Nano Dimension (NNDM) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 revenue of $15.0M, up 2% year-over-year, despite macroeconomic headwinds, especially in central Europe.

• Gross margins reached 45.4% in Q2 2024, with adjusted gross margins up year-over-year for the half-year period.

• Net cash burn reduced by 69% year-over-year for H1 2024, reaching $11M in Q2 2024, reflecting successful expense reduction initiatives.

• Announced definitive agreement to acquire Desktop Metal for up to $183M in cash, expected to close by year-end pending regulatory and shareholder approvals.

• Strategic focus on integrating acquisitions, expanding into Industry 4.0, and emphasizing software and AI-driven solutions.

Financial highlights

• Q2 2024 revenue: $15.0M (Q2 2023: $14.7M); H1 2024 revenue: $28.4M (H1 2023: $29.7M).

• Q2 2024 gross margin: 45.4%; adjusted gross margin: 46.6%.

• Q2 2024 net cash burn: $11M, down from $31M in Q2 2023.

• Q2 2024 adjusted EBITDA loss: $16.1M (Q2 2023: $23.5M loss).

• Total assets at $911M and total equity at $870M as of Q2 2024.

Outlook and guidance

• Management expects the Desktop Metal acquisition to transform scale and business model, with a pro forma 2023 revenue of $246M and 28% recurring revenue.

• Focus remains on operational excellence, synergy realization, and driving toward positive EBITDA and cash generation post-acquisition.

• Targeting positive cash flow and profitability, with 64% progress toward this goal.

• Acquisition of Desktop Metal expected to close in Q4 2024, subject to regulatory and shareholder approvals.

• Expecting continued growth in digital Industry 4.0 and additive manufacturing, especially in metal segments.