices, which were not available over the
last two years.
On a related matter, as a high-tech growth
company, buyers of our shares at the current price, as it trades
below its cash value, actually imitate an investment in a “value
company.” In practical terms it means that Nano Dimension’s share
price represents a potential valuation upside of a high growth
business but with lower downside, more similar to a value-model
investment profile. Hence, we changed our previous intention with
respect to a Share (ADS) Buy-Back program and initiated a process
to facilitate such plan which is conditioned on receipt of Israeli
court approval (as needed for all programs as such, according to
Israeli Corporate Law). We will provide an update once such
approval is received.
FINANCIAL RESULTS:
First Quarter 2022 Financial
Results
● |
Total revenues for the first quarter of 2022 were $10,430,000,
compared to $7,531,000 in the fourth quarter of 2021, and $811,000
in the first quarter of 2021. The increase is attributed to
increased sales of the Company’s product lines. |
|
|
● |
Cost of revenues (excluding amortization of intangibles) for the
first quarter of 2022 were $6,580,000, compared to $4,350,000 in
the fourth quarter of 2021, and $352,000 in the first quarter of
2021. The increase is attributed mostly to the increased sales of
the Company’s product lines. |
|
|
● |
Research and development expenses for the first quarter of 2022
were $17,870,000, compared to $15,099,000 in the fourth quarter of
2021, and $3,732,000 in the first quarter of 2021. The increase is
attributed to an increase in payroll expenses and share-based
payment expenses, as a result of the Company’s increased R&D
efforts. o The
R&D expenses net of depreciation and share-based payments
expenses were $11,723,000. |
|
|
● |
Sales and marketing (S&M) expenses for the first quarter of
2022 were $9,308,000, compared to $7,690,000 in the fourth quarter
of 2021, and $2,713,000 in the first quarter of 2021. The increase
compared to the fourth quarter of 2021 is attributed to an increase
in payroll expenses as a result of our growing sales and marketing
team. The increase compared to the first quarter of 2021 is
attributed to an increase in payroll expenses as well as an
increase in share-based payment expenses.
o The S&M
expenses net of depreciation and share-based payments expenses were
$6,393,000. |
|
|
● |
General and administrative (G&A) expenses for the first quarter
of 2022 were $6,742,000, compared to $6,470,000 in the fourth
quarter of 2021, and $3,425,000 in the first quarter of 2021. The
increase compared to the fourth quarter of 2021 is attributed to an
increase in payroll expenses. The increase compared to the first
quarter of 2021 is attributed to an increase in payroll expenses
and share-based payment expenses, as well as an increase in
professional services expenses.
o The G&A
expenses net of depreciation and share-based payments expenses were
$5,219,000. |
|
|
● |
Net loss for the first quarter of 2022 attributed to the owners was
$33,093,000, or $0.13 per share, compared to $159,624,000, or
$0.62 per share, in the fourth quarter of 2021, and $9,314,000, or
$0.05 per share, in the first quarter of 2021. |
Balance Sheet Highlights
● |
Cash and cash equivalents, together with short and long-term bank
deposits totaled $1,311,093,000 as of March 31st, 2022, compared to
$1,355,595,000 as of December 31st, 2021. The decrease compared to
December 31st, 2021, mainly reflects cash used in operating
activities and investing activities. |
|
|
● |
Shareholders’ equity totaled $1,320,520,000 as of March 31st, 2022,
compared to $1,343,356,000 as of December 31st, 2021. |
Conference call information
The Company will host a conference call to
discuss these financial results today, May 31, 2022, 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 DimensionNano
Dimension’s (Nasdaq: NNDM) vision is to transform
the electronics and similar additive manufacturing
sectors through the development and delivery of an
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.The DragonFly IV® system and
specialized materials serve
cross-industry High-Performance-Electronic-Devices (Hi-PEDs®) fabrication
needs by simultaneously depositing proprietary conductive and
dielectric substances, while integrating in-situ capacitors,
antennas, coils, transformers, and electromechanical components.
