SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

 

For the month of: November 2023 (Report No. 2)

 

Commission file number: 001-37600

 

NANO DIMENSION LTD.

(Translation of registrant’s name into English)

 

2 Ilan Ramon

Ness Ziona 7403635 Israel

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒         Form 40-F ☐

 

 

 

 

 

 

CONTENTS

 

On November 28, 2023, Nano Dimension Ltd. (the “Registrant”) issued a press release titled “Nano Dimension Announces Best Third Quarter, Nine Month Revenue and Gross Margin Results in the Company’s History”, a copy of which is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

 

Attached hereto and incorporated herein as Exhibit 99.2 is the Registrant’s investor presentation, dated November 28, 2023.

 

The sections titled “Financial Results” and “Forward-Looking Statements” and the IFRS financial statements of Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K are incorporated by reference into the Registrant’s registration statements on Form F-3 (File No. 333-255960, 333-233905, 333-251155, 333-252848, 333-251004 and 333-249184) and Form S-8 (File No. 333-214520, 333-248419 and 333-269436), filed with the Securities and Exchange Commission, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

 

Exhibit No.    
99.1   Press release issued by Nano Dimension Ltd. on November 28, 2023, titled “Nano Dimension Announces Best Third Quarter, Nine Month Revenue and Gross Margin Results in the Company’s History”.
99.2   Investor presentation of Nano Dimension Ltd., dated November 28, 2023.
101   The following financial information from the Registrant’s Unaudited Interim Condensed Financial Statements as of June 30, 2023, formatted in XBRL (eXtensible Business Reporting Language): (i) Unaudited Condensed Consolidated Interim Statements of Financial Position, (ii) Unaudited Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income, (iii) Unaudited Condensed Consolidated Interim Statements of Changes in Equity; (iv) Unaudited Condensed Consolidated Interim Statements of Cash Flow; and (v) Notes to the Unaudited Condensed Consolidated Interim Financial Statements.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Nano Dimension Ltd.
  (Registrant)
     
Date:  November 28, 2023 By: /s/ Tomer Pinchas
  Name:   Tomer Pinchas
  Title: Chief Operating Officer

 

 

2

 

Exhibit 99.1

 

 

Nano Dimension Announces Best Third Quarter, Nine Month

Revenue and Gross Margin Results in the Company’s History

 

22% Organic Growth for Q3/2023
28% Organic Growth for the Frist 9 Months of 2023
22% Higher Revenue Over Q3/2022
33% Higher Revenue Over First 9 Months of 2022
44% Q3/2023 Gross Margin, Up From 18% in Q3/2022
44% First Nine Months 2023 Gross Margin, Up From 20% in the Same Period in 2022
48% Q3/2023 Adjusted Gross Margin, Up From 28% in Q3/2022
48% First Nine Months 2023 Adjusted Gross Margin, Up From 36% in the Same Period in 2022

 

CEO Letter Outlines Additional Actions to Reshape Business,

Enhance Future Prospects and Drive Value

 

Conference Call to be Held Today at 9:00 AM EDT

 

Waltham, Massachusetts, November 28th, 2023Nano Dimension Ltd. (Nasdaq: NNDM, “Nano Dimension” or “Nano” or the “Company”), a leading supplier of Additively Manufactured Electronics (“AME”) and multi-dimensional polymer, metal & ceramic Additive Manufacturing (“AM”), today announced financial results for the third quarter ended September 30th, 2023.

 

Revenue

 

$12.2 million for Q3/2023; up 22% compared to Q3/2022
   
$41.9 million for the first nine months of 2023; up 33% compared to the same period in 2022.

 

Gross Margin

 

44% for Q3/2023; up from 18% in Q3/2022
   
44% for the first nine months of 2023; up from 20% in the same period in 2022

 

Adjusted1 Gross Margin

 

48% for Q3/2023; up from 28% in Q3/2022
   
48% for the first nine months of 2023; up from 36% in the same period in 2022

 

Net Loss

 

$66.9 million for Q3/2023
   
$54.3 million for the first nine months of 2023

 

 

1Excluding cost of revenues from depreciation and amortization and share-based payments expenses.

 

1

 

 

 

Adjusted EBITDA

 

Negative $30 million for Q3/2023, which includes research and development (“R&D”) expenses of $11 million2
   
Negative $77 million for the first nine months of 2023, which includes R&D expenses of $39 million3

 

Details regarding Adjusted EBITDA and Adjusted gross profit can be found below in this press release under “Non-IFRS Measures.”

 

CEO MESSAGE TO SHAREHOLDERS:


Dear Shareholders,

 

Nano Dimension’s strong organic growth continues. Our efforts to scale our business with a focus on revenue growth and gross margin improvement are delivering results. Revenue of $41.9 million for the first nine months of 2023 was 33% higher than the same period in 2022. Gross margins and adjusted gross margins also increased considerably for the first nine months of 2023 compared to same period in 2022 from 20% to 44% and 36% to 48%, respectively.

 

This revenue increase happened during notable macroeconomic uncertainty which challenged all companies in our ecosystem. The fact that our leading peers have posted year-over-year declines in revenue for their respective first nine months of 2023 makes our 33% growth even more notable. This is a result of our successful efforts to close new high-profile customer relationships, secure recurring sales from existing customers, and develop new products that open greater opportunities.

