Nano Dimension Ltd. (Nasdaq: NNDM, “Nano
Dimension” or “Nano” or the “Company”), a leading supplier of
Additively Manufactured Electronics (“AME”) and multi-dimensional
polymer, metal & ceramic Additive Manufacturing (“AM”), today
announced financial results for the third quarter ended September
30th, 2023.
Revenue
- $12.2 million for Q3/2023; up 22%
compared to Q3/2022
- $41.9 million for the first nine
months of 2023; up 33% compared to the same period in 2022
Gross Margin
- 44% for Q3/2023; up from 18% in
Q3/2022
- 44% for the first nine months of
2023; up from 20% in the same period in 2022
Adjusted1
Gross Margin
- 48% for Q3/2023; up from 28% in
Q3/2022
- 48% for the first nine months of
2023; up from 36% in the same period in 2022
Net Loss
- $66.9 million for Q3/2023
- $54.3 million for the first nine
months of 2023
Adjusted EBITDA
- Negative $30 million for Q3/2023,
which includes research and development (“R&D”) expenses of $11
million2
- Negative $77 million for the first
nine months of 2023, which includes R&D expenses of $39
million3
Details regarding Adjusted EBITDA and Adjusted
gross profit can be found below in this press release under
“Non-IFRS Measures.”
______________________
1 Excluding cost of revenues from depreciation and
amortization and share-based payments expenses.2 Excluding
share-based payments expenses and depreciation.3 Excluding
share-based payments expenses and depreciation.
CEO MESSAGE TO SHAREHOLDERS:
Dear Shareholders,
Nano Dimension’s strong organic
growth continues. Our efforts to scale our business with a
focus on revenue growth and gross margin improvement are delivering
results. Revenue of $41.9 million for the first nine months of 2023
was 33% higher than the same period in 2022. Gross margins and
adjusted gross margins also increased considerably for the first
nine months of 2023 compared to same period in 2022 from 20% to 44%
and 36% to 48%, respectively.
This revenue increase happened during notable
macroeconomic uncertainty which challenged all companies in our
ecosystem. The fact that our leading peers have posted
year-over-year declines in revenue for their respective first nine
months of 2023 makes our 33% growth even more notable. This is a
result of our successful efforts to close new high-profile customer
relationships, secure recurring sales from existing customers, and
develop new products that open greater opportunities.
The marked improvements in our gross margins –
IFRS and adjusted – are driven by our meticulous, ongoing efforts
to improve our supply chain and how we make and deliver our
products. We have been laser-focused on this effort as we work to
drive profitability. A positive bottom line cannot happen without a
healthy margin, and we have positioned the Company for just
that.
I would like to acknowledge the investors and
other stakeholders who have supported us on an individual and
collective level with their concern and well-wishes as the war of
Israel against Hamas terrorism (the “War”) continues.
Our focus remains on meeting our business
targets, especially the new initiatives we have implemented to
drive improved profitability, as described below. Despite the War,
we are confident that we are on track to meet our full-year 2023
expectations.
Another unwelcomed hostility, of the “business
type”, involved our interaction with dissident shareholders this
year. It is unfortunate, despite our attempts to settle these
matters in an amicable manner, that we needed to deploy time and
money, over $15M in 2023 alone, to defend Nano against the
self-interested pursuit of these shareholders. That said, we are
grateful that – through your support – their efforts were defeated
at the last Annual Shareholders Meeting.
We should also note that we have acted on the
feedback we received from ISS, Glass Lewis and shareholders
throughout this process, including making changes to our board of
directors’ composition and governance, to ensure we are best
positioned to guide Nano in delivering value for you, our
shareholders.
In addition to those actions, we shall finish
2023 and orient 2024 around a new initiative – Reshaping Nano (the
“Initiative”). Considering the current macro environment as well as
investor feedback gathered through our ongoing engagements, the
Initiative is designed to enable Nano Dimension to become operating
income positive at some point in 2025, and potentially cash flow
positive earlier. To do this, we are thinking critically about our
operating expenses across R&D, sales & marketing, and
general & administrative expenses.
Over the last several years, we have expanded
Nano’s platform from a niche company focused on AME into a broad
AM, Additive Electronics, leveraging our DeepCube Artificial
Intelligence for industrial applications leader. The Initiative
will be the next step in driving performance across our platform by
leveraging synergies and setting clear financial objectives for
each group across the business and the product lines within them.
