BOCA RATON, FL – Nano Dimension reported fourth quarter revenues of nearly $2 million, up 16% year-over-year. Growth is attributed to commercial sales of the DragonFly additive manufacturing system.

The net loss was $1.4 million, compared to nearly $4 million in the fourth quarter of 2018 and $4.3 million in the third quarter of 2019.

Research and development during the quarter was $1.5 million, down 24.5% year-over-year and 26.8% sequentially.

Total revenues for 2019 were more than $7 million, an increase of 38.6% year-over-year. Net loss for 2019 was $8.4 million, compared to $15.5 million in 2018. R&D expenses for 2019 were $8.1 million, down 6.3% compared to 2018.

“Amit Dror, our cofounder and previous chief executive officer, led Nano Dimension to a 39% revenue increase in 2019 year-over-year,” said Yoav Stern, incoming president and CEO. “It is important to note this was achieved predominantly through sales of the previous generation DragonFly Pro systems. Our current Dragonfly LDM, the first 24/7 AME machine, was only released in the third quarter of 2019. In addition, customers of the previous Pro have chosen to upgrade to our current LDM, and many more are in the process of doing so. The company views this as an important vote of confidence in Nano Dimension’s AME machines for fabrication of high-performance electronic devices.”

In early February, Nano Dimension raised $3.9 million in equity and used the opportunity to convert 86% of its outstanding convertible debt into equity.

The first quarter of 2020 will be affected by the repercussions of the COVID-19 coronavirus, mostly due to a machines’ sale transactions with Chinese customers, which are not expected to occur this quarter. The company does not foresee its supply chain to be negatively affected by these unfortunate events.

Cash totaled $3.9 million as of Dec. 31, compared to $3.8 million on Dec. 31, 2018.