Nano Dimension Ltd. (
Nasdaq: NNDM, “Nano
Dimension” or the “Company”), a leading supplier
of
Additively
Manufactured
Electronics
(“AME”) and multi-dimensional polymer, metal &
ceramic
Additive
Manufacturing
(“AM”) 3D printers, today announced its financial results for the
fourth quarter and full year ended December 31st, 2022.
Nano Dimension reported audited consolidated
revenues of $12.1 million for the fourth quarter ended December
31st, 2022, a 61% increase over the fourth quarter of 2021 and 21%
increase over the third quarter of 2022. Revenues for the full year
ended December 31st, 2022, were $43.6 million, an increase of 316%
over full year 2021.
CEO MESSAGE TO SHAREHOLDERS:
“We have delivered very significant revenue
growth in 2022, demonstrating further progress in our strategy to
drive rapid innovation that meets customer needs. We also achieved
several key customer and sales milestones, including strengthening
our defense customer base with orders from a European-based
military force and western global aerospace and defense contractor,
as well as key transactions with academic and research
institutions. We also made significant strides in executing against
our goal of becoming the leading AI/deep learning framework for
industrial applications. The advancements we’ve made are empowering
all machines in the extended Nano Dimension ecosystem through
advanced industrial inspection, print quality optimization, process
optimization and monitoring and maintenance of machines, a
significant value-add to new and existing customers.
We hope to accelerate our organic growth in the
year ahead and remain well-positioned to execute on our M&A
strategy – including our recently announced offer to acquire
Stratasys Ltd. (“Stratasys”), which we view as a strategic,
complementary asset in the relatively mature polymer-based AM
market segment – within a flexible capital deployment framework.
With the intensive help of our financial advisors, Greenhill and
Lazard, in addition to our ongoing exchange with Stratasys, we
continue building and pursuing our pipeline of additional
prospective synergistic M&A transactions.”
The Company’s organic revenue growth of previous
acquisitions:
- AM/Admatec
revenue grew +60% over 6 months since acquisition.
- Additive
Electronics/Essemtec revenue grew +8% over 12 months since
acquisition.
- AM/GIS
revenue grew +4% over 12 months since acquisition.
Highlights from the Financial Results for the full Years 2022
and 2021:
- IFRS Gross Margin (“GM”) for 2022 was 32%, compared to
11% in 2021.
- Our adjusted GM (excluding share based payments and cost
of revenues from amortization of inventory and assets recognized in
business combination and technology) for 2022 was 46%
compared to 45% in 2021.
- Our loss before taxes for 2022 was $228,031 thousand.
- Our EBITDA for 2022 was $236,697 thousand.
- Our adjusted EBITDA for 2022 was $88,804
thousand.
- Our investment in research and development (R&D)
expenses for 2022 was $75,763 thousand, which is the major
part of the contributors to the negative EBITDA.
- Our loss before taxes for 2021 was $205,730 thousand.
- Our EBITDA for 2021 was $199,698 thousand.
- Our adjusted EBITDA for 2021 was $43,345 thousand.
- Our investment in R&D expenses for 2021 was $41,686
thousand, which is the major part of the contributors to the
negative EBITDA.
Fourth Quarter 2022 Financial
Results
- Total revenues for the fourth quarter of 2022 were $12,104,000,
compared to $9,998,000 in the third quarter of 2022, and $7,531,000
in the fourth quarter of 2021. The increase is attributed to
increased sales of the Company’s product lines.
- R&D expenses for the fourth quarter of 2022 were
$20,993,000, compared to $18,535,000 in the third quarter of 2022,
and $15,099,000 in the fourth quarter of 2021. The increase
resulted primarily from an increase in payroll and related expenses
due to more research and development resources, as well as an
increase in materials expenses.
- Sales and marketing (S&M) expenses for the fourth quarter
of 2022 were $9,758,000, compared to $9,652,000 in the third
quarter of 2022, and $7,690,000 in the fourth quarter of 2021. The
increase compared to the fourth quarter of 2021 is resulted
primarily from an increase in payroll and related expenses and
marketing expenses.
