Nano Dimension (NNDM) Q1 2024 earnings summary

Executive summary

• Q1 2024 gross margin rose to 46% (adjusted: 50%), with revenue at $13.36M and a clear path to profitability outlined.

• Net cash burn improved by 75% to $7M, reflecting strong cost discipline and operational efficiency.

• Customer base expanded with new wins in advanced electronics, defense, and New Space, plus repeat sales to Western defense agencies.

• R&D advancements included AI patent grants, robotics speed increased by 300%, and digital print partnerships with Esko and Fiery.

• Outstanding shares reduced by 15% over 15 months, enhancing per-share value.

Financial highlights

• Q1 2024 revenue was $13.36M, down from $14.97M in Q1 2023 due to prior year spillover.

• Gross margin improved to 46% (from 44% YoY); adjusted gross margin reached 50% (from 47% YoY).

• Net cash burn reduced to $7M, a 75% year-over-year improvement.

• Adjusted EBITDA loss narrowed to $(13.6)M from $(23.7)M year-over-year.

• R&D, sales & marketing, and G&A expenses all decreased significantly year-over-year.

Outlook and guidance

• Management targets breakeven or cash flow positivity by 2025/2026, assuming 25%-30% business growth.

• Cost base expected to further decrease over the next two to three quarters.

• 2024 net cash burn guidance reaffirmed at $12–20M.

• Asset allocation decisions, including share buybacks, will be made quarterly based on market conditions and acquisition opportunities.