Nano Dimension Ltd. (Nasdaq: NNDM, “Nano
Dimension” or the “Company”), a leading supplier of
Additively
Manufactured
Electronics (“
AME”) and
multi-dimensional metal & ceramic
Additive
Manufacturing (“
AM”) 3D printers,
today announced financial results for the second quarter ended June
30th, 2022.
Nano Dimension reported revenues of $11.1
million for the second quarter of 2022, an increase of 1,268% over
the same quarter in 2021.
Revenues for the six months period ended June
30th, 2022, were $21.5 million, which represent a 1,227% increase
over the six months period ended June 30th, 2021. Revenues for
Q2/2022 were 6% over Q1/2022. The Company ended the
quarter with a cash, short-term investment and deposits balance of
$1.27 billion (including securities and short and long-term
unrestricted bank deposits), while net loss for the second quarter
was $40 million and Adjusted EBITDA was negative $21.3 million.
Highlighted results for Q2/2022 were:
- Net loss of $40 million includes $10.9 million non-cash
adjustments for share-based payments and depreciation and
amortization expenses.
- Gross margin (excluding amortization of intangible assets, also
recognized in business combination) was 36%.
- Adjusted EBITDA was negative $21.3 million.
- Adjusted EBITDA includes $12.9 million of R&D cash
expenses.
- Net cash used in operations during the second quarter of 2022
was $21.9 million.
Details regarding EBITDA and Adjusted EBITDA can be found later
in this press release under “Non-IFRS measures.”
CEO MESSAGE TO
SHAREHOLDERS:
The efforts of our newly assembled Go-To-Market
organization are indeed showing results, manifested by an
impressive growth in revenue. It includes Nano Dimension’s network
of marketing, sales, pre and post sales application engineers and
customer care engineers across Europe and the U.S. Their efforts
are indeed substantial and effective, especially with the
occurrences of unforeseen events, especially the slowdown in Europe
resulting from the industrial players’ reaction to the evolving war
in Ukraine as well as the crisis in electronic components’ supply
chain.
We see our role to either prepare for
unpredicted circumstances, or at least to react to them swiftly. As
part of this commitment to act, in mid-August 2022, we replaced our
President of the Americas with Mr. Dale Baker. Dale, an ex-General
Electric executive and ex-CEO of seven companies, has worked with
us before in similar roles in other exponential growth situations.
Dale is already heading the expansion of Nano Dimension’s U.S.
operations as well as taking the leadership role in AME worldwide
sales and marketing activity and gearing up to execute the
Company’s current organic and M&A growth strategy.
Our vision continues to evolve as we look to
transform AM, AM Electronics & adjacent industrial
non-digitized 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. We aim to build an ecofriendly and intelligent
distributed secured network of 3D printers & roll-in adjacent
industrial machine-learning-led-digitized manufacturing and
self-learning and self-improving machines.
As we have mentioned in the last quarter, the
business plan aimed at reaching the above has been expanded with a
wider field of view, to fit new arising opportunities. If
contraction of multiples and valuations will be sustained, we
expect to take advantage of our frugal approach to cash management
during the unreasonable “market-inflation” during 2020 to early
2022.
Indeed, in early Q3/2022 we leveraged the
shrinking valuations and bought Admatec Europe B.V. and
Formatec Technical Ceramics B.V. in Europe (a leading developer and
manufacturer of 3D metal/ceramic printing systems and a service
provider for ceramic/metal end-user parts), at approximately 2.5
times revenue. We have also established ourselves, at a value of
approximately 2 times revenue, as a shareholder of Stratasys Ltd.
(Nasdaq: SSYS), in a strategic investment (which may be increased
or decreased, subject to market conditions and other economic
factors). If acquisitions will withstand more reasonable prices,
which have not been available over the last two years, we hope to
show attractive synergistic growth from M&A activity.
FINANCIAL RESULTS:
Second
Quarter 2022 Financial Results
- Total revenues for the second quarter of 2022 were $11,101,000,
compared to $10,430,000 in the first quarter of 2022, and $811,000
in the second quarter of 2021. The increase is attributed to
increased sales of the Group’s product lines.
