Nano Dimension Ltd. (Nasdaq: NNDM), a leading Additively Manufactured Electronics (AME)/PE (Printed Electronics) provider, today announced financial results for the first quarter ended March 31, 2021.
Nano Dimension reported revenues of $811,000 for the first quarter of 2021. The Company ended the quarter with a cash and deposits balance of $1,471,014,000 (including short and long-term unrestricted bank deposits), while net loss for the first quarter was $9,314,000.
FINANCIAL RESULTS:
First Quarter 2021 Financial Results
| â— | Total revenues for the first quarter of 2021 were $811,000, compared to $1,971,000 in the fourth quarter of 2020, and $702,000 in the first quarter of 2020. The decrease is attributed to continuing delays in sales of DragonFly systems, which the Company primarily attributes to the impact of COVID-19. |
| â— | Research and development (R&D) expenses for the first quarter of 2021 were $3,732,000, compared to $3,725,000 in the fourth quarter of 2020, and $1,702,000 in the first quarter of 2020. The increase compared to the first quarter of 2020 is attributed to an increase in payroll expenses and share-based payment expenses, as well as increase in materials expenses. |
| â— | Sales and marketing (S&M) expenses for the first quarter of 2021 were $2,713,000, compared to $2,373,000 in the fourth quarter of 2020, and $819,000 in the first quarter of 2020. The increase compared to the fourth quarter of 2020 is attributed to an increase in share-based payment expenses and an increase in marketing expenses. The increase compared to the first quarter of 2020 is attributed to an increase in share-based payment expenses, an increase in payroll expenses due to an increase in the number of employees and an increase in marketing expenses. |
| â— | General and administrative (G&A) expenses for the first quarter of 2021 were $3,425,000, compared to $3,539,000 in the fourth quarter of 2020, and $1,035,000 in the first quarter of 2020. The increase compared to the first quarter of 2020 is attributed to an increase in share-based payment expenses. |
| â— | Net loss for the first quarter of 2021 was $9,314,000, or $0.05 per share, compared to $17,439,000, or $0.20 per share, in the fourth quarter of 2020, and $2,074,000, or $0.32 per share, in the first quarter of 2020. |
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Balance Sheet Highlights
| â— | Cash and cash equivalents, together with short and long-term bank deposits totaled $1,471,014,000 as of March 31, 2021, compared to $670,934,000 as of December 31, 2020. The increase compared to December 31, 2020, mainly reflects proceeds received from the sale of American Depositary Shares representing the Company’s ordinary shares. |
| â— | Shareholders’ equity totaled $1,469,665,000 as of March 31, 2021, compared to $667,116,000 as of December 31, 2020. |
CWEB Analysts have initiated a Hold Rating for Nano Dimension Ltd. (NASDAQ: NNDM) . Decrease in revenue has increased. (R&D) expenses and Sales expenses are in line with previous quarter. Q2 will be the catalyst for Nano Dimension and will see a clear picture on sales numbers.