We believe that the Initiative will result in approximately $30
million of annual savings, which should begin to appear in our
Q1/2024 results. It is important to note that this strategy is not
sacrificing innovation and future growth engines. This is about
setting financial objectives that reflect the maturity of the
respective groups and product lines. We will continue to invest
where we see the most robust future opportunities.
In parallel with the Initiative, we quickly
approach the epicenter of mergers and acquisitions (“M&A”)
opportunities, with the benefit of our significant cash firepower
and the reduction of valuations in our industry. As we have stated
previously, we believe that our industry is ripe for consolidation
and we are well-positioned with both the financial, managerial and
leadership resources to execute these efforts. As we pursue this
path, we will balance potential M&A, ground-breaking R&D,
and high-returning go-to-market investments with repurchasing
shares at attractive valuation levels, particularly in light of
Nano Dimension’s shares currently trading at a discount to net
asset value. We will remain disciplined in our capital allocation
approach to ensure we are capitalizing on the best way to deliver
shareholder value.
Thank you for your support.
Yoav SternChief Executive Officer and a member
of the Board of Directors Nano Dimension
FINANCIAL RESULTS:
Third Quarter 2023 Financial
Results
- Total revenues for the third
quarter of 2023 were $12,158,000, compared to $14,737,000 in the
second quarter of 2023, and $9,998,000 in the third quarter of
2022.
- Cost of revenues (excluding
amortization of intangibles and write-down of inventories) for the
third quarter of 2023 was $6,739,000, compared to $8,180,000 in the
second quarter of 2023, and $7,428,000 in the third quarter of
2022. The decrease compared to the second quarter of 2023 is
attributed mostly to the decrease of sales of the Company’s product
lines. The decrease compared to the third quarter of 2022 is
attributed mostly to the change in product mix and markets.
- R&D expenses for the third
quarter of 2023 were $12,788,000, compared to $16,386,000 in the
second quarter of 2023, and $18,535,000 in the third quarter of
2022. The decrease compared to the second quarter of 2023 is mainly
attributed to a decrease in share-based payments, payroll,
materials, and other R&D expenses. The decrease compared to the
third quarter of 2022 is mainly attributed to a decrease in
share-based payments, subcontractors, and payroll expenses.
- Sales and marketing (“S&M”)
expenses for the third quarter of 2023 were $7,715,000, compared to
$8,217,000 in the second quarter of 2023, and $9,652,000 in the
third quarter of 2022. The decrease compared to the second quarter
of 2023 is mainly attributed to a decrease in marketing and payroll
expenses. The decrease compared to the third quarter of 2022 is
mainly attributed to a decrease in payroll expenses and share-based
payments expenses.
- General and administrative
(“G&A”) expenses for the third quarter of 2023 were
$20,848,000, compared to $12,322,000 in the second quarter of 2023,
and $7,417,000 in the third quarter of 2022. The increase compared
to the second quarter of 2023 is mainly attributed to an increase
in professional services and payroll expenses. The increase
compared to the third quarter of 2022 is mainly attributed to an
increase in professional services and payroll expenses.
- Net loss attributed to owners of
the Company for the third quarter of 2023 was $66,604,000, or $0.26
loss per share, compared to a net loss of $9,119,000, or $0.04 loss
per share, in the second quarter of 2023, and net loss of
$66,931,000, or $0.26 loss per share, in the third quarter of
2022.
Nine months ended September 30,
2023 Financial Results
- Total revenues for the nine months
period ended September 30, 2023, were $41,860,000, compared to
$31,529,000 in the nine months period ended September 30,
2022. The increase is attributed to increased sales of the
Company’s product lines.
- Cost of revenues (excluding
amortization of intangibles and write-down of inventories) for the
nine months period ended September 30, 2023, was $23,186,000,
compared to $21,159,000 in the nine months period ended
September 30, 2022. The increase is attributed mostly to
increased sales of the Company’s product lines.
- R&D expenses for the nine
months period ended September 30, 2023, were $48,424,000,
compared to $54,770,000 in the nine months period ended
September 30, 2022. The decrease is mainly attributed to a
decrease in share-based payments and subcontractors’ expenses, and
is partially offset by an increase in materials, depreciation and
other R&D expenses.