- Cost of revenues (excluding amortization of intangibles) for
the second quarter of 2022 was $7,151,000, compared to $6,580,000
in the first quarter of 2022, and $332,000 in the second quarter of
2021. The increase is attributed mostly to the increased sales of
the Group’s product lines.
- Research and development (R&D) expenses for the second
quarter of 2022 were $18,365,000, compared to $17,870,000 in the
first quarter of 2022, and $9,129,000 in the second quarter of
2021. The increase compared to the first quarter of 2022 is
attributed to an increase in materials and subcontractors expenses,
as well as increase in depreciation expenses, partially offset by a
decrease in share-based payment expenses. The increase compared to
the second quarter of 2021 is attributed mainly to an increase in
payroll expenses, subcontractors expenses and share-based payment
expenses, as a result of the Company’s increased R&D efforts.
- The R&D expenses net of depreciation and share-based
payments expenses were $12,944,000.
- Sales and marketing (S&M) expenses for the second quarter
of 2022 were $10,115,000, compared to $9,308,000 in the first
quarter of 2022, and $6,009,000 in the second quarter of 2021. The
increase is attributed mainly to an increase in payroll expenses as
a result of the Group’s growing sales and marketing team.
- The S&M expenses net of depreciation and share-based
payments expenses were $7,289,000.
- General and administrative (G&A) expenses for the second
quarter of 2022 were $7,207,000, compared to $6,742,000 in the
first quarter of 2022, and $4,906,000 in the second quarter of
2021. The increase compared to the first quarter of 2022 is
attributed to an increase in office and rent and related expenses,
as well as an increase in share-based payments expenses, partially
offset by a decrease in professional services. The increase
compared to the second quarter of 2021 is attributed to an increase
in payroll expenses.
- The G&A expenses net of depreciation and share-based
payments expenses were $5,373,000.
- Net loss attributed to the owners for the second quarter of
2022 was $39,732,000, or $0.15 per share, compared to
$33,093,000, or $0.13 per share, in the first quarter of 2022, and
$13,602,000, or $0.05 per share, in the second quarter of
2021.
Six Months Ended June 30 2022, Financial
Results
- Total revenues for the six months period ended June 30, 2022,
were $21,531,000, compared to $1,622,000 in the six months period
ended June 30, 2021. The increase is attributed to increased sales
of the Group’s product lines.
- Cost of revenues (excluding amortization of intangibles) for
the six months period ended June 30, 2022, was $13,731,000,
compared to $684,000 in the six months period ended June 30, 2021.
The increase is attributed mostly to increased sales of the Group’s
product lines.
- R&D expenses for the six months period ended June 30, 2022,
were $36,235,000, compared to $12,861,000 in the six months period
ended June 30, 2021. The increase is attributed to an increase in
payroll and subcontractors expenses as well as an increase in
share-based payment expenses, as a result of the Group’s increased
R&D efforts.
- The R&D expenses for the six months period ended June 30,
2022, net of depreciation and share-based payments expenses, were
$24,667,000.
- S&M expenses for the six months period ended June 30, 2022,
were $19,423,000, compared to $8,722,000 in the six months period
ended June 30, 2021. The increase is attributed to an increase in
payroll and marketing expenses as well as an increase in
share-based payment expenses as a result of the Group’s growing
sales and marketing team.
- The S&M expenses for the six months period ended June 30,
2022, net of depreciation and share-based payments expenses, were
$13,682,000.
- G&A expenses for the six months period ended June 30, 2022,
were $13,949,000, compared to $8,331,000 in the six months period
ended June 30, 2021. The increase is attributed to an increase in
payroll expenses as well as an increase in office and rent and
related expenses.
- The G&A expenses for the six months period ended June 30,
2022, net of depreciation and share-based payments expenses, were
$10,592,000.
- Net loss attributed to the owners for the six months period
ended June 30, 2022, was $72,825,000, or $0.28 per share,
compared to $22,916,000, or $0.10 per share, in the six months
period ended June 30, 2021.