 

The marked improvements in our gross margins – IFRS and adjusted – are driven by our meticulous, ongoing efforts to improve our supply chain and how we make and deliver our products. We have been laser-focused on this effort as we work to drive profitability. A positive bottom line cannot happen without a healthy margin, and we have positioned the Company for just that.

 

I would like to acknowledge the investors and other stakeholders who have supported us on an individual and collective level with their concern and well-wishes as the war of Israel against Hamas terrorism (the “War”) continues.

 

 

2Excluding share-based payments expenses and depreciation.
3Excluding share-based payments expenses and depreciation.

 

2

 

 

 

Our focus remains on meeting our business targets, especially the new initiatives we have implemented to drive improved profitability, as described below. Despite the War, we are confident that we are on track to meet our full-year 2023 expectations.

 

Another unwelcomed hostility, of the “business type”, involved our interaction with dissident shareholders this year. It is unfortunate, despite our attempts to settle these matters in an amicable manner, that we needed to deploy time and money, over $15M in 2023 alone, to defend Nano against the self-interested pursuit of these shareholders. That said, we are grateful that – through your support – their efforts were defeated at the last Annual Shareholders Meeting.

 

We should also note that we have acted on the feedback we received from ISS, Glass Lewis and shareholders throughout this process, including making changes to our board of directors’ composition and governance, to ensure we are best positioned to guide Nano in delivering value for you, our shareholders.

 

In addition to those actions, we shall finish 2023 and orient 2024 around a new initiative – Reshaping Nano (the “Initiative”). Considering the current macro environment as well as investor feedback gathered through our ongoing engagements, the Initiative is designed to enable Nano Dimension to become operating income positive at some point in 2025, and potentially cash flow positive earlier. To do this, we are thinking critically about our operating expenses across R&D, sales & marketing, and general & administrative expenses.

 

Over the last several years, we have expanded Nano’s platform from a niche company focused on AME into a broad AM, Additive Electronics, leveraging our DeepCube Artificial Intelligence for industrial applications leader. The Initiative will be the next step in driving performance across our platform by leveraging synergies and setting clear financial objectives for each group across the business and the product lines within them. We believe that the Initiative will result in approximately $30 million of annual savings, which should begin to appear in our Q1/2024 results. It is important to note that this strategy is not sacrificing innovation and future growth engines. This is about setting financial objectives that reflect the maturity of the respective groups and product lines. We will continue to invest where we see the most robust future opportunities.

 

In parallel with the Initiative, we quickly approach the epicenter of mergers and acquisitions (“M&A”) opportunities, with the benefit of our significant cash firepower and the reduction of valuations in our industry. As we have stated previously, we believe that our industry is ripe for consolidation and we are well-positioned with both the financial, managerial and leadership resources to execute these efforts. As we pursue this path, we will balance potential M&A, ground-breaking R&D, and high-returning go-to-market investments with repurchasing shares at attractive valuation levels, particularly in light of Nano Dimension’s shares currently trading at a discount to net asset value. We will remain disciplined in our capital allocation approach to ensure we are capitalizing on the best way to deliver shareholder value.

 

Thank you for your support.

 

Yoav Stern

Chief Executive Officer and a member of the Board of Directors

Nano Dimension

 

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FINANCIAL RESULTS:

 

Third Quarter 2023 Financial Results

 

Total revenues for the third quarter of 2023 were $12,158,000, compared to $14,737,000 in the second quarter of 2023, and $9,998,000 in the third quarter of 2022.

 

Cost of revenues (excluding amortization of intangibles and write-down of inventories) for the third quarter of 2023 was $6,739,000, compared to $8,180,000 in the second quarter of 2023, and $7,428,000 in the third quarter of 2022. The decrease compared to the second quarter of 2023 is attributed mostly to the decrease of sales of the Company’s product lines. The decrease compared to the third quarter of 2022 is attributed mostly to the change in product mix and markets.

 

R&D expenses for the third quarter of 2023 were $12,788,000, compared to $16,386,000 in the second quarter of 2023, and $18,535,000 in the third quarter of 2022. The decrease compared to the second quarter of 2023 is mainly attributed to a decrease in share-based payments, payroll, materials, and other R&D expenses. The decrease compared to the third quarter of 2022 is mainly attributed to a decrease in share-based payments, subcontractors, and payroll expenses.

 

Sales and marketing (“S&M”) expenses for the third quarter of 2023 were $7,715,000, compared to $8,217,000 in the second quarter of 2023, and $9,652,000 in the third quarter of 2022. The decrease compared to the second quarter of 2023 is mainly attributed to a decrease in marketing and payroll expenses. The decrease compared to the third quarter of 2022 is mainly attributed to a decrease in payroll expenses and share-based payments expenses.

 

General and administrative (“G&A”) expenses for the third quarter of 2023 were $20,848,000, compared to $12,322,000 in the second quarter of 2023, and $7,417,000 in the third quarter of 2022. The increase compared to the second quarter of 2023 is mainly attributed to an increase in professional services and payroll expenses. The increase compared to the third quarter of 2022 is mainly attributed to an increase in professional services and payroll expenses.