- General and administrative (G&A) expenses for the fourth
quarter of 2022 were $9,091,000, compared to $7,417,000 in the
third quarter of 2022, and $6,470,000 in the fourth quarter of
2021. The increase resulted primarily from an increase in payroll
and related expenses as well as professional services.
- Impairment losses for the fourth quarter of 2022 were
$40,523,000. During 2022, there was a decline in the Company’s
share price, such that as of December 31, 2022, the fair value of
the Company, which is based on the share price, is lower than its
book value of equity. Given the recoverable amount of the said cash
generating units (CGUs), the goodwill, intangibles and property,
plant and equipment relating to the said CGUs was reduced by
approximately $40.5 million.
- Net loss for the fourth quarter of 2022 was $87,667,000, or
$0.34 per share, compared to $66,931,000, or $0.07 per share, in
the third quarter of 2022, and $159,624,000, or $0.62 per share, in
the fourth quarter of 2021.
Year Ended December 31st, 2022 Financial
Results
- Total revenues for the year ended December 31, 2022, were
$43,633,000, compared to $10,493,000 in the year ended December 31,
2021. The increase is attributed to increased sales of the
Company’s product lines.
- Cost of revenues (excluding amortization of inventory and
intangibles) for the year ended December 31, 2022, was $24,943,000,
compared to $5,730,000 in the year ended December 31, 2021. The
increase is attributed mostly to increased sales of the Company’s
product lines.
- R&D expenses for the year ended December 31, 2022, were
$75,763,000, compared to $41,686,000 in the year ended December 31,
2021. The increase is attributed to an increase of $21,034,000 in
payroll and related expenses, as well as an increase of $4,117,000
in materials and $7,480,000 in subcontractors’ expenses, due to
more research and development resources, and an increase of
$3,186,000 in share-based payments expenses. The increase in
R&D expenses was partially offset by a decrease of $2,659,000
in depreciation.
- S&M expenses for the year ended December 31, 2022, were
$38,833,000, compared to $22,713,000 in the year ended December 31,
2021. The increase resulted primarily from an increase of
$11,774,000 in payroll and related expenses, an increase of
$1,004,000 in marketing, commissions and advertising expenses, as
well as an increase of $1,818,000 in travel expenses and $1,185,000
in depreciation. During 2022, the Company decided to invest
increased resources in sales and marketing activities, thus, it
increased the number of its sales and marketing personnel.
- G&A expenses for the year ended December 31, 2022, were
$30,457,000, compared to $19,644,000 in the year ended December 31,
2021. The increase resulted primarily from an increase of
$6,442,000 in payroll and related expenses and $2,709,000 in
professional services due to the Company’s latest
acquisitions.
- Impairment losses for the year ended December 31, 2022, were
$40,523,000.
- Net loss for the year ended December 31, 2022, was
$227,423,000, or $0.88 per share, compared to $200,777,000 or $0.81
per share, in the year ended December 31, 2021.
Conference call information
The Company will host a conference call to
discuss these financial results today, March 30th, 2023, at 9:00
a.m. EDT (4:00 p.m. IDT). We encourage participants to pre-register
for the conference call using the following link:
https://dpregister.com/sreg/10175112/f5aecf64c0.
Webcast link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=jXYiYYF0.
U.S. Dial-in Number: 844-695-5517, INTERNATIONAL
DIAL IN: 1-412-902-6751, Israel Dial in Number: 1-80-9212373.
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/eventsand-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 serves 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.
