Nano Dimension Ltd. (Nasdaq: NNDM, “Nano
Dimension” or the “Company”), an industry leader in
Additively
Manufactured
Electronics, additive PCB assembly & printhead
drivers and software (
AME), and a supplier of
Additive
Manufacturing machines
and materials (
AM), today announced financial
results for the first quarter ended March 31st, 2024.
Revenue:
- Q1/2024 was $13.36 million
- Q1/2023 was $14.97 million (unusual
Q1/2023, spillover from Q4/2022)
Gross Margin (GM):
- Q1/2024 was 46%
- Q1/2023 was 44%
- 235 bps improvement
Adjusted Gross
Margin1 (Adjusted
GM):
- Q1/2024 was 50%
- Q1/2023 was 47%
- 265 bps improvement
Adjusted EBITDA:
- Q1/2024 was negative $13.6
million
- Q1/2023 was negative $23.7
million
- 43% improvement
Net cash
burn2:
- Q1/2024 was $7.0 million
- Q1/2023 was $27.4 million
- 75% reduction
Details regarding Adjusted GM and Adjusted
EBITDA can be found below in this press release under “non-IFRS
measures.”
CEO MESSAGE TO
SHAREHOLDERS:
Dear Shareholders,This was a quarter in which we
have seen evidence that the financial results are reflecting our
long-term planning. What we said will happen, has happened. I will
separate my note into two main pillars in which we assess our
business, and we hope you do as well: our income statement and our
capital allocation – each being distinct but highly
interrelated.
Income statementOur income
statement is naturally a key metric. We have often said it is not
about one quarter, but quarters over time, and what story the
numbers reveal about the direction of the business. On this note,
for shareholders focused on financial discipline and moving towards
profitability, there is a positive story emerging that is the
product of a methodical plan.
Top-lineIn 2021, we set a goal
to increase revenue considerably. This should not be the sole goal
of any business, nor was or is it of Nano Dimension. But it was an
interim goal as a means of reaching a minimal threshold to achieve
efficiencies.We have done this.
In Q1/2021, the last-twelve-month (LTM) revenue
was $3.5 million; in Q1/2024 the LTM revenue was $55 million,
displaying compound annual growth rate (CAGR) of 150%.
On a comparable basis, while Q1/2023 was
nontypically high as a result of spillover from Q4/2022, we expect
our budgeted growth to continue on an annual basis.
Gross Margins While
simultaneously making progress on our revenue growth objective, we
set out another one: Increasing gross margins, which reflect how we
price our sophisticated hi-tech products and our efficiency in
manufacturing them vis-à-vis our costs of goods sold (COGS).
Surely, this is not our end-goal either, but a critical
intermediate step. We have done this.
We improved our gross margins from 10% in
Q1/2022 to 46% in Q1/2024, for a relative expansion of
approx. 360%.
Operating Expenses After
growing our revenue and expanding our gross margins, we shifted our
focus to reducing our operating expenses, which is critical for the
ultimate goal of profitability. Our work in this area comes largely
from our Reshaping Nano Initiative, which we
announced in Q4/2023. We developed a detailed plan to evolve our
global workforce based on the benefits of organizational synergies
following a robust M&A program, while not forgoing progress in
R&D innovations and go-to-market effectiveness. We have
done this.
We finished Q1/2024 with a notable reduction in
our net cash burn down to $7 million. This is not the end of the
story. With this, I want to reaffirm our guidance that we announced
in our 2023 full year results: our reduced cash used in operations
along with our strong cash management means our effective cash burn
will be no more than $20 million for the year, and perhaps as low
as $12 million.
This is critical. Even without any other big
developments, Nano Dimension can maintain its position of strength
with minimal cash usage.
Capital allocation Our balance
sheet is our strategic advantage. How we manage and allocate the
capital, is perhaps the greatest indicator of future success.