 

Net loss attributed to owners of the Company for the third quarter of 2023 was $66,604,000, or $0.26 loss per share, compared to a net loss of $9,119,000, or $0.04 loss per share, in the second quarter of 2023, and net loss of $66,931,000, or $0.26 loss per share, in the third quarter of 2022.

 

4

 

 

 

Nine months ended September 30, 2023 Financial Results

 

Total revenues for the nine months period ended September 30, 2023, were $41,860,000, compared to $31,529,000 in the nine months period ended September 30, 2022. The increase is attributed to increased sales of the Company’s product lines.

 

Cost of revenues (excluding amortization of intangibles and write-down of inventories) for the nine months period ended September 30, 2023, was $23,186,000, compared to $21,159,000 in the nine months period ended September 30, 2022. The increase is attributed mostly to increased sales of the Company’s product lines.

 

R&D expenses for the nine months period ended September 30, 2023, were $48,424,000, compared to $54,770,000 in the nine months period ended September 30, 2022. The decrease is mainly attributed to a decrease in share-based payments and subcontractors’ expenses, and is partially offset by an increase in materials, depreciation and other R&D expenses.

 

S&M expenses for the nine months period ended September 30, 2023, were $23,418,000, compared to $29,075,000 in the nine months period ended September 30, 2022. The decrease is mainly attributed to a decrease in share-based payments, payroll and other marketing expenses.

 

G&A expenses for the nine months period ended September 30, 2023, were $44,203,000, compared to $21,366,000 in the nine months period ended September 30, 2022. The increase is mainly attributed to an increase in professional services, payroll and shared-based payments expenses.

 

Net loss attributed to the owners of the Company for the nine months period ended September 30, 2023, was $53,501,000, or $0.21 per share, compared to loss of $139,756,000, or $0.54 per share, in the nine months period ended September 30, 2022.

 

Balance Sheet Highlights

 

Cash and cash equivalents, together with short-term unrestricted bank deposits totaled $872,677,000 as of September 30, 2023, compared to $1,032,025,000 as of December 31, 2022.

 

Shareholders’ equity totaled $1,021,483,000 as of September 30, 2023, compared to $1,149,525,000 as of December 31, 2022.

 

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CONFERENCE CALL INFORMATION:

 

The Company will host a conference call to discuss the Q3/2023 financial results today, November 28th, 2023, at 9:00 a.m. EDT (4:00 p.m. IDT). Please dial-in or connect via webcast through the below details. Those dialing-in will be able to ask questions. Those connecting via webcast will see a live presentation.

 

Dial-in pre-registration: https://dpregister.com/sreg/10184404/fb08a97248
   
Dial-in - toll free: 1-844-695-5517
   
Dial-in - international: 1-412-902-6751
   
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=w2qoFPuq

 

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 existing electronics and mechanical manufacturing into Industry 4.0 environmentally friendly & economically efficient precision additive electronics and manufacturing – by delivering solutions that convert digital designs to electronic or mechanical devices - on demand, anytime, anywhere.

 

Nano Dimension’s strategy is driven by the application of deep learning based AI to drive improvements in manufacturing capabilities by using self-learning & self-improving systems, along with the management of a distributed manufacturing network via the cloud.

 

Nano Dimension has served over 2,000 customers across vertical target markets such as aerospace & defense, advanced automotive, high-tech industrial, specialty medical technology, R&D and academia. The company designs and makes Additive Electronics and Additive Manufacturing 3D printing machines and consumable materials. Additive Electronics are manufacturing machines that enable the design and development of High-Performance-Electronic-Devices (Hi-PED®s). Additive Manufacturing includes manufacturing solutions for production of metal, ceramic, and specialty polymers based applications - from millimeters to several centimeters in size with micron precision.

 

Through the integration of its portfolio of products, Nano Dimension is offering the advantages of rapid prototyping, high-mix-low-volume production, IP security, minimal environmental footprint, and design-for-manufacturing capabilities, which is all unleashed with the limitless possibilities of additive manufacturing.

 

For more information, please visit www.nano-di.com.

 

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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 organic growth, potential profitability, opportunities, full-year 2023 expectations, ability to create value for shareholders, the potential benefits from the Initiative, including estimated annual savings, ability to become operating income positive and cash flow positive, potential M&A opportunities and investments, future share repurchases and future capital allocation. 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 30, 2023, 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

 

Investor Relations | ir@nano-di.com

 

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Unaudited Consolidated Statements of Financial Position as at

 

   September 30,   December 31, 
   2022   2023   20224 
  (Unaudited)   (Unaudited)     
(In thousands of USD)            
Assets            
Cash and cash equivalents   370,197    489,323    685,362 
Bank deposits   650,111    383,354    346,663 
Restricted deposits   77    60    60 
Trade receivables   5,929    10,310    6,342 
Other receivables   2,925    4,845    6,491 
Inventory   17,837    21,276    19,400 
Total current assets   1,047,076    909,168    1,064,318 
                
Restricted deposits   521    846    850 
Bank deposits   28,404         
Investment in securities   139,707    131,951    114,984 
Deferred tax   480    259    115 
Other receivables   802    831    809 
Property plant and equipment, net   13,166    14,814    5,843 
Right-of-use assets   13,972    12,963    16,539 
Intangible assets   31,799    2,235     
Total non-current assets   228,851    163,899    139,140 
Total assets   1,275,927    1,073,067    1,203,458 
                
