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Nano Dimension Reports First Quarter Financial Results

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NESS ZIONA, Israel, May 18, 2016 /PRNewswire/ -- Nano Dimension Ltd. (NASDAQ, TASE: NNDM), a leader in the area of 3D Printed Electronics, today announced financial results for the first quarter ended March 31, 2016.

Nano Dimension logo

Nano Dimension ended the first quarter of 2016 with $7,628,000 (NIS 28,727,000) in cash and cash equivalents, while total quarterly expenses were $1,790,000 (NIS 6,741,000).

Amit Dror, CEO, said, "The first quarter was an extremely exciting time for Nano Dimension, during which the company continued to gain momentum and solidify its position as a leader in the 3D printed electronics industry. A standout moment from the quarter was the company's listing on the NASDAQ in March. In addition, the company filed for several new patents to advance its proprietary technologies and announced a new collaboration with Tel Aviv University. The first quarter also was highlighted by a signed agreement with Flextronics International Ltd. to serve as the primary manufacturer and supplier of the DragonFly2020 3D Printer. This agreement supports our plans for the delivery stage of our printers towards the end of 2016. The first quarter activity led Nano Dimension to a resoundingly strong start to the year."

First Quarter 2016 Financial Results:

  • Research and development (R&D) expenses for the first quarter of 2016 were $436,000 (NIS 1,642,000), compared to $483,000 (NIS 1,921,000) in the first quarter of 2015. The change was primarily due to presenting the R&D expenses for the first quarter of 2016 net of government grants in the amount of $58,000 (NIS 217,000) and net of development expenses recognized as intangible assets in the amount of $1,488,000 (NIS 5,604,000).

Taking into account the capitalized amount, the change in the R&D expenses was attributable to an increase of $697,000 (NIS 2,626,000) in salaries and related personnel expenses, reflecting an increase in the number of employees (the company had nine R&D employees as of March 31, 2015 and 46 R&D employees as of March 31, 2016), an increase of $370,000 (NIS 1,394,000) in options expenses, and an increase of $256,000 (NIS 965,000) in purchase of materials.


  • General and administrative (G&A) expenses for the first quarter of 2016 were $1,176,000 (NIS 4,429,000), compared to $257,000 (NIS 1,023,000) in the first quarter of 2015. The increase resulted primarily from an increase of $227,000 (NIS 853,000) in options expenses. The increase was also due to an increase of $189,000 (NIS 711,000) in professional services expenses mainly for investor relations, accounting and legal services, and an increase of payroll in the amount of $158,000 (NIS 593,000), reflecting an increase in the number of employees (the company had two G&A employees as of March 31, 2015 and nine G&A employees as of March 31, 2016).    
  • Net loss for the first quarter of 2016 was $1,790,000 (NIS 6,741,000), or $0.05 (NIS 0.18) per share, compared to $766,000 (NIS 3,047,000), or $0.04 (NIS 0.15) per share, in the first quarter of 2015, mainly due to the above described increase in G&A expenses.   

Balance Sheet Highlights

  • Cash and cash equivalents totaled $7,628,000 (NIS 28,727,000) as of March 31, 2016, compared to $8,665,000 (NIS 33,811,000) on December 31, 2015. The decrease compared to December 31, 2015 reflects the cash used in operations during the first quarter of 2016, net of proceeds received from exercise of warrants during the period.
  • Shareholders' equity totaled $12,435,000 (NIS 46,831,000) as of March 31, 2016, compared to $12,047,000 (NIS 47,004,000) on December 31, 2015.

First Quarter and Recent Corporate Highlights:

  • On January 20, 2016, the company announced that it has signed an agreement with Flextronics International Ltd. to serve as the primary manufacturer and supplier of the DragonFly2020 3D Printer.
  • On February 23, 2016, the company announced that it has signed a collaboration agreement with Ramot at Tel Aviv University Ltd., under which a group of researchers headed by Professor Gil Markovich, head of the department of Chemistry at the Tel Aviv University, will collaborate on the development of an application method for a nanoparticle nickel material developed at the university's laboratories. This collaboration with Ramot at Tel Aviv University Ltd., in combination with Nano Dimension's intellectual property and know-how, will help advance development of new ink formulations tailored to Nano Dimension's printing technologies and a wide range of new 3D printing applications.
  • On March 7, 2016, the company's American Depositary Shares started trading on the NASDAQ Capital Market under the symbol "NNDM."
  • On March 22, 2016, the company announced that it signed an agreement to collaborate with FATHOM, an industry-leading advanced manufacturer, distributer and service provider with expertise in 3D printing, to introduce the company's 3D printer to Silicon Valley and the greater West Coast area.