R&D and InnovationThe list
of accomplishments over the last three years is long, but one focal
area has been our industrial AI work coming out of our DeepCube
Group that has created differentiated, secure IP to serve the
business long into the future. We have done
this.
Even if we just limit ourselves to Q1/2024, we have filed
an important patent related to our industrial AI work from
our DeepCube Group and large language models (“LLMs”).
Transformational M&AThis is
arguably the only area where there is not a publicly disclosable
Q1/2024 development. But I want to say this clearly: This
is a feature, not a bug. As we have always been, our team
and banking advisors are pursuing transactions at the right cost,
not at any cost. While we believe more than ever that there are
great consolidation opportunities in the scope of our M&A
search, it is critical we don’t fall into the same mistake that
many others have made and that is not thinking critically about a
return-on-investment (ROI).
Valuable opportunities are becoming more likely
as many companies are seeing their own cash reserves dwindle with
limited and arguably prohibitively costly mechanisms for securing
additional capital. We are in strong AND ACTIVE positions,
which are only getting stronger.
Share Repurchase ProgramWe
continually assess the best use of our cash. Considering that our
current shares trade at a discount to cash value, we believe a
share buyback should be considered in comparison to other
alternatives, as it also provides value to shareholders. We said we
would do this in 2023. We have done this.
Outstanding Shares Reduced by 15% to 219
Million, Over the Last 15 months.We have purchased
51,064,088 ordinary shares at approx. $2-$3 per share below cash
and investments value since February 2023. Our program has brought
our current outstanding share count to 219,237,825 ordinary shares
as of March 31st, 2024; presenting a cash and investment value of
approximately $4.1 per share (without considering the value of the
$55-$60 million revenue business) as of Q1/2024.
In closingOur markets and their
macro environments are neither perpetuum mobile, nor are they
static, and so is our business. On many important items and
especially those clearly within our control, what we said will
happen, has happened. This is not to say there is no more to do,
and some of the most important things still lie ahead. It is just
the beginning.
Thank you for your support.
Yoav SternChief Executive Officer and a Member
of the Board of Directors Nano Dimension
FINANCIAL RESULTS:
First Quarter 2024 Financial
Results
- Total revenues for the first
quarter of 2024 were $13,364,000, compared to $14,965,000 in the
first quarter of 2023. The decrease is attributed to decreased
sales of the Company’s product lines.
- Total cost of revenues for the
first quarter of 2024 was $7,186,000, compared to $8,399,000 in the
first quarter of 2023. The decrease resulted primarily from the
above-mentioned decrease in revenues and cost reductions that
improved the gross margin.
- As a result of the reorganization plan executed by the Company
in the fourth quarter of 2023 and other cost reduction efforts
taken in 2024, the Company’s operating expenses across all
departments have decreased in the first quarter of 2024 compared to
the first quarter of 2023.
- R&D expenses for the first quarter of 2024 were $9,133,000,
compared to $19,250,000 in the first quarter of 2023. The decrease
is mainly attributed to a decrease in payroll and related expenses,
share-based compensation expenses, materials for R&D use and
subcontractor services.
- Sales and marketing expenses for
the first quarter of 2024 were $6,517,000, compared to $7,486,000
in the first quarter of 2023. The decrease is attributed mainly to
payroll and related expenses, as well as share-based compensation
expenses.
- General and administrative expenses
for the first quarter of 2024 were $9,602,000, compared to
$11,033,000 in the first quarter of 2023. The decrease is mainly
attributed to a decrease in professional services, payroll and
related expenses, and is partially offset by an increase in
share-based compensation expenses.
- Net loss for the first quarter of
2024 was $34,772,000, or $0.15 loss per share, compared to net
income of $22,222,000, or $0.09 per share, in the first quarter of
2023, with gains that quarter mainly attributed to the re-valuation
of our investment in securities.
Conference call information
The Company will host a conference call to
discuss these financial results today, June 3rd, 2024, at 9:00 a.m.
