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Nano Dimension Reports 2020 Second Quarter Financial Results
August 14, 2020 | Globe NewswireEstimated reading time: 3 minutes
Nano Dimension Ltd., a leading Additively Manufactured Electronics provider, announced financial results for the second quarter ended June 30, 2020.
Nano Dimension reported revenues of $288,000 for the second quarter of 2020. The Company ended the quarter with a cash and deposits balance of $49,525,000, while total operating loss for the second quarter was $3,812,000.
“As projected by our President & CEO in our last investors conference call in mid-May, the global effects of the Covid-19 pandemic have caused a material decrease to our revenues, since companies and organizations around the world are not releasing budgets for purchases of capital equipment,” said Yael Sandler, Chief Financial Officer of Nano Dimension. “Yet, we are already witnessing electronic companies considering ways to shorten their supply chains by looking to reduce dependency in the Far East by buffering part of their manufacturing on the ground in America and Europe, rather than only in China. Our DragonFly LDM Additive Manufacturing Electronic system allows exactly this: Short-cycled and cost-efficient prototyping and eventually fabrication of functional high-performance electronic devices ('Hi-PEDs') with minimal ecological disruptions. In the meanwhile, rather than over spending on marketing and sales while the market is irresponsive as capital expenses budgets are Corona-stagnated, we are directing the resources received from the successful equity offerings in the second quarter of 2020 to product and technology development. As a result, we expect to be better positioned once the electronics landscape is revitalized in a post-Covid-19 resurgence,” concluded Ms. Sandler.
Second Quarter 2020 Financial Results
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Total revenues for the second quarter of 2020 were $288,000, compared to $702,000 in the first quarter of 2020, and $1,161,000 in the second quarter of 2019. The decrease is attributed to continuing delays in identified transactions of DragonFly systems, which the Company primarily attributes to Covid-19.
- Research and development (R&D) expenses for the second quarter of 2020 were $1,895,000, compared to $1,702,000 in the first quarter of 2020, and $2,322,000 in the second quarter of 2019. The increase compared to the first quarter of 2020 is attributed to an increase in payroll and related expenses, as the Company is temporarily mobilizes resources from marketing and sales to product enhancements. The decrease compared to the second quarter of 2019 is mainly attributed to a decrease in payroll and related expenses and materials expenses. The Company intends to allocate more funds to R&D, in order to be ready with new technology as Covid-19 subsides.
- Sales and marketing (S&M) expenses for the second quarter of 2020 were $930,000, compared to $819,000 in the first quarter of 2020, and $1,507,000 in the second quarter of 2019. The increase compared to the first quarter of 2020 is attributed to an increase in payroll and related expenses, before the eruption of the Covid-19 pandemic. The decrease compared to the second quarter of 2019 was mainly attributed to a decrease in payroll and related expenses and marketing and advertising expenses.
- General and administrative (G&A) expenses for the second quarter of 2020 were $908,000, compared to $1,035,000 in the first quarter of 2020, and $1,023,000 in the second quarter of 2019. The decrease compared to the first quarter of 2020 is attributed to a decrease in share-based payments expenses. The decrease compared to the second quarter of 2019 is attributed to a decrease in professional services expenses and the results of cost cutting of salaries and other expenses in the early stage of Covid-19 related slow down.
- Net loss for the second quarter of 2020 was $8,265,000, or $0.27 per share, compared to $2,074,000, or $0.32 per share, in the first quarter of 2020, and $1,188,000, or $0.30 per share, in the second quarter of 2019. The increase compared to both the first quarter of 2020 and the second quarter of 2019 is mainly attributed to finance expenses of approximately $4,322,000 that were recognized in the second quarter of 2020, as a result of the change in the fair value of warrants, which are non-cash expenses.
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