Balance Sheet Highlights
- Cash and cash equivalents, together with short and long-term
bank deposits totaled $1,246,015,000 as of June 30th, 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 $1,291,415,000 as of June 30th,
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, September 1st, 2022,
at 9:00 a.m. EDT (4:00 p.m. IDT). Webcast link:
https://veidan.activetrail.biz/nanodimensionq2-2022 U.S. Dial-in
Number: 1-866-744-5399, Israel Dial-in Number: 972-3-9180692.
Please request the “Nano Dimension NNDM call” when prompted by the
conference call operator. For those unable to participate in the
conference call, there will be a replay available from a link on
Nano Dimension’s website at
http://investors.nano-di.com/events-and-presentations.
About Nano Dimension
Nano Dimension’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-PED®s) 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 is all
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 commitment,
vision and aim to build an ecofriendly and intelligent distributed
secured network of 3D printers & roll-in adjacent industrial
machine-learning-led-digitized manufacturing and self-learning and
self-improving machines, that if contraction of multiples and
valuations will be sustained, the Company expects to take advantage
of its frugal approach to cash management during the unreasonable
“market-inflation” during 2020 to early 2022, that investment in
Stratasys Ltd. may be increased or decreased, subject to market
conditions and other economic factors, and that if acquisitions
will withstand more reasonable prices, the Company hopes to show
attractive synergistic growth from M&A activity. 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
|
|
June 30, |
|
|
December 31, |
|
(In thousands of USD) |
|
2021 |
|
|
2022 |
|
|
2021(*) |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
1,034,837 |
|
|
|
706,220 |
|
|
|
853,626 |
|
Bank deposits |
|
|
286,989 |
|
|
|
511,093 |
|
|
|
437,598 |
|
Investment in securities |
|
|
- |
|
|
|
20,574 |
|
|
|
- |
|
Restricted deposits |
|
|
167 |
|
|
|
77 |
|
|
|
148 |
|
Trade receivables |
|
|
852 |
|
|
|
5,811 |
|
|
|
3,422 |
|
Other receivables |
|
|
3,329 |
|
|
|
6,654 |
|
|
|
5,902 |
|
Inventory |
|
|
4,120 |
|
|
|
15,982 |
|
|
|
11,199 |
|
Total current
assets |
|
|
1,330,294 |
|
|
|
1,266,411 |
|
|
|
1,311,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
deposits |
|
|
478 |
|
|
|
585 |
|
|
|
501 |
|
Bank
deposits |
|
|
75,113 |
|
|
|
28,702 |
|
|
|
64,371 |
|
Deferred tax |
|
|
- |
|
|
|
505 |
|
|
|
1,007 |
|
Property plant and equipment, net |
|
|
6,823 |
|
|
|
11,617 |
|
|
|
7,690 |
|
Right of use asset |
|
|
5,225 |
|
|
|
14,172 |
|
|
|
4,491 |
|
Intangible assets |
|
|
118,218 |
|
|
|
20,437 |
|
|
|
- |
|
Total non-current
assets |
|
|
205,857 |
|
|
|
76,018 |
|
|
|
78,060 |
|
Total
assets |
|
|
1,536,151 |
|
|
|
1,342,429 |
|
|
|
1,389,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables |
|
|
1,502 |
|
|
|
3,511 |
|
|
|
2,833 |
|
Financial derivatives |
|
|
6,268 |
|
|
|
9,558 |
|
|
|
14,910 |
|
Other payables |
|
|
7,000 |
|
|
|
21,082 |
|
|
|
13,836 |
|
Current portion of other long-term liability |
|
|
- |
|
|
|
355 |
|
|
|
417 |
|
Total current
liabilities |
|
|
14,770 |
|
|
|
34,506 |
|
|
|
31,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability in respect of government grants |