About Nano Dimension Ltd.

Nano Dimension, founded in 2012, focuses on development of advanced 3D printed electronics systems and advanced additive manufacturing. Nano Dimension's unique products combine three advanced technologies: 3D inkjet, 3D software and nanomaterials. The company's primary products include the first 3D printer dedicated to printing multi-layer PCBs (printed circuit boards) and advanced nanotechnology-based conductive and dielectric inks.

In addition to the trading of the company's American Depositary Shares on NASDAQ, the company's ordinary shares are also traded on the TASE in Israel. The Bank of New York Mellon serves as the depositary for Nano Dimension. 

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. Because such statements deal with future events and are based on Nano Dimension's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Nano Dimension could differ materially from those described in or implied by the statements in this press release. For example, we are using forward-looking statements when we discuss our plans for delivery of our printers towards the end of 2016 and our collaboration with Ramot at Tel Aviv University Ltd. which could advance development of new ink formulations tailored to our printing technologies. 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 8, 2016, 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. 

CONTACT INVESTOR RELATIONS: 
Miri Segal-Scharia 
Hayden/ MS-IR LLC 
917-607-8654 
msegal@ms-ir.com


Nano Dimension Ltd.


Consolidated Statements of Financial Position




March 31



March 31



December 31




2016



2016



2015




Thousand USD

Convenience translation into
US dollars

(NIS 3.766 = $1)



Thousand NIS



Thousand NIS


Assets










Cash and cash equivalents



7,628




28,727




33,811


Restricted deposits



133




500




500


Other receivables



219




827




1,030


Total current assets



7,980




30,054




35,341















Restricted deposits



113




425




428


Property plant and equipment, net



1,458




5,491




4,414


Intangible assets



4,503




16,958




11,355


Total non-current assets



6,074




22,874




16,197


Total assets



14,054




52,928




51,538















Liabilities













Trade payables



465




1,750




1,727


Other payables



778




2,932




1,814


Total current liabilities



1,243




4,682




3,541















Liability in respect of government grants



376




1,415




993


Total liabilities



1,619




6,097




4,534















Equity













Share capital



1,133




4,267




3,863


Share premium



18,539




69,817




63,054


Treasury shares



(1,397)




(5,260)




(5,260)


Warrants



1,228




4,623




6,934


Capital reserve from transactions with controlling shareholders



495




1,866




1,866


Capital reserve for share-based payments



3,822




14,393




12,681


Accumulated loss



(11,385)




(42,875)




(36,134)


Total equity



12,435




46,831




47,004


Total liabilities and equity



14,054




52,928




51,538


 


Nano Dimension Ltd.


Consolidated Statements of Profit or Loss and Other Comprehensive Income




 For the three months ended March 31



For the year ended December 31




2016



2015



2016



2015




Thousand USD
Convenience translation into
US dollars

(NIS 3.766 = $1)



Thousand NIS



Thousand NIS



Thousand NIS















Research and development expenses, net



436




1,921




1,642




11,153


General and administrative expenses



1,176




1,023




4,429




11,229


Other income



-




-




-




6


Operating loss



(1,612)




(2,944)




(6,071)




(22,376)



















Finance income



-




-




-




1,529


Finance expense



178




103




670




145



















Total comprehensive loss



(1,790)




(3,047)




(6,741)




(20,992)



















Basic and diluted loss per share (in NIS / USD)



(0.05)




(0.15)




(0.18)




(0.78)


 


Nano Dimension Ltd.


Consolidated Statements of Changes in Equity




Share capital


Share premium


Treasury shares


Warrants


Capital reserve from transactions with controlling shareholders


Capital reserve for share- based payments


Accumulated loss


Total equity


Convenience translation into US dollars

(NIS 3.766 = $1)



Thousand NIS


Thousand NIS


Thousand NIS


Thousand NIS


Thousand NIS


Thousand NIS


Thousand NIS


Thousand NIS


Thousand USD

For the three months ended March 31, 2016:



















Balance as of January 1, 2016



3,863



63,054



(5,260)



6,934



1,866



12,681



(36,134)



47,004



12,481

Exercise of warrants and options



404



6,763



-



(2,311)



-



(1,145)



-



3,711



985

Share-based payments



-



-



-



-



-



2,857



-



2,857



759

Net loss



-



-



-



-



-



-



(6,741)



(6,741)



(1,790)





























Balance as of March 31, 2016



4,267



69,817



(5,260)



4,623



1,866



14,393



(42,875)



46,831



12,435

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SOURCE Nano Dimension

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