EDT (4:00 p.m. IDT). The call can be accessed via webcast link or
phone as detailed below.For webcast link with presentation viewing:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=GmLH60ir For
phone:U.S. Dial-in Number (Toll Free): 1-844-695-5517International
Dial-in Number: 1-412-902-6751Israel Dial-in Number (Toll Free):
1-80-9212373Please 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
http://investors.nano-di.com/events-and-presentations.
About Nano DimensionNano
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 and 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 moving towards profitability, its expectation for
its budgeted growth to continue, that its effective cash burn will
be no more than $20 million for the year, and perhaps as low as $12
million, that Nano Dimension can maintain its position of strength
with minimal cash usage, the Company’s belief that there are great
consolidation opportunities in the scope of its M&A search,
that valuable opportunities are becoming more likely and the
Company’s belief that a share buyback provides considerable value
to shareholders. 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 21, 2024,
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
Tomer Pinchas, CFO & COO |
ir@nano-di.com
Unaudited Consolidated Statements of Financial Position as
at |
|
|
March 31, |
December 31, |
|
2023 |
2024 |
20231 |
(In thousands of USD) |
(Unaudited) |
(Unaudited) |
|
Assets |
|
|
|
Cash and cash equivalents |
412,172 |
|
251,858 |
|
309,571 |
|
Bank deposits |
573,847 |
|
541,164 |
|
541,967 |
|
Restricted deposits |
60 |
|
60 |
|
60 |
|
Trade receivables |
10,152 |
|
11,840 |
|
12,710 |
|
Other receivables |
6,076 |
|
6,419 |
|
11,290 |
|
Inventory |
20,040 |
|
19,698 |
|
18,390 |
|
Total current
assets |
1,022,347 |
|
831,039 |
|
893,988 |
|
|
|
|
|
Restricted deposits |
1,107 |
|
879 |
|
881 |
|
Investment in securities |
160,260 |
|
112,657 |
|
138,446 |
|
Deferred tax |
118 |
|
— |
|
— |
|
Other receivables |
816 |
|
— |
|
— |
|
Property plant and equipment, net |
10,012 |
|
16,078 |
|
16,716 |
|
Right-of-use assets |
15,497 |
|
11,084 |
|
12,072 |
|
Intangible assets |
— |
|
2,235 |
|
2,235 |
|
Total non-current
assets |
187,810 |
|
142,933 |
|
170,350 |
|
Total
assets |
1,210,157 |
|
973,972 |
|
1,064,338 |
|
|
|
|
|
Liabilities |
|
|
|
Trade payables |
5,503 |
|
4,123 |
|
4,696 |
|
Financial derivatives and deferred consideration |
5,040 |
|
— |
|
— |
|
Other payables |
18,456 |
|
21,837 |
|
25,265 |
|
Current portion of lease liability |
4,724 |
|
4,317 |
|
4,473 |
|
Current portion of bank loan |
347 |
|
138 |
|
38 |
|
Total current
liabilities |
34,070 |
|
30,415 |
|
34,472 |
|
|
|
|
|
Liability in respect of government grants |
1,861 |
|
1,989 |
|
1,895 |
|
Employee benefits |
1,561 |
|
4,009 |
|
2,773 |
|
Liability in respect of warrants |
123 |
|
— |
|
— |
|
Long term lease liability |
11,409 |
|
7,900 |
|
8,742 |
|
Deferred tax liabilities |
— |
|
— |
|
75 |
|
Bank loan |
686 |
|
380 |
|
595 |
|
|
15,640 |
|
14,278 |
|
14,080 |
|
Total non-current
liabilities |
49,710 |
|
44,693 |
|
48,552 |
|
Total
liabilities |
|
|
|
|
|
|
|
Equity |
|
|
|
Non-controlling interests |