|
|
1,839 |
|
|
|
1,862 |
|
|
|
1,560 |
|
Employee benefits |
|
|
- |
|
|
|
306 |
|
|
|
4,145 |
|
Liability in respect of warrants |
|
|
- |
|
|
|
808 |
|
|
|
3,347 |
|
Lease liability |
|
|
3,914 |
|
|
|
10,969 |
|
|
|
3,336 |
|
Deferred tax liabilities |
|
|
3,627 |
|
|
|
279 |
|
|
|
236 |
|
Loan from banks |
|
|
- |
|
|
|
912 |
|
|
|
1,104 |
|
Other long-term liabilities |
|
|
9,285 |
|
|
|
819 |
|
|
|
- |
|
Total non-current
liabilities |
|
|
18,665 |
|
|
|
15,955 |
|
|
|
13,728 |
|
Total
liabilities |
|
|
33,435 |
|
|
|
50,461 |
|
|
|
45,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interests |
|
|
- |
|
|
|
553 |
|
|
|
875 |
|
Share capital |
|
|
386,003 |
|
|
|
387,312 |
|
|
|
386,665 |
|
Share premium and capital reserves |
|
|
1,248,164 |
|
|
|
1,287,451 |
|
|
|
1,266,027 |
|
Treasury shares |
|
|
(1,509 |
) |
|
|
(1,509 |
) |
|
|
(1,509 |
) |
Presentation currency translation reserve |
|
|
1,431 |
|
|
|
220 |
|
|
|
1,407 |
|
Accumulated loss |
|
|
(131,373 |
) |
|
|
(382,059 |
) |
|
|
(309,234 |
) |
Equity attributable to owners of the company |
|
|
1,502,716 |
|
|
|
1,291,415 |
|
|
|
1,343,356 |
|
Total
equity |
|
|
1,502,716 |
|
|
|
1,291,968 |
|
|
|
1,344,231 |
|
Total liabilities and
equity |
|
|
1,536,151 |
|
|
|
1,342,429 |
|
|
|
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 Six-Month Period Ended June 30, |
|
For the Three-Month Period Ended June 30, |
|
|
For the Year ended December 31, |
|
|
|
2021 |
|
|
2022 |
|
2021 |
|
|
2022 |
|
|
2021(*) |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
1,622 |
|
|
|
21,531 |
|
|
|
811 |
|
|
|
11,101 |
|
|
|
10,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
684 |
|
|
|
13,731 |
|
|
|
332 |
|
|
|
7,151 |
|
|
|
5,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues -
amortization of assets recognized in business combination and
technology |
|
|
491 |
|
|
|
3,219 |
|
|
|
294 |
|
|
|
370 |
|
|
|
3,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues |
|
|
1,175 |
|
|
|
16,950 |
|
|
|
626 |
|
|
|
7,521 |
|
|
|
9,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
447 |
|
|
|
4,581 |
|
|
|
185 |
|
|
|
3,580 |
|
|
|
1,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses, net |
|
|
12,861 |
|
|
|
36,235 |
|
|
|
9,129 |
|
|
|
18,365 |
|
|
|
41,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses |
|
|
8,722 |
|
|
|
19,423 |
|
|
|
6,009 |
|
|
|
10,115 |
|
|
|
22,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
expenses |
|
|
8,331 |
|
|
|
13,949 |
|
|
|
4,906 |
|
|
|
7,207 |
|
|
|
19,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment losses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
140,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(29,467 |
) |
|
|
(65,026 |
) |
|
|
(19,859 |
) |
|
|
(32,107 |
) |
|
|
(223,211 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income |
|
|
7,029 |
|
|
|
7,810 |
|
|
|
6,211 |
|
|
|
5,230 |
|
|
|
17,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance expense |
|
|
628 |
|
|
|
16,835 |
|
|
|
104 |
|
|
|
13,431 |
|
|
|
428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
|
|
(23,066 |
) |
|
|
(74,051 |
) |
|
|
(13,752 |
) |
|
|
(40,308 |
) |
|
|
(205,730 |
) |
Tax income |
|
|
150 |
|
|
|
789 |
|
|
|
150 |
|
|
|
334 |
|
|
|
4,906 |
|
Total comprehensive loss after
tax |
|
|
(22,916 |