- S&M expenses for the nine
months period ended September 30, 2023, were $23,418,000,
compared to $29,075,000 in the nine months period ended
September 30, 2022. The decrease is mainly attributed to a
decrease in share-based payments, payroll and other marketing
expenses.
- G&A expenses for the nine
months period ended September 30, 2023, were $44,203,000,
compared to $21,366,000 in the nine months period ended
September 30, 2022. The increase is mainly attributed to an
increase in professional services, payroll and shared-based
payments expenses.
- Net loss attributed to the owners
of the Company for the nine months period ended September 30,
2023, was $53,501,000, or $0.21 per share, compared to loss of
$139,756,000, or $0.54 per share, in the nine months period ended
September 30, 2022.
Balance Sheet Highlights
- Cash and cash equivalents, together
with short-term unrestricted bank deposits totaled $872,677,000 as
of September 30, 2023, compared to $1,032,025,000 as of
December 31, 2022.
- Shareholders’ equity totaled
$1,021,483,000 as of September 30, 2023, compared to
$1,149,525,000 as of December 31, 2022.
CONFERENCE CALL
INFORMATION:
The Company will host a conference call to
discuss the Q3/2023 financial results today, November 28th, 2023,
at 9:00 a.m. EDT (4:00 p.m. IDT). Please dial-in or connect via
webcast through the below details. Those dialing-in will be able to
ask questions. Those connecting via webcast will see a live
presentation.
- Dial-in pre-registration:
https://dpregister.com/sreg/10184404/fb08a97248
- Dial-in - toll free: 1-844-695-5517
- Dial-in - international: 1-412-902-6751
- Webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=w2qoFPuq
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’s (Nasdaq: NNDM) vision is to
transform existing electronics and mechanical manufacturing into
Industry 4.0 environmentally friendly & economically efficient
precision additive electronics and manufacturing – by delivering
solutions that convert digital designs to electronic or mechanical
devices - on demand, anytime, anywhere.
Nano Dimension’s strategy is driven by the
application of deep learning based AI to drive improvements in
manufacturing capabilities by using self-learning &
self-improving systems, along with the management of a distributed
manufacturing network via the cloud.
Nano Dimension has served over 2,000 customers
across vertical target markets such as aerospace & defense,
advanced automotive, high-tech industrial, specialty medical
technology, R&D and academia. The company designs and makes
Additive Electronics and Additive Manufacturing 3D printing
machines and consumable materials. Additive Electronics are
manufacturing machines that enable the design and development of
High-Performance-Electronic-Devices (Hi-PED®s). Additive
Manufacturing includes manufacturing solutions for production of
metal, ceramic, and specialty polymers based applications - from
millimeters to several centimeters in size with micron
precision.
Through the integration of its portfolio of
products, Nano Dimension is offering the advantages of rapid
prototyping, high-mix-low-volume production, IP security, minimal
environmental footprint, and design-for-manufacturing capabilities,
which is all unleashed with the limitless possibilities of additive
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 its organic
growth, potential profitability, opportunities, full-year 2023
expectations, ability to create value for shareholders, the
potential benefits from the Initiative, including estimated annual
savings, ability to become operating income positive and cash flow
