Nano Dimension Releases Their First Quarter Financial Report, Shows Continuing Momentum
We’re just about a month away from the halfway mark of 2016, and it’s been quite the year so far for the Israeli 3D printing company Nano Dimension. After revealing the DragonFly 2020—which is their professional multilayer circuit board desktop 3D printer—at the end of last year, the company made some legitimate moves to help strengthen their position within the 3D printing market. Back in February 2016, Nano Dimension announced that they would begin trading their shares on the NASDAQ, while also working with Tel Aviv University to develop a 3D printable nickel nano ink. The company has also recently struck up a distribution deal with 3D printing service provider FATHOM, which has been helping to spread Nano Dimension’s technology throughout the greater West Coast and Silicon Valley.
So, with all this growth and excitement being reported by the Israeli company, one would assume that their financial results for the first quarter numbers would reflect such progress, right? Well, I would say so. Nano Dimension has been steadily expanding their technological endeavors and global distribution, and their Q1 numbers show that company’s role in both the 3D printing market and electronics manufacturing is set to gain more momentum. For starters, Nano Dimension ended the first quarter of 2016 with $7,628,000 (NIS 28,727,000) in cash and cash equivalents, while expending a healthy $1,790,000 (NIS 6,741,000) in total quarterly expenses.
“The first quarter was an extremely exciting time for Nano Dimension, during which the company continued to gain momentum and solidify its position as a leader in the 3D printed electronics industry,” said Amit Dror, the CEO of Nano Dimension. “A standout moment from the quarter was the company’s listing on the NASDAQ in March. In addition, the company filed for several new patents to advance its proprietary technologies and announced a new collaboration with Tel Aviv University.”
In addition to their entrance into the public stock exchange, newly filed patents, and collaboration with Tel Aviv University, Nano Dimension also signed a promising agreement with the American international supply chain solutions provider Flextronics International Ltd., which will serve as the primary manufacturer and supplier of the DragonFly2020 3D Printer. With all of these major endeavors at hand, there are bound to be a few glaring expenses. In fact, the general and administrative (G&A) expenses for the first quarter of 2016 were $1,176,000 (NIS 4,429,000), which is a gigantic leap from the $257,000 (NIS 1,023,000) in the first quarter of 2015.
But there are a few explanations for why the company has increased their expenses by almost a million dollars. The primary reason for upping their spending was for stock option expenses, which accounted for $227,000 of the Q1 expenses. Professional services such as investor relations, accounting, and legal services cost Nano Dimension $189,000 (NIS 711,000). Another reason was the expansion of their payroll, which increased by $158,000 (NIS 593,000) since Q1 2015. Nano Dimension is now housing nine G&A employees, a noticeable increase from the two G&A employees they had at the same point last year.
These increased expenses come as Nano Dimension prepares for the delivery stage of the DragonFly2020 3D printer, which eagerly awaits to try and disrupt the way that circuit boards are manufactured. The company still has a ways to go before distributing their PCB 3D printer across the globe, but after receiving a resounding $2.2 million investment from Israeli billionaire Morris Kahn and Wellborn Ventures in November 2015, Nano Dimension seems prepared to spend the cash in order to get the DragonFly2020 to spread its wings across the electronics 3D printing market. Discuss their progress in the Nano Dimensions Builds Momentum in 3D Printing Market forum over at 3DPB.com.[Source: PR Newswire]
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