Nano Dimension (NNDM) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 revenue of $15.0M, up 2% year-over-year, with gross margin improvement and significant reduction in net cash burn, despite macroeconomic headwinds in central Europe.

• Announced definitive agreement to acquire Desktop Metal, aiming to create a leader in additive manufacturing with a broad, high-growth technology portfolio.

• Introduced new innovations, including an Integrated Inspection System and strategic digital printing partnerships.

• Significant cost reductions and improved financial strength, with a 69% reduction in net cash burn for H1 2024.

• Focused on transitioning from additive manufacturing to a broader Industry 4.0 digital manufacturing strategy, emphasizing software and AI as key growth drivers.

Financial highlights

• Q2 2024 revenue: $15.0M, up 2% year-over-year; H1 2024 revenue: $28.4M.

• Q2 2024 gross margin: 45.4% (Q2 2023: 44.1%); adjusted gross margin: 46.6%–47%.

• Q2 2024 net cash burn: $11M, reduced by 64%–69% year-over-year.

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

• Q2 2024 net loss: $44.3M; excluding Stratasys share changes, net loss: $12.9M.

Outlook and guidance

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

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

• Combined company aims for 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.

• Expects continued focus on integration of Desktop Metal and potential additional acquisitions over the next 12–24 months.