The outcomes are Hi-PEDs® which are
critical enablers of autonomous intelligent drones, cars,
satellites, smartphones, and in vivo medical devices. In addition,
these products enable iterative development, IP safety, fast
time-to-market, and device performance gains. Nano
Dimension also develops complementary production equipment
for Hi-PEDs® and printed circuit board
(PCB) assembly (Puma, Fox, Tarantula,
Spider etc.). The core competitive edge for this
technology is in its adaptive, highly flexible surface-mount
technology (SMT) pick-and-place equipment, materials dispenser
suitable for both high-speed dispensing and micro-dispensing, as
well as an intelligent production material storage and logistics
system. Additionally, Nano Dimension is a leading developer
and supplier of high-performance control electronics, software, and
ink delivery system. It invents and delivers state-of-the-art
2D and 3D printing hardware and unique operating
software. It focuses on high-value, precision-oriented
applications such as specialized direct-to-container packaging,
printed electronics functional fluids, and 3D printing, which can
all be controlled by the proprietary software system
- Atlas.Serving similar users
of Hi-PEDs®, 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,
semiconductors, 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 its expected
revenues for 2022, its vision for the future, including regarding
expected growth, profitability, acquisitions, opportunities and
contractions of multiples and expected valuations, potential return
on investment and the repurchase plan. 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 31, 2022, 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 31st, |
|
December 31st, |
|
|
|
2021 |
|
|
2022 |
|
|
2021(*) |
|
(In thousands of USD) |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
1,099,057 |
|
|
|
788,141 |
|
|
|
853,626 |
|
Bank deposits |
|
|
296,844 |
|
|
|
459,824 |
|
|
|
437,598 |
|
Restricted deposits |
|
|
61 |
|
|
|
126 |
|
|
|
148 |
|
Trade receivables |
|
|
999 |
|
|
|
6,242 |
|
|
|
3,422 |
|
Other receivables |
|
|
972 |
|
|
|
7,307 |
|
|
|
5,902 |
|
Inventory |
|
|
3,164 |
|
|
|
15,063 |
|
|
|
11,199 |
|
Total current
assets |
|
|
1,401,097 |
|
|
|
1,276,703 |
|
|
|
1,311,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted deposits |
|
|
391 |
|
|
|
491 |
|
|
|
501 |
|
Bank deposits |
|
|
75,113 |
|
|
|
63,128 |
|
|
|
64,371 |
|
Deferred tax |
|
|
- |
|
|
|
1,005 |
|
|
|
1,007 |
|
Property plant and equipment, net |
|
|
5,422 |
|
|
|
9,844 |
|
|
|
7,690 |
|
Right of use asset |
|
|
4,103 |
|
|
|
15,142 |
|
|
|
4,491 |
|
Intangible assets |
|
|
4,243 |
|
|
|
21,358 |
|
|
|
- |
|
Total non-current
assets |
|
|
89,272 |
|
|
|
110,968 |
|
|
|
78,060 |
|
Total
assets |
|
|
1,490,369 |
|
|
|
1,387,671 |
|
|
|
1,389,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Trade payables |
|
|
1,654 |
|
|
|
3,785 |
|
|
|
2,833 |
|
Financial derivatives |
|
|
- |
|
|
|
19,977 |
|
|
|
14,910 |
|
Other payables |
|
|
5,449 |
|
|
|
19,304 |
|
|
|
13,836 |
|
Current portion of other long-term liability |
|
|
- |
|
|
|
416 |
|
|
|
417 |
|
Total current
liabilities |
|
|
7,103 |
|
|
|
43,482 |
|
|
|
31,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability in respect of government grants |