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 hope to
accelerate its organic growth in the year ahead and remain
well-positioned to execute on its M&A strategy, the Company’s
offer to Stratasys and that the Company is continuing to build and
pursue its pipeline of additional prospective synergistic M&A
transactions. The forward-looking statements contained or implied
in this press release are subject to 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
Consolidated Statements of Financial
Position as at
|
|
2021 |
|
|
2022 |
|
|
|
Thousands |
|
|
Thousands |
|
|
|
USD |
|
|
USD |
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
853,626 |
|
|
|
685,362 |
|
Bank
deposits |
|
|
437,598 |
|
|
|
346,663 |
|
Restricted
deposits |
|
|
148 |
|
|
|
60 |
|
Trade
receivables |
|
|
3,422 |
|
|
|
6,342 |
|
Other
receivables |
|
|
5,902 |
|
|
|
6,491 |
|
Inventory |
|
|
11,199 |
|
|
|
19,400 |
|
Total current assets |
|
|
1,311,895 |
|
|
|
1,064,318 |
|
|
|
|
|
|
|
|
|
|
Restricted
deposits |
|
|
501 |
|
|
|
850 |
|
Bank
deposits |
|
|
64,371 |
|
|
|
— |
|
Investment
in securities |
|
|
— |
|
|
|
114,984 |
|
Deferred
tax |
|
|
1,007 |
|
|
|
115 |
|
Other
receivables |
|
|
— |
|
|
|
809 |
|
Property
plant and equipment, net |
|
|
7,690 |
|
|
|
5,843 |
|
Right of use
assets |
|
|
4,491 |
|
|
|
16,539 |
|
Intangible
assets |
|
|
— |
|
|
|
— |
|
Total non-current assets |
|
|
78,060 |
|
|
|
139,140 |
|
Total assets |
|
|
1,389,955 |
|
|
|
1,203,458 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Trade
payables |
|
|
2,833 |
|
|
|
3,722 |
|
Financial
derivatives and deferred consideration |
|
|
14,910 |
|
|
|
8,798 |
|
Other
payables |
|
|
13,836 |
|
|
|
24,150 |
|
Current
portion of other long-term liability |
|
|
417 |
|
|
|
363 |
|
Total current liabilities |
|
|
31,996 |
|
|
|
37,033 |
|
|
|
|
|
|
|
|
|
|
Liability in
respect of government grants |
|
|
1,560 |
|
|
|
1,492 |
|
Employee
benefits |
|
|
4,145 |
|
|
|
1,462 |
|
Liability in
respect of warrants |
|
|
3,347 |
|
|
|
69 |
|
Lease
liability |
|
|
3,336 |
|
|
|
12,374 |
|
Deferred tax
liabilities |
|
|
236 |
|
|
|
— |
|
Loan from
banks |
|
|
1,104 |
|
|
|
736 |
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
|
13,728 |
|
|
|
16,133 |
|
Total liabilities |
|
|
45,724 |
|
|
|
53,166 |
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
875 |
|
|
|
767 |
|
Share capital |
|
|
386,665 |
|
|
|
388,406 |
|
Share
premium and capital reserves |
|
|
1,266,027 |
|
|
|
1,296,194 |
|
Treasury shares |
|
|
(1,509 |
) |
|
|
(1,509 |
) |
Foreign
currency translation reserve |
|
|
1,407 |
|
|
|
583 |
|
Remeasurement of net defined benefit liability (IAS 19) |
|
|
— |
|
|
|
2,508 |
|
Accumulated
loss |
|
|
(309,234 |
) |
|
|
(536,657 |
) |
Equity
attributable to owners of the company |
|
|
1,343,356 |
|
|
|
1,149,525 |
|
Total equity |
|
|
1,344,231 |
|
|
|
1,150,292 |
|
Total liabilities and equity |
|
|
1,389,955 |
|
|
|
1,203,458 |
|
Consolidated Statements of Profit or Loss
and Other Comprehensive Income(In thousands of USD, except
per share amounts)
|
|
For the Year
Ended |
|
|
For the Three-Month