positive, potential M&A opportunities and investments, future
share repurchases and future capital allocation. 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 30, 2023, 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
Investor Relations | ir@nano-di.com
|
Unaudited Consolidated Statements of Financial Position as
at |
|
|
September 30, |
December 31, |
|
2022 |
|
2023 |
|
20224 |
|
(In thousands of USD) |
(Unaudited) |
(Unaudited) |
|
Assets |
|
|
|
Cash and cash equivalents |
370,197 |
|
489,323 |
|
685,362 |
|
Bank deposits |
650,111 |
|
383,354 |
|
346,663 |
|
Restricted deposits |
77 |
|
60 |
|
60 |
|
Trade receivables |
5,929 |
|
10,310 |
|
6,342 |
|
Other receivables |
2,925 |
|
4,845 |
|
6,491 |
|
Inventory |
17,837 |
|
21,276 |
|
19,400 |
|
Total current
assets |
1,047,076 |
|
909,168 |
|
1,064,318 |
|
|
|
|
|
Restricted deposits |
521 |
|
846 |
|
850 |
|
Bank deposits |
28,404 |
|
— |
|
— |
|
Investment in securities |
139,707 |
|
131,951 |
|
114,984 |
|
Deferred tax |
480 |
|
259 |
|
115 |
|
Other receivables |
802 |
|
831 |
|
809 |
|
Property plant and equipment, net |
13,166 |
|
14,814 |
|
5,843 |
|
Right-of-use assets |
13,972 |
|
12,963 |
|
16,539 |
|
Intangible assets |
31,799 |
|
2,235 |
|
— |
|
Total non-current
assets |
228,851 |
|
163,899 |
|
139,140 |
|
Total
assets |
1,275,927 |
|
1,073,067 |
|
1,203,458 |
|
|
|
|
|
Liabilities |
|
|
|
Trade payables |
2,925 |
|
8,148 |
|
3,722 |
|
Financial derivatives and deferred consideration |
8,189 |
|
— |
|
8,798 |
|
Other payables |
18,864 |
|
28,624 |
|
24,150 |
|
Current portion of other
long-term liability |
370 |
|
235 |
|
363 |
|
Total current
liabilities |
30,348 |
|
37,007 |
|
37,033 |
|
|
|
|
|
Liability in respect of government grants |
1,507 |
|
1,861 |
|
1,492 |
|
Employee benefits |
296 |
|
2,468 |
|
1,462 |
|
Liability in respect of warrants |
124 |
|
— |
|
69 |
|
Lease liability |
10,519 |
|
9,000 |
|
12,374 |
|
Deferred tax liabilities |
587 |
|
— |
|
— |
|
Other long-term liabilities |
180 |
|
— |
|
— |
|
Loan from banks |
785 |
|
588 |
|
736 |
|
Total non-current
liabilities |
13,998 |
|
13,917 |
|
16,133 |
|
Total
liabilities |
44,346 |
|
50,924 |
|
53,166 |
|
|
|
|
|
Equity |
|
|
|
Non-controlling interests |
865 |
|
660 |
|
767 |
|
Share capital |
387,646 |
|
399,327 |
|
388,406 |
|
Share premium and capital reserves |
1,291,290 |
|
1,299,303 |
|
1,296,194 |
|
Treasury shares |
(1,509 |
) |
(89,375 |
) |
(1,509 |
) |
Foreign currency translation reserve |
(848 |
) |
938 |
|
583 |
|
Remeasurement of net defined benefit liability (IAS 19) |
3,127 |
|
1,448 |
|
2,508 |
|
Accumulated loss |
(448,990 |
) |
(590,158 |
) |
(536,657 |
) |
Equity attributable to
owners of the Company |
1,230,716 |
|
1,021,483 |
|
1,149,525 |
|
Total
equity |
1,231,581 |
|
1,022,143 |
|
1,150,292 |
|
Total liabilities and
equity |
1,275,927 |
|
1,073,067 |
|
1,203,458 |
|
____________________________
4 The December 31, 2022 balances were derived from
the Company’s audited annual financial statements
|
Unaudited Consolidated Statements of Profit or Loss and
Other Comprehensive Income |
|
|
|
|
|
Nine Months EndedSeptember
30, |
Three Months EndedSeptember
30, |
Year endedDecember 31, |
|
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
|
USD |
USD |
USD |
USD |
USD |
Revenues |
31,529 |
|
41,860 |
|
9,998 |
|
12,158 |
|
43,633 |
|
Cost of revenues |
21,159 |
|
23,186 |
|
7,428 |
|
6,739 |
|
24,943 |
|
Cost of revenues - write-down
of inventories and impairment of assets recognized in business
combination and technology |
3,990 |
|
244 |
|
771 |
|
50 |
|
4,639 |
|
Total cost of revenues |
25,149 |
|
23,430 |
|
8,199 |
