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Nano Dimension Announced Q3 2022 Revenue of $10M & Record Backlog

646% Higher over Q3 Last Year
964% Higher YTD 2022 vs. Same Period 2021

Conference call to be held today at 9:00 a.m. EDT

WALTHAM, Mass., Dec. 01, 2022 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq: NNDM, “Nano Dimension” or the “Company”), an industry leader in Additively Manufactured Electronics, additive PCB assembly & printhead drivers and software (AME), and a supplier of Additive Manufacturing machines and materials (AM), today announced financial results for the third quarter ended September 30th, 2022. 

Nano Dimension reported revenues of $10M for the third quarter of 2022, an increase of 646% over the same quarter in 2021 and 10% less than Q2/2022. Moreover, the 3rd quarter of 2022 revenue run-rate indicates the potential for growth of approximately 300% in full year 2022 over 2021. If this occurs, the Company’s revenue will be growing over 10 times from 2020 to 2022, assuming no critical changes in the world economy resulting from current international affairs and/or other factors.

Revenues for the nine months period ended September 30th, 2022, were $31.5M, which represent a 964% increase over the nine months period ended September 30th, 2021.

Total loss before tax for the 3rd quarter of 2022 was $67.1M.

Details regarding EBITDA and Adjusted EBITDA can be found later in this press release under “Non-IFRS measures.”

Yoav Stern, Chairman & CEO, comments: “The comparable increases of revenue of Q3 2022 over Q3 2021 (646%) and year-to-date over last-year-year-to-date (964%) - highlight the business’ continued success in growing dramatically, better than our expectations as expressed last year. We also finished the third quarter with a record backlog of approximately $9M.

All our product lines’ revenue grew organically exceptfor additive electronics machines in Europe: As a result of the Russia-Ukraine war, our revenues in Russia and Poland were reduced in the first 9 months of 2022 by approximately $1.5M (75%) compared to the same period in 2021. Additionally, we understand from other customers there that the continued components’ supply chainshortages have caused them to request a delay in delivery of additive electronic machines (which are used to mount those delayed components).

Sales and deliveries in the USA of similar machines grew organically by 45% over the 9 months ended September 30th, 2022, compared to the similar period in 2021.  

The Gross Margin is a bit lower than we have anticipated, which is a result of the above mentioned held-back deliveries in Europe without reducing the fixed manufacturing overhead. The inherent gross margin of that technology is above 30%, as it has been for years, and it is within the typical range for that industry segment. We sold 69 machines of this kind since 1-1-2022. The Q3/2022 lower gross margin is also a result of trading up old AME machines with new ones, which are transactions at lower gross margins than the regular new AME machine sales.” 

FINANCIAL RESULTS:

Third Quarter 2022 Financial Results

Nine Months Ended September 30 2022, Financial Results

Balance Sheet Highlights

Conference call information

The Company will host a conference call to discuss these financial results today, December 1st, 2022, 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/10172491/f4dc959048.
Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=dJL0SDBd.
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/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-PEDs®) fabrication needs by simultaneously depositing proprietary conductive and dielectric substances, while integrating in-situ capacitors, antennas, coils, transformers, and electromechanical components. The outcomes are Hi-PEDs® which are critical enablers of autonomous intelligent drones, cars, satellites, smartphones, and in vivo medical devices. In addition, these products enable iterative development, IP safety, fast time-to-market, and device performance gains. 

Nano Dimension also develops complementary production equipment for Hi-PEDs® and printed circuit board (PCB) assembly (Puma, Fox, Tarantula, Spider etc.). The core competitive edge for this technology is in its adaptive, highly flexible surface-mount technology (SMT) pick-and-place equipment, materials dispenser suitable for both high-speed dispensing and micro-dispensing, as well as an intelligent production material storage and logistics system.  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, all controlled by the proprietary software system - Atlas.