Period Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
Revenues |
|
|
10,493 |
|
|
|
43,633 |
|
|
|
7,531 |
|
|
|
12,104 |
|
Cost of revenues |
|
|
5,730 |
|
|
|
24,943 |
|
|
|
4,350 |
|
|
|
3,784 |
|
Cost of
revenues - write-down of inventories and impairment of assets
recognized in business combination and technology |
|
|
3,641 |
|
|
|
4,639 |
|
|
|
2,869 |
|
|
|
649 |
|
Total cost of revenues |
|
|
9,371 |
|
|
|
29,582 |
|
|
|
7,219 |
|
|
|
4,433 |
|
Gross
profit |
|
|
1,122 |
|
|
|
14,051 |
|
|
|
312 |
|
|
|
7,671 |
|
Research and
development expenses, net |
|
|
41,686 |
|
|
|
75,763 |
|
|
|
15,099 |
|
|
|
20,993 |
|
Sales and
marketing expenses |
|
|
22,713 |
|
|
|
38,833 |
|
|
|
7,690 |
|
|
|
9,758 |
|
General and
administrative expenses |
|
|
19,644 |
|
|
|
30,457 |
|
|
|
6,470 |
|
|
|
9,091 |
|
Impairment
losses |
|
|
140,290 |
|
|
|
40,523 |
|
|
|
140,290 |
|
|
|
40,523 |
|
Operating loss |
|
|
(223,211 |
) |
|
|
(171,525 |
) |
|
|
(169,237 |
) |
|
|
(72,694 |
) |
Finance
income |
|
|
17,909 |
|
|
|
22,965 |
|
|
|
5,326 |
|
|
|
11,105 |
|
Finance
expense |
|
|
428 |
|
|
|
79,471 |
|
|
|
— |
|
|
|
25,305 |
|
Loss
before taxes on income |
|
|
(205,730 |
) |
|
|
(228,031 |
) |
|
|
(163,911 |
) |
|
|
(86,894 |
) |
Taxes
benefit (expense) |
|
|
4,906 |
|
|
|
(264 |
) |
|
|
4,258 |
|
|
|
(1,006 |
) |
Loss
for the year |
|
|
(200,824 |
) |
|
|
(228,295 |
) |
|
|
(159,653 |
) |
|
|
(87,900 |
) |
Loss
attributable to non-controlling interests |
|
|
(47 |
) |
|
|
(872 |
) |
|
|
(29 |
) |
|
|
(233 |
) |
Loss
attributable to owners |
|
|
(200,777 |
) |
|
|
(227,423 |
) |
|
|
(159,624 |
) |
|
|
(87,667 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share |
|
|
(0.81 |
) |
|
|
(0.88 |
) |
|
|
(0.62 |
) |
|
|
(0.34 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
(46 |
) |
|
|
(844 |
) |
|
|
(46 |
) |
|
|
1,507 |
|
Other
comprehensive income items that will not be transferred to
profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurement of net defined benefit liability (IAS 19),
net of tax |
|
|
— |
|
|
|
2,508 |
|
|
|
— |
|
|
|
(619 |
) |
Total other
comprehensive income (loss) for the year |
|
|
(46 |
) |
|
|
1,664 |
|
|
|
(46 |
) |
|
|
888 |
|
Total
comprehensive loss for the year |
|
|
(200,870 |
) |
|
|
(226,631 |
) |
|
|
(159,699 |
) |
|
|
(87,012 |
) |
Comprehensive loss attributable to non-controlling interests |
|
|
(69 |
) |
|
|
(892 |
) |
|
|
(51 |
) |
|
|
(157 |
) |
Comprehensive loss attributable to owners of the Company |
|
|
(200,801 |
) |
|
|
(225,739 |
) |
|
|
(159,648 |
) |
|
|
(86,855 |
) |
Consolidated Statements of Changes in
Equity(In thousands of USD)
|
|
Share capital |
|
|
Share premium and capital reserves |
|
|
Remeasurement of IAS 19 |
|
|
Treasury shares |
|
|
Presentation / Foreign currency translation reserve |
|
|
Accumulated loss |
|
|
Total |
|
|
Non-controlling interests |
|
|
Total equity |
|
For the year ended December 31, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
— |
|
|
|
784 |
|
|
|
784 |
|
Loss for the
year |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(227,423 |
) |
|
|
(227,423 |
