Nano Dimension Announces Sale of Two DragonFly LDM Systems for Additive Manufacturing of Electronics
November 05 2020 - 9:15AM
Nano Dimension Ltd.
(Nasdaq: NNDM),
a leading
Additively Manufactured Electronics (AME)/PE
(Printed Electronics)
provider, today announced that it has sold
additional two DragonFly LDM systems for additive manufacturing of
electronics. The systems were purchased by an Australian defense
contractor and by an Asia-Pacific research center.
In a statement to the Company’s shareholders,
Yoav Stern, CEO and President of Nano Dimension commented: “While
these two new customers represent our main target markets during
the COVID-19 era – defense contractors and research centers, the
significance justifying noticing these transactions is that they
may be the early birds of recovery, at least for the APAC
marketplace. One of the transactions was delayed from Q1/2020. We
have also noticed that the APAC geography is showing indications of
recovery faster than other regions. We believe that the United
States is still in a state of downswing of capital expenditures
under the influence of the COVID-19 pandemic, and European
prospective customers are sinking back toward a commercial stand
still, under the effects of the second wave of COVID-19.
“Thanks to shareholders’ support, we are
positioned in the best possible way with more than $100M in cash
that enables flexibility, internally as well as outwardly. Our
foray into an M&A search, with the help of Needham & Co.,
is continuing actively. Our decision not to spend millions of
dollars on go-to-market and sales and marketing in the short term
has proven a careful and balanced one as the market stagnation is
prolonged. The will of understandably hesitant and/or careful
customers to invest in breakthrough, new prototyping and
fabrication technologies of unique Hi-PEDs™
(High
Performance Electronic
Devices) is dramatically
hampered. We at Nano Dimension cannot stop the tsunami. However, we
have enough air to dive under it and emerge in the mid-term as even
clearer winners. Potentially, maybe with a few other “last men
standing.”
“Our steps taken starting approximately 90 days
ago were based on the following assumptions:
- The short-term negative economic effects of COVID-19 will not
subside until at least the end of Q1/2021, or maybe even the end of
Q2/2021.
- Any efforts and resources allocated to sales and marketing will
not show substantial enough results in the next 12 months.
“We believe that the long-term effect of
COVID-19 and the trade-war crises on our industry will lead to an
increase in demand for technology like ours, which enables
prototyping and short-run productions of Hi-PEDs
(High-Performance
Electronic Devices) on-the-ground
in the West, at prices and time-to-market that are competitive and
superior to traditional the multi-billion dollar PCB manufacturing
industry in the Far-East.
“As Dr. Joseph Kaplun has joined Nano Dimension
approximately 45 days ago to lead our R&D and Materials
Development teams, our efforts have expanded by approximately 50%
through recruitment of industry veteran scientists aimed at leading
us thorough the industrialization stages of our materials and
machines. We are already seeing early results from our previously
announced adjusted priorities for Q3/2020 until Q2/2021: build a
stronger competitive edge by accelerating product roadmap while
saving cash by investing only lightly in the commercial side of the
business (sales and marketing mostly in the United States). I
believe Nano Dimension will emerge out of the COVID-19 saga with a
reinforced competitive market position and hence, growth potential
will possibly manifest itself faster than expected.”
About Nano Dimension
Nano Dimension (Nasdaq: 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 that the sales transactions may be the early birds of
recovery of COVID-19, the effects of the Covid-19 pandemic on the
Company and its industry, that the Company is positioned in the
best possible way with cash that enables flexibility, the Company’s
efforts toward an M&A transaction, R&D activities, adjusted
priorities for Q3/2020 until Q2/ 2021, and emerging out of the
Covid-19 saga with a reinforced competitive market position and
growth potential. 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 10, 2020,
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
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