Financial ReportsMicro 3D printing

Nano Dimension achieves record 2023 results

Expecting to reported unaudited consolidated revenues of $14.3 million for Q4, and $56.2 million for the full year ended December 31st, 2023

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Nano Dimension Ltd., a supplier of additively manufactured electronics (AME) and multi-dimensional polymer, metal, and ceramic 3D printing solutions, is expecting to close the current fiscal year with revenues of $56.2 million, a record for the company. In conjunction with its unaudited preliminary results, the company’s CEO commented on the ‘Reshaping Nano Initiative’ (RNI), the year ahead, and the senior leadership team changes.

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 information reflects preliminary estimates concerning 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 Dimension has achieved record (unaudited) Q4 and full year ended December 31st, 2023 preliminary results.
Nano Dimension’s DragonFly IV.

Nano is well underway in its Reshaping Nano Initiative, which was announced together with the third quarter results on November 28th, 2023. The organization anticipates it will start generating more cash than it spends after it has successfully achieved a positive operating income in early 2025, by reducing cash burn compared to 2023 by approximately 75-85%.

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. 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 and print systems, which are all brought together by a vision to apply the company’s internally-developed deep learning-based DeepCube/Deep Learning AI wherever possible. This is reflected in the financials with revenue going from $3.4 million in 2020 to $56.2M million this year, with approximately 29% organic growth over the last 12 months.

As part of the RNI, during Q4/2023, the company’s workforce worldwide was reduced by approximately 25%, and the Executive Management group of the company was also reduced by 25%.

With greater scale and organizational efficiencies, Nano Dimension has already completed plans that looked critically at its costs of goods sold and operating expenses. A portion of the full-year expected savings of $30 million is expected in the results for Q1/2024.

Senior management changes

In part a reflection of the synergies that drive the Reshaping Nano Initiative and in part in consideration of personal circumstances and business needs, Nano Dimension also made several senior management changes.

Tomer Pinchas, Chief Operating Officer as well as Acting CFO since August 2023, 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. Before SodaStream, Mr. Bar-Natan practiced at law firms Goldfarb Seligman and GKH. Itay Mandel, previously Head of Legal, was promoted to VP of Legal Affairs and will report to the new General Counsel.

Nano Dimension has achieved record (unaudited) Q4 and full year ended December 31st, 2023 preliminary results.
Nano Dimension parts at Formnext 2023.

Hanan Gino, Chief Product Officer and Head of M&A, is also leaving the company but will continue to serve as an advisor. The CEO and the Corporate Development Team will assume Hanan’s responsibilities.

Mr. Tomer Pinchas, Current Nano COO, and veteran finance professional, who assumed both COO and CFO roles when Ms. Yael Sandler 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.

”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,” said Yoav Stern. “Similarly, 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’s extensive experience of running a large organization under challenging times 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.”

“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,” said Yael Sandler.

“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,” said Hanan Gino.

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