) |
|
|
(73,262 |
) |
|
|
(13,602 |
) |
|
|
(39,974 |
) |
|
|
(200,824 |
) |
Total comprehensive loss
attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
- |
|
|
|
(437 |
) |
|
|
- |
|
|
|
(242 |
) |
|
|
(47 |
) |
Owners of the Company |
|
|
(22,916 |
) |
|
|
(72,825 |
) |
|
|
(13,602 |
) |
|
|
(39,732 |
) |
|
|
(200,777 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share |
|
|
(0.10 |
) |
|
|
(0.28 |
) |
|
|
(0.05 |
) |
|
|
(0.15 |
) |
|
|
(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 |
|
|
- |
|
|
|
(1,238 |
) |
|
|
- |
|
|
|
(1,006 |
) |
|
|
(46 |
) |
Remeasurement of net
defined benefit liability (IAS 19), net of tax |
|
|
- |
|
|
|
3,127 |
|
|
|
- |
|
|
|
3,127 |
|
|
|
- |
|
Total comprehensive
loss |
|
|
(22,916 |
) |
|
|
(71,373 |
) |
|
|
(13,602 |
) |
|
|
(37,853 |
) |
|
|
(200,870 |
) |
Comprehensive loss
attributable to non-controlling interests |
|
|
- |
|
|
|
(488 |
) |
|
|
- |
|
|
|
(278 |
) |
|
|
(69 |
) |
Comprehensive loss
attributable to owners of the Company |
|
- |
(22,916 |
) |
|
|
(70,885 |
) |
|
|
(13,602 |
) |
|
|
(37,575 |
) |
|
|
(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 six months ended June 30, 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 |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
166 |
|
|
166 |
|
Loss for the
period |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
(72,825 |
) |
|
(72,825 |
) |
|
(437 |
) |
|
(73,262 |
) |
Other comprehensive
loss for the year, net of tax |
|
- |
|
3,127 |
|
|
- |
|
|
(1,187 |
) |
|
- |
|
|
1,940 |
|
|
(51 |
) |
|
1,889 |
|
Exercise of
options |
|
647 |
|
(647 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Share based payment
acquired |
|
- |
|
(744 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(744 |
) |
|
- |
|
|
(744 |
) |
Share-based
payments |
|
- |
|
19,688 |
|
|
- |
|
|
- |
|
|
- |
|
|
19,688 |
|
|
- |
|
|
19,688 |
|
Balance as of June 30,
2022 |
|
387,312 |
|
1,287,451 |
|
|
(1,509 |
) |
|
220 |
|
|
(382,059 |
) |
|
1,291,415 |
|
|
553 |
|
|
1,291,968 |
|
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 June 30,
2022: |
|
Thousands USD |
|
Thousands USD |
|
Thousands USD |
|
Thousands USD |
|
Thousands USD |
|
Thousands USD |
|
Thousands USD |
|
Thousands USD |
Balance as of March 31,
2022 |
|
386,723 |
|
1,276,443 |
|
|
(1,509 |
) |
|
1,190 |
|
|
(342,327 |
) |
|
1,320,520 |
|
|
787 |
|
|
1,321,307 |
|
Investment of non-controlling party in
subsidiary |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
44 |
|
|
44 |
|
Loss for the period |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
(39,732 |
) |
|
(39,732 |
) |
|
(242 |
) |
|
(39,974 |
) |
Other comprehensive loss for the year, net of
tax |
|
- |
|
3,127 |
|
|
- |
|
|
(970 |
) |
|
- |
|
|
2,157 |
|
|
(36 |
) |
|
2,121 |
|
Exercise of options |
|
589 |
|
(589 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Share based payment acquired |
|
- |
|
(744 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(744 |
) |
|
- |
|
|
(744 |
) |
Share-based payments |
|
- |
|
9,214 |
|
|
- |
|
|
- |
|
|
- |
|
|
9,214 |
|
|
- |
|
|
9,214 |
|
Balance as of June 30, 2022 |
|
387,312 |
|
1,287,451 |
|
|
(1,509 |
) |
|
220 |
|
|
(382,059 |
) |
|
1,291,415 |
|
|
553 |
|
|
1,291,968 |
|
Consolidated Statements of Cash Flows
(Unaudited)(In thousands of USD)
|
For the Six-Month Period Ended June 30th, |
