3D Printing Business: Nano Dimension Announces $4 Million Raised from Institutional Investor; Releases First Quarter Financial Results
Nano Dimension has been busy lately, though to be fair the Israeli 3D printer manufacturer is always busy moving forward. April seemed to be a particularly productive month, however, with the filing of a bioprinting application and the naming of a 3D printing industry notable to their board of directors. Now the company has announced that they’ve raised $4 million from an institutional investor through a private placement.
Fellow Israeli company Ayalim Trust Funds will be issued 3,430,000 ordinary shares at a price per share of NIS 4.2 (approximately $1.17 per ordinary share, or $5.85 per ADS). As a result, Ayalim will hold about 6.4% of Nano Dimension’s issued share capital. The private placement is expected to close following TASE approval.
Nano Dimension also released financial results today for the first quarter ending March 31, 2017. Overall, the news was positive. The company ended the first quarter with $8,914,000 in cash, while total loss was $4,489,000.
“The successful delivery of an additional six DragonFly 2020 3D printers during the first quarter doubled our number of beta sites around the world, bringing us one step closer to our primary objective of commercialization. With thousands of unsolicited requests for information on our products, I am confident that we are on track to meet our goal to begin commercial sales of our DragonFly 2020 3D printer by year end,” said Amit Dror, Nano Dimension’s CEO. “Our printers have now been integrated by industry leaders in the fields of defense, technology, medical devices, smart transportation and manufacturing, among others. The feedback that we have received from these early adopters has been extremely positive and informs our processes as we work to transition from beta testing to commercial sales.”
Total revenue for the first quarter of 2017 was $118,000, a big jump compared to $46,000 in the fourth quarter of 2016, and undoubtedly boosted by the delivery of six DragonFly 2020 3D printers; the company delivered six of the printers for the entire year of 2016. Research and development expenses for the first quarter were $2,508,000, while general and administrative expenses were $1,270,000. Net loss for the first quarter was $4,489,000, compared to $1,790,000 in the first quarter of 2016 and $3,858,000 in the fourth quarter of 2016. The increase is attributed to the increase in research and development expenses, which were only $436,000 in the first quarter of 2016.
Nano Dimension ended the first quarter of 2017 with $8,914,000, a decrease compared to $12,379,000 at the end of the fourth quarter of 2016; however, the decrease is attributed to an increase in operations spending. Shareholders’ equity totaled $16,392,000 as of March 31, compared to $19,302,000 as of December 31, 2016.
In addition to the bioprinting patent application, Nano Dimension also filed two additional patent applications in the first quarter of 2017: one for their process of 3D printing multilayered rigid PCBs, and one for the 3D printing of electrical circuits with embedded electronic components. The company also received a $370,000 grant from the Israel Innovation Authority for the development of ceramic inkjet 3D printing technology. A lawsuit, which XJet filed in 2015 alleging that a former employee misappropriated proprietary information relating to inkjet 3D printing technology, was dismissed.
The Israel Innovation Authority also just gave Nano Dimension an additional grant for further development of the DragonFly 2020 circuit board 3D printer. The total budget for the project is about $1.4 million, of which the Israel Innovation Authority will fund 30%. Nano Dimension will pay royalties on any technology developed with the grant. This is the third year in a row that the company has received grant money from the Israel Innovation Authority for the development of the DragonFly.
“We are proud of the confidence that the Israel Innovation Authority has shown in the Company,” said Dror. “We have undertaken intense development efforts and continue meeting significant technological milestones. The Company will continue to invest in advanced research and development to promote its growth as a leader in the field of 3D printed electronics.”
So yes, it’s been a busy year for Nano Dimension so far, and that’s not likely to change as 2017 goes on. Despite the research into bioprinting and ceramic 3D printing, the biggest news is still all about the DragonFly 2020. The company recently completed training with Flex Ltd., formerly Flextronics, which will be the primary manufacturer of the DragonFly, and is on track to begin commercial sales by the end of the year. We can’t wait to see this long-awaited electronics 3D printer finally arrive on the market.
The company’s May 2017 report, released today, is available for viewing here. Discuss in the Nano Dimension forum at 3DPB.com.
(Article updated 5/18 to include grant approval from Israel Innovation Authority)
Subscribe to Our Email Newsletter
Stay up-to-date on all the latest news from the 3D printing industry and receive information and offers from third party vendors.
You May Also Like
TPM Launches New 3D Printing Lab in the Heart of the Southeast’s Advanced Manufacturing Hub
On June 1, TPM, a digitization solutions company based in Greenville, South Carolina, opened its new Additive Manufacturing (AM) Lab, also in Greenville. TPM sells hardware, software, and materials for...
3D Printing Webinar & Event Roundup: June 4, 2023
In this week’s roundup, Stratasys has a few stops on its road trip, and TCT 3Sixty is taking place in Birmingham. There are also webinars about automotive 3D printing, electron...
3D Systems Confirms Bid to Buy Stratasys to Create $1.84B 3D Printing Company
See the update at end of this article. In what has to be one of the 3D printing industry’s biggest news weeks, additive manufacturing (AM) pioneer 3D Systems (NYSE: DDD)...
3D Printing News Unpeeled: Stratasys, Nano Dimension and 3D Systems
Today we’re talking about all the merger options on offer between Desktop Metal, Stratasys, Nano Dimension and 3D Systems. It seems like most people in this industry are publicly saying...
Upload your 3D Models and get them printed quickly and efficiently.