|
|
754 |
|
|
|
1,639 |
|
|
|
1,560 |
|
Employee benefits |
|
|
- |
|
|
|
4,138 |
|
|
|
4,145 |
|
Liability in respect of warrants |
|
|
- |
|
|
|
1,760 |
|
|
|
3,347 |
|
Lease liability |
|
|
3,277 |
|
|
|
12,395 |
|
|
|
3,336 |
|
Deferred tax liabilities |
|
|
9,570 |
|
|
|
1,101 |
|
|
|
236 |
|
Other long-term liabilities |
|
|
- |
|
|
|
1,849 |
|
|
|
1,104 |
|
Total non-current
liabilities |
|
|
13,601 |
|
|
|
22,882 |
|
|
|
13,728 |
|
Total
liabilities |
|
|
20,704 |
|
|
|
66,364 |
|
|
|
45,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
- |
|
|
|
787 |
|
|
|
875 |
|
Share capital |
|
|
375,594 |
|
|
|
386,723 |
|
|
|
386,665 |
|
Share premium and capital reserves |
|
|
1,211,920 |
|
|
|
1,276,443 |
|
|
|
1,266,027 |
|
Treasury shares |
|
|
(1,509 |
) |
|
|
(1,509 |
) |
|
|
(1,509 |
) |
Presentation currency translation reserve |
|
|
1,431 |
|
|
|
1,190 |
|
|
|
1,407 |
|
Accumulated loss |
|
|
(117,771 |
) |
|
|
(342,327 |
) |
|
|
(309,234 |
) |
Equity attributable to owners of the company |
|
|
- |
|
|
|
1,320,520 |
|
|
|
1,343,356 |
|
Total
equity |
|
|
1,469,665 |
|
|
|
1,321,307 |
|
|
|
1,344,231 |
|
Total liabilities and
equity |
|
|
1,490,369 |
|
|
|
1,387,671 |
|
|
|
1,389,955 |
|
(*) The December 31, 2021, 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 Ended March 31st, |
|
For the Year Ended December 31st, |
|
|
2021 |
|
|
2022 |
|
|
2021(*) |
|
|
|
|
|
|
|
Revenues |
|
|
811 |
|
|
|
10,430 |
|
|
|
10,493 |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
352 |
|
|
|
6,580 |
|
|
|
5,730 |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues -
amortization of assets recognized in business combination and
technology |
|
|
197 |
|
|
|
2,849 |
|
|
|
3,641 |
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues |
|
|
549 |
|
|
|
9,429 |
|
|
|
9,371 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
262 |
|
|
|
1,001 |
|
|
|
1,122 |
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses, net |
|
|
3,732 |
|
|
|
17,870 |
|
|
|
41,686 |
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses |
|
|
2,713 |
|
|
|
9,308 |
|
|
|
22,713 |
|
|
|
|
|
|
|
|
|
|
|
General and administrative
expenses |
|
|
3,425 |
|
|
|
6,742 |
|
|
|
19,644 |
|
|
|
|
|
|
|
|
|
|
|
Impairment losses |
|
|
- |
|
|
|
- |
|
|
|
140,290 |
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(9,608 |
) |
|
|
(32,919 |
) |
|
|
(223,211 |
) |
|
|
|
|
|
|
|
|
|
|
Finance income |
|
|
818 |
|
|
|
2,861 |
|
|
|
17,909 |
|
|
|
|
|
|
|
|
|
|
|
Finance expense |
|
|
(524 |
) |
|
|
(3,685 |
) |
|
|
(428 |
) |
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
|
|
(9,314 |
) |
|
|
(33,743 |
) |
|
|
(205,730 |
) |
|
|
|
|
|
|
|
|
|
|
Tax income |
|
|
- |
|
|
|
455 |
|
|
|
4,906 |
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss after
tax |
|
|
(9,314 |
) |
|
|
(33,288 |
) |
|
|
(200,824 |
) |
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss
attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
- |
|
|
|
(195 |
) |
|
|
(47 |
) |
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
|
(9,314 |
) |
|
|
(33,093 |
) |
|
|
(200,777 |
) |
|
|
|
|
|
|
|
|
|
|
Basic loss per share |
|
|
(0.05 |
) |
|
|
0.13 |
) |
|
|
(0.81 |
) |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
(46 |
) |
