Nano Dimension Reports 2019 Second Quarter Financial Results
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Nano Dimension Reports 2019 Second Quarter Financial Results

Conference call to be held today at 9:00 a.m. EDT

Ness Ziona, Israel, Aug. 14, 2019 (GLOBE NEWSWIRE) --  Nano Dimension Ltd., a leading additive electronics provider (Nasdaq, TASE: NNDM), today announced financial results for the second quarter ended June 30, 2019.

Nano Dimension reported revenues of $1,161,000 for the second quarter of 2019. The Company ended the quarter with $5,290,000 in cash, while total loss for the second quarter was $1,188,000.

“During the second quarter we made important progress on the product side, and we recently presented the DragonFly LDMTM Lights-Out Digital Manufacturing system, which augments the capabilities of the DragonFly Pro system with new, proprietary, state-of-the-art technology that enables 24/7 uninterrupted 3D printing of electronics,” said Amit Dror, Chief Executive Officer of Nano Dimension. “Additionally, we presented new and exciting applications, and offered capabilities that have never been seen before in additive manufacturing and the printed electronics world.”

“We are currently focused on increasing our sales and optimizing our expenses, and moving forward we are better armed with our next generation DragonFly LDM system. We proudly continue to lead the field of 3D printed electronics and although the road can be bumpy, we have full confidence in our technology advantages and superiority, and we gain strength from the feedback we receive from our partners and customers,” concluded Mr. Dror.

Second Quarter 2019 Financial Results

  
Six Months Ended June 30, 2019 Financial Results

Balance Sheet Highlights

Conference call information

The Company will host a conference call to discuss these financial results today, August 14, 2019, at 9:00 a.m. EDT (4:00 p.m. IDT). Investors interested in participating are invited to register for the conference call here: dpregister.com/10133491 Dial-in numbers, including a local Israeli number and instructions, will be provided upon registration. U.S. Dial-in Number: 1-844-695-5517, International Dial-in Number: 1-412-902-6751, Israel Toll Free Dial-in Number: 1-80-9212373. Please request the “Nano Dimension NNDM call” when prompted by the conference call operator. The conference call will also be webcast live from the Investor Relations section of Nano Dimension’s website at http://investors.nano-di.com/events-and-presentations.
For those unable to participate in the conference call, there will be a replay available from a link on Nano Dimension’s website at http://investors.nano-di.com/events-and-presentations.

About Nano Dimension

Nano Dimension (Nasdaq, TASE: NNDM) is a leading electronics provider that is disrupting, reshaping, and defining the future of how cognitive connected products are made. With its unique 3D printing technologies, Nano Dimension is targeting the growing demand for electronic devices that require increasingly sophisticated features. Demand for circuitry, including PCBs - which are the heart of every electronic device - covers a diverse range of industries, including consumer electronics, medical devices, defense, aerospace, automotive, IoT and telecom. These sectors can all benefit greatly from Nano Dimension’s products and services for rapid prototyping and short-run manufacturing. For more information, please visit www.nano-di.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Nano Dimension’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Nano Dimension could differ materially from those described in or implied by the statements in this press release. For example, Nano Dimension is using forward-looking statements when it discusses the potential of its products and that it is currently focused on increasing sales and optimizing expenses. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Nano Dimension’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 14, 2019, and in any subsequent filings with the SEC. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: Nano Dimension’s ability to increase sales and revenue, its burn rate, and its ability to continue as a going concern. Based on the projected cash flows and our cash balances as of June 30, 2019, Nano Dimension’s management is of the opinion that without further fund raising it will not have enough resources to enable it to continue advancing its activities for a period of at least 12 months. As a result, there is substantial doubt about Nano Dimension’s ability to continue as a going concern. Except as otherwise required by law, Nano Dimension undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Nano Dimension is not responsible for the contents of third party websites. 

