-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueThe Sustainability Issue
Sustainability is one of the most widely used terms in business today, especially for electronics and manufacturing but what does it mean to you? We explore the environmental, business, and economic impacts.
The Fabricator’s Guide to IPC APEX EXPO
This issue previews many of the important events taking place at this year's show and highlights some changes and opportunities. So, buckle up. We are counting down to IPC APEX EXPO 2024.
Getting to Know Your Designer
In this issue, we examine how fabs work with their design customers, educating them on the critical elements of fabrication needed to be successful, as well as the many tradeoffs involved. How well do you really know your customer? What makes for a closer, more synchronized working relationship?
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - pcb007 Magazine
Nano Dimension Announces 2022 Revenue of $43.6M
March 30, 2023 | Globe NewswireEstimated reading time: 5 minutes
Nano Dimension Ltd., a leading supplier of Additively Manufactured Electronics (AME) and multi-dimensional polymer, metal & ceramic Additive Manufacturing (AM) 3D printers, announced its financial results for the fourth quarter and full year ended December 31st, 2022.
Nano Dimension reported audited consolidated revenues of $12.1 million for the fourth quarter ended December 31st, 2022, a 61% increase over the fourth quarter of 2021 and 21% increase over the third quarter of 2022. Revenues for the full year ended December 31st, 2022, were $43.6 million, an increase of 316% over full year 2021.
CEO MESSAGE TO SHAREHOLDERS:
“We have delivered very significant revenue growth in 2022, demonstrating further progress in our strategy to drive rapid innovation that meets customer needs. We also achieved several key customer and sales milestones, including strengthening our defense customer base with orders from a European-based military force and western global aerospace and defense contractor, as well as key transactions with academic and research institutions. We also made significant strides in executing against our goal of becoming the leading AI/deep learning framework for industrial applications. The advancements we’ve made are empowering all machines in the extended Nano Dimension ecosystem through advanced industrial inspection, print quality optimization, process optimization and monitoring and maintenance of machines, a significant value-add to new and existing customers.
We hope to accelerate our organic growth in the year ahead and remain well-positioned to execute on our M&A strategy – including our recently announced offer to acquire Stratasys Ltd. (“Stratasys”), which we view as a strategic, complementary asset in the relatively mature polymer-based AM market segment – within a flexible capital deployment framework. With the intensive help of our financial advisors, Greenhill and Lazard, in addition to our ongoing exchange with Stratasys, we continue building and pursuing our pipeline of additional prospective synergistic M&A transactions.”
The Company’s organic revenue growth of previous acquisitions:
- AM/Admatec revenue grew +60% over 6 months since acquisition.
- Additive Electronics/Essemtec revenue grew +8% over 12 months since acquisition.
- AM/GIS revenue grew +4% over 12 months since acquisition.
Highlights from the Financial Results for the full Years 2022 and 2021:
- IFRS Gross Margin (“GM”) for 2022 was 32%, compared to 11% in 2021.
- Our adjusted GM (excluding share based payments and cost of revenues from amortization of inventory and assets recognized in business combination and technology) for 2022 was 46% compared to 45% in 2021.
- Our loss before taxes for 2022 was $228,031 thousand.
- Our EBITDA for 2022 was $236,697 thousand.
- Our adjusted EBITDA for 2022 was $88,804 thousand.
- Our investment in research and development (R&D) expenses for 2022 was $75,763 thousand, which is the major part of the contributors to the negative EBITDA.
- Our loss before taxes for 2021 was $205,730 thousand.
- Our EBITDA for 2021 was $199,698 thousand.
- Our adjusted EBITDA for 2021 was $43,345 thousand.
- Our investment in R&D expenses for 2021 was $41,686 thousand, which is the major part of the contributors to the negative EBITDA.
Fourth Quarter 2022 Financial Results
Total revenues for the fourth quarter of 2022 were $12,104,000, compared to $9,998,000 in the third quarter of 2022, and $7,531,000 in the fourth quarter of 2021. The increase is attributed to increased sales of the Company’s product lines.
R&D expenses for the fourth quarter of 2022 were $20,993,000, compared to $18,535,000 in the third quarter of 2022, and $15,099,000 in the fourth quarter of 2021. The increase resulted primarily from an increase in payroll and related expenses due to more research and development resources, as well as an increase in materials expenses.
Sales and marketing (S&M) expenses for the fourth quarter of 2022 were $9,758,000, compared to $9,652,000 in the third quarter of 2022, and $7,690,000 in the fourth quarter of 2021. The increase compared to the fourth quarter of 2021 is resulted primarily from an increase in payroll and related expenses and marketing expenses.