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss |
|
|
(9,314 |
) |
|
|
(33,520 |
) |
|
|
(200,870 |
) |
Comprehensive loss
attributable to non-controlling interests |
|
|
- |
|
|
|
(210 |
) |
|
|
(69 |
) |
Comprehensive loss
attributable to owners of the Company |
|
|
(9,314 |
) |
|
|
(33,310 |
) |
|
|
(200,801 |
) |
(*) The December 31st, 2021, 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 |
|
|
Foreign currency translation reserve |
|
|
Accumulated loss |
|
|
Total |
|
|
Non-controlling interests |
|
|
Total equity |
For the three months ended March 31st,
2022: |
|
Thousands USD |
|
Thousands USD |
|
|
Thousands USD |
|
|
Thousands USD |
|
|
Thousands USD |
|
|
Thousands USD |
|
|
Thousands USD |
|
|
Thousands USD |
Balance as of January 1, 2022 |
|
386,665 |
|
1,266,027 |
|
|
(1,509 |
) |
|
1,407 |
|
|
(309,234 |
) |
|
1,343,356 |
|
|
875 |
|
|
1,344,231 |
|
Investment of
non-controlling party in subsidiary |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
122 |
|
|
122 |
|
Loss for the
period |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
(33, 093 |
) |
|
(33,093 |
) |
|
(195 |
) |
|
(33,288 |
) |
Other comprehensive
loss for the period |
|
- |
|
- |
|
|
- |
|
|
(217 |
) |
|
- |
|
|
(217 |
) |
|
(15 |
) |
|
(232 |
) |
Exercise of warrants
and options and conversion of convertible notes |
|
58 |
|
(58 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Share-based
payments |
|
- |
|
10,474 |
|
|
- |
|
|
- |
|
|
- |
|
|
10,474 |
|
|
- |
|
|
10,474 |
|
Balance as of
March 31st, 2022 |
|
386,723 |
|
1,276,443 |
|
|
(1,509 |
) |
|
1,190 |
|
|
(342,327 |
) |
|
1,320,520 |
|
|
787 |
|
|
1,321,307 |
|
Consolidated Statements of Cash Flows
(Unaudited)(In thousands of USD)
|
|
For the Three-Month Period Ended March 31st, |
|
For the Year ended December 31st, |
|
|
|
2021 |
|
|
2022 |
|
|
2021 (*) |
|
Cash flow from
operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
|
(9,314 |
) |
|
|
(33,288 |
) |
|
|
(200,824 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
787 |
|
|
|
1,141 |
|
|
|
7,383 |
|
Impairment losses |
|
|
- |
|
|
|
- |
|
|
|
140,290 |
|
Financing expenses (income),
net |
|
|
(708 |
) |
|
|
2,194 |
|
|
|
(6,873 |
) |
Revaluation of financial
liabilities accounted at fair value |
|
|
414 |
|
|
|
(1,370 |
) |
|
|
(10,608 |
) |
Loss from disposal of property
plant and equipment and right-of-use assets |
|
|
2 |
|
|
|
(3 |
) |
|
|
567 |
|
Increase in deferred tax |
|
|
- |
|
|
|
(461 |
) |
|
|
(5,013 |
) |
Share-based payments |
|
|
3,435 |
|
|
|
10,123 |
|
|
|
29,782 |
|
Salary expenses paid by
NCI |
|
|
- |
|
|
|
122 |
|
|
|
- |
|
|
|
|
3,930 |
|
|
|
11,746 |
|
|
|
155,528 |
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in
inventory |
|
|
150 |
|
|
|
(468 |
) |
|
|
2,382 |
|
Decrease (increase) in other
receivables |
|
|
154 |
|
|
|
(851 |
) |
|
|
(429 |
) |
Decrease (increase) in trade
receivables |
|
|
(286 |
) |
|
|
(2,175 |
) |
|
|
(449 |
) |
Increase (decrease) in other
payables |
|
|
(649 |
) |
|
|
1,724 |
|
|
|
1,139 |
|
Increase in employee
benefits |
|
|
- |
|
|
|
1,148 |
|
|
|
- |
|
Increase in trade
payables |
|
|
837 |
|
|
|
729 |
|
|
|
74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
206 |
|
|
|
107 |
|
|
|
2,717 |
|
Net cash used in
operating activities |
|
|
(5,178 |
) |
|
|
(21,435 |
