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Nano Dimension Ltd., a leading Printed Electronics/Additively Manufactured Electronics (PE/AME) provider, today announced selected preliminary unaudited estimates of its financial results for the quarter ended March 31, 2020. Nano Dimension expects unaudited revenues of approximately $700,000 for the first quarter of 2020, compared to $1,689,000 reported for the first quarter of 2019, and approximately $4,500,000 of cash reserves as of March 31, 2020, with no debt.
“The analysis of our results on the background of the Covid-19 events paints an interesting picture,” said Yoav Stern, Nano Dimension’s President and Chief Executive Officer. “It is clear that two sales transactions of DragonFly LDM machines that were expected to close in China in the first quarter of 2020 were disrupted as the country was then at the climax of its crisis. We hope to see these transactions reemerging now that China is recovering. In Europe, as the situation in the world deteriorated, the buyer of one machine tried to considerably reduce its committed payment, so Nano Dimension canceled the transaction.”
“In summary, possibly barring the pandemic eruption in Q1, we would have been above our original budget for Q1/2020. Moreover, moving forward, we intend to leverage the recent trends instigated by the Covid-19 events. Electronic industry giants in the western world are already looking to shorten the supply chains and bring back production to the United States and Europe. We believe we are positioned in a fortunate place, where our DragonFly LDM digital prototyping fabrication machines are a solution for a fast-to-market, economical and ecologically friendly solution to complement or replace low-cost manufacturers in Asia. Our shorter time to market, economically efficient solutions for short production runs, and the ability to protect IP and electronic designs in-house are an important value proposition for customers who need to detach themselves from a destructive dependency solely on offshore suppliers.”