578 |
|
857 |
|
1,011 |
|
Share capital |
389,943 |
|
404,366 |
|
400,700 |
|
Share premium and capital reserves |
1,300,781 |
|
1,298,973 |
|
1,299,542 |
|
Treasury shares |
(19,901 |
) |
(149,461 |
) |
(97,896 |
) |
Foreign currency translation reserve |
973 |
|
1,249 |
|
2,929 |
|
Remeasurement of net defined benefit liability (IAS 19) |
2,508 |
|
(726 |
) |
707 |
|
Accumulated loss |
(514,435 |
) |
(625,979 |
) |
(591,207 |
) |
Equity attributable to
owners of the Company |
1,159,869 |
|
928,422 |
|
1,014,775 |
|
Total
equity |
1,160,447 |
|
929,279 |
|
1,015,786 |
|
Total liabilities and
equity |
1,210,157 |
|
973,972 |
|
1,064,338 |
|
________________________1 The December 31, 2023,
balances were derived from the Company’s audited annual financial
statements
Unaudited Consolidated Statements of Profit or Loss and
Other Comprehensive Income |
|
|
|
|
Three Months EndedMarch 31, |
Year endedDecember 31, |
|
|
2023 |
2024 |
2023 |
|
Thousands |
Thousands |
Thousands |
|
USD |
USD |
USD |
Revenues |
14,965 |
|
13,364 |
|
56,314 |
|
Cost of revenues |
8,267 |
|
7,142 |
|
30,759 |
|
Cost of revenues - write-down
of inventories |
132 |
|
44 |
|
97 |
|
Total cost of revenues |
8,399 |
|
7,186 |
|
30,856 |
|
Gross
profit |
6,566 |
|
6,178 |
|
25,458 |
|
Research and development
expenses |
19,250 |
|
9,133 |
|
62,004 |
|
Sales and marketing
expenses |
7,486 |
|
6,517 |
|
31,707 |
|
General and administrative
expenses |
11,033 |
|
9,602 |
|
58,254 |
|
Other income, net |
— |
|
109 |
|
1,627 |
|
Operating
loss |
(31,203 |
) |
(18,965 |
) |
(124,880 |
) |
Finance income |
56,826 |
|
11,311 |
|
70,934 |
|
Finance expenses |
3,590 |
|
27,324 |
|
1,652 |
|
Income (Loss) before
taxes on income |
22,033 |
|
(34,978 |
) |
(55,598 |
) |
Taxes benefit (expenses) |
(74 |
) |
16 |
|
(62 |
) |
Income (Loss) for the
period |
21,959 |
|
(34,962 |
) |
(55,660 |
) |
Loss attributable to
non-controlling interests |
(263 |
) |
(190 |
) |
(1,110 |
) |
Income (Loss) attributable to
owners |
22,222 |
|
(34,772 |
) |
(54,550 |
) |
|
|
|
|
Income (Loss) per
share |
|
|
|
Basic gain (loss) per
share |
0.09 |
|
(0.15 |
) |
(0.22 |
) |
|
|
|
|
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 |
403 |
|
(1,704 |
) |
2,368 |
|
Other comprehensive
income items that will not be transferred to profit or
loss |
|
|
|
Remeasurement of net defined
benefit liability (IAS 19), net of tax |
— |
|
(1,433 |
) |
(1,801 |
) |
Total other
comprehensive income (loss) for the period |
403 |
|
(3,137 |
) |
567 |
|
Total comprehensive
income (loss) for the period |
22,362 |
|
(38,099 |
) |
(55,093 |
) |
Comprehensive loss
attributable to non-controlling interests |
(250 |
) |
(214 |
) |
(1,088 |
) |
Comprehensive income (loss)
attributable to owners of the Company |
22,612 |
|
(37,885 |
) |
(54,005 |
) |
Consolidated Statements of Changes in Equity
(Unaudited)(In thousands of USD) |
|
|
Share capital |
Sharepremiumand capitalreserves |
Remeasurementof IAS 19 |
Treasuryshares |
Foreigncurrencytranslationreserve |
Accumulatedloss |
Total |
Non-controllinginterests |
Totalequity |
|
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
Thousands |
|
USD |
USD |
USD |
