BOCA RATON, FL – Nano Dimension reported first quarter revenues of $702,000, down 58.4% year-over-year and 64.5% sequentially.

Net loss for the first quarter was $2.1 million, compared to $1.5 million in the prior-year period and $1.4 million in the previous quarter.

Two sales of DragonFly LDM machines that were expected to close in China in the first quarter were disrupted as the country was then at the climax of its Covid-19 crisis. These transactions may reemerge now that China is recovering. In Europe, as the situation in the world deteriorated, the buyer of one machine tried to considerably reduce its committed payment, so Nano Dimension canceled the transaction.

Nano Dimension ended the quarter with $4.5 million in cash, while total loss for the first quarter was $2.1 million. The present cash situation, supported by $13.3 million additional cash from previous and new shareholders’ investments in an April public offering, is expected to be sufficient to support the company during Covid-19.

“Considering current world events, extracting conclusions from the results of the first quarter may be a somewhat futile exercise,” said Yoav Stern, president and CEO. “However, we do note our revenues from consumables were 24% of the total quarterly revenues, affected upwards as a result of the abovementioned reduced machine sales. We had two more customers showing commitment to our technology by paying for upgrades to DragonFly LDM. Two additional customers bought our annual renewable service contracts. A large number of our customers are still in slow-down or shut-down modes due to Covid-19. As a result, our working assumption is at least the second through the third quarters of 2020 will be affected by reduction of revenue from our originally budgeted figures.”

Research and development expenses for the first quarter were $1.7 million, compared to $1.5 million in the fourth quarter, and $2.2 million in the first quarter last year. Sales and marketing expenses for the first quarter were $819,000, compared to $1.4 million in the fourth quarter and $1.4 million in the first quarter of 2019. General and administrative expenses were $1 million, compared to $881,000 in the fourth quarter and $567,000 in the first quarter of 2019.

Cash and cash equivalents totaled $4.5 million as of Mar. 31, compared to $3.9 million on Dec. 31.

• Prev
• Next