Revenue: * $14.3M for Q4/2023, 18% over Q4/2022
* $56.2M for FY 2023, 29% over FY 2022
Announces Management Changes as Part of the “
Reshaping Nano”
Campaign to Drive Profitability
Waltham, Mass., Jan. 03, 2024 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension,” “Nano” 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 its financial results, on a preliminary basis, for the fourth quarter and twelve months ended December 31st, 2023. In conjunction with its unaudited preliminary results, Nano Dimension added comments from the CEO on the Reshaping Nano Initiative (the “Initiative”), the year ahead, and the announcement of senior leadership team changes.
Record Preliminary Unaudited Q4 and Full Year 2023 Results
Nano Dimension expects reported unaudited consolidated revenues of approximately $14.3 million for the fourth quarter ended December 31st, 2023, and approximately $56.2 million for the full year ended December 31st, 2023. Q4/2023 revenue is expected to grow 18% from Q4/2022, with full year 2023 revenue expected to grow 29% from full year 2022.
The above information reflects preliminary estimates with respect to certain results of Nano Dimension for the fourth quarter and full year ended December 31st, 2023, based on currently available information. Nano Dimension’s audited final results for the fourth quarter and full year ended December 31st, 2023, may vary from the preliminary estimates.
Reshaping Nano Initiative
Nano is well underway in its Reshaping Nano Initiative (the “Initiative”, “RNI”), which was announced together with the third quarter results on November 28th, 2023.
The Initiative has the following objectives:
- Achieving positive operating income in early 2025, and
- Reducing cash burn comparing to 2023 by approx. 75%-85%,
- Expecting to reach cash flow positive post A above.
Nano Dimension is able to achieve this as it has reached greater scale and synergies on the back of its robust M&A program to date. Only three years ago, Nano Dimension was a niche company focused on additively manufactured electronics (“AME”). Today the Company is an advanced manufacturing leader as a pioneer in AME along with cutting-edge solutions for precision-additive manufacturing solutions, complemented by sophisticated and proven solutions in Additive Electronics (“AE”) and print systems, which are all brought together by a vision to apply our internally developed deep learning-based DeepCube/Deep Learning AI wherever possible. This is reflected in our financials with revenue going from $3.4 million in 2020 to $56.2M million this year, with approx. 29% organic growth over the last 12 months.
As Part of RNI
- During Q4/2023 The Company’s workforce worldwide was reduced by approximately 25%,
- The Executive Management group of the Company was reduced by 25%.
With greater scale and organizational efficiencies, we have already completed plans that looked critically at our costs of goods sold and operating expenses. You should expect to see a portion of the full year expected savings of $30 million in our results for Q1/2024. We want to highlight that the Initiative was crafted around setting financial objectives that reflect the maturity of our different groups and product lines, which allows us to stay focused on our innovation driven growth engines that make Nano Dimension such an exciting company.
Senior management changes
In part a reflection of the synergies that drive Reshaping Nano Initiative and in part in consideration of personal circumstances and business’s needs, Nano Dimension is also announcing a number of senior management changes.
Tomer Pinchas, Chief Operating Officer as well as since August 2023 also Acting CFO, has been appointed permanent CFO in addition to his position as a COO. Mr. Pinchas succeeds Yael Sandler, who has been the Company’s CFO since 2015 and will not be returning from her maternity leave.
Dotan Bar-Natan joined Nano in the newly created position of General Counsel. Dotan most recently served as General Counsel at SodaStream International, where he spent ten years. Prior to SodaStream, Mr. Bar-Natan practiced at law firms of Goldfarb Seligman and GKH. Itay Mandel, previously Head of Legal, was promoted to VP Legal Affairs and will report to the new General Counsel.
Hanan Gino, Chief Product Officer and Head of M&A, is also leaving the Company, but will continue to serve as an advisor. Hanan’s responsibilities will be assumed by the CEO and the Corporate Development Team.
Mr. Tomer Pinchas, Current Nano COO and Veteran Finance Professional, which has assumed both COO and CFO Roles when Ms. Yael Sandler has left for maternity leave, will stay as permanent CFO/COO, reporting to Mr. Yoav Stern, Chief Executive Officer. As a veteran finance professional with over 18 years of global experience in finance, M&A, and operations management, Mr. Pinchas has served as CFO at numerous multinational companies, including Kyron Systems Ltd. from March 2018 to August 2022, myThings Inc. from 2016 to March 2018 and DVTEL, Inc. from 2007 to 2016. Mr. Pinchas started his career at several top public accounting firms, including PwC in New York. Mr. Pinchas is a graduate of the General Management Program (GMP) at Harvard Business School and holds a B.A in Accounting and Finance from the College of Management.
Mr. Yoav Stern, Chief Executive Officer, commented:” We are thrilled to welcome Dotan, have Tomer fully assume the CFO role and see Itay evolve into a more senior role. These together enhance our leadership team and ensure we are best positioned to guide the Company in delivering value for our shareholders. We extend our heartfelt congratulations to Ms. Sandler for her devotion for her newly extended family and thanking her for an amazing service for the Company over the last 8 years. We have been honored to have Yael as the early financial guardian of the Company 8 years ago, growing it and with it over time. She has worked with me personally as my right-hand person for the last 4 years, demonstrating reliability and devotion. I thank her and look forward to her cooperation with Nano Dimension in the future.”
“Similarly,” add Mr. Stern, “we are thankful to Hanan Gino for his enthusiastic service over the last few years, which has made a substantial difference in the successful growth of business and products. Hanan extensive experience of running large organization under challenging time and performance demands, and most of all – his proven strategy development capabilities were insurmountable during his tenure with us. He has enhanced our senior management group with large scale thinking and creativity. We agreed with Hanan to continue cooperation in the near and far future.”
Ms. Yael Sandler commented, “Throughout my tenure at Nano Dimension, I had the exciting opportunity to hold a pivotal position in advancing the company's growth from a small, local startup to a multinational corporation generating almost $60 million in annual revenues. I am thankful for the chance to shape the company's financial strategy and establish a global finance team.”
