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Nano Dimension Ltd., a leading additive electronics provider today announced financial results for the first quarter ended March 31, 2018.
Nano Dimension reported revenues of $635,000 for the first quarter of 2018. The company ended the first quarter of 2018 with $14,767,000 in cash, while total loss for the first quarter was $4, 123 ,000.
"Having begun commercial sales in the fourth quarter of 2017, we are now seeing early signs of growth driven by the strength of our expanding infrastructure and reseller network," said Amit Dror, Chief Executive Officer of Nano Dimension. "As we continue to execute our strategic plan, we expect our growth to increase steadily quarter over quarter. To demonstrate my confidence in the strength of our company and its future growth, I will be committing the entirety of my salary for the next six months to purchasing Nano Dimension stock, in compliance with all applicable securities laws."
"Commercial sales of our Dragonfly 2020 Pro 3D printers are currently supported by ten global resellers including two U.S. industry leaders. Additionally, we recently opened our third Customer Experience Center in Santa Clara, California, co-located with our U.S. headquarters. As we work to realize our long-term strategy, we are prepared to expand our global sales and marketing efforts. We will continue to build on our solid channel foundation as we increase our sales presence throughout the world," concluded Mr. Dror.
First Quarter 2018 Financial Results
- Total revenues for the first quarter of 2018 were $635,000, compared to $118,000 in the first quarter of 2017 and $440,000 in the fourth quarter of 2017. The increase was attributed to commercial sales of the DragonFly 2020 Pro 3D printer that began in the fourth quarter of 2017.
- Research and development (R&D) expenses for the first quarter of 2018 were $2, 548 ,000, compared to $2,415,000 in the first quarter of 2017 and $2,602,000 in the fourth quarter of 2017. The decrease compared to the fourth quarter of 2017 was mainly attributed to a decrease in payroll and related expenses. The increase compared to the first quarter of 2017 resulted primarily from an increase in depreciation expenses, rental fees and maintenance expenses.
- The R&D expenses for the first quarter of 2018 are presented net of government grants in the amount of $21,000.
- Sales and marketing expenses for the first quarter of 2018 were $786,000, compared to $459,000 in the first quarter of 2017 and $772,000 in the fourth quarter of 2017. The increase compared to the first quarter of 2017 was mainly attributed to an increase in payroll and related expenses and marketing and advertising expenses.
- General and administrative (G&A) expenses for the first quarter of 2018 were $885,000, compared to $904,000 in the first quarter of 2017 and $767,000 in the fourth quarter of 2017. The increase compared to the fourth quarter of 2017 was mainly attributed to an increase in professional services expenses.
- Net loss for the first quarter of 2018 was $4, 123 ,000, or $0.05 per share, compared to $4,489,000, or $0.09 per share, in the first quarter of 2017 and $4,202,000, or $0.07 per share, in the fourth quarter of 2017.
Balance Sheet Highlights
During the first quarter of 2018, after considering business developments, the increase in revenue from printer sales, the increase in our marketing activities in the United States and our recent fundraising, we decided to change 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. The effects of changes in the foreign exchange rates have been applied retrospectively as if the U.S. dollar had always been the Company's presentation currency. Accordingly, comparative profit or loss figures have been translated into U.S. dollars using average exchange rates for the reporting periods. Comparative assets and liabilities figures have been translated into the presentation currency at the rate of exchange prevailing at the reporting date. Components of equity have been translated at the exchange rates prevailing at the dates of the relevant transactions. The exchange rate differences arising on translation have been recorded as a part of the equity as "presentation currency translation reserve."
Cash and cash equivalents totaled $14,767,000 as of March 31, 2018, compared to $6,103,000 on December 31, 2017. The increase compared to December 31, 2017 mainly reflects the proceeds received from the sale of the Company's American Depositary Shares representing ordinary shares in the first quarter of 2018, less the cash used in operations and the cash used for the acquisition of fixed assets during the first quarter of 2018.
Shareholders' equity totaled $26, 738 ,000 as of March 31, 2018, compared to $18,166,000 as of December 31, 2017.
About Nano Dimension Ltd.
Nano Dimension (Nasdaq, TASE: NNDM) is a leading additive electronics provider that is disrupting, reshaping, and defining the future of how cognitive connected products are made. With its unique 3D printing technologies, Nano Dimension is targeting the growing demand for electronic devices that require increasingly sophisticated features. Demand for circuitry, including PCBs - which are the heart of every electronic device - covers 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 rapid prototyping and short-run manufacturing. For more information, please click here.