) |
|
|
(42,579 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
Investment in bank deposits,
net |
|
|
(286,065 |
) |
|
|
(21,907 |
) |
|
|
(416,019 |
) |
Interest received |
|
|
432 |
|
|
|
762 |
|
|
|
3,706 |
|
Change in restricted bank
deposits |
|
|
16 |
|
|
|
20 |
|
|
|
(32 |
) |
Acquisition of property plant
and equipment |
|
|
(599 |
) |
|
|
(1,975 |
) |
|
|
(9,761 |
) |
Acquisition of subsidiary, net
of cash acquired |
|
|
- |
|
|
|
(18,124 |
) |
|
|
(74,574 |
) |
Net cash used in
investing activities |
|
|
(286,216 |
) |
|
|
(41,224 |
) |
|
|
(496,680 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of
Ordinary Shares, warrants and convertible notes, net |
|
|
805,497 |
|
|
|
- |
|
|
|
805,497 |
|
Exercise of warrants and
options |
|
|
100 |
|
|
|
- |
|
|
|
212 |
|
Lease payments |
|
|
(304 |
) |
|
|
(796 |
) |
|
|
(1,494 |
) |
Proceeds from non-controlling
interests |
|
|
- |
|
|
|
- |
|
|
|
944 |
|
Long-term bank debt |
|
|
- |
|
|
|
(80 |
) |
|
|
(814 |
) |
Amounts recognized in respect
of government grants liability, net |
|
|
(72 |
) |
|
|
(45 |
) |
|
|
(96 |
) |
Interest and other fees
paid |
|
|
(9 |
) |
|
|
(28 |
) |
|
|
(70 |
) |
Net cash provided by
financing activities |
|
|
805,212 |
|
|
|
(949 |
) |
|
|
804,179 |
|
Increase in
cash |
|
|
513,818 |
|
|
|
(63,608 |
) |
|
|
264,920 |
|
Cash at beginning of
the period |
|
|
585,338 |
|
|
|
853,626 |
|
|
|
585,338 |
|
Effect of exchange
rate fluctuations on cash |
|
|
(99 |
) |
|
|
(1,877 |
) |
|
|
3,368 |
|
Cash at end of the
period |
|
|
1,099,057 |
|
|
|
788,141 |
|
|
|
853,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
transactions: |
|
|
|
|
|
|
|
|
|
|
|
Property plant and equipment
acquired on credit |
|
|
41 |
|
|
|
211 |
|
|
|
249 |
|
Conversion of convertible
notes and warrants to equity |
|
|
2,830 |
|
|
|
- |
|
|
|
2,830 |
|
Acquisition of a right-of-use
asset |
|
|
1,217 |
|
|
|
11,237 |
|
|
|
1,919 |
|
(*) The December 31st, 2021, balances were derived from the
Company’s audited annual financial statements.
Non-IFRS measures
The following is a reconciliation of EBITDA and
adjusted EBITDA to net loss, as calculated in accordance with
International Financial Reporting Standards (“IFRS”):
|
|
|
|
|
|
|
|
For the Three-Month PeriodEndedMarch 31st, |
|
|
|
|
2022 |
|
|
|
|
(In thousands of USD) |
|
Operating loss |
|
|
(32,919 |
) |
Depreciation and amortization
(*) |
|
|
3,605 |
|
EBITDA |
|
|
(29,314 |
) |
Share-based payments |
|
|
10,123 |
|
Adjusted EBITDA |
|
|
(19,191 |
) |
(*) Including amortization of assets recognized in business
combination and technology
EBITDA is a non-IFRS measure and is defined as
operating loss excluding depreciation and amortization expenses and
amortization of assets recognized in business combination. 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, 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 operating loss excluding depreciation and amortization
expenses and amortization of assets recognized in business
combination 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
operating 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 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 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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