SUNRISE, FL – Nano Dimension reported revenues for the second quarter were $811,000, an increase of 181.6% year-over-year, flat sequentially.

Net loss was $13.6 million, compared to $8.3 million in the second quarter of 2020 and $9.3 million in the first quarter of this year.

Research and development expenses for the second quarter were $9.1 million, compared to $1.9 million in the prior year quarter and $3.7 million in the first quarter of 2021. The increase is attributed to an increase in payroll and related expenses, as well as an increase in depreciation and share-based payment expenses.

Total operating loss for the second quarter was $19.9 million, including approximately $10 million of non-cash share-based compensation plus depreciation and amortization expenses.

In April, Nano Dimension purchased NanoFabrica and DeepCube. The second quarter includes consolidated financial results of the two entities.

Revenues for the six months ended June 30 were $1.6 million, up 63.8% year-over-year. The increase is attributed to more sales of DragonFly systems in the first half of 2021, as well as revenues of NanoFabrica.

Net loss for the six-month period was $22.9 million, compared to $10.3 million in the same period last year.

R&D expenses were $12.9 million, compared to $3.6 million in the six months ended June 30, 2020.

Cash and cash equivalents, together with bank deposits, totaled $1.4 billion as of June 30, compared to $670.9 million as of Dec. 31.

“Admittedly, Nano Dimension is a different type of investment, in terms of the ability to understand its breakthroughs and progressions on a monthly and quarterly basis, especially under the understandable parameters governing public disclosures,” said Yoav Stern, chairman and CEO, Nano Dimension. “Our achievements and progressions in performance toward soon-to-be released new products, as well as advancement in material properties developments, are much more important now than the quarterly demonstrated revenue growth. Traders and short-term investors may be disappointed from expenses not going down, yet the right ‘financial’ measure of our success at this point is a total contradiction to that perception. It is rather our ability to identify and hire the top scientific talents and the meaningful increases in R&D, material research and data science expense. Therefore, the endeavors, if successful, will be manifested in the publicly disclosed financial statements by increased expenses, obviously to be spent smartly for increasing value, and hence a reduction of profits, and with no correlation with revenue whatsoever.

“Our $1.397 billion of financial reserves enable us to plan for at least five to six years with proper qualifiable, quantifiable and measurable milestones and gateways. Typically, early-stage growth companies are forced to focus on performing on a quarterly basis, while compromising proper long-term execution for much higher returns (albeit later in the game). This phenomenon is a result of their need to constantly raise money in order to proceed. It is exactly where Nano Dimension is so well positioned compared to its competition.

“Our unique and dedicated teams of over 130 world-class scientists and engineers, up from 70 just eight months ago, are all shareholders of Nano Dimension and make up the multidisciplinary team in the fields of deep learning, data science, material science, process and fabrication technologies, automation, machine building and advance electromechanically robotics, algorithms for machine firmware and process control, as well as CAD/CAM design support and software for design for digital manufacturing.”