|
6,789 |
|
29,582 |
|
Gross profit |
6,380 |
|
18,430 |
|
1,799 |
|
5,369 |
|
14,051 |
|
Research and development
expenses |
54,770 |
|
48,424 |
|
18,535 |
|
12,788 |
|
75,763 |
|
Sales and marketing
expenses |
29,075 |
|
23,418 |
|
9,652 |
|
7,715 |
|
38,833 |
|
General and administrative
expenses |
21,366 |
|
44,203 |
|
7,417 |
|
20,848 |
|
30,457 |
|
Impairment losses on
intangible assets |
— |
|
— |
|
— |
|
— |
|
40,523 |
|
Operating loss |
(98,831 |
) |
(97,615 |
) |
(33,805 |
) |
(35,982 |
) |
(171,525 |
) |
Finance income |
13,826 |
|
34,592 |
|
7,001 |
|
11,101 |
|
22,965 |
|
Finance expense |
18,064 |
|
8,385 |
|
1,601 |
|
2,031 |
|
11,680 |
|
Finance income (expense) from
investment in securities |
(38,068 |
) |
16,967 |
|
(38,681 |
) |
(40,234 |
) |
(67,791 |
) |
Loss before taxes on
income |
(141,137 |
) |
(54,441 |
) |
(67,086 |
) |
(67,146 |
) |
(228,031 |
) |
Taxes benefit (expenses) |
742 |
|
121 |
|
(47 |
) |
273 |
|
(264 |
) |
Loss for the period |
(140,395 |
) |
(54,320 |
) |
(67,133 |
) |
(66,873 |
) |
(228,295 |
) |
Loss attributable to
non-controlling interests |
(639 |
) |
(819 |
) |
(202 |
) |
(269 |
) |
(872 |
) |
Loss attributable to
owners |
(139,756 |
) |
(53,501 |
) |
(66,931 |
) |
(66,604 |
) |
(227,423 |
) |
|
|
|
|
|
|
Loss per share |
|
|
|
|
|
Basic loss per share |
(0.54 |
) |
(0.21 |
) |
(0.26 |
) |
(0.26 |
) |
(0.88 |
) |
|
|
|
|
|
|
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 |
(2,351 |
) |
344 |
|
(1,113 |
) |
(253 |
) |
(844 |
) |
Other comprehensive income
items that will not be transferred to profit or loss |
|
|
|
|
|
Remeasurement of net defined
benefit liability (IAS 19), net of tax |
3,127 |
|
(1,060 |
) |
— |
|
— |
|
2,508 |
|
Total other comprehensive
income (loss) for the period |
776 |
|
(716 |
) |
(1,113 |
) |
(253 |
) |
1,664 |
|
Total comprehensive loss for
the period |
(139,619 |
) |
(55,036 |
) |
(68,246 |
) |
(67,126 |
) |
(226,631 |
) |
Comprehensive loss
attributable to non-controlling interests |
(735 |
) |
(830 |
) |
(247 |
) |
(284 |
) |
(892 |
) |
Comprehensive loss
attributable to owners of the Company |
(138,884 |
) |
(54,206 |
) |
(67,999 |
) |
(66,842 |
) |
(225,739 |
) |
|
Consolidated Statements of Changes in Equity
(Unaudited) |
(In thousands of USD) |
|
|
Share capital |
Share premium and capital reserves |
Remeasurement of IAS 19 |
Treasury shares |
Foreign currency translation reserve |
Accumulated loss |
Total |
Non-controlling interests |
Total equity |
|
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
For the nine months endedSeptember 30,
2023: |
USD |
USD |
USD |
USD |
USD |
USD |
USD |
USD |
USD |
Balance as of December 31, 2022 |
388,406 |
1,296,194 |
|
2,508 |
|
(1,509 |
) |
583 |
(536,657 |
) |
1,149,525 |
|
767 |
|
1,150,292 |
|
Investment of non-controlling party in
subsidiary |
— |
— |
|
— |
|
— |
|
— |
— |
|
— |
|
723 |
|
723 |
|
Loss for the
period |
— |
— |
|
— |
|
— |
|
— |
(53,501 |
) |
(53,501 |
) |
(819 |
) |
(54,320 |
) |
Other comprehensive
income (loss) for the period |
— |
— |
|
(1,060 |
) |
— |
|
355 |
— |
|
(705 |
) |
(11 |
) |
(716 |
) |
Exercise of warrants,
options andconversion of convertible
notes |
10,921 |
(10,921 |
) |
— |
|
— |
|
— |
— |
|
— |
|
— |
|
— |
|
Repurchase of
treasury shares |
— |
— |
|
— |
|
(87,866 |
) |
— |
— |
|
(87,866 |
) |
— |
|
(87,866 |
) |
Share based payment
acquired |
— |
(1,780 |
) |
— |
|
— |
|
— |
— |
|
(1,780 |
) |
— |
|
(1,780 |
) |
Share-based
payments |
— |
15,810 |
|
— |
|
— |
|
— |
— |
|
15,810 |
|
— |
|
15,810 |
|
Balance as of
September 30, 2023 |
399,327 |
1,299,303 |
|
1,448 |
|
(89,375 |
) |
938 |
(590,158 |
) |
1,021,483 |
