Nano Dimension Posts Revenue of Revenue $14.9M in Q3 2024; Up 22% YoY

Estimated reading time: 5 minutes

Nano Dimension Ltd., a leading supplier of Additively Manufactured Electronics (AME) and multi-dimensional polymer, metal & ceramic Additive Manufacturing (AM) 3D printing solutions, today announced financial results for the third quarter ended September 30th , 2024 and shared a letter from Yoav Stern, the Company’s Chief Executive Officer and member of the Board of Directors.

Revenue:

For Q3/2024 was $14.9 million, compared to $12.2 million in Q3/2023.

For the first nine months of 2024 was $43.2 million, compared to $41.9 million in the same period in 2023.

Gross Margin (GM):

For Q3/2024 was 48.2%, compared to 44.2% in Q3/2023.

For the first nine months of 2024 was 46.6%, compared to 44% in the same period in 2023.

Adjusted1 Gross Margin (“Adjusted GM”):

For Q3/2024 was 50.5%, compared to 48.0% in Q3/2023.

For the first nine months of 2024 was 48.9%, compared to 47.5%. in the same period in 2023.

Net Loss:

For Q3/2024 was a loss of $8.6 million, compared to a loss of $66.9 million in Q3/2023.

For the first nine months of 2024 was a loss of $87.9 million, compared to $54.3 million loss in the same period in 2023.

Net Loss excluding changes in the Company’s holdings in Stratasys Ltd.’s (“Stratasys”) shares:

For Q3/2024 was a loss of $7.9 million, compared to a loss of $26.6 million in Q3/2023.

For the first nine months of 2024 was a loss $30 million, compared to $71.3 million loss in the same period in 2023.

Adjusted EBITDA:

For Q3/2024 was negative $14.8 million, compared to negative $30.1 million in Q3/2023.

For the first nine months of 2024 was negative $44.5 million, compared to negative $77.3 million in same period in 2023.

Net cash burn:

For Q3/2024 was $3 million, compared to Q3/2023’s $16 million2.

For the first nine months of 2024 was $21 million, compared to $74 million for same period in 2023.

Details regarding Adjusted GM, Net Loss excluding changes in Company’s holdings in Stratasys’ shares, Adjusted EBITDA, Net Cash Burn and Net Loss excluding changes in Company’s holdings in Stratasys shares can be found below in this press release under “Non-IFRS Measures.”

Financial Results:

Financial results for the third quarter ended September 30, 2024

Total revenues for the third quarter of 2024 were $14,856,000, compared to $12,158,000 in the third quarter of 2023. The increase is attributed to increased sales of the Company’s product lines.

Total cost of revenues for the third quarter of 2024 was $7,700,000, compared to $6,789,000 in the third quarter of 2023. The increase is attributed to increased sales of the Company’s product lines, partially offset by favorable product mix and operational efficiencies.

As a result of the reorganizational 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 third quarter of 2024 compared to the third quarter of 2023.

Research and development (“R&D”) expenses for the third quarter of 2024 were $9,801,000, compared to $12,788,000 in the third quarter of 2023. The decrease is mainly attributed to a decrease in payroll and related expenses, subcontractors and professional services, and materials for R&D use, as well as a decrease in share-based payments expenses, largely associated with organizational synergies.

Sales and marketing (“S&M”) expenses for the third quarter of 2024 were $6,952,000, compared to $7,715,000 in the third quarter of 2023. The decrease is mainly attributed to a decrease in payroll and related expenses, as well as a decrease in share-based payments expenses, largely associated with organizational synergies.

General and administrative (“G&A”) expenses for the third quarter of 2024 were $9,960,000, compared to $20,848,000 in the third quarter of 2023. The decrease is mainly attributed to a decrease in professional services, associated in part with organizational synergies.

Other expenses, net for the third quarter of 2024 were $721,000. The forementioned expenses were related to Desktop Metal and Markforged transaction costs.

Net loss attributable to owners of the Company for the third quarter of 2024 was $8,346,000, or $0.05 loss per share, compared to net loss of $66,604,000, or $0.26 per share, in the third quarter of 2023. The decrease is mainly attributed to the revaluation of the Company’s investment in Stratasys shares, as well as a decrease in the Company’s operating expenses across all departments.

Financial results for the Nine months ended September 30, 2024

Total revenues for the nine months period ended September 30, 2024, were $43,206,000, compared to $41,860,000 in the nine months period ended September 30, 2023. The increase is attributed to increased sales of the Company’s product lines in 2024.

Total cost of revenues for the nine months period ended September 30, 2024, were $23,064,000, compared to $23,430,000 in the nine months period ended September 30, 2023. The decrease is attributed mostly to favorable product mix and increased operational efficiencies.

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 nine months of 2024 compared to the first nine months of 2023.

R&D expenses for the nine months period ended September 30, 2024, were $28,055,000, compared to $48,424,000 in the nine months period ended September 30, 2023. The decrease is attributed mostly to a decrease in payroll and related expenses, materials for R&D use, subcontractors and professional services, share-based payments expenses and other R&D expenses, largely associated with organizational synergies.

S&M expenses for the nine months period ended September 30, 2024, were $20,690,000, compared to $23,418,000 in the nine months period ended September 30, 2023. The decrease is mainly attributed to a decrease in payroll and related expenses, as well as a decrease in share-based payments expenses, largely associated with organizational synergies.

G&A expenses for the nine months period ended September 30, 2024, were $28,143,000, compared to $44,203,000 in the nine months period ended September 30, 2023. The decrease is mainly attributed to a decrease in professional services expenses, associated in part with organizational synergies.

Other expenses, net for the nine months period ended September 30, 2024, were $3,333,000. The forementioned expenses mainly related to Desktop Metal and Markforged transaction costs.

Net loss attributable to owners of the Company for the nine months period ended September 30, 2024 was $87,089,000, or $0.40 loss per share, compared to net loss of $53,501,000, or $0.21 per share, in the nine months period ended September 30, 2023. The increase is mainly attributed to the revaluation of the Company’s investment in Stratasys shares.