Nano Dimension Reports Growth in Revenues Year-Over-Year of 39% Based on Preliminary Results
February 03 2020 - 2:30AM
Nano Dimension Ltd., a the leading additive manufactured
electronics (AME) provider (NASDAQ, TASE: NNDM), today released
selected preliminary unaudited estimates of financial results for
the fourth quarter and full year of 2019 and reported quarterly
revenues of approximately $1,977,000 for the fourth quarter of 2019
and $7,070,000 for the full year of 2019, which represents 39%
growth year-over-year.
“Amit Dror, the co-founder of Nano Dimension,
led its teams during 2019 to an impressive increase of 39% in
revenue over 2018. Moreover, during 2019 the Company further
developed the machine to the next level— the first Lights-Out
Digital Manufacturing system in the additive manufacturing
electronics market (the DragonFly LDM, released in July 2019),”
said Yoav Stern, President and CEO of Nano Dimension. “I am
fortunate to have joined Amit and the team in early January 2020,
in a mutual effort to lead the Company to new heights.”
Fourth Quarter and Full Year 2019 Preliminary
Estimates of Financial Results and Business Highlights The
anticipated results presented in this release are based on
preliminary financial data and are subject to change until the
period-end financial reporting and audit process is complete.
Highlights of Nano Dimension’s preliminary financial results for
the fourth quarter of 2019
include:
- In the fourth quarter of 2019, the
Company sold six DragonFly systems, three of which were sold to
customers operating in the U.S. defense industry. This brings the
total system sales in 2019 to 27 systems.
- Revenue for the fourth quarter of
2019 is expected to be approximately $2.0 million, compared to
$2.24 million in the third quarter of 2019 and $1.7 million in the
fourth quarter of 2018.
- Existing customers expressed a vote
of confidence and purchased an
LDM (Lights-Out-Manufacturing) upgrade kits for their
existing DragonFly Pro system.
- The Company ended the fourth
quarter of 2019 with approximately $3.9 million in cash on its
balance sheet.
Recent Corporate Highlights
- In January 2020, the Company
announced the appointment of veteran turnaround executive, Yoav
Stern, as President and Chief Executive Officer of the
Company.
- Simultaneous to the appointment of
Mr. Stern, the Company’s co-founder and former Chief Executive
Officer Amit Dror, took on the executive role of Chief Customer
Success Officer.
- In the fourth quarter, seasoned
executive and inventor Ofir Baharav replaced the Company’s outgoing
director Avi Reichental as Chairman of the Board of Directors.
- Pursuant to the August 2019
convertible note financing, a second tranche of $1.36 million in
gross proceeds to the Company (the “Second Tranche”) is due to be
paid to the Company on or before February 17, 2020. Certain
investors from the Private Placement, representing approximately
half of aggregate dollar amount of the Second Tranche, have
notified the Company that they believe that the Company does not
meet the conditions precedent to close the Second Tranche of the
Private Placement. The Company believes that it meets all such
conditions precedent and reserves its right to respond accordingly.
Nano Dimension cannot be certain that it will close the Second
Tranche, or a portion thereof.
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. For example, Nano Dimension is using
forward-looking statements in this press release when it discusses
preliminary unaudited estimates of financial results, when it
discusses the company being competitive, and when it discusses
closing the Second Tranche of the Private Placement. Because such
statements deal with future events and are based on Nano
Dimension's current expectations, they are subject to various risks
and uncertainties. Actual results, performance or achievements of
Nano Dimension could differ materially from those described in or
implied by the statements in this press release. 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 14, 2019, 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
Nano Dimension (NASDAQ:NNDM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nano Dimension (NASDAQ:NNDM)
Historical Stock Chart
From Apr 2023 to Apr 2024