|
660 |
|
1,022,143 |
|
|
Share capital |
Share premium and capital reserves |
Remeasurement of IAS 19 |
Treasury shares |
Foreign currency translation reserve |
Accumulated loss |
Total |
Non-controlling interests |
Total equity |
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
For the three months
endedSeptember 30,
2023: |
USD |
USD |
USD |
USD |
USD |
USD |
USD |
USD |
USD |
Balance as of June 30, 2023 |
396,238 |
1,298,124 |
|
1,448 |
(24,768 |
) |
1,176 |
|
(523,554 |
) |
1,148,664 |
|
892 |
|
1,149,556 |
|
Investment of non-controlling party in
subsidiary |
— |
— |
|
— |
— |
|
— |
|
— |
|
— |
|
52 |
|
52 |
|
Loss for the
period |
— |
— |
|
— |
— |
|
— |
|
(66,604 |
) |
(66,604 |
) |
(269 |
) |
(66,873 |
) |
Other comprehensive
loss for the period |
— |
— |
|
— |
— |
|
(238 |
) |
— |
|
(238 |
) |
(15 |
) |
(253 |
) |
Exercise of options
andconversion of convertible notes |
3,089 |
(3,089 |
) |
— |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Repurchase of
treasury shares |
— |
— |
|
— |
(64,607 |
) |
— |
|
— |
|
(64,607 |
) |
— |
|
(64,607 |
) |
Share-based
payments |
— |
4,268 |
|
— |
— |
|
— |
|
— |
|
4,268 |
|
— |
|
4,268 |
|
Balance as of
September 30, 2023 |
399,327 |
1,299,303 |
|
1,448 |
(89,375 |
) |
938 |
|
(590,158 |
) |
1,021,483 |
|
660 |
|
1,022,143 |
|
|
Consolidated Statements of Cash Flows
(Unaudited) |
(In thousands of USD) |
|
|
|
|
|
Nine Months EndedSeptember
30, |
Three Months EndedSeptember
30, |
Year endedDecember 31 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Cash flow from
operating activities: |
|
|
|
|
|
Net loss |
(140,395 |
) |
(54,320 |
) |
(67,133 |
) |
(66,873 |
) |
(228,295 |
) |
Adjustments: |
|
|
|
|
|
Depreciation and
amortization |
6,084 |
|
4,551 |
|
3,228 |
|
1,588 |
|
7,283 |
|
Impairment losses |
— |
|
|
— |
|
— |
|
40,523 |
|
Financing (income) expenses,
net |
9,089 |
|
(26,675 |
) |
(3,466 |
) |
(9,053 |
) |
(1,769 |
) |
Revaluation of financial
liabilities accounted at fair value |
(4,851 |
) |
468 |
|
(1,934 |
) |
(17 |
) |
(4,516 |
) |
Revaluation of financial
assets accounted at fair value |
38,068 |
|
(16,967 |
) |
38,681 |
|
40,234 |
|
62,791 |
|
Loss (gain) from disposal of
property plant and equipment and right-of-use assets |
91 |
|
333 |
|
97 |
|
(12 |
) |
948 |
|
Increase in deferred tax |
(1,441 |
) |
(95 |
) |
(109 |
) |
— |
|
(581 |
) |
Share-based payments |
26,637 |
|
15,810 |
|
7,300 |
|
4,268 |
|
32,563 |
|
Other |
121 |
|
121 |
|
8 |
|
53 |
|
166 |
|
|
73,798 |
|
(22,454 |
) |
43,805 |
|
37,061 |
|
137,408 |
|
Changes in assets and
liabilities: |
|
|
|
— |
|
|
Increase in inventory |
(3,384 |
) |
(3,253 |
) |
(1,506 |
) |
(2,041 |
) |
(4,603 |
) |
(Increase) decrease in other
receivables |
3,574 |
|
1,659 |
|
3,871 |
|
990 |
|
(1,978 |
) |
(Increase) decrease in trade
receivables |
(1,761 |
) |
(3,951 |
) |
198 |
|
2,088 |
|
(1,992 |
) |
Increase (decrease) in other
payables |
1,333 |
|
2,908 |
|
(64 |
) |
4,253 |
|
5,281 |
|
Increase (decrease) in
employee benefits |
1,101 |
|
(992 |
) |
(635 |
) |
(593 |
) |
1,497 |
|
Increase (decrease) in trade
payables |
(42 |
) |
4,742 |
|
(881 |
) |
5,570 |
|
628 |
|
|
|
|
|
|
|
|
821 |
|
1,113 |
|
983 |
|
10,267 |
|
(1,167 |
) |
Net cash used in
operating activities |
(65,776 |
) |
(75,661 |
) |
(22,345 |
) |
(19,545 |
) |
(92,054 |
) |
|
|
|
|
|
|
Cash flow from
investing activities: |
|
|
|
|
|
Change in bank deposits |
(187,412 |
) |
(37,016 |
) |
(140,921 |
) |
114,375 |
|
141,555 |
|
Interest received |
4,634 |
|
29,804 |
|
2,143 |
|
11,806 |
|
17,465 |
|
Change in restricted bank
deposits |
(16 |
) |
(38 |
) |
59 |
|
(4 |
) |
(327 |
) |
