BOCA RATON, FL – Nano Dimension reported second quarter revenues of $288,000, down 75.2% year-over-year and 59% sequentially. The decrease is attributed to continuing delays in new sales of the company’s flagship DragonFly system, which the firm primarily attributes to Covid-19.

Net loss for the quarter was nearly $8.3 million, compared to $1.2 million in the prior year quarter and $2 million in the first quarter of 2020. Operating loss for the second quarter was $3.8 million.

Nano Dimension ended the quarter with a cash and deposits balance of $49.5 million.

“As projected by our president and CEO in our last investors conference call in mid-May, the global effects of the Covid-19 pandemic have caused a material decrease to our revenues, since companies and organizations around the world are not releasing budgets for purchases of capital equipment,” said Yael Sandler, CFO of Nano Dimension. “Yet, we are already witnessing electronic companies considering ways to shorten their supply chains by looking to reduce dependency in the Far East by buffering part of their manufacturing on the ground in America and Europe, rather than only in China. Our DragonFly LDM additive manufacturing electronic system allows exactly this: short-cycled and cost-efficient prototyping and eventually fabrication of functional high-performance electronic devices with minimal ecological disruptions.”

Research and development expenses for the second quarter were $1.9 million, compared to $2.3 million in the same period of 2019 and $1.7 million in the first quarter of this year.

Total revenues for the six months ended June 30 were $990,000, down 65.3% year-over-year.

Net loss for the six-month period was $10.3 million, compared to $2.7 million in the six months ended June 30, 2019.

Cash and cash equivalents, together with short-term bank deposits, totaled $49.5 million as of June 30, compared to $3.9 million as of Dec. 31.

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