Nano Dimension Reports 2018 Third Quarter Financial Results
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Nano Dimension Reports 2018 Third Quarter Financial Results

Conference call to be held today at 09:00 a.m. EST

Ness Ziona, Israel, Nov. 15, 2018 (GLOBE NEWSWIRE) --  Nano Dimension Ltd., a leading additive electronics provider (Nasdaq, TASE: NNDM), today announced financial results for the third quarter ended September 30, 2018.

Nano Dimension reported revenues of $1,672,000 for the third quarter of 2018. The Company ended the quarter with $7,529,000 in cash, while total loss for the third quarter was $3,628,000.

“Our continued sequential growth during the third quarter reinforces our confidence in the open-ended market potential of our additive manufacturing solutions,” said Amit Dror, Chief Executive Officer of Nano Dimension. “Over the third quarter we sold ten DragonFly Pro systems and we are particularly pleased by the positive traction that we are enjoying within the U.S. defense industry, bolstered by our status as a certified Department of Defense Logistics Agency vendor. We believe that our advantage as a first mover in additive electronics, combined with our growing reseller channel network, positions us well for increasing sequential revenue in both the immediate and long-term future.” 

Third Quarter 2018 Financial Results

Nine Months Ended September 30, 2018 Financial Results

Balance Sheet Highlights

Conference call information

The Company will host a conference call to discuss these financial results today, November 15, 2018, at 09:00 a.m. EST (04:00 p.m. IST). Investors interested in participating are invited to register for the conference call here: http://dpregister.com/10125198. Dial-in numbers, including a local Israeli number and instructions, will be provided upon registration. U.S. Dial-in Number: 1-866-777-2509, International Dial-in Number: 1-412-317-5413, 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 additive electronics provider of precision 3D printed electronics that is disrupting, reshaping, and defining the future of how functional and connected products are made. With its unique additive manufacturing technologies, Nano Dimension targets the growing demand for electronic devices that require sophisticated features. Demand for circuitry, including PCBs, sensors and antennas - which are the heart of electronic devices - cover 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 short-run manufacturing and rapid prototyping. For more information, please visit www.nano-di.com, https://www.nano-di.com/blog.

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 advantage as a first mover in additive electronics, combined with its growing reseller channel network, positions it well for increasing sequential revenue in both the immediate and long-term future. 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 15, 2018, 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 September 30, 2018, 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. 

CONTACT INVESTOR RELATIONS: 
Miri Segal-Scharia
CEO
MS-IR LLC 
917-607-8654 
msegal@ms-ir.com

Consolidated Statements of Financial Position as at

  September 30, December 31,
  2017 2018 2017
(In thousands of USD) (Unaudited) (Unaudited)  
       
Assets            
Cash and cash equivalents  11,976   7,529   6,103 
Restricted deposits  325   51   107 
Trade receivables  1   1,129   94 
Other receivables  1,948   643   583 
Inventory  579   2,644   2,336 
Total current assets  14,829   11,996   9,223 
             
Restricted deposits  120   359   346 
Property plant and equipment, net  4,667   5,194   5,172 
Intangible assets  6,825   6,176   6,755 
Total non-current assets  11,612   11,729   12,273 
Total assets  26,441   23,725   21,496 
             
Liabilities            
Trade payables  1,943   1,020   512 
Other payables  1,682   2,082   1,683 
Total current liabilities  3,625   3,102   2,195 
             
Liability in respect of government grants  828   852   833 
Other long-term liabilities  311   258   302 
Total non-current liabilities  1,139   1,110   1,135 
Total liabilities  4,764   4,212   3,330 
             
Equity            
Share capital  2,301   3,291   2,307 
Share premium  45,223   59,190   45,722 
Treasury shares  (1,509)  (1,509)  (1,509)
Warrants  308   13   33 
Presentation currency translation reserve  1,089   1,431   1,431 
Capital reserve from transactions with controlling shareholders  63   63   63 
Capital reserve for share-based payments  6,165   4,677   6,241 
Accumulated loss  (31,963)  (47,643)  (36,122)
Total equity  21,677   19,513   18,166 
Total liabilities and equity  26,441   23,725   21,496 

  

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

  For the Nine-Month Period Ended
September 30,
 For the Three-Month Period Ended
September 30,
 For the Year ended December 31,
  2017(*)   2018 2017(*)   2018 2017(*)
  (Unaudited)   (Unaudited) (Unaudited)   (Unaudited)  
               
Revenues  402       3,395   142       1,672   829 
                             
Cost of revenues  136       2,216   54       1,092   409 
                             
Cost of revenues - amortization of intangible  553       579   188       193   743 
                             
Total cost of revenues  689       2,795   242       1,285   1,152 
                             
Gross profit (loss)  (287)      600   (100)      387   (323)
                             
Research and development expenses, net  8,264   (**)   6,811   2,894   (**)   2,199   10,820 
                             
Sales and marketing expenses  1,422   (**)   3,040   500   (**)   1,167   2,183 
                             
General and administrative expenses  2,586   (**)   2,109   642   (**)   615   3,362 
                             
Operating loss  (12,559)      (11,360)  (4,136)      (3,594)  (16,688)
                             
Finance income  12       46   62       31   102 
                             
Finance expense  796       207   43       65   917 
                             
Net loss  (13,343)      (11,521)  (4,117)      (3,628)  (17,503)
                             
Basic and diluted loss per share  (0.24)      (0.13)  (0.08)      (0.04)  (0.31)
Basic and diluted loss per ADS  (1.22)      (0.64)  (0.39)      (0.19)  (1.54)

* Presented according to the change in our functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. The change in functional currency is accounted for prospectively from that date. Accordingly, comparative profit or loss figures have been translated into U.S. dollars using average exchange rates for the reporting periods.

**   Reclassified
 

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

  Share
capital
 Share premium Treasury shares Warrants Presentation currency translation reserve Capital reserve from transactions with controlling shareholders Capital reserve for share- based payments Accumulated loss Total
equity
                   
For the nine months ended September 30, 2018:                  
Balance as of January 1, 2018  2,307   45,722   (1,509)  33   1,431   63   6,241   (36,122)  18,166 
Issuance of ordinary shares, net  981   11,490   --   --   --   --   --   --   12,471 
Exercise of options  3   874   --   --   --   --   (877)  --   -- 
Expiration of options  --   1,104   --   (20)  --   --   (1,084)  --   -- 
Share-based payments  --   --   --   --   --   --   397   --   397 
Net loss  --   --   --   --   --   --   --   (11,521)  (11,521)
                                     
Balance as of September 30, 2018  3,291   59,190   (1,509)  13   1,431   63   4,677   (47,643)  19,513 
                                     
For the three months ended September 30, 2018:                                    


Balance as of July 1, 2018  3,291   58,613   (1,509)  13   1,431   63   5,152   (44,015)  23,039 
Expiration of options  --   577   --   --   --   --   (577)  --   -- 
Share-based payments  --   --   --   --   --   --   102   --   102 
Net loss  --   --   --   --   --   --   --   (3,628)  (3,628)
                                     
Balance as of September 30, 2018  3,291   59,190   (1,509)  13   1,431   63   4,677   (47,643)  19,513 

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