|
For the Three-Month Period Ended June 30th, |
|
For the Year ended December 31st, |
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
2021(*) |
Cash flow from
operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
(22,916 |
) |
|
(73,262 |
) |
|
(13,602 |
) |
|
(39,974 |
) |
|
(200,824 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
2,586 |
|
|
2,856 |
|
|
1,799 |
|
|
1,715 |
|
|
7,383 |
|
Impairment losses |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
140,290 |
|
Financing expenses (income),
net |
(1,300 |
) |
|
12,555 |
|
|
(592 |
) |
|
10,361 |
|
|
(6,873 |
) |
Revaluation of financial
liabilities accounted at fair value |
(5,101 |
) |
|
(2,917 |
) |
|
(5,515 |
) |
|
(1,547 |
) |
|
(10,608 |
) |
Loss from disposal of property
plant and equipment and right-of-use assets |
42 |
|
|
(6 |
) |
|
40 |
|
|
(3 |
) |
|
567 |
|
Increase in deferred tax |
(235 |
) |
|
(1,332 |
) |
|
(235 |
) |
|
(871 |
) |
|
(5,013 |
) |
Revaluation of financial
assets accounted at fair value |
- |
|
|
(613 |
) |
|
- |
|
|
(613 |
) |
|
- |
|
Share-based payments |
11,317 |
|
|
19,337 |
|
|
7,882 |
|
|
9,214 |
|
|
29,782 |
|
Salary expenses paid by
NCI |
- |
|
|
166 |
|
|
- |
|
|
44 |
|
|
- |
|
|
7,309 |
|
|
30,046 |
|
|
3,379 |
|
|
18,300 |
|
|
155,528 |
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
|
Decrease (increase) in
inventory |
(676 |
) |
|
(1,878 |
) |
|
(826 |
) |
|
(1,410 |
) |
|
2,382 |
|
Decrease (increase) in other
receivables |
121 |
|
|
(297 |
) |
|
(33 |
) |
|
554 |
|
|
(429 |
) |
Decrease (increase) in trade
receivables |
(139 |
) |
|
(1,959 |
) |
|
147 |
|
|
216 |
|
|
(449 |
) |
Increase (decrease) in other
payables |
(906 |
) |
|
1,397 |
|
|
(257 |
) |
|
(327 |
) |
|
1,139 |
|
Increase in employee
benefits |
- |
|
|
1,736 |
|
|
- |
|
|
588 |
|
|
- |
|
Increase in trade
payables |
411 |
|
|
839 |
|
|
(426 |
) |
|
110 |
|
|
74 |
|
|
(1,189 |
) |
|
(162 |
) |
|
(1,395 |
) |
|
(269 |
) |
|
2,717 |
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
operating activities |
(16,796 |
) |
|
(43,378 |
) |
|
(11,618 |
) |
|
(21,943 |
) |
|
(42,579 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flow from
investing activities: |
|
|
|
|
|
|
|
|
|
Investment in bank deposits,
net |
(276,419 |
) |
|
(46,491 |
) |
|
9,646 |
|
|
(24,584 |
) |
|
(416,019 |
) |
Interest received |
1,711 |
|
|
2,491 |
|
|
1,279 |
|
|
1,729 |
|
|
3,706 |
|
Change in restricted bank
deposits |
(28 |
) |
|
(75 |
) |
|
(44 |
) |
|
(95 |
) |
|
(32 |
) |
Acquisition of property plant
and equipment |
(1,015 |
) |
|
(4,539 |
) |
|
(416 |
) |
|
(2,564 |
) |
|
(9,761 |
) |
Payment of a liability to pay
a contingent consideration of business combination |
- |
|
|
(9,999 |
) |
|
- |
|
|
(9,999 |
) |
|
- |
|
Investment in shares measured
in fair value through profit and loss |
- |
|
|
(17,803 |
) |
|
- |
|
|
(17,803 |
) |
|
- |
|
Acquisition of subsidiary, net
of cash acquired |
(62,644 |
) |
|
(18,159 |
) |
|
(62,644 |
) |
|
(35 |
) |
|
(74,574 |
) |
Net cash used in
investing activities |
(338,395 |
) |
|
(94,575 |
) |
|
(52,179 |
) |
|
(53,351 |
) |
|
(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 |
150 |
|
|
- |
|
|
50 |
|
|
- |
|
|
212 |
|
Lease payments |
(801 |
) |
|
(1,881 |
) |
|
(497 |
) |
|
(1,085 |
) |
|
(1,494 |
) |
Proceeds from non-controlling