Serving similar users of Hi-PEDs®, Nano Dimension’s AM products include 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. In addition, Nano’s Admatec Division supplies printing from Powder to Part by powder-based shaping & sintering technologies, from design to serial production of Powder Metallurgical & Ceramic parts or devices. The Admaflex 130 & 300 3D printing machines for ceramics and metals are modular DLP printing systems on one platform with customer-friendly software enabling full parameter accessibility & control and unique vision-based process monitoring. 

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

Forward-Looking Statements 
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Nano Dimension’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Nano Dimension could differ materially from those described in or implied by the statements in this press release. For example, Nano Dimension is using forward-looking statements when it discusses the potential for growth of approximately 300% in full year 2022 and 10 times from 2020 to 2022, the ability of the Company to execute on its vision and business plans, including without needing to raise more capital, its future growth both organically and from acquisitions, its ability to sell complementary products, 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, 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

  September 30,  December 31 
(In thousands of USD) 2021  2022  2021(*) 
  (Unaudited)  (Unaudited)    
Assets        
Cash and cash equivalents  1,127,778   370,197   853,626 
Bank deposits  257,613   650,111   437,598 
Restricted deposits  165   77   148 
Trade receivables  1,223   5,929   3,422 
Other receivables  3,459   2,925   5,902 
Inventory  4,035   17,837   11,199 
Total current assets  1,394,273   1,047,076   1,311,895 
            
Restricted deposits  483   521   501 
Bank deposits  -   28,404   64,371 
Investment in securities  -   139,707   - 
Other long-term assets  -   1,282   1,007 
Property plant and equipment, net  7,523   13,166   7,690 
Right of use asset  4,869   13,972   4,491 
Intangible assets  116,767   31,799   - 
Total non-current assets  129,642   228,851   78,060 
Total assets  1,523,915   1,275,927   1,389,955 
            
Liabilities           
Trade payables  1,796   2,925   2,833 
Financial derivatives  4,775   8,189   14,910 
Other payables  7,970   18,864   13,836 
Current portion of other long-term liability  -   370   417 
Total current liabilities  14,541   30,348   31,996 
            
Liability in respect of government grants  1,910   1,507   1,560 
Employee benefits  -   296   4,145 
Liability in respect of warrants  5,523   124   3,347 
Lease liability  3,577   10,519   3,336 
Deferred tax liabilities  3,128   587   236 
Loan from banks  -   785   1,104 
Other long-term liabilities  -   180   - 
Total non-current liabilities  14,138   13,998   13,728 
Total liabilities  28,679   44,346   45,724 
            
Equity           
Non-controlling interests  572   865   875 
Share capital  386,372   387,646   386,665 
Share premium and capital reserves  1,257,980   1,291,290   1,266,027 
Treasury shares  (1,509)  (1,509)  (1,509)
Remeasurement of Net Defined Benefit liability (IAS 19)  -   3,127   - 
Presentation currency translation reserve  1,431   (848)  1,407 
Accumulated loss  (149,610)  (448,990)  (309,234)
Equity attributable to owners of the company  1,494,664   1,230,716   1,343,356 
Total equity  1,495,236   1,231,581   1,344,231 
Total liabilities and equity  1,523,915   1,275,927   1,389,955 
(*) The December 31st , 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 Nine-Month
Period Ended
September 30,
  For the Three-Month
Period Ended
September 30,
  For the Year ended
December 31
 
  2021  2022  2021  2022  2021(*) 
  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)    
                
Revenues 2,962  31,529  1,340  9,998  10,493 
                     
Cost of revenues  1,380   21,159   696   7,428   5,730 
                     
Cost of revenues - amortization of inventory and assets recognized in business combination and technology  772   3,990   281   771   3,641 
                     
Total cost of revenues  2,152   25,149   977   8,199   9,371 
                     
Gross profit  810   6,380   363   1,799   1,122 
                     
Research and development expenses, net  26,587   54,770   13,726   18,535   41,686 
                     
Sales and marketing expenses  15,023   29,075   6,301   9,652   22,713 
                     
General and administrative expenses  13,174   21,366   4,843   7,417   19,644 
                     
Impairment losses  -   -   -   -   140,290 
                     
Operating loss  (53,974)  (98,831)  (24,507)  (33,805)  (223,211)
                     