) |
|
|
(872 |
) |
|
|
(228,295 |
) |
Other
comprehensive loss for the year |
|
|
- |
|
|
|
- |
|
|
|
2,508 |
|
|
|
- |
|
|
|
(824 |
) |
|
|
- |
|
|
|
1,684 |
|
|
|
(20 |
) |
|
|
1,664 |
|
Exercise of warrants and options |
|
|
1,741 |
|
|
|
(1,741 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
— |
|
|
|
- |
|
|
|
— |
|
Share based
payment acquired |
|
|
- |
|
|
|
(1,005 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,005 |
) |
|
|
- |
|
|
|
(1,005 |
) |
Share-based
payments |
|
|
- |
|
|
|
32,913 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
32,913 |
|
|
|
- |
|
|
|
32,913 |
|
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 |
|
|
|
Share capital |
|
|
Share premium and capital reserves |
|
|
Remeasurement of IAS 19 |
|
|
Treasury shares |
|
|
Presentation / Foreign currency translation reserve |
|
|
Accumulated loss |
|
|
Total |
|
|
Non-controlling interests |
|
|
Total equity |
|
For the three months ended December 31,
2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of October 1, 2022 |
|
|
387,646 |
|
|
|
1,291,290 |
|
|
|
3,127 |
|
|
|
(1,509 |
) |
|
|
(848 |
) |
|
|
(448,990 |
) |
|
|
1,230,716 |
|
|
|
865 |
|
|
|
1,231,581 |
|
Investment
of non-controlling party in subsidiary |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
— |
|
|
|
59 |
|
|
|
59 |
|
Loss for the
year |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(87,667 |
) |
|
|
(87,667 |
) |
|
|
(233 |
) |
|
|
(87,900 |
) |
Other
comprehensive loss for the year |
|
|
- |
|
|
|
- |
|
|
|
(619 |
) |
|
|
- |
|
|
|
1,431 |
|
|
|
- |
|
|
|
812 |
|
|
|
76 |
|
|
|
888 |
|
Exercise of warrants and options |
|
|
760 |
|
|
|
(760 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
— |
|
|
|
- |
|
|
|
— |
|
Share based
payment acquired |
|
|
- |
|
|
|
(262 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(262 |
) |
|
|
- |
|
|
|
(262 |
) |
Share-based
payments |
|
|
- |
|
|
|
5,926 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,926 |
|
|
|
- |
|
|
|
5,926 |
|
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 |
|
Consolidated Statements of Cash
Flows(In thousands of USD)
|
|
For the Year Ended December 31, |
|
|
For the three months Ended Dec 31 |
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
Cash flow from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(200,824 |
) |
|
|
(228,295 |
) |
|
|
(159,653 |
) |
|
|
(87,900 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
7,383 |
|
|
|
7,283 |
|
|
|
2,405 |
|
|
|
1,199 |
|
Impairment
losses |
|
|
140,290 |
|
|
|
40,523 |
|
|
|
140,290 |
|
|
|
40,523 |
|
Financing
(income) expenses, net |
|
|
(6,873 |
) |
|
|
(1,769 |
) |
|
|
(5,074 |
) |
|
|
(10,858 |
) |
Revaluation
of financial liabilities accounted at fair value |
|
|
(10,608 |
) |
|
|
(4,516 |
) |
|
|
(252 |
) |
|
|
335 |
|
Revaluation
of financial assets accounted at fair value |
|
|
— |
|
|
|
62,791 |
|
|
|
— |
|
|
|
24,723 |
|
Loss from
disposal of property plant and equipment and Right of use
assets |
|
|
567 |
|
|
|
948 |
|
|
|
495 |
|
|
|
857 |
|
Increase in
deferred tax |
|
|
(5,013 |
) |
|
|
(581 |
) |
|
|
(4,279 |
) |
