Nano Dimension (NNDM) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 revenue of $15 million, up 22% year-over-year, with gross margin rising to 48% and adjusted gross margin to 51%, and net cash burn reduced to $3 million, nearing break-even.

• Announced and nearing completion of Desktop Metal and Markforged acquisitions, expected to close in Q4 2024 and Q1 2025, positioning the company as an additive manufacturing leader.

• Notable new customer wins in Q3, including Applied Materials, University of Dayton, and a major aerospace and defense company.

• Operating expenses decreased across all departments due to reorganization and cost reduction efforts.

• Facing activist shareholder pressure ahead of the December AGM, with management urging support for the current board and long-term value creation strategy.

Financial highlights

• Q3 2024 revenue reached $15 million, the highest third quarter in company history, up from $12.2 million in Q3 2023.

• Gross margin improved to 48% (48.2% IFRS), and adjusted gross margin rose to 51% (50.5%) year-over-year.

• Net cash burn reduced to $3 million from $16 million in the same quarter last year.

• Adjusted EBITDA loss narrowed to $(14.8) million from $(30.1) million year-over-year.

• Q3 2024 net loss: $8.6 million vs. $66.9 million in Q3 2023.

Outlook and guidance

• Focus shifting from revenue growth to profitability, with plans to prioritize higher gross margins and bottom-line results post-acquisitions.

• Combined company expected to reach $340 million revenue and $475–$488 million capital position post-acquisitions, based on 2023 results.

• Targeting EBITDA positivity and/or positive cash flow by Q4 2026 through cost synergies and operational integration.

• AGM scheduled for December 6, 2024, with voting cut-off on December 1, 2024.