Finance income  13,065   13,826   6,036   7,001   17,909 
                     
Finance expense  910   56,132   282   40,282   428 
                     
Loss before taxes on income  (41,819)  (141,137)  (18,753)  (67,086)  (205,730)
Tax income (expense)  648   742   498   (47  4,906 
Total loss after tax  (41,171)  (140,395)  (18,255)  (67,133)  (200,824)
Total loss attributable to:                    
Non-controlling interests  (18)  (639)  (18)  (202)  (47)
Owners of the Company  (41,153)  (139,756)  (18,237)  (66,931)  (200,777)
                     
Basic loss per share  (0.17)  (0.54)  (0.07)  (0.26)  (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  -   (2,351)  -   (1,113)  (46)
Remeasurement of net defined benefit liability (IAS 19), net of tax  -   3,127   -   -   - 
Total comprehensive loss  (41,171)  (139,619)  (18,255)  (68,246)  (200,870)
Comprehensive loss attributable to non-controlling interests  -   (735)  -   (247)  (69)
Comprehensive loss attributable to owners of the Company  (41,171)  (138,884)  (18,255)  (67,999)  (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   Foreign         
    premium   currency     Non-   
  Share and capital Treasury translation Accumulated   controlling Total 
  capital reserves shares reserve loss Total interests equity 
For the nine months ended September 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 (1509)1,407 (309,234)1,343,356 875 1,344,231 
Investment of non-controlling party in subsidiary - - - - - - 725 725 
Loss for the period - - - - (139,756)(139,756)(639)(140,395)
Other comprehensive loss for the year, net of tax - 3,127 - (2,255)- 872 (96)776 
Exercise of options 981 (981)- - - - - - 
Share-based payment acquired - (744)- - - (744)- (744)
Share-based payments - 26,988 - - - 26,988 - 26,988 
Balance as of September 30, 2022 387,646 1,294,417 (1509)-848 (448,990)1,230,716 865 1,231,581 



Consolidated Statements of Changes in Equity (Unaudited)
(In thousands of USD)

    Share   Foreign         
    premium   currency     Non-   
  Share and capital Treasury translation Accumulated   controlling Total 
  capital reserves shares reserve loss Total interests equity 
For the three months ended September 30, 2022: Thousands
USD
 Thousands
USD
 Thousands
USD
 Thousands
USD
 Thousands
USD
 Thousands
USD
 Thousands
USD
 Thousands
USD
 
Balance as of June 30, 2022 387,312 1,287,451 (1509)220 (382,059)1,291,415 553 1,291,968 
Investment of non-controlling party in subsidiary - - - - - - 559 559 
Loss for the period - - - - -66,931 (66931)(202)(67,133)
Other comprehensive loss for the year, net of tax - - - (1068)- (1068)(45)(1113)
Exercise of options 334 (334)- - - - - - 
Share-based payment acquired - - - - - - - - 
Share-based payments - 7,300 - - - 7,300 - 7,300 
Balance as of September 30, 2022 387,646 1,294,417 (1509)(848)(448,990)1,230,716 865 1,231,581 



Consolidated Statements of Cash Flows (Unaudited)
(In thousands of USD)

  For the
Nine-Month Period
Ended September 30th,
  For the
Three-Month Period
Ended September 30th,
  For the Year
ended
December 31st,
 
