Nano Dimension’s Q4/21 Revenue Indicates Approximately 200% Growth Expected in Full Year 2022 over 2021
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Nano Dimension’s Q4/21 Revenue Indicates Approximately 200% Growth Expected in Full Year 2022 over 2021

Revenues for Full Year 2021 and 4th Quarter 2021: $10.5M and $7.5M
209% and 280% over same periods in 2020 

SUNRISE, Fla., March 31, 2022 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (“Nano Dimension” or the “Company”) (Nasdaq: NNDM), an industry-leader in Additively Manufactured Electronics (AME), Printed Electronics (PE), and Micro Additive Manufacturing (Micro-AM), today announced a preview of its financial results for the fourth quarter and full year ended December 31st, 2021. 

Nano Dimension reported audited consolidated revenues of $7.5 million for the fourth quarter ended December 31st, 2021, a 280% increase over the fourth quarter of 2020 and 460% increase over the third quarter of 2021. Revenues for the full year ended December 31st, 2021, were $10.5 million, an increase of 209% over full year 2020. Consolidated cash and deposits balances as of December 31st, 2021, were approximately $1,355,000,000.

Moreover, the fourth quarter of 2021 revenue run-rate indicates an expected growth of approximately 200% in full year 2022 over 2021. If this occurs, the Company will perform ahead of its own expectations, by growing revenue over 10 times from 2020 to 2022, assuming no critical changes in world economy resulting from current international affairs and/or other factors.

CEO MESSAGE TO SHAREHOLDERS:

The following message to you, our loyal shareholders, will be a summary of the status of your company, reflecting backwards and projecting forward. In short form, what is expressed below are facts about the recent year as well as the vision and corporate culture of Nano Dimension. All management and over 450 loyal and talented teams, (all of whom are shareholders of our company), are sharing it with you:

When we have raised money during 2020-2021, we have presented the vision of Nano Dimension to dozens institutional investors, many of which became our shareholders based on that. With our investors and shareholders’ support we are now in a process of fulfilling this goal: To transform Additive Manufacturing electronics & adjacent Additive Manufacturing sectors into an environmentally friendly & economically efficient additive manufacturing Industry 4.0 – enabling a one production-step-conversion of digital designs into functioning mechanical & electronic devices, On Demand, anytime, anywhere.

Our planned mission for achieving this vision is to build an ecofriendly and intelligent distributed secured network of additive manufacturing self-learning and self-improving machines, which will deliver a superior ROI to their owners as well as to Nano Dimension shareholders and other stakeholders.

In the occasions of raising the necessary capital to enable the future achievement of the above, as well as many other 1x1 and 1xMany presentations to potential shareholders over the last 18 months, I have repeatedly expressed the following, as it relates to Nano Dimension’s growth profile and investment model:

Yet, we have grown our revenue by 209% from 2020 to 2021 and our run-rate in the fourth quarter of 2021 raises the hope for an approximately 200% growth in 2022 over 2021. (Already in the fourth quarter of 2021 we reported revenue of $7.5M, a 280% increase over the fourth quarter of 2020 and a 460% increase over the third quarter of 2021). This is very encouraging, yet it should not create expectations that our growth curve will change overnight from being based on inflection and singularity points as we proceed to what we hope to be a multi-billion-dollar valuation in few very short years.

Speaking about expectations, hopes and disappointments, it behooves us to refer to the share price. While we cannot be sure, it may be affected by the following factors:

On the other side of this state of affairs, as per above, looms the natural question: How do we intend to apply the capital we have, and at what pace, in order to increase the value of the company. I will answer this question by stating what we intend to do and what we intend not to do:

“In summary,” Mr. Stern concluded, “as many experienced investors know, the role of the company is to focus on adding value in an accelerated pace as possible. We believe that the manifestation of that will “float up” and will be expressed in the stock price sooner or later. As we have written to you lately, by now we already see the early signs of our three business development pillars (synergetic mergers and acquisitions, accelerated research and development, and revolution in go-to-market efforts) as they start to converge and to fuel a mutually accelerated scalable growth. The companies we have acquired as well as future potential M&A targets are analyzed based on their ability to drive R&D efforts in ways not otherwise possible. Additionally, they are chosen based on their expected amalgamation with the marketing channels of the products we develop, contributing to the market presence we need to maximize our success. In parallel, we have planned and are currently executing and hoping to surpass any present solutions for “robotic brains” in manufacturing, material technologies and 3D-printing performance. Those, in turn, are aimed to create an industrially disruptive set of inflection points. While, as usual, there is no guaranty for the timing thereof, these milestones will hopefully cause an increase of value by step functions and create an exceptional time-weighted return on investment for all of our long-term investors.”