Liabilities               
Trade payables   2,925    8,148    3,722 
Financial derivatives and deferred consideration   8,189        8,798 
Other payables   18,864    28,624    24,150 
Current portion of other long-term liability   370    235    363 
Total current liabilities   30,348    37,007    37,033 
                
Liability in respect of government grants   1,507    1,861    1,492 
Employee benefits   296    2,468    1,462 
Liability in respect of warrants   124        69 
Lease liability   10,519    9,000    12,374 
Deferred tax liabilities   587         
Other long-term liabilities   180         
Loan from banks   785    588    736 
Total non-current liabilities   13,998    13,917    16,133 
Total liabilities   44,346    50,924    53,166 
                
Equity               
Non-controlling interests   865    660    767 
Share capital   387,646    399,327    388,406 
Share premium and capital reserves   1,291,290    1,299,303    1,296,194 
Treasury shares   (1,509)   (89,375)   (1,509)
Foreign currency translation reserve   (848)   938    583 
Remeasurement of net defined benefit liability (IAS 19)   3,127    1,448    2,508 
Accumulated loss   (448,990)   (590,158)   (536,657)
Equity attributable to owners of the Company   1,230,716    1,021,483    1,149,525 
Total equity   1,231,581    1,022,143    1,150,292 
Total liabilities and equity   1,275,927    1,073,067    1,203,458 

 

 

4The December 31, 2022 balances were derived from the Company’s audited annual financial statements

 

8

 

 

 

Unaudited Consolidated Statements of Profit or Loss and Other Comprehensive Income

 

  

Nine Months Ended
September 30,

  

Three Months Ended
September 30,

  

Year ended
December 31,

 
   2022   2023   2022   2023   2022 
   Thousands   Thousands   Thousands   Thousands   Thousands 
   USD   USD   USD   USD   USD 
Revenues   31,529    41,860    9,998    12,158    43,633 
Cost of revenues   21,159    23,186    7,428    6,739    24,943 
Cost of revenues - write-down of inventories and impairment of assets recognized in business combination and technology   3,990    244    771    50    4,639 
Total cost of revenues   25,149    23,430    8,199    6,789    29,582 
Gross profit   6,380    18,430    1,799    5,369    14,051 
Research and development expenses   54,770    48,424    18,535    12,788    75,763 
Sales and marketing expenses   29,075    23,418    9,652    7,715    38,833 
General and administrative expenses   21,366    44,203    7,417    20,848    30,457 
Impairment losses on intangible assets                   40,523 
Operating loss   (98,831)   (97,615)   (33,805)   (35,982)   (171,525)
Finance income   13,826    34,592    7,001    11,101    22,965 
Finance expense   18,064    8,385    1,601    2,031    11,680 
Finance income (expense) from investment in securities   (38,068)   16,967    (38,681)   (40,234)   (67,791)
Loss before taxes on income   (141,137)   (54,441)   (67,086)   (67,146)   (228,031)
Taxes benefit (expenses)   742    121    (47)   273    (264)
Loss for the period   (140,395)   (54,320)   (67,133)   (66,873)   (228,295)
Loss attributable to non-controlling interests   (639)   (819)   (202)   (269)   (872)
Loss attributable to owners   (139,756)   (53,501)   (66,931)   (66,604)   (227,423)
                          
Loss per share                         
Basic loss per share   (0.54)   (0.21)   (0.26)   (0.26)   (0.88)
                          
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   (2,351)   344    (1,113)   (253)   (844)
Other comprehensive income items that will not be transferred to profit or loss                         
Remeasurement of net defined benefit liability (IAS 19), net of tax   3,127    (1,060)           2,508 
Total other comprehensive income (loss) for the period   776    (716)   (1,113)   (253)   1,664 
Total comprehensive loss for the period   (139,619)   (55,036)   (68,246)   (67,126)   (226,631)
Comprehensive loss attributable to non-controlling interests   (735)   (830)   (247)   (284)   (892)
Comprehensive loss attributable to owners of the Company   (138,884)   (54,206)   (67,999)   (66,842)   (225,739)

 

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Consolidated Statements of Changes in Equity (Unaudited)

(In thousands of USD)

 

   Share capital   Share premium and capital reserves   Remeasurement of IAS 19   Treasury shares   Foreign currency translation reserve   Accumulated loss   Total   Non- controlling interests   Total equity 
   Thousands   Thousands   Thousands   Thousands   Thousands   Thousands   Thousands   Thousands   Thousands 
   USD   USD   USD   USD   USD   USD   USD   USD   USD 
For the nine months ended September 30, 2023:                                    
Balance as of December 31, 2022   388,406    1,296,194    2,508    (1,509)   583    (536,657)   1,149,525    767    1,150,292 
Investment of non-controlling party in subsidiary                               723    723 
Loss for the period                       (53,501)   (53,501)   (819)   (54,320)
Other comprehensive income (loss) for the period           (1,060)       355        (705)   (11)   (716)
Exercise of warrants, options and conversion of convertible notes   10,921    (10,921)                            
Repurchase of treasury shares               (87,866)           (87,866)       (87,866)
Share based payment acquired       (1,780)                   (1,780)       (1,780)
Share-based payments       15,810                    15,810        15,810 
Balance as of September 30, 2023   399,327    1,299,303    1,448    (89,375)   938    (590,158)   1,021,483    660    1,022,143 

