Nano Dimension Announces 2024 Financial Results And Shares 2025 Strategic Outlook
| Consolidated Statements of Financial Position as at (In thousands of U.S dollars) | |||||
| December 31, | |||||
| 2023 | 2024 | ||||
| Assets | |||||
| Cash and cash equivalents | 309,571 | 317,169 | |||
| Bank deposits | 541,967 | 440,790 | |||
| Restricted deposits | 60 | 537 | |||
| Trade receivables | 12,710 | 9,141 | |||
| Other receivables | 11,290 | 4,790 | |||
| Inventory | 18,390 | 16,899 | |||
| Total current assets | 893,988 | 789,326 | |||
| Restricted deposits | 881 | 768 | |||
| Investment in securities | 138,446 | 86,190 | |||
| Property plant and equipment, net | 16,716 | 14,143 | |||
| Right-of-use assets | 12,072 | 9,307 | |||
| Intangible assets | 2,235 | 2,155 | |||
| Total non-current assets | 170,350 | 112,563 | |||
| Total assets | 1,064,338 | 901,889 | |||
| Liabilities | |||||
| Trade payables | 4,696 | 4,249 | |||
| Other payables | 25,265 | 22,461 | |||
| Current portion of lease liability | 4,473 | 3,968 | |||
| Current portion of bank loan | 38 | 138 | |||
| Total current liabilities | 34,472 | 30,816 | |||
| Liability in respect of government grants | 1,895 | 843 | |||
| Employee benefits | 2,773 | 4,700 | |||
| Lease liability | 8,742 | 6,547 | |||
| Deferred tax liabilities | 75 | - | |||
| Bank loan | 595 | 276 | |||
| Total non-current liabilities | 14,080 | 12,366 | |||
| Total liabilities | 48,552 | 43,182 | |||
| Equity | |||||
| Non-controlling interests | 1,011 | 715 | |||
| Share capital | 400,700 | 409,145 | |||
| Share premium and capital reserves | 1,299,542 | 1,304,617 | |||
| Treasury shares | (97,896 | ) | (167,651 | ) | |
| Foreign currency translation reserve | 2,929 | 1,044 | |||
| Remeasurement of net defined benefit liability (IAS 19) | 707 | (2,062 | ) | ||
| Accumulated loss | (591,207 | ) | (687,101 | ) | |
| Equity attributable to owners of the Company | 1,014,775 | 857,992 | |||
| Total equity | 1,015,786 | 858,707 | |||
| Total liabilities and equity | 1,064,338 | 901,889 |
| Consolidated Statements of Profit or Loss and Other Comprehensive Income (In thousands of U.S dollars, except per share amounts) | ||||||||||||
| For the year ended December 31, | Three Months Ended December 31, | |||||||||||
| 202 3 | 202 4 | 202 3 | 202 4 | |||||||||
| Revenues | 56,314 | 57,775 | 14,454 | 14,569 | ||||||||
| Cost of revenues | 30,759 | 31,125 | 7,358 | 8,133 | ||||||||
| Cost of revenues - write-down of inventories and amortization of technology | 97 | 1,655 | 68 | 1 ,583 | ||||||||
| Total cost of revenues | 30,856 | 32,780 | 7,426 | 9,716 | ||||||||
| Gross profit | 25,458 | 24,995 | 7,028 | 4,853 | ||||||||
| Research and development expenses | 62,004 | 37,157 | 13,580 | 9,102 | ||||||||
| Sales and marketing expenses | 31,707 | 26,951 | 8,289 | 6,261 | ||||||||
| General and administrative expenses | 58,254 | 40,059 | 14,051 | 11,916 | ||||||||
| Other expenses (income), net | (1,627 | ) | 5,966 | (1,627 | ) | 2,633 | ||||||
| Impairment loss | - | 1,283 | - | 1,283 | ||||||||
| Operating loss | (124,880 | ) | (86,421 | ) | (27,265 | ) | (26,342 | ) | ||||
| Finance income | 70,934 | 43,540 | 26,904 | 17,7 23 | ||||||||
| Finance expenses | 1,652 | 53,645 | 796 | 1 22 | ||||||||
| Loss before taxes on income | (55,598 | ) | (96,526 | ) | (1,157 | ) | (8,741 | ) | ||||
| Taxes expenses | (62 | ) | (397 | ) | (183 | ) | (319 | ) | ||||