|
|
860 |
|
Share-based
payments |
|
|
29,782 |
|
|
|
32,563 |
|
|
|
8,279 |
|
|
|
5,926 |
|
Other |
|
|
— |
|
|
|
275 |
|
|
|
— |
|
|
|
59 |
|
Fees paid
(*) |
|
|
(70 |
) |
|
|
(109 |
) |
|
|
(65 |
) |
|
|
(14 |
) |
|
|
|
155,458 |
|
|
|
137,408 |
|
|
|
141,799 |
|
|
|
63,610 |
|
Changes in
assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase)
decrease in inventory |
|
|
2,382 |
|
|
|
(4,603 |
) |
|
|
2,973 |
|
|
|
(1,219 |
) |
(Increase)
in other receivables |
|
|
(429 |
) |
|
|
(1,978 |
) |
|
|
(420 |
) |
|
|
(5,552 |
) |
(Increase)
decrease in trade receivables |
|
|
(449 |
) |
|
|
(1,992 |
) |
|
|
61 |
|
|
|
(231 |
) |
Increase in
other payables |
|
|
1,139 |
|
|
|
5,281 |
|
|
|
1,209 |
|
|
|
3,948 |
|
Increase in
employee benefits |
|
|
— |
|
|
|
1,497 |
|
|
|
— |
|
|
|
396 |
|
Increase
(decrease) in trade payables |
|
|
74 |
|
|
|
628 |
|
|
|
(555 |
) |
|
|
670 |
|
|
|
|
2,717 |
|
|
|
(1,167 |
) |
|
|
3,268 |
|
|
|
(1,988 |
) |
Net
cash used in operating activities |
|
|
(42,649 |
) |
|
|
(92,054 |
) |
|
|
(14,586 |
) |
|
|
(26,278 |
) |
Cash
flow from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in
bank deposits, net |
|
|
(416,019 |
) |
|
|
141,555 |
|
|
|
(244,090 |
) |
|
|
328,967 |
|
Interest
received |
|
|
3,706 |
|
|
|
17,465 |
|
|
|
1,085 |
|
|
|
12,831 |
|
Change in
restricted bank deposits |
|
|
(32 |
) |
|
|
(327 |
) |
|
|
(1 |
) |
|
|
(311 |
) |
Acquisition
of property plant and equipment |
|
|
(9,761 |
) |
|
|
(9,388 |
) |
|
|
(7,596 |
) |
|
|
(3,329 |
) |
Acquisition
of subsidiaries, net of cash acquired |
|
|
(74,574 |
) |
|
|
(31,057 |
) |
|
|
(11,930 |
) |
|
|
1 |
|
Payment of a
liability to pay a contingent consideration of business
combination |
|
|
— |
|
|
|
(10,708 |
) |
|
|
— |
|
|
|
— |
|
Acquisition
of financial assets in fair value through profit and loss |
|
|
— |
|
|
|
(177,775 |
) |
|
|
— |
|
|
|
— |
|
Proceeds
from sale of property plant and equipment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Decrease
in deposit in escrow |
|
|
— |
|
|
|
3,362 |
|
|
|
— |
|
|
|
3,362 |
|
Other |
|
|
— |
|
|
|
(800 |
) |
|
|
— |
|
|
|
(800 |
) |
Net
cash used in investing activities |
|
|
(496,680 |
) |
|
|
(67,673 |
) |
|
|
(262,532 |
) |
|
|
340,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flow from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from issuance of Ordinary Shares, warrants and convertible notes,
net |
|
|
805,497 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercise of warrants and options |
|
|
212 |
|
|
|
— |
|
|
|
62 |
|
|
|
— |
|
Lease
payments |
|
|
(1,494 |
) |
|
|
(4,151 |
) |
|
|
(248 |
) |
|
|
(1,063 |
) |
Repayment
long-term bank debt |
|
|
(814 |
) |
|
|
(406 |
) |
|
|
(814 |
) |
|
|
(103 |
) |
Proceeds
from non-controlling interests |
|
|
944 |
|
|
|
510 |
|
|
|
354 |
|
|
|
— |
|
Amounts
recognized in respect of government grants liability, net |
|
|
(96 |
) |
|
|
(221 |
) |
|
|
(89 |
) |
|
|
(89 |
) |
Payments of
share price protection recognized in business combination |
|
|
— |
|
|
|
(1,005 |
) |
|
|
— |
|
|
|
(261 |
) |
Net
cash provided by (used in) financing activities |