 

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   Share capital   Share premium and capital reserves   Remeasurement of IAS 19   Treasury shares   Foreign currency translation reserve   Accumulated loss   Total   Non- controlling interests   Total equity 
   Thousands   Thousands   Thousands   Thousands   Thousands   Thousands   Thousands   Thousands   Thousands 
   USD   USD   USD   USD   USD   USD   USD   USD   USD 
For the three months ended September 30, 2023:                                    
Balance as of June 30, 2023   396,238    1,298,124    1,448    (24,768)   1,176    (523,554)   1,148,664    892    1,149,556 
Investment of non-controlling party in subsidiary                               52    52 
Loss for the period                       (66,604)   (66,604)   (269)   (66,873)
Other comprehensive loss for the period                   (238)       (238)   (15)   (253)
Exercise of options and conversion of convertible notes   3,089    (3,089)                            
Repurchase of treasury shares               (64,607)           (64,607)       (64,607)
Share-based payments       4,268                    4,268        4,268 
Balance as of September 30, 2023   399,327    1,299,303    1,448    (89,375)   938    (590,158)   1,021,483    660    1,022,143 

 

11

 

 

 

Consolidated Statements of Cash Flows (Unaudited)

(In thousands of USD)

 

  

Nine Months Ended
September 30,

  

Three Months Ended
September 30,

  

Year ended
December 31

 
   2022   2023   2022   2023   2022 
Cash flow from operating activities:                    
Net loss   (140,395)   (54,320)   (67,133)   (66,873)   (228,295)
Adjustments:                         
Depreciation and amortization   6,084    4,551    3,228    1,588    7,283 
Impairment losses                    40,523 
Financing (income) expenses, net   9,089    (26,675)   (3,466)   (9,053)   (1,769)
Revaluation of financial liabilities accounted at fair value   (4,851)   468    (1,934)   (17)   (4,516)
Revaluation of financial assets accounted at fair value   38,068    (16,967)   38,681    40,234    62,791 
Loss (gain) from disposal of property plant and equipment and right-of-use assets   91    333    97    (12)   948 
Increase in deferred tax   (1,441)   (95)   (109)       (581)
Share-based payments   26,637    15,810    7,300    4,268    32,563 
Other   121    121    8    53    166 
    73,798    (22,454)   43,805    37,061    137,408 
Changes in assets and liabilities:                        
Increase in inventory   (3,384)   (3,253)   (1,506)   (2,041)   (4,603)
(Increase) decrease in other receivables   3,574    1,659    3,871    990    (1,978)
(Increase) decrease in trade receivables   (1,761)   (3,951)   198    2,088    (1,992)
Increase (decrease) in other payables   1,333    2,908    (64)   4,253    5,281 
Increase (decrease) in employee benefits   1,101    (992)   (635)   (593)   1,497 
Increase (decrease) in trade payables   (42)   4,742    (881)   5,570    628 
    821    1,113    983    10,267    (1,167)
Net cash used in operating activities   (65,776)   (75,661)   (22,345)   (19,545)   (92,054)
                          
Cash flow from investing activities:                         
Change in bank deposits   (187,412)   (37,016)   (140,921)   114,375    141,555 
Interest received   4,634    29,804    2,143    11,806    17,465 
Change in restricted bank deposits   (16)   (38)   59    (4)   (327)
Acquisition of property plant and equipment   (6,059)   (9,066)   (1,520)   (1,945)   (9,388)
Acquisition of intangible asset        (1,524)       (1,524)    
Acquisition of subsidiaries, net of cash acquired   (31,058)       (12,899)       (31,057)
Payment of a liability to pay a contingent consideration of business combination   (10,708)   (9,255)   (709)       (10,708)
Acquisition of financial assets in fair value through profit and loss   (177,775)       (159,972)       (177,775)
Decrease in deposit in escrow                   3,362 
Other                   (800)
Net cash from (used in) investing activities   (408,394)   (27,095)   (313,819)   122,708    (67,673)
                          
Cash flow from financing activities:                         
Lease payments   (3,088)   (3,640)   (1,207)   (1,169)   (4,151)
Repayment long-term bank debt   (303)   (193)   (85)   (97)   (406)
Proceeds from non-controlling interests   510    550    510        510 
Amounts recognized in respect of government grants liability   (132)   (225)   (39)   (53)   (221)
Payments of share price protection recognized in business combination   (744)   (1,780)            (1,005)
Repurchase of treasury shares       (85,726)       (65,985)    
Net cash used in financing activities   (3,757)   (91,014)   (821)   (67,304)   (5,273)
                          
Increase (decrease) in cash   (477,927)   (193,770)   (336,985)   35,859    (165,000)
Cash at beginning of the period   853,626    685,362    706,220    454,555    853,626 
Effect of exchange rate fluctuations on cash   (5,502)   (2,269)   962    (1,091)   (3,264)
Cash at end of the period   370,197    489,323    370,197    489,323    685,362 
                          