USD |
USD |
USD |
USD |
USD |
USD |
Balance as December 31, 2023 |
400,700 |
1,299,542 |
|
707 |
|
(97,896 |
) |
2,929 |
|
(591,207 |
) |
1,014,775 |
|
1,011 |
|
1,015,786 |
|
Investment of
non-controlling party in subsidiary |
— |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
60 |
|
60 |
|
Loss for the
period |
— |
— |
|
— |
|
— |
|
— |
|
(34,772 |
) |
(34,772 |
) |
(190 |
) |
(34,962 |
) |
Other comprehensive
loss for the period |
— |
— |
|
(1,433 |
) |
— |
|
(1,680 |
) |
— |
|
(3,113 |
) |
(24 |
) |
(3,137 |
) |
Exercise of warrants,
options andvesting of RSUs |
3,666 |
(3,666 |
) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Repurchase of
treasury shares |
— |
— |
|
— |
|
(51,565 |
) |
— |
|
— |
|
(51,565 |
) |
— |
|
(51,565 |
) |
Share-based payment
acquired |
— |
(363 |
) |
— |
|
— |
|
— |
|
— |
|
(363 |
) |
— |
|
(363 |
) |
Share-based
payments |
— |
3,460 |
|
— |
|
— |
|
— |
|
— |
|
3,460 |
|
— |
|
3,460 |
|
Balance as of March
31, 2024 |
404,366 |
1,298,973 |
|
(726 |
) |
(149,461 |
) |
1,249 |
|
(625,979 |
) |
928,422 |
|
857 |
|
929,279 |
|
Consolidated Statements of Cash Flows
(Unaudited)(In thousands of USD) |
|
|
|
|
Three Months EndedMarch 31, |
Year endedDecember 31 |
|
2023 |
2024 |
2023 |
Cash flow from
operating activities: |
|
|
|
Net income (loss) |
21,959 |
|
(34,962 |
) |
(55,660 |
) |
Adjustments: |
|
|
|
Depreciation and
amortization |
1,423 |
|
2,066 |
|
6,544 |
|
Financing income net |
(8,152 |
) |
(9,798 |
) |
(46,281 |
) |
Revaluation of financial
liabilities accounted at fair value |
191 |
|
22 |
|
461 |
|
Revaluation of financial
assets accounted at fair value |
(45,276 |
) |
25,789 |
|
(23,462 |
) |
Loss from disposal of property
plant and equipment and right-of-use assets |
124 |
|
6 |
|
326 |
|
Increase in deferred tax |
(3 |
) |
— |
|
(11 |
) |
Share-based payments |
6,124 |
|
3,460 |
|
20,101 |
|
Other |
45 |
|
37 |
|
164 |
|
|
(45,524 |
) |
21,582 |
|
(42,158 |
) |
Changes in assets and
liabilities: |
|
|
|
Increase in inventory |
(545 |
) |
(2,287 |
) |
(340 |
) |
(Increase) decrease in other
receivables |
(851 |
) |
4,589 |
|
(5,775 |
) |
(Increase) decrease in trade
receivables |
(3,708 |
) |
313 |
|
(5,603 |
) |
Increase (decrease) in other
payables |
(528 |
) |
(1,917 |
) |
4,856 |
|
Increase (decrease) in
employee benefits |
(561 |
) |
51 |
|
(1,478 |
) |
Increase (decrease) in trade
payables |
1,805 |
|
(345 |
) |
1,089 |
|
|
|
|
|
|
(4,388 |
) |
404 |
|
(7,251 |
) |
Net cash used in
operating activities |
(27,953 |
) |
(12,976 |
) |
(105,069 |
) |
|
|
|
|
Cash flow from
investing activities: |
|
|
|
Change in bank deposits |
(228,497 |
) |
(6,594 |
) |
(189,060 |
) |
Interest received |
11,292 |
|
17,154 |
|
41,529 |
|
Change in restricted bank
deposits |
(271 |
) |
(11 |
) |
(27 |
) |
Acquisition of property plant
and equipment |
(3,944 |
) |
(776 |
) |
(9,098 |
) |
Acquisition of intangible
asset |
— |
|
(711 |
) |
(1,524 |
) |
Payment of a liability for
contingent consideration in a business combination |
(3,960 |
) |
— |
|
(9,255 |
) |
Other |
— |
|
— |
|
835 |
|
Net cash from (used
in) investing activities |
(225,380 |
) |
9,062 |
|
(166,600 |
) |
|
|
|
|
Cash flow from
