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Nano Dimension Releases Record Q3 Results
October 24, 2019 | Globe NewswireEstimated reading time: 2 minutes
Nano Dimension Ltd. has released selected preliminary unaudited estimates of financial results for the third quarter of 2019 and reported record quarterly revenues of approximately $2.2 million for the third quarter of 2019, which represents 32% growth year-over-year.
"Nano Dimension achieved record quarterly revenues in the third quarter of 2019 reflecting an acceleration in sales since the launch of the DragonFly LDM Lights-Out Digital Manufacturing System," said Amit Dror, CEO of Nano Dimension. "During the second quarter of the year, we recognized potential growth setbacks and took actions to work as quickly as possible to address these issues. The third quarter preliminary results show that our rapid response and strategy have put us back on track to be competitive."
"We are very proud of our achievements. Our new DragonFly LDM system offers advanced capabilities and innovative application possibilities, meeting customers’ expectations and the needs of potential customers. We have added new customers to our install base and many of our existing customers have expressed a vote of confidence and purchased an LDM upgrade to their existing DragonFly Pro system. Our unique technology, innovative solutions, and advanced applications offer substantial advantages to our customers and are gaining brand awareness within the industry."
Third Quarter 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 review process is complete. Highlights of Nano Dimension's preliminary financial results for the third quarter of 2019 include:
- In the third quarter of 2019, the company sold eight DragonFly systems, four of which were sold to customers operating in the U.S. defense industry. This brings the system sales in 2019 to 21 systems. The total install base is 51 systems worldwide.
- Revenue for the third quarter of 2019 is expected to be approximately $2.2 million, compared to $1.16 million in the second quarter of 2019 and $1.67 million in the third quarter of 2018.
- Increased ink consumption validates the company's recurring revenue model.
- Many existing customers expressed a vote of confidence and purchased an LDM upgrade to their existing DragonFly Pro system.
- Nano Dimension introduced 3D printed capacitors embedded in additively manufactured printed circuit boards (PCBs), saving space and eliminating the need for assembly.
- The company ended the third quarter of 2019 with approximately $5.5 million in cash on its balance sheet.
About Nano Dimension
Nano Dimension is a leading 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 visit www.nano-di.com.
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