Fourth Quarter 2021 Financial Results

Year Ended December 31st, 2021 Financial Results

Balance Sheet Highlights

Conference call information

The Company will host a conference call to discuss these financial results today, March 31, 2021, at 9:00 a.m. EDT (4:00 p.m. IDT). U.S. Dial-in Number: 1-866-744-5399, Israel Dial-in Number: 972-3-9180692. Webcast link: https://veidan.activetrail.biz/nanodimensionq4-2021. Please request the “Nano Dimension NNDM call” when prompted by the conference call operator. For those unable to participate in the conference call, there will be a replay available from a link on Nano Dimension’s website at investors.nano-di.com/events-and- presentations.

About Nano Dimension

Nano Dimension’s (Nasdaq: NNDM) vision is to transform the electronics and similar additive manufacturing sectors through the development and delivery of environmentally friendly and economically efficient additive manufacturing, Industry 4.0 solution, while enabling a one-production-step-conversion of digital designs into functioning devices - on-demand, anytime, anywhere.

Nano Dimension plans to execute on this vision by building an eco-friendly and intelligent distributed network of additively manufacturing self-learning & self-improving systems, which are designed to deliver a superior ROI to their owners as well as to Nano Dimension shareholders and stakeholders.

The DragonFly IV® system serves cross-industry High-Performance Electronic Devices (Hi-PEDs®) fabrication needs, by depositing proprietary conductive and dielectric materials simultaneously, while concurrently integrating in-situ capacitors, antennas, coils, transformers, and electromechanical components. The outcomes are Hi-PEDs® which are integral enablers of autonomous intelligent drones, cars, satellites, smartphones, and in vivo medical devices. These products enable iterative development, IP safety, fast time-to-market, and device performance gains. With DragonFly IV®, a revolution happens at the click of a button, allowing customers to go from CAD to a functional device in a matter of hours instead of weeks; creating products with better performance; reducing the size and weight of electronic parts and devices; enabling innovation; and, critically important, protecting IP, all the while limiting environmental pollution and chemical waste.

Nano Dimension’s Fabrica 2.0 micro additive manufacturing system enables the production of microparts based on a Digital Light Processor (DLP) engine that achieves repeatable micron levels resolution. The Fabrica 2.0 is engineered with a patented array of sensors that allows a closed feedback loop, using proprietary materials to achieve very high accuracy while remaining a cost-effective mass manufacturing solution. It is used in the areas of micron-level resolution of medical devices, micro-optics, semi-conductors, micro-electronics, micro-electro-mechanical systems (MEMS), microfluidics, and life sciences instruments.

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 its preliminary financial results for the fourth quarter ended December 31, 2021, and full year ended December 31, 2021, its expected revenue run-rate for the full year ending December 31, 2022, its ability to stay on or ahead of plan and its ability to create value for shareholders and other stakeholders and have the Company’s results show in its share price, its expected uses of capital, its expectation of minimal to no dilution and its expectations regarding future valuation. 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 31, 2022, 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. 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

 


Unaudited Consolidated Statements of Financial Position as at

  December 31, 
  2021  2020 
(In thousands of USD)      
Assets      
Cash and cash equivalents  853,626   585,338 
Bank deposits  437,598   85,596 
Restricted deposits  148   62 
Trade receivables  3,422   713 
Other receivables  5,902   1,126 
Inventory  11,199   3,314 
Total current assets  1,311,895   676,149 
         
Bank deposits  64,371   - 
Restricted deposits  501   406 
Deferred tax  1,007   - 
Property plant and equipment, net  7,690   5,092 
Right of use asset  4,491   3,169 
Intangible assets  -   4,440 
Total non-current assets  78,060   13,107 
Total assets  1,389,955   689,256 
         
Liabilities        
Trade payables  2,833   776 
Other payables  13,836   5,910 
Financial derivatives  14,910   - 
Current portion of other long-term liability  417   - 
Total current liabilities  31,996   6,686 
         
Liability in respect of government grants  1,560   850 
Employee benefits  4,145   - 
Lease liability  3,336   2,618 
Deferred tax liabilities  236   - 
Liability in respect of warrants and rights of purchase  3,347   11,986 
Other long-term liabilities  1,104   - 
Total non-current liabilities  13,728   15,454 
Total liabilities  45,724   22,140 
         