financing activities: |
|
|
|
Lease payments |
(1,220 |
) |
(1,140 |
) |
(4,823 |
) |
Repayment long-term bank
debt |
(57 |
) |
(73 |
) |
(536 |
) |
Proceeds from non-controlling
interests |
— |
|
— |
|
1,089 |
|
Amounts recognized in respect
of government grants liability |
(85 |
) |
(36 |
) |
(298 |
) |
Payments of share price
protection recognized in business combination |
— |
|
(363 |
) |
(4,459 |
) |
Repurchase of treasury
shares |
(18,392 |
) |
(51,565 |
) |
(96,387 |
) |
Net cash used in
financing activities |
(19,754 |
) |
(53,177 |
) |
(105,414 |
) |
Decrease in cash and
cash equivalents |
(273,087 |
) |
(57,091 |
) |
(377,083 |
) |
Cash and cash
equivalents at beginning of the period |
685,362 |
|
309,571 |
|
685,362 |
|
Effect of exchange rate
fluctuations on cash |
(103 |
) |
(622 |
) |
1,292 |
|
Cash and cash
equivalents at end of the period |
412,172 |
|
251,858 |
|
309,571 |
|
|
|
|
|
Non-cash transactions: |
|
|
|
Intangible asset acquired on
credit |
— |
|
— |
|
711 |
|
Property plant and equipment
acquired on credit |
476 |
|
286 |
|
214 |
|
Recognition of a right-of-use
asset |
127 |
|
158 |
|
929 |
|
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 Three-Month PeriodEnded March 31,
2024 |
|
|
Net loss |
(34,962) |
Tax income |
(16) |
Depreciation |
2,066 |
Interest income |
(11,311) |
EBITDA (loss) |
(44,223) |
Finance expense from
revaluation of assets and liabilities |
25,972 |
Exchange rate differences |
1,333 |
Share-based compensation
expenses |
3,460 |
Other extraordinary income,
net |
(115) |
Adjusted EBITDA (loss) |
(13,573) |
|
|
Gross profit |
6,178 |
Depreciation and
amortization |
141 |
Share-based payments |
335 |
Adjusted gross profit |
6,654 |
|
|
EBITDA is a non-IFRS measure and is defined as
income before taxes, excluding depreciation and amortization
expenses 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 earnings before other financial income, income tax,
depreciation and amortization, share-based payments and other
extraordinary income, net, which consists of additional
compensation for damaged fixed assets. Other financial expense
(income), net includes exchange rate differences as well as finance
income or revaluation of assets and liabilities. We believe that
Adjusted EBITDA, as described above, should also be considered in
evaluating the company’s operations. Like EBITDA, Adjusted EBITDA
facilitates operating performance comparisons from period to period
and company to company by backing out potential differences caused
by variations in capital structures (affecting other financial
expenses (income), net), 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 share-based payment expenses, and
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 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.
__________________________
1 Excluding cost of revenues from depreciation and share-based
compensation expenses2 Change in cash, cash equivalents and
deposits net of treasury shares repurchase and Stratasys shares
purchase
Nano Dimension (NASDAQ:NNDM)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Nano Dimension (NASDAQ:NNDM)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024