interests |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
944 |
|
Repayment of long-term bank
debt |
- |
|
|
(218 |
) |
|
- |
|
|
(138 |
) |
|
(814 |
) |
Amounts recognized in respect
of government grants liability, net |
28 |
|
|
(93 |
) |
|
100 |
|
|
(48 |
) |
|
(96 |
) |
Share based payment
acquired |
- |
|
|
(744 |
) |
|
- |
|
|
(744 |
) |
|
- |
|
Interest and other fees
paid |
(27 |
) |
|
(53 |
) |
|
(18 |
) |
|
(25 |
) |
|
(70 |
) |
Net cash provided by
financing activities |
804,847 |
|
|
(2,989 |
) |
|
(365 |
) |
|
(2,040 |
) |
|
804,179 |
|
Increase in
cash |
449,656 |
|
|
(140,942 |
) |
|
(64,162 |
) |
|
(77,334 |
) |
|
264,920 |
|
Cash at beginning of
the period |
585,338 |
|
|
853,626 |
|
|
1,099,057 |
|
|
788,141 |
|
|
585,338 |
|
Effect of exchange
rate fluctuations on cash |
(157 |
) |
|
(6,464 |
) |
|
(58 |
) |
|
(4,587 |
) |
|
3,368 |
|
Cash at end of the
period |
1,034,837 |
|
|
706,220 |
|
|
1,034,837 |
|
|
706,220 |
|
|
853,626 |
|
|
|
|
|
|
|
|
|
|
|
Non-cash
transactions: |
|
|
|
|
|
|
|
|
|
Property plant and equipment
acquired on credit |
27 |
|
|
35 |
|
|
(14 |
) |
|
(176 |
) |
|
249 |
|
Conversion of convertible
notes and warrants to equity |
2,830 |
|
|
- |
|
|
- |
|
|
|
- |
2,830 |
|
Acquisition of a right-of-use
asset |
1,800 |
|
|
11,250 |
|
|
583 |
|
|
13 |
|
|
1,919 |
|
Acquisition of financial
assets in fair value through profit and loss against credit
received |
- |
|
|
2,158 |
|
|
- |
|
|
2,158 |
|
|
- |
|
(*) 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 Six -Month Period Ended June 30th, |
|
For the Three-Month Period Ended June 30th, |
|
|
2022 |
|
|
In thousands of USD |
Total comprehensive loss |
|
(74,051 |
) |
|
(40,308 |
) |
Depreciation and amortization
(*) |
|
5,272 |
|
|
1,667 |
|
Interest expense (income) |
|
(4,247 |
) |
|
(2,737 |
) |
EBITDA (loss) |
|
(73,026 |
) |
|
(41,378 |
) |
finance expense (income) for
revaluation of assets and liabilities |
|
(3,167 |
) |
|
(2,172 |
) |
exchange rate differences |
|
16,385 |
|
|
13,084 |
|
Share-based payments |
|
19,337 |
|
|
9,214 |
|
Adjusted EBITDA (loss) |
|
(40,471 |
) |
|
(21,252 |
) |
|
|
|
|
Gross profit |
|
4,581 |
|
|
3,580 |
|
Amortization of
intangibles |
|
3,219 |
|
|
370 |
|
Adjusted gross profit,
excluding amortization of intangible assets |
|
7,800 |
|
|
3,950 |
|
(*) Including amortization of assets recognized in business
combination and technology
EBITDA is a non-IFRS measure and is defined as
total comprehensive loss before taxes excluding depreciation and
amortization expenses and amortization of assets recognized in
business combination and interest expense or 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.
Adjusted EBITDA is a non-IFRS measure and is
defined as total comprehensive loss before taxes excluding
depreciation and amortization expenses and amortization of assets
recognized in business combination, interest expenses or income,
finance expense (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 amortization of
intangible, 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 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.
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.
Nano Dimension (NASDAQ:NNDM)
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Nano Dimension (NASDAQ:NNDM)
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