| Loss for the period | (55,660 | ) | (96,923 | ) | (1,340 | ) | (9,060 | ) | ||||
| Loss attributable to non-controlling interests | (1,110 | ) | (1,029 | ) | (291 | ) | (2 55 | ) | ||||
| Loss attributable to owners | (54,550 | ) | (95,894 | ) | (1,049 | ) | ( 8,805 | ) | ||||
| Loss per share | ||||||||||||
| Basic loss per share | (0.22 | ) | (0.44 | ) | (0.01 | ) | (0.0 4 | ) | ||||
| Other comprehensive income items that after initial recognition in comprehensive income were or will be transferred to profit or loss | ||||||||||||
| Foreign currency translation differences for foreign operations | 2,368 | (1,944 | ) | 2,024 | (1,647 | ) | ||||||
| Other comprehensive income items that will not be transferred to profit or loss | ||||||||||||
| Remeasurement of net defined benefit liability (IAS 19), net of tax | (1,801 | ) | (2,769 | ) | (741 | ) | (1,336 | ) | ||||
| Total other comprehensive income for the period | 567 | (4,713 | ) | 1,283 | (2,983 | ) | ||||||
| Total comprehensive loss for the period | (55,093 | ) | (101,636 | ) | (57 | ) | (12,043 | ) | ||||
| Comprehensive loss attributable to non-controlling interests | (1,088 | ) | (1,088 | ) | (258 | ) | (308 | ) | ||||
| Comprehensive loss attributable to owners of the Company | (54,005 | ) | (100,548 | ) | 201 | (11,735 | ) |
| Consolidated Statements of Changes in Equity (Unaudited) | ||||||||||||||||||
| (In thousands of U.S dollars) | ||||||||||||||||||
| Share capital | Share premium and capital reserves | Remeasurement of IAS 19 | Treasury shares | Foreign currency translation reserve | Accumulated loss | Total | Non- controlling interests | Total equity | ||||||||||
| For the year ended December 31, 2024: | ||||||||||||||||||
| Balance as of January 1, 2024 | 400,700 | 1,299,542 | 707 | (97,896 | ) | 2,929 | (591,207 | ) | 1,014,775 | 1,011 | 1,015,786 | |||||||
| Investment of non-controlling party in subsidiary | - | - | - | - | - | - | - | 792 | 792 | |||||||||
| Loss for the year | - | - | - | - | - | (95,894 | ) | (95,894 | ) | (1,029 | ) | (96,923 | ) | |||||
| Other comprehensive loss for the year | - | - | (2,769 | ) | - | (1,885 | ) | - | (4,654 | ) | (59 | ) | (4,713 | ) | ||||
| Exercise of warrants, options and vesting of RSUs | 8,445 | (8,445 | ) | - | - | - | - | - | - | - | ||||||||
| Repurchase of treasury shares | - | - | - | (69,755 | ) | - | - | (69,755 | ) | - | (69,755 | ) | ||||||
| Share-based payment acquired | - | (363 | ) | - | - | - | - | (363 | ) | - | (363 | ) | ||||||
| Share-based payments | - | 13,883 | - | - | - | - | 13,883 | - | 13,883 | |||||||||
| Balance as of December 31, 2024 | 409,145 | 1,304,617 | (2,062 | ) | (167,651 | ) | 1,044 | (687,101 | ) | 857,992 | 715 | 858,707 |
| Share capital | Share premium and capital reserves | Remeasurement of IAS 19 | Treasury shares | Foreign currency translation reserve | Accumulated loss | Total | Non- controlling interests | Total equity | ||||||||||
| For the three months ended December 31, 2024: | ||||||||||||||||||
| Balance as of September 30, 2024 | 407,338 | 1,303,332 | (726 | ) | (167,651 | ) | 2,638 | (678,296 | ) | 866,635 | 965 | 867,600 | ||||||
| Investment of non-controlling party in subsidiary | - | - | - | - | - | - | - | 58 | 58 | |||||||||
| Loss for the period | - | - | - | - | - | (8,805 | ) | (8,805 | ) | (255 | ) | (9,060 | ) | |||||
| Other comprehensive loss for the period | - | - | (1,336 | ) | - | ( 1, 594 | ) | - | (2,930 | ) | (53 | ) | (2,983 | ) | ||||