NANO DIMENSION INVESTOR RELATIONS CONTACT

Yael Sandler, CFO | ir@nano-di.com

NANO DIMENSION PR CONTACT
Galit Beck, Public Relations Manager | 972-542539495 | galit@nano-di.com 
  

Consolidated Statements of Financial Position as at

  June 30,  December 31, 
  2018  2019  2018 
(In thousands of USD) (Unaudited)  (Unaudited)    
          
Assets         
Cash and cash equivalents  11,601   5,290   3,753 
Restricted deposits  20   31   21 
Trade receivables  628   1,174   1,313 
Other receivables  653   573   570 
Inventory  2,488   3,967   3,116 
Total current assets  15,390   11,035   8,773 
             
Restricted deposits  329   351   347 
Property plant and equipment, net  5,248   5,350   5,200 
Right of use asset  -   1,640   - 
Intangible assets  6,369   5,597   5,983 
Total non-current assets  11,946   12,938   11,530 
Total assets  27,336   23,973   20,303 
             
Liabilities            
Trade payables  1,162   819   1,414 
Other payables  1,929   3,153   2,178 
Total current liabilities  3,091   3,972   3,592 
             
Liability in respect of government grants  934   867   895 
Lease liability  -   1,273   - 
Liability in respect of warrants and rights of purchase  -   2,804   - 
Other long-term liabilities  272   -   244 
Total non-current liabilities  1,206   4,944   1,139 
Total liabilities  4,297   8,916   4,731 
             
Equity            
Share capital  3,291   5,559   3,291 
Share premium and capital reserves  63,841(*)  63,850   63,969 
Treasury shares  (1,509)  (1,509)  (1,509)
Presentation currency translation reserve  1,431   1,431   1,431 
Accumulated loss  (44,015)  (54,274)  (51,610)
Total equity  23,039   15,057   15,572 
Total liabilities and equity  27,336   23,973   20,303 


 (*)Reclassified. During 2018 the Company changed the equity presentation in the Consolidated Statements of Financial Position. In order to simplify presentation, warrants, capital reserves for share based payments and from transactions with controlling shareholders, were consolidated into the share premium section. This classification did not have any effect on the total equity.

Consolidated Statements of Profit or Loss and Other Comprehensive Income
(In thousands of USD, except per share amounts) 
  

  For the Six-Month Period Ended
June 30,
  For the Three-Month Period Ended
June 30,
  For the Year ended December 31, 
  2018  2019  2018  2019  2018 
  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)    
                
Revenues  1,723   2,850   1,088   1,161   5,100 
                     
Cost of revenues  1,124   1,959   788   841   3,594 
                     
Cost of revenues - amortization of intangible  386   386   193   193   772 
                     
Total cost of revenues  1,510   2,345   981   1,034   4,366 
                     
Gross profit  213   505   107   127   734 
                     
Research and development expenses, net  4,611   4,474   2,063   2,322   8,623 
                     
Sales and marketing expenses  1,872   2,871   1,086   1,507   4,259 
                     
General and administrative expenses  1,494   2,814   609   1,023   3,002 
                     
Operating loss  (7,764)  (9,654)  (3,651)  (4,725)  (15,150)
                     
Finance income  47   7,317   23   3,796   54 
                     
Finance expense  176   327   142   259   392 
                     
Total comprehensive loss  (7,893)  (2,664)  (3,770)  (1,188)  (15,488)
                     
Basic loss per share  (0.09)  (0.02)  (0.04)  (0.01)  (0.17)
Basic loss per American Depositary Shares  (0.45)  (0.08)  (0.20)  (0.03)  (0.84)

Consolidated Statements of Changes in Equity (Unaudited)
(In thousands of USD)

  Share capital  Share premium  Treasury shares  Presentation currency translation reserve  Accumulated loss  Total equity 
                   
For the six months ended June 30, 2019:                  
Balance as of January 1, 2019  3,291   63,969   (1,509)  1,431   (51,610)  15,572 
Issuance of ordinary shares, net  2,216   (632)  --   --   --   1,584 
Exercise of rights to purchase  52   311   --   --   --   363 
Share-based payments  --   202   --   --   --   202 
Net loss  --   --   --   --   (2,664)  (2,664)
                         
Balance as of June 30, 2019  5,559   63,850   (1,509)  1,431   (54,274)  15,057 
                         
For the three months ended June 30, 2019:                        
Balance as of April 1, 2019  5,559   63,750   (1,509)  1,431   (53,086)  16,145 
Share-based payments  --   100   --   --   --   100 
Net loss  --   --   --   --   (1,188)  (1,188)
                         
Balance as of June 30, 2019  5,559   63,850   (1,509)  1,431   (54,274)  15,057 

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