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Nano Dimension Reports 2020 First Quarter Financial Results

BOCA RATON, Fla., May 14, 2020 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq, TASE: NNDM), a leading Additively Manufactured Electronics (AME)/PE (Printed Electronics) provider, today announced financial results for the first quarter ended March 31, 2020.

Nano Dimension reported revenues of $702,000 for the first quarter of 2020, compared to $1,977,000 in the fourth quarter of 2019, and $1,689,000 in the first quarter of 2019. Two sale-transactions of DragonFly LDM machines that were expected to close in China in the first quarter of 2020 were disrupted as the country was then at the climax of its Covid-19 crisis. These transactions may reemerge now that China is recovering. In Europe, as the situation in the world deteriorated, the buyer of one machine tried to considerably reduce its committed payment, so Nano Dimension canceled the transaction.

Nano Dimension ended the quarter with $4,509,000 in cash, while total loss for the first quarter was $2,074,000. The present cash situation, supported by $13,300,000 additional cash from previous and new shareholders’ investments in April 2020 public offering, is expected to be sufficient in supporting the company while crossing the bridge from Covid-19-led-economics through the recovery stages, leading to an accelerated growth within a more normal business environment.

“Considering current world events, extracting conclusions from the results of the first quarter may be a somewhat futile exercise. However, we do note that our revenues from consumables were 24% of the total quarterly revenues (affected upwards as a result of the abovementioned reduced machine sales). We had two more customers showing commitment to our technology by paying for upgrades to DragonFly LDM. Two additional customers bought our annual renewable service contracts,” said Yoav Stern, President and Chief Executive Officer of Nano Dimension. “A large number of our customers are still in slow-down or shut-down modes due to Covid-19. As a result, our working assumption is that at least the second through the third quarters of 2020 will be affected by reduction of revenue, from our originally budgeted figures,” concluded Mr. Stern.

First Quarter 2020 Financial Results

Balance Sheet Highlights

Conference call information

The Company will host a conference call to discuss these financial results today, May 14, 2020, at 9:00 a.m. EST (4:00 p.m. IST). Investors interested in participating are invited to register for the conference call here: http://dpregister.com/10143915. Dial-in numbers, including a local Israeli number and instructions, will be provided upon registration. U.S. Dial-in Number: 1-844-695-5517, International Dial-in Number: 1-412-902-6751, Israel Toll Free Dial-in Number: 1-80-9212373. Please request the “Nano Dimension NNDM call” when prompted by the conference call operator. The conference call will also be webcast live from the Investor Relations section of Nano Dimension’s website at http://investors.nano-di.com/events-and-presentations.

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.

Consolidated Statements of Financial Position as at

 March 31,  December 31, 
 2019  2020  2019 
(In thousands of USD)(Unaudited)  (Unaudited)    
         
Assets        
Cash and cash equivalents10,222  4,509  3,894 
Restricted deposits31  31  31 
Trade receivables1,855  1,482  1,816 
Other receivables542  609  570 
Inventory3,283  3,679  3,543 
Total current assets15,933  10,310  9,854 
         
Restricted deposits344  366  377 
Property plant and equipment, net5,412  4,604  4,743 
Right of use asset1,855  2,459  2,673 
Intangible assets5,790  5,019  5,211 
Total non-current assets13,401  12,448  13,004 
Total assets29,334  22,758  22,858 
         
Liabilities        
Trade payables1,199  756  850 
Other payables3,238  3,447  3,575 
Total current liabilities4,437  4,203  4,425 
         
Liability in respect of government grants873  937  1,044 
Lease liability1,381  1,834  2,089 
Liability in respect of convertible notes and warrants6,498  464  3,698 
Total non-current liabilities8,752  3,235  6,831 
Total liabilities13,189  7,438  11,256 
         
Equity        
Share capital5,559  12,219  6,441 
Share premium and capital reserves63,750  65,216  65,202 
Treasury shares(1,509) (1,509) (1,509)
Presentation currency translation reserve1,431  1,431  1,431 
Accumulated loss(53,086) (62,037) (59,963)
Total equity16,145  15,320  11,602 
Total liabilities and equity29,334  22,758  22,858 
         

Consolidated Statements of Profit or Loss and Other Comprehensive Income
(In thousands of USD, except per share amounts) 

 For the Three-Month Period Ended
March 31,
  For the Year ended
December 31,
 
 2019  2020  2019 
 (Unaudited)  (Unaudited)    
         
Revenues1,689  702  7,070 
         
Cost of revenues1,118  415  4,312 
         
Cost of revenues - amortization of intangible193  193  772 
         
Total cost of revenues1,311  608  5,084 
         
Gross profit378  94  1,986 
         
Research and development expenses, net2,152  1,702  8,082 
         
Sales and marketing expenses1,364  819  5,469 
         
General and administrative expenses567  1,035  3,270 
         
Operating loss(3,705) (3,462) (14,835)
         
Finance income3,649  1,426  8,765 
         
Finance expense1,420  38  2,283 
         
Total comprehensive loss(1,476) (2,074) (8,353)
         
Basic loss per share(0.01) (0.01) (0.05)
Basic loss per ADS (after the change in the ADS ratio)(0.05) (0.32) (2.38)
         

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

 Share
capital
  Share
premium
  Treasury
shares
  Presentation currency translation reserve  Accumulated
loss
  Total
equity
 
                  
For the three months ended March 31, 2020:                 
Balance as of January 1, 20206,441  65,202  (1,509) 1,431  (59,963) 11,602 
Issuance of ordinary shares, net3,765  (418) --  --  --  3,347 
Conversion of convertible notes2,013  (78) --  --  --  1,935 
Share-based payments--  510  --  --  --  510 
Net loss--  --  --  --  (2,074) (2,074)
                  
Balance as of March 31, 202012,219  65,216  (1,509) 1,431  (62,037) 15,320 
                  

About Nano Dimension

Nano Dimension (Nasdaq, TASE: NNDM) is a provider of intelligent machines for the fabrication of Additively Manufactured Electronics (AME). High fidelity active electronic and electromechanical subassemblies are integral enablers of autonomous intelligent drones, cars, satellites, smartphones, and in vivo medical devices. They necessitate iterative development, IP safety, fast time-to-market and device performance gains, thereby mandating AME for in-house, rapid prototyping and production. Nano Dimension machines serve cross-industry needs by depositing proprietary consumable conductive and dielectric materials simultaneously, while concurrently integrating in-situ capacitors, antennas, coils, transformers and electromechanical components, to function at unprecedented performance. Nano Dimension bridges the gap between PCB and semiconductor integrated circuits. A revolution at the click of a button: From CAD to a functional high-performance AME device in hours, solely at the cost of the consumable materials. 

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 that transactions may reemerge now that China is recovering, that the present cash situation is expected to be sufficient in supporting the company while crossing the bridge from Covid-19-led-economics through the recovery stages, leading to an accelerated growth within a more normal business environment, and the Company’s assumption that at least the second through the third quarters of 2020 will be affected by reduction of revenue, from originally budgeted figures. 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 10, 2020, and in any subsequent filings with the SEC. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: Nano Dimension’s ability to increase sales and revenue, its burn rate, and its ability to continue as a going concern. Based on the projected cash flows and our cash balances as of March 21, 2020, Nano Dimension’s management is of the opinion that without further fund raising it will not have enough resources to enable it to continue advancing its activities for a period of at least 12 months. As a result, there is substantial doubt about Nano Dimension’s ability to continue as a going concern. 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

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