Press Release

View all news

Nano Dimension Reports 2020 Fourth Quarter and Full Year 2020 Financial Results

03/11/2021
Conference call to be held today at 9:00 a.m. EDT

SUNRISE, Fla., March 11, 2021 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq: NNDM), an industry leading Additively Manufactured Electronics (AME) / PE (Printed Electronics) provider, today announced financial results for the fourth quarter and full year 2020. 

Nano Dimension reported revenues of $1,971,000 for the fourth quarter of 2020, and $3,399,000 for the full year 2020. The company ended the fourth quarter of 2020 with $670,934,000 in cash and bank deposits, while total loss for the fourth quarter was $17,439,000.

“We ended 2020 with a strong balance sheet and $671 million in cash and bank deposits, thanks to the equity offerings we concluded during the year, and we have strengthened it even more to a balance of nearly $1.5 billion as of the end of February 2021,” said Yael Sandler, Chief Financial Officer of Nano Dimension. “We recognized revenues of $3.4 million, which is lower than last year due to the effect of the COVID-19 pandemic, but better than what we originally expected. We are focusing our efforts on fulfilling our growth plan, both internal through product development and R&D efforts, as well as through external M&A activities.” 

Corporate Updates

  • During 2020, Nano Dimension raised a total gross proceeds of $710 million in public equity offerings.

  • The revenues for the year ended December 31, 2020 were affected by the repercussions of the COVID-19 pandemic. As a result of the COVID-19 pandemic’s global effects, many entities held off on capital expenses; thus, the Company witnessed a significant decrease in its revenues during 2020.

Fourth Quarter 2020 Financial Results

  • Total revenues for the fourth quarter of 2020 were $1,971,000, compared to $1,977,000 in the fourth quarter of 2019, and $438,000 in the third quarter of 2020. The changes are attributed to changes in sales of DragonFly LDM systems.

  • Research and development (R&D) expenses for the fourth quarter of 2020 were $3,725,000, compared to $1,525,000 in the fourth quarter of 2019, and $2,556,000 in the third quarter of 2020. The increase compared to the both the fourth quarter of 2019 and the third quarter of 2020 resulted primarily from an increase in payroll and related expenses, including share-based payment expenses, as well as an increase in materials expenses due to increased R&D efforts. The R&D expenses for the fourth quarter of 2020 are presented net of government grants in the amount of $6,000.

  • Sales and marketing expenses for the fourth quarter of 2020 were $2,373,000, compared to $1,381,000 in the fourth quarter of 2019, and $2,475,000 in the third quarter of 2020. The increase compared to the fourth quarter of 2019 was mainly attributed to an increase in payroll and related expenses.

  • General and administrative (G&A) expenses for the fourth quarter of 2020 were $3,539,000, compared to $881,000 in the fourth quarter of 2019, and $14,805,000 in the third quarter of 2020. The increase compared to the fourth quarter of 2019 is attributed to an increase in share-based payment expenses. The decrease compared to the third quarter of 2020 is attributed to a decrease in share-based payment expenses. 

  • Finance expense, net, for the fourth quarter of 2020 was $8,908,000 compared to finance income, net, of $1,751,000 in the fourth quarter of 2019, and finance expense, net, of $824,000 in the third quarter of 2020. The increase in finance expense compared to both the fourth quarter of 2019 and the third quarter of 2020 is mainly as a result of finance expense of $9,035,000 that was recognized in the fourth quarter of 2020 due to changes in the fair value of financial liabilities in respect of warrants.

  • Net loss for the fourth quarter of 2020 was $17,439,000, or $0.20 per share, compared to $1,381,000, or $0.35 per share, in the fourth quarter of 2019 and $20,716,000, or $0.45 per share, in the third quarter of 2020.

Full Year 2020 Financial Results

  • Total revenues for the full year 2020 were $3,399,000, compared to $7,070,000 in 2019. The decrease is due to a decrease in sales due to the COVID-19 pandemic.

  • R&D expenses for 2020 were $9,878,000, compared to $8,082,000 in 2019. The increase resulted primarily from an increase in share-based payment expenses. The R&D expenses for 2020 are presented net of government grants in the amount of $21,000.

  • Sales and marketing expenses for 2020 were $6,597,000, compared to $5,469,000 in 2019. The increase resulted primarily from an increase in payroll and related expenses.

  • Finance expense, net for 2020 was $12,797,000, compared to finance income, net of $6,482,000 in 2019. The increase in finance expense is mainly as a result of finance expense of $12,825,000 that was recognized in 2020 due to changes in the fair value of financial liabilities in respect of warrants.

  • Net loss for the full year 2020 was $48,494,000, or $1.13 per share, compared to $8,353,000, or $2.38 per share, in 2019.

Balance Sheet Highlights

  • Cash and bank deposits totaled $670,934,000 as of December 31, 2020, compared to $3,894,000 on December 31, 2019. The increase compared to December 31, 2019, mainly reflects proceeds received from the sale of American Depositary Shares representing the Company’s ordinary shares during 2020, less cash used in operations during the year ended December 31, 2020. In January and February 2021, Nano Dimension announced the closing of two public offerings of American Depositary Shares, with total gross proceeds of $833 million.