Non-cash transactions:                         
Property plant and equipment and intangible asset acquired on credit   509    410    474    82    52 
Repurchase of treasury shares on credit       2,140        (1,378)    
Recognition of a right-of-use asset   11,536    199    286        15,196 
Acquisition of financial assets in fair value through profit and loss            (2,158)        

 

12

 

 

 

Non-IFRS Measures

 

The following are reconciliations of income before taxes, as calculated in accordance with International Financial Reporting Standards (“IFRS”), to EBITDA and Adjusted EBITDA, as well as of gross profit, as calculated in accordance with IFRS, to Adjusted Gross Profit:

 

   For the
Nine-Months
Period Ended
September 30,
   For the
Three-Months
Period Ended
September 30,
 
   2023 
   In thousands of USD   In thousands of USD 
Net loss   (54,320)   (66,873)
Tax income   (121)   (273)
Depreciation and amortization   4,551    1,588 
Interest income   (34,575)   (11,008)
EBITDA (loss)   (84,465)   (76,566)
Finance income from revaluation of assets and liabilities   (16,139)   40,160 
Exchange rate differences   7,490    2,015 
Share-based compensation expenses   15,810    4,268 
Adjusted EBITDA (loss)   (77,304)   (30,123)

 

  

For the Nine-Months
Period Ended
September 30,

  

For the Three-Months
Period Ended
September 30,

 
   2022   2023   2022   2023 
Gross profit   6,380    18,430    1,799    5,369 
Depreciation and amortization   3,887    275    589    89 
Share-based payments   1,113    1,189    370    377 
Adjusted gross profit   11,380    19,894    2,758    5,835 

 

EBITDA is a non-IFRS measure and is defined as income before taxes, excluding depreciation and amortization expenses and amortization of assets recognized in business combination and interest income. We believe that EBITDA, as described above, should be considered in evaluating the Company’s operations. EBITDA facilitates the Company’s 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.

 

13

 

 

 

Adjusted EBITDA is a non-IFRS measure and is defined as income before taxes, excluding depreciation and amortization expenses, interest income, finance income for revaluation of assets and liabilities, exchange rate differences 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 the Company’s 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 revaluation of assets and liabilities, exchange rate differences and 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 revaluation, exchange rate differences and share-based payments.

 

Adjusted gross profit, excluding depreciation and amortization and share-based compensation expenses, is a non-IFRS measure and is defined as gross profit excluding amortization expenses. We believe that adjusted gross profit, as described above, should also be considered in evaluating the Company’s operations. Adjusted gross profit facilitates gross profit and gross margin comparisons from period to period and company to company by backing out potential differences caused by variations in amortization of inventory and intangible assets. Adjusted gross profit is useful to an investor in evaluating our performance because it enables investors, securities analysts and other interested parties to measure a company’s performance without regard to non-cash items, such as amortization expenses. Adjusted gross margin is calculated by dividing the adjusted gross profit by the revenues.

 

EBITDA, Adjusted EBITDA, and Adjusted gross profit 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 these measures differently than we do.

 

 

14

 

 

Exhibit 99.2

 

Nano Dimension Leading Manufacturing into the Future 3 rd Quarter 2023 Results & Earnings Call Yoav Stern, CEO Tomer Pinchas, COO & Acting CFO Julien Lederman, VP Corporate Development November 28 th , 2023

 

 

© 2023 Nano Dimension. All Rights Reserved. Distribution, Citation or Copying Without Permission is Strictly Prohibited. 2 Forward Looking Statements This presentation of Nano Dimension Ltd . (the “Company” or “Nano Dimension”) contains “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act and other 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 . For example, the Company is using forward - looking statements when it discusses its organic growth, increasing margins, business model, steady revenue growth compared to its peers, potential share repurchases and the potential benefits from the Reshaping Nano Initiative, including estimated annual savings . Because such statements deal with future events and are based on the Company’s current expectations, they are subject to various risks and uncertainties . Forward - looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain . Such expectations, beliefs and projections are expressed in good faith . However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward - looking statements . Forward - looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward - looking statements . For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report for the year ended December 31 , 2022 , filed with the SEC . Forward - looking statements speak only as of the date the statements are made . The Company assumes no obligation to update forward - looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward - looking information except to the extent required by applicable securities laws . If the Company does update one or more forward - looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward - looking statements .

 

 

© 2023 Nano Dimension. All Rights Reserved. Distribution, Citation or Copying Without Permission is Strictly Prohibited. 3 Highlights – Q3/2023 (Best Q3 in Nano’s History) Important Milestones Underscore Strong Business Momentum Headline financials ▪ Organic growth of revenue to $12.2M ▪ 22% higher than the same quarter in 2022 ▪ 33% higher than the first 9 months in 2022 ▪ Increased gross profit of $5.4M ▪ 198% higher than the same quarter in 2022 ▪ 1 89 % higher than the first 9 months in 2022 ▪ Improved gross margins by 26% (IFRS) and 20% (non - IFRS) basis points ▪ 44% vs, 18% in Q3 - 2022 (IFRS) ▪ 48% vs. 28% in Q3 - 2022 (non - IFRS) 1 Corporate governance & management ▪ September 7 th Annual General Meeting (AGM) ended with NNDM’s directors continuing stewardship ▪ Made several governance changes based on ISS & Glass Lewis recommendations and investor engagement relating to size, refreshing, and responsibilities 1 See reconciliation of IFRS to non - IFRS in slide 12 2 Cannot reveal certain customer names based on the confidentiality agreements outlined in certain contracts Notable customer successes² ▪ Additional Department of Defense Military Branch ▪ Largest order ever going to a Space Technology leader Product and R&D developments ▪ Flight Hub software release enabling new design to manufacturing capabilities for AME ▪ Biocompatible AME materials for medical applications ▪ Fabrica Micro - AM systems opened to 3 rd party materials ▪ Admaflex developed new entry level system INSU 200 – New Revolutionary Material