  2021  2022  2021  2022  2021(*) 
Cash flow from operating activities:               
Net loss  (41,171)  (140,395)  (18,255)  (67,133)  (200,824)
Adjustments:                    
Depreciation and amortization  4,978   6,084   2,392   3,228   7,383 
Impairment losses  -   -   -   -   140,290 
Financing expenses (income), net  (1,799)  9,089   (499)  (3,466)  (6,873)
Revaluation of financial liabilities accounted at fair value  (10,356)  (4,851)  (5,255)  (1,934)  (10,608)
Loss from disposal of property plant and equipment and right-of-use assets  72   91   30   97   567 
Increase in deferred tax  (734)  (1,441)  (499)  (109)  (5,013)
Revaluation of financial assets accounted at fair value  -   38,068   -   38,681   - 
Share-based payments  21,503   26,637   10,186   7,300   29,782 
Salary expenses paid by non-controlling interest (NCI)  -   216   -   50   - 
   13,664   73,893   6,355   43,847   155,528 
Changes in assets and liabilities:                    
Decrease (increase) in inventory  (591)  (3,384)  85   (1,506)  2,382 
Decrease (increase) in other receivables  (9)  3,574   (130)  3,871   (429)
Decrease (increase) in trade receivables  (510)  (1,761)  (371)  198   (449)
Increase (decrease) in other payables  (70)  1,333   836   (64)  1,139 
Increase (decrease) in employee benefits  -   1,101   -   (635)  - 
Increase (decrease) in trade payables  629   (42)  218   (881)  74 
   (551)  821   638   983   2,717 
                     
Net cash used in operating activities  (28,058)  (65,681)  (11,262)  (22,303)  (42,579)
                     
Cash flow from investing activities:                    
Investment in bank deposits and loans, net  (171,929)  (187,412)  104,490   (140,921)  (416,019)
Interest received  2,621   4,634   910   2,143   3,706 
Change in restricted bank deposits  (31)  (16)  (3)  59   (32)
Acquisition of property plant and equipment  (2,165)  (6,059)  (1,150)  (1,520)  (9,761)
Payment of a liability to pay a contingent consideration of business combination  -   (10,708)  -   (709)  - 
Investment in shares measured in fair value through profit and loss  -   (177,775)  -   (159,972)  - 
Acquisition of subsidiary, net of cash acquired  (62,644)  (31,058)  -   (12,899)  (74,574(
                     
Net cash used in investing activities  (234,148)  (408,394)  104,247   (313,819)  (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   -   -   -   212 
Lease payments  (1,246)  (3,088)  (445)  (1,207)  (1,494)
Proceeds from non-controlling interests  590   510   590   510   944 
Repayment of long-term bank debt  -   (303)  -   (85)  (814)
Amounts recognized in respect of government grants liability, net  (7)  (132)  (35)  (39)  (96)
Share-based payment acquired  -   (744)  -   -   - 
Interest and other fees paid  (5)  (95)  22   (42)  (70)
Net cash provided by financing activities  804,979   (3,852)  132   (863)  804,179 
Increase in cash  542,773   (477,927)  93,117   (336,985)  264,920 
Cash at beginning of the period  585,338   853,626   1,034,838   706,220   585,338 
Effect of exchange rate fluctuations on cash  (333)  (5,502)  (177)  962   3,368 
Cash at end of the period  1,127,778   370,197   1,127,778   370,197   853,626 
                     
Non-cash transactions:                    
Property plant and equipment acquired on credit  102   509   75   474   249 
Conversion of convertible notes and warrants to equity  2,830   -   -   -   2,830 
Acquisition of a right-of-use asset  1,890   11,536   90   286   1,919 
Acquisition of financial assets in fair value through profit and loss against credit received  -   -   -   (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 loss before taxes, as calculated in accordance with International Financial Reporting Standards (“IFRS”):

  For the
Nine -Month
Period Ended
September 30th,
  For the
Three-Month
Period Ended
September 30th,
 
  2022 
  In thousands of USD 
Loss before taxes on income  (141,137)  (67,086)
Depreciation and amortization (*)  7,617   2,345 
Interest expense (income)  (8,962)  (4,715)
EBITDA (loss)  (142,482)  (69,456)
Finance expense for revaluation of assets and liabilities  33,368   36,535 
Exchange rate differences  17,805   1,420 
Share-based payments  26,637   7,300 
Adjusted EBITDA (loss)  (64,672)  (24,201)
         
Gross profit  6,380   1,799 
Amortization of inventory and intangibles  3,990   771 
Adjusted gross profit, excluding amortization of intangible assets  10,370   2,570 


(*) 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 inventory and intangibles, 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.

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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