Nano Dimension Ltd. (Nasdaq: NNDM), a global leader in Additively Manufactured Electronics (AME) and advanced 3D printing solutions, has delivered its strongest third-quarter performance to date, showcasing remarkable financial growth and operational achievements. Despite challenges in the broader manufacturing equipment market, the company continues to thrive, demonstrating resilience and strategic foresight.
The company achieved revenue of $14.9 million for Q3 2024, reflecting a 22% increase from $12.2 million in the same quarter last year. For the first nine months of 2024, revenue climbed to $43.2 million, up from $41.9 million for the corresponding period in 2023. Gross margins also saw a substantial improvement, with Q3 2024 gross margin rising to 48.2%, up from 44.2% in Q3 2023. When adjusted, gross margins reached 50.5%, compared to 48.0% in the prior year’s third quarter.
A significant highlight for the quarter was the dramatic reduction in net cash burn, which decreased to $3 million, marking an 80% reduction from $16 million in Q3 2023. This milestone is part of the company’s broader “Reshaping Nano Initiative,” a strategic effort to enhance operational efficiency and position the company for sustainable profitability. Nano Dimension reported a Q3 2024 net loss of $8.6 million, a marked improvement compared to a $66.9 million net loss in Q3 2023. Excluding the impact of changes in holdings of Stratasys Ltd. shares, net loss stood at $7.9 million for the quarter. Adjusted EBITDA also showed progress, improving to negative $14.8 million, compared to negative $30.1 million in Q3 2023.
Strategically, Nano Dimension announced two transformational M&A agreements during Q3 2024, one with Desktop Metal, Inc. and the other with Markforged Holding Corporation. These acquisitions significantly enhance the company’s technology portfolio, particularly in digital manufacturing and additive manufacturing systems. With a combined revenue of $340 million based on 2023 results and a post-merger capital position expected to reach $475 million, Nano Dimension is well-equipped to sustain long-term growth and innovation. The company’s clear vision and robust financial positioning provide a solid foundation for achieving its goal of becoming EBITDA-positive by Q4 2026.
Yoav Stern, CEO of Nano Dimension, expressed pride in the company’s achievements, noting that the financial and strategic milestones reached during the quarter validate Nano Dimension’s growth trajectory. Stern emphasized the importance of shareholder support in upcoming decisions, particularly in light of proposals from activist investor Murchinson Ltd., which he described as lacking substance and direction. Shareholders were encouraged to vote in favor of all company proposals ahead of the Annual General Meeting scheduled for December 1, 2024.
As Nano Dimension looks ahead, its strategic investments, expanding technological capabilities, and improving financial performance underscore its potential to lead in the rapidly evolving additive manufacturing and digital manufacturing industries. Shareholders are encouraged to take action to ensure the continuation of the company’s upward trajectory.
