Nano Dimension Reports Growth in Revenues Year-Over-Year of 39pc Based on Preliminary Results
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ano Dimension Ltd., a the leading additive manufactured electronics (AME) provider (NASDAQ, TASE: NNDM), released selected preliminary unaudited estimates of financial results for the fourth quarter and full year of 2019 and reported quarterly revenues of approximately USUSD 1,977,000 for the fourth quarter of 2019 and USUSD 7,070,000 for the full year of 2019, which represents 39pc growth year-over-year.
Amit Dror, the co-founder of Nano Dimension, led its teams during 2019 to an impressive increase of 39% in revenue over 2018. Moreover, during 2019 the Company further developed the machine to the next level -- the first Lights-Out Digital Manufacturing system in the additive manufacturing electronics market (the DragonFly LDM, released in July 2019), said Yoav Stern, President and CEO of Nano Dimension. I am fortunate to have joined Amit and the team in early January 2020, in a mutual effort to lead the Company to new heights.
Fourth Quarter and Full Year 2019 Preliminary Estimates of Financial Results and Business Highlights
The anticipated results presented in this release are based on preliminary financial data and are subject to change until the period-end financial reporting and audit process is complete. Highlights of Nano Dimension's preliminary financial results for the fourth quarter of 2019 include
In the fourth quarter of 2019, the Company sold six DragonFly systems, three of which were sold to customers operating in the U.S. defense industry. This brings the total system sales in 2019 to 27 systems.
Revenue for the fourth quarter of 2019 is expected to be approximately US$2.0 million, compared to US$2.24 million in the third quarter of 2019 and US$1.7 million in the fourth quarter of 2018.
Existing customers expressed a vote of confidence and purchased an LDM (Lights-Out-Manufacturing) upgrade kits for their existing DragonFly Pro system.
The Company ended the fourth quarter of 2019 with approximately US$3.9 million in cash on its balance sheet.
Recent Corporate Highlights
In January 2020, the Company announced the appointment of veteran turnaround executive, Yoav Stern, as President and Chief Executive Officer of the Company.
Simultaneous to the appointment of Mr. Stern, the Company's co-founder and former Chief Executive Officer Amit Dror, took on the executive role of Chief Customer Success Officer.
In the fourth quarter, seasoned executive and inventor Ofir Baharav replaced the Company's outgoing director Avi Reichental as Chairman of the Board of Directors.
Pursuant to the August 2019 convertible note financing, a second tranche of US$1.36 million in gross proceeds to the Company (the Second Tranche) is due to be paid to the Company on or before February 17, 2020. Certain investors from the Private Placement, representing approximately half of aggregate dollar amount of the Second Tranche, have notified the Company that they believe that the Company does not meet the conditions precedent to close the Second Tranche of the Private Placement. The Company believes that it meets all such conditions precedent and reserves its right to respond accordingly. Nano Dimension cannot be certain that it will close the Second Tranche, or a portion thereof.
✔️ Nano Dimension Reports Growth in Revenues Year-Over-Year of 39pc Based on Preliminary Results
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