Realized Synergies Reduced Cash Burn by 75% vs. Q1/2023
Revenue of $13.2 Million Also Demonstrates Consistent Strong Sales Despite Market Challenges Faced by Other Industry Players
Waltham, Mass., April 04, 2024 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (NASDAQ:NNDM) ("Nano Dimension" or the "Company"), a leading supplier of Additively Manufactured Electronics ("AME") and multi-dimensional polymer, metal & ceramic Additive Manufacturing ("AM") 3D printing solutions, today announced a preview of its financial results on a preliminary basis for the first quarter ended March 31st, 2024.
Nano Dimension reported unaudited approximated consolidated revenues of $13.2 million for Q1/2024, which demonstrates strong sales in what industry peers have often categorized as a challenged macro environment.
The Company also highlighted a significant reduction in utilization of its cash reserves in Q1/2024 to an average of $2.4 million per month during the quarter. This is a decrease of 75% from the same period in 2023. The positive change reflects Nano Dimension's Reshaping Nano Initiative (the "Initiative"), which was originally announced in Q4/2023. The Initiative, which harnesses the synergies of the Company's M&A to date, is focused on making the Company operating income positive in 2025. As a step in this journey, the Company announced a 2024 target of 75-80% reduction of cash burn from 2023. The dramatic reduction in cash burn during Q1/2024 proves Nano Dimension is on its way to meeting this target.
The net cash burn is calculated from the Company's change in cash and non-restricted deposits as a result of operating and capital equipment purchase activities, net of the Company's capital allocation for share repurchase plan.
The above information reflects preliminary estimates with respect to certain results of Nano Dimension for the first quarter ended March 31, 2024, based on currently available information. The actual first quarter results may vary from the preliminary estimates.
Yoav Stern, Chief Executive Officer and member of the Board of Directors of Nano Dimension, stated: "Two important indicators of our business are conveyed. First, our go-to-market efforts continue to deliver. Second, and arguably more importantly, the reduction in our net cash burn indicates how our financial discipline is coming to fruition. The latter point will ultimately further enable us to be a leader in our industry with unrivaled capital to support our multipronged strategy via-a-vis M&A, R&D, and go-to-market investments. In parallel, I am a bit discontent with the top-line. While it is traditionally weakest quarter of the year, it was still few percent below our budget. Yet, while the top-line is important, it is our positioning to deliver to the bottom-line that should become an increasing focus for our shareholders. We acknowledge a paradigm shift in the market expectations in comparison to the "top lines" and inflated valuations euphorias of the SPAC period of 2021-2023."