Acquisition of property plant
and equipment |
(6,059 |
) |
(9,066 |
) |
(1,520 |
) |
(1,945 |
) |
(9,388 |
) |
Acquisition of intangible
asset |
|
(1,524 |
) |
— |
|
(1,524 |
) |
— |
|
Acquisition of subsidiaries,
net of cash acquired |
(31,058 |
) |
— |
|
(12,899 |
) |
— |
|
(31,057 |
) |
Payment of a liability to pay
a contingent consideration of business combination |
(10,708 |
) |
(9,255 |
) |
(709 |
) |
— |
|
(10,708 |
) |
Acquisition of financial
assets in fair value through profit and loss |
(177,775 |
) |
— |
|
(159,972 |
) |
— |
|
(177,775 |
) |
Decrease in deposit in
escrow |
— |
|
— |
|
— |
|
— |
|
3,362 |
|
Other |
— |
|
— |
|
— |
|
— |
|
(800 |
) |
Net cash from (used
in) investing activities |
(408,394 |
) |
(27,095 |
) |
(313,819 |
) |
122,708 |
|
(67,673 |
) |
|
|
|
|
|
|
Cash flow from
financing activities: |
|
|
|
|
|
Lease payments |
(3,088 |
) |
(3,640 |
) |
(1,207 |
) |
(1,169 |
) |
(4,151 |
) |
Repayment long-term bank
debt |
(303 |
) |
(193 |
) |
(85 |
) |
(97 |
) |
(406 |
) |
Proceeds from non-controlling
interests |
510 |
|
550 |
|
510 |
|
— |
|
510 |
|
Amounts recognized in respect
of government grants liability |
(132 |
) |
(225 |
) |
(39 |
) |
(53 |
) |
(221 |
) |
Payments of share price
protection recognized in business combination |
(744 |
) |
(1,780 |
) |
|
— |
|
(1,005 |
) |
Repurchase of treasury
shares |
— |
|
(85,726 |
) |
— |
|
(65,985 |
) |
— |
|
Net cash used in
financing activities |
(3,757 |
) |
(91,014 |
) |
(821 |
) |
(67,304 |
) |
(5,273 |
) |
Increase (decrease) in
cash |
(477,927 |
) |
(193,770 |
) |
(336,985 |
) |
35,859 |
|
(165,000 |
) |
Cash at beginning of
the period |
853,626 |
|
685,362 |
|
706,220 |
|
454,555 |
|
853,626 |
|
Effect of exchange rate
fluctuations on cash |
(5,502 |
) |
(2,269 |
) |
962 |
|
(1,091 |
) |
(3,264 |
) |
Cash at end of the
period |
370,197 |
|
489,323 |
|
370,197 |
|
489,323 |
|
685,362 |
|
|
|
|
|
|
|
Non-cash transactions: |
|
|
|
|
|
Property plant and equipment
and intangible asset acquired on credit |
509 |
|
410 |
|
474 |
|
82 |
|
52 |
|
Repurchase of treasury shares
on credit |
— |
|
2,140 |
|
— |
|
(1,378 |
) |
— |
|
Recognition of a right-of-use
asset |
11,536 |
|
199 |
|
286 |
|
— |
|
15,196 |
|
Acquisition of financial
assets in fair value through profit and loss |
|
— |
|
(2,158 |
) |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS Measures
The following are reconciliations of income before taxes, as
calculated in accordance with International Financial Reporting
Standards (“IFRS”), to EBITDA and Adjusted EBITDA, as well as of
gross profit, as calculated in accordance with IFRS, to Adjusted
Gross Profit:
|
For the
Nine-Months Period Ended September 30, |
For the Three-Months Period Ended September
30, |
|
2023 |
|
In thousands of
USD |
In thousands of
USD |
Net loss |
(54,320 |
) |
(66,873 |
) |
Tax income |
(121 |
) |
(273 |
) |
Depreciation and
amortization |
4,551 |
|
1,588 |
|
Interest income |
(34,575 |
) |
(11,008 |
) |
EBITDA (loss) |
(84,465 |
) |
(76,566 |
) |
Finance income from
revaluation of assets and liabilities |
(16,139 |
) |
40,160 |
|
Exchange rate differences |
7,490 |
|
2,015 |
|
Share-based compensation
expenses |
15,810 |
|
4,268 |
|
Adjusted EBITDA (loss) |
(77,304 |
) |
(30,123 |
) |
|
For the Nine-Months Period EndedSeptember
30, |
For the Three-Months Period EndedSeptember
30, |
|
2022 |
2023 |
2022 |
2023 |
Gross profit |
6,380 |
18,430 |
1,799 |
5,369 |
Depreciation and
amortization |
3,887 |
275 |
589 |
89 |
Share-based payments |
1,113 |
1,189 |
370 |
377 |
Adjusted gross profit |
11,380 |
19,894 |
2,758 |
5,835 |
|
|
|
|
|
EBITDA is a non-IFRS measure and is defined as income before