General and administrative (G&A) expenses for the fourth quarter of 2022 were $9,091,000, compared to $7,417,000 in the third quarter of 2022, and $6,470,000 in the fourth quarter of 2021. The increase resulted primarily from an increase in payroll and related expenses as well as professional services.
Impairment losses for the fourth quarter of 2022 were $40,523,000. During 2022, there was a decline in the Company’s share price, such that as of December 31, 2022, the fair value of the Company, which is based on the share price, is lower than its book value of equity. Given the recoverable amount of the said cash generating units (CGUs), the goodwill, intangibles and property, plant and equipment relating to the said CGUs was reduced by approximately $40.5 million.
Net loss for the fourth quarter of 2022 was $87,667,000, or $0.34 per share, compared to $66,931,000, or $0.07 per share, in the third quarter of 2022, and $159,624,000, or $0.62 per share, in the fourth quarter of 2021.
Year Ended December 31st, 2022 Financial Results
Total revenues for the year ended December 31, 2022, were $43,633,000, compared to $10,493,000 in the year ended December 31, 2021. The increase is attributed to increased sales of the Company’s product lines.
Cost of revenues (excluding amortization of inventory and intangibles) for the year ended December 31, 2022, was $24,943,000, compared to $5,730,000 in the year ended December 31, 2021. The increase is attributed mostly to increased sales of the Company’s product lines.
R&D expenses for the year ended December 31, 2022, were $75,763,000, compared to $41,686,000 in the year ended December 31, 2021. The increase is attributed to an increase of $21,034,000 in payroll and related expenses, as well as an increase of $4,117,000 in materials and $7,480,000 in subcontractors’ expenses, due to more research and development resources, and an increase of $3,186,000 in share-based payments expenses. The increase in R&D expenses was partially offset by a decrease of $2,659,000 in depreciation.
S&M expenses for the year ended December 31, 2022, were $38,833,000, compared to $22,713,000 in the year ended December 31, 2021. The increase resulted primarily from an increase of $11,774,000 in payroll and related expenses, an increase of $1,004,000 in marketing, commissions and advertising expenses, as well as an increase of $1,818,000 in travel expenses and $1,185,000 in depreciation. During 2022, the Company decided to invest increased resources in sales and marketing activities, thus, it increased the number of its sales and marketing personnel.
G&A expenses for the year ended December 31, 2022, were $30,457,000, compared to $19,644,000 in the year ended December 31, 2021. The increase resulted primarily from an increase of $6,442,000 in payroll and related expenses and $2,709,000 in professional services due to the Company’s latest acquisitions.
Impairment losses for the year ended December 31, 2022, were $40,523,000.
Net loss for the year ended December 31, 2022, was $227,423,000, or $0.88 per share, compared to $200,777,000 or $0.81 per share, in the year ended December 31, 2021.
Suggested Items
Absolute EMS Successfully Recertifies ISO 9001:2015 and AS9100 Standards
03/26/2024 | Absolute EMS, Inc.Absolute EMS, Inc., an award-winning EMS provider of turnkey contract manufacturing services, is proud to announce the successful recertification of its ISO 9001:2015 and AS9100 Rev D SAE International Aerospace Standards.
Arlon EMC Receives IPC-4101 QPL Recertification
03/20/2024 | Arlon Electronic MaterialsArlon Electronic Materials has successfully completed an intensive two-day recertification audit by IPC Validation Services that examined Arlon’s manufacturing processes and testing procedures to assure that they are in conformance to the requirements of IPC-4101E-WAM1, the Specification for Base Materials for Rigid and Multilayer Printed Boards.
Northrop Grumman Honors Suppliers for Excellence
03/14/2024 | Northrop GrummanNorthrop Grumman Corporation honored more than 70 suppliers for their outstanding contributions in 2023. In an annual recognition event, the companies included women-, minority- and veteran-owned small businesses as well as those operating in underdeveloped areas.
Cicor Acquires TT Electronics IoT Solutions
03/04/2024 | Cicor Technologies Ltd.The Cicor Group has signed an agreement to acquire TT Electronics IoT Solutions Ltd, with three production sites in the UK and China.
AEM, Texas Aerospace Technologies Bolster Partnership for Latin America
02/26/2024 | AEM Corp.Canadian avionics manufacturer, Anodyne Electronics Manufacturing Corp. (AEM), is pleased to announce a partnership expansion with Texas Aerospace Technologies, a subsidiary of Texas Aerospace Services, to add AEM’s new MTP136D modern panel-mount P25 VHF FM Forest Service radio to its lineup of product offerings for their Latin American customers.