Equity        
Non-controlling interests  875   - 
Share capital  386,665   257,225 
Share premium and capital reserves  1,266,027   518,426 
Treasury shares  (1,509)  (1,509)
Presentation currency translation reserve  1,407   1,431 
Accumulated loss  (309,234)  (108,457)
Equity attributable to owners of the company  1,343,356   667,116 
Total equity  1,344,231   667,116 
Total liabilities and equity  1,389,955   689,256 


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

  For the Year Ended
December 31,
 For the Three-Month
Period Ended
December 31,
  2021 2020 2021 2020
         
Revenues  10,493   3,399   7,531   1,971 
             
Cost of revenues  5,730   1,563   4,350   673 
             
Cost of revenues - amortization of intangible  3,641   771   2,869   192 
             
Total cost of revenues  9,371   2,334   7,219   865 
             
Gross profit (loss)  1,122   1,065   312   1,106 
             
Research and development expenses, net  41,686   9,878   15,099   3,725 
             
Sales and marketing expenses  22,713   6,597   7,690   2,373 
             
General and administrative expenses  19,644   20,287   6,470   3,539 
             
Impairment losses  140,290   -   140,290   - 
             
Operating loss  (223,211)  (35,697)  (169,237)  (8,531)
             
Finance income  17,909   446   5,326   275 
             
Finance expense  428   13,243   -   9,183 
             
Total comprehensive loss  (205,730)  (48,494)  (163,911)  (17,439)
             
Taxes on income  4,906   -   4,258   - 
             
Total comprehensive loss after tax  (200,824)  (48,494)  (159,653)  (17,439)
             
Total comprehensive loss attributable to:            
             
Non-controlling interests  (47)  -   (29)  - 
             
Owners of the Company  (200,777)  (48,494)  (159,624)  (17,439)
             
Basic loss per share (USD)  (0.81)  (1.13)  (0.62)  (0.20)
Other comprehensive income items that after initial recognition in comprehensive income were or will be transferred to profit or loss            
Foreign currency translation differences for foreign operations  (46)  -   (46)  - 
Total comprehensive loss for the year  (200,870)  (48,494)  (159,699)  (17,439)
Comprehensive loss attributable to Non-controlling interests  (69)  -   (51)  - 
Comprehensive loss attributable to Owners of the Company  (200,801)  (48,494)  159,648   (17,439)


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

  Attributable to owners of the Company    
  Share
capital
 Share
premium
and
capital
reserves
 Treasury
shares
 Presentation
currency
translation
reserve
 Accumulated
loss
 Total Non-
controlling
interests
 Total
equity
                  
For the year ended December 31, 2021:                 
Balance as of January 1, 2021   257,225   518,426   (1,509)  1,431   (108,457)  667,116   -   667,116 
Issuance of ordinary shares, net  114,024   682,322   -   -   -   796,346   -   796,346 
Exercise of warrants and options  6,219   (3,176)  -   -   -   3,043   -   3,043 
Share-based payments  -   38,933   -   -   -   38,933   -   38,933 
Investment of non-controlling party in subsidiary  -   -   -   -   -   -   944   944 
Share issuance as part of business combination  9,197   29,522   -   -   -   38,719   -   38,719 
Other comprehensive loss for the year  -   -   -   (24)  -   (24)  (22)  (46)
                          
                          
Net loss  -   -   -   -   (200,777)  (200,777)  (47)  (200,824)
Balance as of December 31, 2021   386,665   1,266,027   (1,509)  1,407   (309,234)  1,343,356   875   1,344,231 
                          
                          
For the three months ended December 31, 2021:                          
Balance as of October 1, 2021   386,372   1,257,980   (1,509)  1,431   (149,610)  1,494,664   572   1,495,236 
Exercise of options  293   (232)  -   -   -   61   -   61

 
Share-based payments  -   8,279   -   -   -   8,279   -   8,279 
Investment of non-controlling party in subsidiary  -   -   -   -   -   -   354   354 
Other comprehensive loss for the year  -   -   -   (24)  -   (24)  (22)  (46)
Net loss  -   -   -   -   (159,624)  (159,624)  (29)  (159,653)
Balance as of December 31, 2021   386,665   1,266,027   (1509)  1,407   (309,234)  1,343,356   875   1,344,231 

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