taxes, excluding depreciation and amortization expenses and
amortization of assets recognized in business combination and
interest income. We believe that EBITDA, as described above, should
be considered in evaluating the Company’s operations. EBITDA
facilitates the Company’s performance comparisons from period to
period and company to company by backing out potential differences
caused by variations in capital structures, and the age and
depreciation charges and amortization of fixed and intangible
assets, respectively (affecting relative depreciation and
amortization expense, respectively), and EBITDA is useful to an
investor in evaluating our operating performance because it is
widely used by investors, securities analysts and other interested
parties to measure a company’s operating performance without regard
to the items mentioned above.
Adjusted EBITDA is a non-IFRS measure and is
defined as income before taxes, excluding depreciation and
amortization expenses, interest income, finance income for
revaluation of assets and liabilities, exchange rate differences
and share-based payments. We believe that Adjusted EBITDA, as
described above, should also be considered in evaluating the
Company’s operations. Like EBITDA, Adjusted EBITDA facilitates the
Company’s performance comparisons from period to period and company
to company by backing out potential differences caused by
variations in capital structures, and the age and depreciation
charges and amortization of fixed and intangible assets,
respectively (affecting relative depreciation and amortization
expense, respectively), as well as from revaluation of assets and
liabilities, exchange rate differences and share-based payment
expenses. Adjusted EBITDA is useful to an investor in evaluating
our operating performance because it is widely used by investors,
securities analysts and other interested parties to measure a
company’s operating performance without regard to non-cash items,
such as expenses related to revaluation, exchange rate differences
and share-based payments.
Adjusted gross profit, excluding depreciation
and amortization and share-based compensation expenses, is a
non-IFRS measure and is defined as gross profit excluding
amortization expenses. We believe that adjusted gross profit, as
described above, should also be considered in evaluating the
Company’s operations. Adjusted gross profit facilitates gross
profit and gross margin comparisons from period to period and
company to company by backing out potential differences caused by
variations in amortization of inventory and intangible assets.
Adjusted gross profit is useful to an investor in evaluating our
performance because it enables investors, securities analysts and
other interested parties to measure a company’s performance without
regard to non-cash items, such as amortization expenses. Adjusted
gross margin is calculated by dividing the adjusted gross profit by
the revenues.
EBITDA, Adjusted EBITDA, and Adjusted gross
profit do not represent cash generated by operating activities in
accordance with IFRS and should not be considered alternatives to
net income (loss) as indicators of our operating performance or as
measures of our liquidity. These measures should be considered in
conjunction with net income (loss) as presented in our consolidated
statements of profit or loss and other comprehensive income. Other
companies may calculate these measures differently than we do.
Nano Dimension (NASDAQ:NNDM)
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Nano Dimension (NASDAQ:NNDM)
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