Revenue $14.9M, Up 22% from the Same Period in 2023
A
nnounced
T
wo
T
ransformational M&A
A
greements
in Q3/24 Alone
–
With
Desktop Metal and Markforged
Gross Margin
Higher
48.2% in Q3/2024, Up 4.0% From Q3/2023
46.6% in the First Nine Months of 2024, Up 2.6% From the Same Period in 2023
Adjusted Gross Margin
Higher
50.5% in Q3/2024, Up 2.5% From Q3/2023
Net Cash Burn Reduced Substantially
$3M in Q3/2024, Down From $16M in Q3/2023 – a Decrease of 80%
The Company Continues to Urge Shareholders to Vote by December 1st, 2024 for Upcoming Annual General Meeting to Protect This Continued Success
Conference Call to be Held Today at 9:00 a.m. ET
WALTHAM, Mass., Nov. 20, 2024 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq: NNDM ) , “Nano Dimension” or the “Company”), a leading supplier of Additively Manufactured Electronics (“AME”) and multi-dimensional polymer, metal & ceramic Additive Manufacturing (“AM”) 3D printing solutions, today announced financial results for the third quarter ended September 30th , 2024 and shared a letter from Yoav Stern, the Company’s Chief Executive Officer and member of the Board of Directors.
Revenue:
- For Q3/2024 was $14.9 million, compared to $12.2 million in Q3/2023.
- For the first nine months of 2024 was $43.2 million, compared to $41.9 million in the same period in 2023.
Gross Margin (“GM”):
- For Q3/2024 was 48.2%, compared to 44.2% in Q3/2023.
- For the first nine months of 2024 was 46.6%, compared to 44% in the same period in 2023.
Adjusted 1 Gross Margin (“Adjusted GM”):
- For Q3/2024 was 50.5%, compared to 48.0% in Q3/2023.
- For the first nine months of 2024 was 48.9%, compared to 47.5%. in the same period in 2023.
Net Loss:
- For Q3/2024 was a loss of $8.6 million, compared to a loss of $66.9 million in Q3/2023.
- For the first nine months of 2024 was a loss of $87.9 million, compared to $54.3 million loss in the same period in 2023.
Net Loss excluding changes in the Company’s holdings in Stratasys Ltd. ’ s (“Stratasys”) shares:
- For Q3/2024 was a loss of $ 7.9 million, compared to a loss of $26.6 million in Q3/2023.
- For the first nine months of 2024 was a loss
$30 million, compared to $71.3 million loss in the same period in 2023.
Adjusted EBITDA:
- For Q3/2024 was negative $14.8 million, compared to negative $30.1 million in Q3/2023.
- For the first nine months of 2024 was negative $44.5 million, compared to negative $77.3 million in same period in 2023.
Net cash burn:
- For Q3/2024 was $3 million, compared to Q3/2023’s $16 million2.
- For the first nine months of 2024 was $21 million, compared to $74 million for same period in 2023.
Details regarding Adjusted GM, Net Loss excluding changes in Company’s holdings in Stratasys’ shares, Adjusted EBITDA, Net Cash Burn and Net Loss excluding changes in Company’s holdings in Stratasys shares can be found below in this press release under “Non-IFRS Measures.”
CEO MESSAGE TO SHAREHOLDERS:
Dear Fellow Shareholders,
I am pleased to report that we have achieved the strongest third quarter performance in our Company's history. This remarkable accomplishment comes despite the broader market experiencing continued uncertainty in capital spending on manufacturing equipment – a challenge that has notably impacted many of our industry peers.
Crucially, it is not just about the top-line. As part of our “Reshaping Nano Initiative,” we have reduced our net cash burn to $3 million for the quarter. This is 80% less than the same quarter last year and a key milestone on our path to being an EBITDA positive business.
What makes this quarter truly extraordinary is not just our financial performance, but also the strategic milestones we've reached. In Q3 alone, our team successfully announced two transformational M&A agreements – with Desktop Metal , Inc. ( on July 3 rd , 2024) (“Desktop Metal”) and Markforged Holding Corporation ( on September 25 th , 2024) (“Markforged”) . Each of these deals would be considered landmark s in their own right; to execute both in a single quarter is a testament to our team's exceptional execution capabilities and our clear strategic vision.
What is surely more exciting is not what we have done, but what the future of Nano Dimension will be and what it is poised to accomplish.
The New Nano Dimension – which includes the business as it is today and Desktop Metal and Markforged – will have:
- An exemplary technology portfolio that spans digital manufacturing solutions with a focus on additive manufacturing systems that are aligned with the strongest expected future growth of our industry, e.g. additively manufactured electronics, binder jetting for metal, fused filament fabrication (“FFF”) for metal and composites, to name a few.
- R evenue of $340 million based on 2023 results that delivers scale and the promise of sizeable financial results that can flow down to the bottom-line.
- A robust capital position of $475 million expected at the time both transactions will have closed, which provides us the flexibility to support our continued development and secure our business well into the future.
- All of this, along with our financial prowess and meaningful post-merger integration strategy, are expected to enable us to be EBITDA positive in Q4 2026.
Importantly, the above is happening in an industry context where others are losing scale and are themselves jeopardized with a weak capital position. Whether the metric is product or financial, we are poised to succeed.
