Early Financial Results: Approximate Revenues of $3.4 Million for 2020
Recent Cash Reserves of $990 Million with No Debt
Sunrise, Florida, February 9th, 2021 – Nano Dimension Ltd. (Nasdaq: NNDM), an industry leading Additively Manufactured Electronics (AME)/PE (Printed Electronics) provider, today announced a preview of its financial results for the year ended December 31, 2020.
On a preliminary basis, Nano Dimension reported unaudited revenue of approximately $3,400,000 for the year ended December 31, 2020, approximately $990 million of cash reserves, and no debt, as of January 31, 2021. The above information reflects preliminary estimates with respect to certain results of Nano Dimension for the year ended December 31, 2020, based on currently available information. Because the audit is not yet complete, Nano Dimension’s final results may vary from the preliminary estimates.
Yoav Stern, President & Chief Executive Office remarked: “As I have commented in our quarterly results conference calls since May 2020, as well as in presentations to dozens of new investors, during the eight capital raising transactions totaling $1 billion since May 2020, the COVID-19 pandemic affected the sales of our DragonFly LDM systems in 2020. In fact, I stated publicly that revenue in 2020 could be close to zero; therefore, I am pleased with our results. Our customers and prospects have been subjected to travel and capital expense restrictions, as well as limitations on visits of our engineers for sales, installations and support. Acquiring breakthrough technologies has not been a priority for buyers struggling with a “tsunami” event like COVID-19.”
Mr. Stern added, “I was positively surprised during H2/2020, as our revenue was much higher than I expected, reflecting the following 5 upward trends:
1. A large number of upgrades of the older DragonFly Pro into our next generation system, the 24/7 DragonFly LDM, which is indicative of the high level of customer satisfaction and their continued utilization of our machines. Approximately 70% of our DragonFly Pro customers have upgraded their machines.
2. Revenue boosted by our recurring revenue model, which includes the selling of dielectric and conductive materials (Inks) used by the DragonFly LDM for 3D printing.
3. Strong initial sales of our new NaNoS – Nano Services of Proof of Concept/Prototyping printing of Hi-PEDs (Hi-Performance Electronic Devices) for prospective customers who may have purchased our systems, but who instead paid us for services as a result of the stagnation of their capital expenses due to COVID-19.
4. Recurring revenues from customers, with annual services and support agreements.
5. Sales to Pacific rim customers who recovered earlier from the COVID-19 pandemic and started to buy machines in November 2020. DragonFly LDM was sold to an Academy of Engineering Physics, as well as to two other customers in the APAC region.
Mr. Stern concluded, “COVID-19 is still in full force in Europe and the U.S. Our working assumption is that once it phases out, we should experience a “sling shot” effect on sales as a result of the removal of restrictions on capital spending, supplier visits and travel by our customers and prospects. In preparation for this stage, we have planned an aggressive go-to-market strategy, supported by our cash reserves.”
Other 2020 milestones and M&A activity include the following:
• Raised approximately $1 billion, accelerating our technology and product development timelines, and our M&A strategy, both of which should fast-track our growth and market penetration in 2021.
• Engaged Needham & Co. to lead U.S. M&A strategy.
• Engaged CarlSquare from Germany in January 2021, for European M&A work.
• Profiled and scanned above 80 potential acquisition targets across geographies and electronic industry segments and contacted and studied large part of them.
• Identified few synergistic candidates with complementary breakthrough technologies and/or commercial complementary products and channel overlap, engaging some of them in purchase and/or merger discussions.
• Established offices in the U.S. in South Florida, which houses marketing, sales, customer care, and application engineering teams.
• Launched “NaNoS”, Nano-Services for Prototyping of Hi-PEDs/3D Printed Electronics with fabrication facilities in Israel, Hong Kong and the U.S.
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