WALTHAM, MA – Nano Dimension reported first quarter revenues of $10.4 million, an increase of 1,186% over the same quarter in 2021 and up 38% sequentially.
The first quarter revenue run-rate indicates the potential for growth of approximately 300% in 2022 compared to last year. If this occurs, the company will perform ahead of expectations, growing revenue more than 10 times from 2020 to 2022, assuming no critical changes in the world economy resulting from current international affairs and/or other factors.
Net loss for the first quarter attributed to the owners was $33 million, compared to $9.3 million in the same period of 2021 and $159.6 million in the prior quarters. Adjusted EBITDA was negative $19.2 million.
Cash and cash equivalents, together with short- and long-term bank deposits totaled $1.3 billion as of Mar. 31, down slightly from Dec. 31. The decrease mainly reflects cash used in operating and investing activities. Net cash used in operations during the first quarter was $21.4 million.
Nano Dimension has spent approximately 23% less in R&D in comparison to the company’s budget, according to CEO Yaov Stern. Research and development expenses for the first quarter were $17.9 million, compared to $3.7 million in the same period last year and $15 million in the fourth quarter of 2021.
“Our expenses in sales and marketing are below budget as well. These are indications of the difficulties we have in recruiting the quality scientists and engineers we need, especially in the USA and Israel, and specifically in the fields of software, data science, algorithm design and material science, as well as high level technical sales and application engineers. This phenomenon affects our ability to accelerate our business plans. If it was up to us, the R&D figure would have been higher, in order to shorten the return on investment timeline."
“We are hoping the current trends in employment and salaries will reduce the intensity of the point above and support our need for increased recruitment pace, specifically of high-quality research and sales personnel.
“As we have declared many times over the last few quarters, as we increase our revenue and invest in R&D, the profitability that will lead to ROI on the cash investment in R&D will not be demonstrated on an immediate quarterly basis, but it is rather expected to take at least eight to 12 quarters until it will hopefully be manifested as return on capital invested in the EBITDA and profits lines.”