  • Shareholders’ equity totaled $667,116,000 as of December 31, 2020, compared to $11,602,000 as of December 31, 2019.

Conference call information

The company will host a conference call to discuss these financial results today, March 11, 2021, at 9:00 a.m. EDT (4:00 p.m. IST). Investors interested in participating are invited to register for the conference call here: https://dpregister.com/sreg/10152462/e2dd1ebc94. 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. 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: NNDM) is a provider of intelligent machines for the fabrication of Additively Manufactured Electronics (AME). High fidelity active electronic and electromechanical subassemblies are integral enablers of autonomous intelligent drones, cars, satellites, smartphones, and in vivo medical devices. They necessitate iterative development, IP safety, fast time-to-market, and device performance gains, thereby mandating AME for in-house, rapid prototyping and production. The DragonFly LDM® system is being deployed in a wide range of industries, including academic and research institutions, defense, aerospace, autonomous automotive, robotics, and biotech. Its ability to enable on-site prototyping in a matter of hours instead of weeks; create products with better performance; reduce the size and weight of electronic parts and devices; enable innovation; and critically important, protect IP, is a paradigm shift in how industry and research institutions will research, develop, and produce High-Performance Electronic Devices (Hi-PEDs™.) Nano Dimension machines serve cross-industry needs by depositing proprietary consumable conductive and dielectric materials simultaneously, while concurrently integrating in-situ capacitors, antennas, coils, transformers, and electromechanical components, to function at unprecedented performance. Nano Dimension bridges the gap between PCB and semiconductor integrated circuits. A revolution at the click of a button: From CAD to a functional high-performance AME device in hours, solely at the cost of the consumable materials.  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. For example, Nano Dimension is using forward-looking statements in this press release when it discusses its growth plan, product development and R&D efforts, as well as through and potential M&A activities. Because such statements deal with future events and are based on Nano Dimension's current expectations, they are subject to various risks and uncertainties. Actual results, performance or achievements of Nano Dimension could differ materially from those described in or implied by the statements in this press release. 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 11, 2021, and in any subsequent filings with the SEC. 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 

U.S. Investor Relations:
Dave Gentry
RedChip Companies Inc.
Dave@redchip.com 
407-491-4498 or 1-800-RED-CHIP (733-2447)

Consolidated Statements of Financial Position as at

    December 31,  
    2019     2020  
    Thousands
USD
    Thousands
USD
 
             
Assets            
Cash     3,894       585,338  
Bank deposits     -       85,596  
Restricted deposits     31       62  
Trade receivables     1,816       713  
Other receivables     570       1,126  
Inventory     3,543       3,314  
Total current assets     9,854       676,149  
                 
Restricted deposits     377       406  
Property plant and equipment, net     4,743       5,092  
Right of use assets     2,673       3,169  
Intangible assets     5,211       4,440  
Total non-current assets     13,004       13,107  
Total assets     22,858       689,256  
                 
Liabilities                
Trade payables     850       776  
Other payables     3,575       5,910  
Total current liabilities     4,425       6,686  
                 
Liability in respect of government grants     1,044       850  
Lease liability     2,089       2,618  
Liability in respect of warrants     3,698       11,986  
Total non-current liabilities     6,831       15,454  
Total liabilities     11,256       22,140  
                 
Equity                
Share capital     6,441       257,225  
Share premium and capital reserves     65,202       518,426  
Treasury shares     (1,509 )     (1,509 )
Presentation currency translation reserve     1,431       1,431  
Accumulated loss     (59,963 )     (108,457 )
Total equity     11,602       667,116  
Total liabilities and equity     22,858       689,256  

  

Consolidated Statements of Profit or Loss and Other Comprehensive Income
  

    For the Three-Month Period Ended
December 31,
    For the Year Ended
December 31,
 
    2019     2020     2019     2020  
    Thousand
USD
    Thousand
USD
    Thousand
USD
    Thousand
USD
 
                         
Revenues     1,977       1,971       7,070       3,399  
                                 
Cost of revenues     1,129       673       4,312       1,563  
                                 
Cost of revenues - amortization of intangible     193       192       772       771  
                                 
Total cost of revenues     1,322       865       5,084       2,334  
                                 
Gross profit     655       1,106       1,986       1,065  
                                 
Research and development expenses, net     1,525       3,725       8,082       9,878  
                                 
Sales and marketing expenses     1,381       2,373       5,469       6,597  
                                 
General and administrative expenses     881       3,539       3,270       20,287  
                                 
Operating loss     (3,132 )     (8,531 )     (14,835 )     (35,697 )
                                 
Finance income     1,842       275       8,765       446  
                                 
Finance expense     91       9,183       2,283       13,243  
                                 
Total comprehensive loss     (1,381 )     (17,439 )     (8,353 )     (48,494 )
                                 
Basic loss per share (in USD) (after 1:50 reverse split effective June 29, 2020)     (0.35 )     (0.20 )     (2.38 )     (1.13 )

 


Primary Logo

Source: Nano Dimension Ltd.
View all news