|
|
804,249 |
|
|
|
(5,273 |
) |
|
|
(735 |
) |
|
|
(1,516 |
) |
(Decrease) increase in cash and cash
equivalents |
|
|
264,920 |
|
|
|
(165,000 |
) |
|
|
(277,853 |
) |
|
|
312,927 |
|
Cash
and cash equivalents at beginning of the period |
|
|
585,338 |
|
|
|
853,626 |
|
|
|
1,127,778 |
|
|
|
370,197 |
|
Effect of exchange rate fluctuations on cash and cash
equivalents |
|
|
3,368 |
|
|
|
(3,264 |
) |
|
|
3,701 |
|
|
|
2,238 |
|
Cash
and cash equivalents at end of year |
|
|
853,626 |
|
|
|
685,362 |
|
|
|
853,626 |
|
|
|
685,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
plant and equipment acquired on credit |
|
|
249 |
|
|
|
52 |
|
|
|
147 |
|
|
|
(457 |
) |
Conversion
of convertible notes and warrants to equity |
|
|
2,830 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Recognition
of a right-of-use asset |
|
|
1,919 |
|
|
|
15,196 |
|
|
|
29 |
|
|
|
3,660 |
|
Non-IFRS measures
The following is a reconciliation of EBITDA and Adjusted EBITDA
to loss before taxes, as calculated in accordance with
International Financial Reporting Standards (“IFRS”):
|
|
Year Ended December 31,
2022 |
|
|
Three-Month Period Ended
December 31, 2022 |
|
(in thousands of U.S. dollars) |
|
|
|
|
|
|
Loss before taxes |
|
|
(228,031 |
) |
|
|
(86,894 |
) |
Interest income |
|
|
(18,408 |
) |
|
|
(9,446 |
) |
Depreciation and amortization (*) |
|
|
9,742 |
|
|
|
2,125 |
|
EBITDA (loss) |
|
|
(236,697 |
) |
|
|
(94,215 |
) |
Exchange rate differences |
|
|
16,135 |
|
|
|
(1,670 |
) |
Finance expense for revaluation of assets
and liabilities |
|
|
58,672 |
|
|
|
25,304 |
|
Share-based payments |
|
|
32,563 |
|
|
|
5,926 |
|
Impairment losses |
|
|
40,523 |
|
|
|
40,523 |
|
Adjusted EBITDA (loss) |
|
|
(88,804 |
) |
|
|
(24,132 |
) |
|
|
|
|
|
|
|
|
|
Gross profit (loss) |
|
|
14,051 |
|
|
|
7,671 |
|
Amortization of inventory and
intangibles |
|
|
4,639 |
|
|
|
649 |
|
Share based payments |
|
|
1,584 |
|
|
|
471 |
|
Adjusted gross profit, excluding
amortization of intangible assets |
|
|
20,274 |
|
|
|
8,791 |
|
|
(*) |
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 inventory and 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.
Adjusted EBITDA is a non-IFRS measure and is
defined as total comprehensive loss before taxes excluding
depreciation and amortization expenses and amortization of
inventory and assets recognized in business combination, interest
income, finance expense for revaluation of assets and liabilities,
exchange rate differences, impairment losses 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, impairment losses 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 inventory and
intangibles and share based payments, is a non-IFRS measure and is
defined as gross profit excluding amortization expenses of
inventory and intangibles and share based payment 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, as well as share based payments.
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 and share
based payment 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.
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