NESS ZIONA, ISRAEL – Nano Dimension reported revenues of $440,000, an increase of 857% year-over-year and 208% sequentially. The increase is attributed to commercial sales of the DragonFly 2020 Pro 3D printer that began in the fourth quarter.

The company ended the fourth quarter with $6.1 million in cash, while total loss for the fourth quarter was $4.2 million, compared to $3.9 million in the prior year quarter.

Research and development expenses for the period were $2.6 million, up from $2.5 million in the fourth quarter of 2016. Sales and marketing expenses were $772,000, compared to $352,000 in the fourth quarter of 2016.

 “During the fourth quarter of 2017, after about three years of intensive product development of our 3D printer, inks and software, and after a year of beta testing, we began commercial sales of our Dragonfly 2020 Pro 3D printer,” said CEO Amit Dror.

“We expanded our sales team and, recognizing the importance of the US market to our growth and revenue generation, opened a North American headquarters in Silicon Valley and relocated our chief business officer and cofounder Simon Fried to lead our expansion.”

“During the first quarter of 2018, we added $13.8 million of cash to our balance sheet upon the completion of a public offering. We believe that with this cash infusion, we have the required financial strength and flexibility to scale sales and marketing globally and to expand our channel reach and presence.”

“Looking ahead toward the year 2020, we expect revenue CAGR at a rate of 100% and gross profit margin to converge on 50%. With anticipated revenue growth from DragonFly 2020 Pro 3D printers and materials, we expect that cash use in operations could decline by approximately 50% by 2020.”

For the full year 2017, the firm recorded revenues of $861,000, compared to $46,000 in 2016.

Net loss for the year was $18.2 million, compared to nearly $9 million in 2016.

R&D expenses for 2017 were $11.2 million, up from $4 million in 2016. Sales and marketing expenses for 2017 were $2.3 million, compared to $1 million in 2016.

As of Dec. 31, cash totaled $6.1 million, down from $12.4 million at the same time in 2016.

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