 

 

© 2023 Nano Dimension. All Rights Reserved. Distribution, Citation or Copying Without Permission is Strictly Prohibited. 4 Year - over - year improvements Revenue ▪ 22% revenue growth ; reflecting organic growth ▪ 12 straight quarters of year - on - year growth Gross profit ▪ 198% gross profit increase and 11 2 % adjusted gross profit increase ; demonstrating strengthening of business model and pricing power¹ Gross margins ▪ 26% gross margin and 20% adjusted gross margin improvement in absolute terms; demonstrates ongoing improvement in business model strength Financials – Q3/2023 Q3 2023 Q3 2022 In USD $12.2M $10.0M Revenue $5.4M $1.8M Gross Profit (IFRS) 44% 18% Gross Margin (IFRS) $5.8M $2.8M Adjusted Gross Profit (non - IFRS) 1 48% 28% Adjusted Gross Margin (non - IFRS) 1 ($76.6M) ($69.5M) EBITDA (loss) ($30.1M) ($24.2M) Adjusted EBITDA (loss) 1 $10.6M $13.5M R&D Expenses 2 $10.6M $0.0M Activist Damages & Expenses 3 ($66.9M) ($67.1M) Net loss ($19.5M) ($22.3M) Net cash used in operations ($7.7 M ) ($20.2M) Net cash used in operations , minus interest received 1 Strong Business Performance Driving Improved Financial Strength 1 See reconciliation of IFRS to non - IFRS in slide 12 2 R&D expenses that are part of Adjusted EBITDA (loss) 3 Expenses related to activist shareholder driven damages and expenses

 

 

© 2023 Nano Dimension. All Rights Reserved. Distribution, Citation or Copying Without Permission is Strictly Prohibited. 5 $5M $10M $20M $30M $39M $44M $48M $52M $54M $0M $15M $30M $45M $60M Q3 2021 LTM Q4 2021 LTM Q1 2022 LTM Q2 2022 LTM Q3 2022 LTM Q4 2022 LTM Q1 2023 LTM Q2 2023 LTM Q3 2023 LTM Growth Scaling Up Growth for Last Twelve Months (LTM) Revenue Demonstrates Business Momentum

 

 

© 2023 Nano Dimension. All Rights Reserved. Distribution, Citation or Copying Without Permission is Strictly Prohibited. 6 28% 48% 0% 10% 20% 30% 40% 50% Q3 2022 Q3 2023 Robust Year - on - Year Results Exemplify Increasing Financial Strength Strong Key Financial Despite Challenging Market Revenue Adjusted Gross Margin % (non - IFRS) 1 $10.0M $12.2M $0M $5M $10M $15M Q3 2022 Q3 2023 +22% YoY 1 See reconciliation of IFRS to non - IFRS in slide 12 Adjusted non - IFRS IFRS Adjusted non - IFRS IFRS

 

 

© 2023 Nano Dimension. All Rights Reserved. Distribution, Citation or Copying Without Permission is Strictly Prohibited. 7 Source Q3 2023 – Q3 2022 YoY Revenue Increase % / Decrease % ([DDD, DM, MKFG, SSYS] Q3 2023 filings) 1 Peer Group Avg. includes the overall average of DDD, DM, MKFG, SSYS Q3 2023 – Q3 2022 YoY Revenue increase % / decrease % (6%) (9%) (4%) (20%) (10%) 22% (25%) (20%) (15%) (10%) (5%) 0% 5% 10% 15% 20% 25% 30% Peer Group Avg. 1 Growth Outpaces Peers Sales Continue to Grow Despite Headwinds Faced by Peers Nano Dimension vs. Peers Revenue Growth for Q3/2023 vs. Q3/2022

 

 

© 2023 Nano Dimension. All Rights Reserved. Distribution, Citation or Copying Without Permission is Strictly Prohibited. 8 Capital allocation ▪ NNDM completed most of its initial $100M share repurchase plan ( “buy - back program”) ▪ There is now additional $200M program approved that will be executable until October 2024 Commencement of “Reshaping Nano Initiative” ▪ NNDM started and since accelerated a program designed to get the business operating income positive by 2025 ▪ Initiative focuses on synergies and clearer financial targets for the NNDM’s groups ▪ $ 30M in annual cost savings are expected, which should begin to appear in Q1/2024 results The Annual General Meeting (AGM) – Improving Governance in Board of Directors ▪ Shareholder support kept NNDM’s existing directors as stewards ▪ Based on ISS & Glass Lewis recommendations : ▪ Reduced Board by 2 Directors ▪ Split roles of Chairman & CEO ▪ Add 4 - Star General M. X. Garrett to the Board Renewed Stewardship and Reshaping Nano The Company Listened to Shareholders and has Ushered In Several Shareholder Friendly Changes

