Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension,” “Nano” or the
“Company”), a leading supplier of Additively Manufactured
Electronics (“AME”) and multi-dimensional polymer, metal &
ceramic Additive Manufacturing (“AM”) 3D printing solutions, today
announced its financial results, on a preliminary basis, for the
fourth quarter and twelve months ended December 31st, 2023. In
conjunction with its unaudited preliminary results, Nano Dimension
added comments from the CEO on the Reshaping Nano Initiative (the
“Initiative”), the year ahead, and the announcement of senior
leadership team changes.
Record Preliminary Unaudited Q4 and Full
Year 2023 Results
Nano Dimension expects reported unaudited
consolidated revenues of approximately $14.3 million for the fourth
quarter ended December 31st, 2023, and approximately $56.2 million
for the full year ended December 31st, 2023. Q4/2023 revenue is
expected to grow 18% from Q4/2022, with full year 2023 revenue
expected to grow 29% from full year 2022.
The above information reflects preliminary
estimates with respect to certain results of Nano Dimension for the
fourth quarter and full year ended December 31st, 2023, based on
currently available information. Nano Dimension’s audited final
results for the fourth quarter and full year ended December 31st,
2023, may vary from the preliminary estimates.
Reshaping Nano Initiative
Nano is well underway in its Reshaping Nano
Initiative (the “Initiative”, “RNI”), which was announced together
with the third quarter results on November 28th, 2023.
The Initiative has the following objectives:
- Achieving positive operating income in early 2025, and
- Reducing cash burn comparing to 2023 by approx. 75%-85%,
- Expecting to reach cash flow positive post A above.
Nano Dimension is able to achieve this as it has
reached greater scale and synergies on the back of its robust
M&A program to date. Only three years ago, Nano Dimension was a
niche company focused on additively manufactured electronics
(“AME”). Today the Company is an advanced manufacturing leader as a
pioneer in AME along with cutting-edge solutions for
precision-additive manufacturing solutions, complemented by
sophisticated and proven solutions in Additive Electronics (“AE”)
and print systems, which are all brought together by a vision to
apply our internally developed deep learning-based DeepCube/Deep
Learning AI wherever possible. This is reflected in our financials
with revenue going from $3.4 million in 2020 to $56.2M million this
year, with approx. 29% organic growth over the
last 12 months.
As Part of RNI
- During Q4/2023 The Company’s workforce worldwide was reduced by
approximately 25%,
- The Executive Management group of the Company was reduced by
25%.
With greater scale and organizational
efficiencies, we have already completed plans that looked
critically at our costs of goods sold and operating expenses. You
should expect to see a portion of the full year expected savings of
$30 million in our results for Q1/2024. We want to highlight that
the Initiative was crafted around setting financial objectives that
reflect the maturity of our different groups and product lines,
which allows us to stay focused on our innovation driven growth
engines that make Nano Dimension such an exciting company.
Senior management changes
In part a reflection of the synergies that drive
Reshaping Nano Initiative and in part in consideration of personal
circumstances and business’s needs, Nano Dimension is also
announcing a number of senior management changes.
Tomer Pinchas, Chief Operating Officer as well
as since August 2023 also Acting CFO, has been appointed permanent
CFO in addition to his position as a COO. Mr. Pinchas succeeds Yael
Sandler, who has been the Company’s CFO since 2015 and will not be
returning from her maternity leave.
Dotan Bar-Natan joined Nano in the newly created
position of General Counsel. Dotan most recently served as General
Counsel at SodaStream International, where he spent ten years.
Prior to SodaStream, Mr. Bar-Natan practiced at law firms of
Goldfarb Seligman and GKH. Itay Mandel, previously Head of Legal,
was promoted to VP Legal Affairs and will report to the new General
Counsel.
Hanan Gino, Chief Product Officer and Head of
M&A, is also leaving the Company, but will continue to serve as
an advisor. Hanan’s responsibilities will be assumed by the CEO and
the Corporate Development Team.
Mr. Tomer Pinchas, Current Nano COO and Veteran
Finance Professional, which has assumed both COO and CFO Roles when
Ms. Yael Sandler has left for maternity leave, will stay as
permanent CFO/COO, reporting to Mr. Yoav Stern, Chief Executive
Officer. As a veteran finance professional with over 18 years of
global experience in finance, M&A, and operations management,
Mr. Pinchas has served as CFO at numerous multinational companies,
including Kyron Systems Ltd. from March 2018 to August 2022,
myThings Inc. from 2016 to March 2018 and DVTEL, Inc. from 2007 to
2016. Mr. Pinchas started his career at several top public
accounting firms, including PwC in New York. Mr. Pinchas is a
graduate of the General Management Program (GMP) at Harvard
Business School and holds a B.A in Accounting and Finance from the
College of Management.
Mr. Yoav Stern, Chief Executive Officer,
commented:” We are thrilled to welcome Dotan, have Tomer fully
assume the CFO role and see Itay evolve into a more senior role.
These together enhance our leadership team and ensure we are best
positioned to guide the Company in delivering value for our
shareholders. We extend our heartfelt congratulations to Ms.
Sandler for her devotion for her newly extended family and thanking
her for an amazing service for the Company over the last 8 years.
We have been honored to have Yael as the early financial guardian
of the Company 8 years ago, growing it and with it over time. She
has worked with me personally as my right-hand person for the last
4 years, demonstrating reliability and devotion. I thank her and
look forward to her cooperation with Nano Dimension in the
future.”
“Similarly,” add Mr. Stern, “we are thankful to
Hanan Gino for his enthusiastic service over the last few years,
which has made a substantial difference in the successful growth of
business and products. Hanan extensive experience of running large
organization under challenging time and performance demands, and
most of all – his proven strategy development capabilities were
insurmountable during his tenure with us. He has enhanced our
senior management group with large scale thinking and creativity.
We agreed with Hanan to continue cooperation in the near and far
future.”
Ms. Yael Sandler commented, “Throughout my
tenure at Nano Dimension, I had the exciting opportunity to hold a
pivotal position in advancing the company's growth from a small,
local startup to a multinational corporation generating almost $60
million in annual revenues. I am thankful for the chance to shape
the company's financial strategy and establish a global finance
team.”
Mr. Hanan Gino stated, “My time at Nano
Dimension was a period of dynamic and pioneering change,
characterized by the launch of novel solutions in Additive
Manufacturing Electronics (AME) and the strategic acquisition of
seven companies globally, enhancing our leadership in the additive
manufacturing sector. I am deeply thankful for the opportunity to
have led such a groundbreaking revolution in the electronic
industry, made possible by the incredible talent and dedication of
the Nano Dimension team.”
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. For example, Nano Dimension is using
forward-looking statements in this press release when it discusses
the potential disadvantages and downsides of the proposed merger
with Desktop Metal. Because such statements deal with future events
and are based on Nano Dimension’s current expectations, they are
subject to various risks and uncertainties. The execution of a
definitive merger agreement between Nano Dimension and Stratasys
would be subject to approval by each company’s Board of Directors
and completion of the transaction would be subject to customary
closing conditions, receipt of required regulatory approvals and
approval of Stratasys shareholders. Actual results, performance, or
achievements of Nano Dimension could differ materially from those
described in or implied by the statements in this press release.
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
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