 

 

© 2022 Nano Dimension. All Rights Reserved. Distribution, Citation or Copying Without Permission is Strictly Prohibited. 9 Q&A

 

 

Appendix

 

 

© 2023 Nano Dimension. All Rights Reserved. Distribution, Citation or Copying Without Permission is Strictly Prohibited. 11 Reconciliation for Non - IFRS Measures EBITDA is a non - IFRS measure and is defined as income before taxes, excluding depreciation and amortization expenses and amortiz ation of assets recognized in business combination and interest income. We believe that EBITDA, as described above, should be considered in evaluating the Com pany’s operations. EBITDA facilitates the Company’s performance comparisons from period to period and company to company by backing out potential diffe ren ces caused by variations in capital structures, and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting rel ati ve depreciation and amortization expense, respectively), and EBITDA is useful to an investor in evaluating our operating performance because it is widely used by inves tor s, 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 income before taxes, excluding depreciation and amortization expenses, i nterest income, finance income for revaluation of assets and liabilities, exchange rate differences and share - based payments. We believe that Adjusted EBITDA, as d escribed above, should also be considered in evaluating the Company’s operations. Like EBITDA, Adjusted EBITDA facilitates the Company’s performance compari son s from period to period and company to company by backing out potential differences caused by variations in capital structures, and the age and depreciat ion charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), as well as from rev alu ation of assets and liabilities, exchange rate differences and share - based payment expenses. Adjusted EBITDA is useful to an investor in evaluating our operating performance b ecause it is widely used by investors, securities analysts and other interested parties to measure a company’s operating performance without regard to no n - c ash items, such as expenses related to revaluation, exchange rate differences and share - based payments. Adjusted gross profit, excluding depreciation and amortization and share - based payments expenses, is a non - IFRS measure and is d efined as gross profit excluding amortization expenses. We believe that adjusted gross profit, as described above, should also be considered in evaluating the Co mpany’s operations. Adjusted gross profit facilitates gross profit and gross margin comparisons from period to period and company to company by backing out pote nti al differences caused by variations in amortization of inventory and intangible assets. Adjusted gross profit is useful to an investor in evaluating our performance be cause it enables investors, securities analysts and other interested parties to measure a company’s performance without regard to non - cash items, such as amortization expenses. Adjusted gross margin is calculated by dividing the adjusted gross profit by the revenues. EBITDA, Adjusted EBITDA, and Adjusted gross profit do not represent cash generated by operating activities in accordance with IF RS and should not be considered alternatives to net income (loss) as indicators of our operating performance or as measures of our liquidity. These measures sho uld be considered in conjunction with net income (loss) as presented in our consolidated statements of profit or loss and other comprehensive income. Other companies m ay calculate these measures differently than we do.

 

 

© 2023 Nano Dimension. All Rights Reserved. Distribution, Citation or Copying Without Permission is Strictly Prohibited. 12 Reconciliation for Non - IFRS Measures The following are reconciliations of income before taxes, as calculated in accordance with International Financial Reporting Standards (“IFRS”), to EBITDA and Adjusted EBITDA, as well as of gross profit, as calculated in accordance with IFRS, to Adju ste d Gross Profit. See full reconciliation and explanation in Q3 2023 Nano Dimension press release published November 28 th , 2023 1 Excluding share based payments expenses, deprecation and amortization For the Three - Month Period Ended September 30 th , 2023 Amounts in thousands of USD (66,873) Net loss (273) Tax income 1,588 Depreciation and amortization (11,008) Interest income (76,566) EBITDA 40,160 Finance income from revaluation of assets and liabilities 2,015 Exchange rate differences 4,268 Share - based payments expenses (30,123) Adjusted EBITDA (loss) For the Three - Month Period Ended September 30 th , 2023 For the Three - Month Period Ended September 30 th , 2022 5,369 1,799 Gross profit 89 589 Depreciation and amortization 377 370 Share - based payments expenses 5,83 5 2,758 Adjusted gross profit (19,545) (22,345) Net cash used in operations 11,806 2,143 Interest earned ( 7,739 (20,202) Net cash used in operations, minus interest received

 

 

© 2023 Nano Dimension. All Rights Reserved. Distribution, Citation or Copying Without Permission is Strictly Prohibited. 13 Amounts in thousands of USD Key Metrics Q3 2023 Cash Flow Balance Sheet Income Statement Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 (19,545) (22,345) CF from operations 1,005,534 1,189,017 Cash cash balance 2 and marketable securities 12,158 9,998 Total Revenue 122,708 (313,819) CF from investing activities 1,073,067 1,275,927 Total Assets 5,835 2,758 Adjusted Gross Profit 1 (67,304) (821) CF from financing activities 588 785 Total Debt Loans from banks 48% 28% Adjusted Gross Margin 1 35,859 (336,985) Change in Cash and cash equivalents 50,924 44,346 Total Liabilities (30,123) (24,201) Adjusted EBITDA (loss) 1 1,02 1,483 1,230,716 Equity attributable to owners of the Company (66,873) (67,133) Net loss 1 See reconciliation of IFRS to non - IFRS in slide 12 2 Including cash equivalents and bank deposits

 


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