| Exercise of warrants, options and vesting of RSUs | 1,807 | (1,807 | ) | - | - | - | - | - | - | - | ||||||||
| Repurchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Share based payment acquired | - | - | - | - | - | - | - | - | - | |||||||||
| Share-based payments | - | 3,092 | - | - | - | - | 3,092 | - | 3,092 | |||||||||
| Balance as of December 31, 2024 | 409,145 | 1,304,617 | (2,062 | ) | (167,65 1 | ) | 1,044 | (687,101 | ) | 857,992 | 715 | 858,707 |
| Consolidated Statements of Cash Flows (In thousands of U.S dollars) | ||||||||
| For the Year Ended December 31, | Three Months Ended December 31, | |||||||
| 2023 | 2024 | 2023 | 2024 | |||||
| Cash flow from operating activities: | ||||||||
| Net loss | (55,660 | ) | (96,923 | ) | (1,340 | ) | ( 9,060 | ) |
| Adjustments: | ||||||||
| Depreciation and amortization | 6,544 | 6,675 | 1,993 | 1, 714 | ||||
| Impairment loss | - | 1,283 | - | 1,283 | ||||
| Financing income net | (46,281 | ) | (4 2 , 183 | ) | (19,606 | ) | (1 2 , 018 | ) |
| (Loss) gain from revaluation of financial liabilities accounted at fair value | 461 | 32 | (7 | ) | 41 | |||
| Loss (gain) from revaluation of financial assets accounted at fair value | (23,462 | ) | 52,256 | (6,495 | ) | ( 5 , 624 | ) | |
| Loss (gain) from disposal of property plant and equipment and right-of-use assets | 326 | 67 | (7 | ) | ( 5 | ) | ||
| Decrease (increase) in deferred tax | (11 | ) | - | 84 | - | |||
| Share-based payments | 20,101 | 13,883 | 4,291 | 3 , 092 | ||||
| Other | 164 | 150 | 43 | 34 | ||||
| (42,158 | ) | 32,163 | (19,704 | ) | (1 1 , 483 | ) | ||
| Changes in assets and liabilities: | ||||||||
| Decrease (increase) in inventory | (340 | ) | 387 | 2,913 | 1,996 | |||
| Decrease (increase) in other receivables | (5,775 | ) | 6,078 | (7,434 | ) | ( 160 | ) | |
| Decrease (increase) in trade receivables | (5,603 | ) | 2,950 | (1,652 | ) | 2,733 | ||
| Increase (decrease) in other payables | 4,856 | (1,150 | ) | 1,948 | 2,780 | |||
| Decrease in employee benefits | (1,478 | ) | (562 | ) | (486 | ) | ( 280 | ) |
| Increase (decrease) in trade payables | 1,089 | 47 | (3,653 | ) | 1,062 | |||
| (7,251 | ) | 7,750 | (8,364 | ) | 8,131 | |||
| Net cash used in operating activities | (105,069 | ) | (57,010 | ) | (29,408 | ) | ( 12 ,4 12 | ) |
| Cash flow from investing activities: | ||||||||
| Change in bank deposits | (189,060 | ) | 100,530 | (152,044 | ) | 108,093 | ||
| Interest received | 41,529 | 42,806 | 11,725 | 9,971 | ||||
| Change in restricted bank deposits | (27 | ) | (377 | ) | 11 | (366 | ) | |
| Acquisition of property plant and equipment | (9,098 | ) | (2,196 | ) | (32 | ) | (537 | ) |
| Acquisition of intangible asset | (1,524 | ) | (711 | ) | - | - | ||
| Payment of a liability for contingent consideration in a business combination | (9,255 | ) | - | - | - | |||
| Other | 835 | - | 835 | - | ||||
| Net cash from (used in) investing activities | (166,600 | ) | 140,052 | (139,505 | ) | 117,161 | ||
| Cash flow from financing activities: | ||||||||
| Lease payments | (4,823 | ) | (4,524 | ) | (1,183 | ) | (1,066 | ) |
| Bank loan repayment | (536 | ) | (180 | ) | (343 | ) | (37 | ) |
| Proceeds from non-controlling interests | 1,089 | 555 | 539 | - | ||||
| Amounts recognized in respect of government grants liability | (298 | ) | (180 | ) | (73 | ) | (43 | ) |
| Payments of share price protection recognized in business combination | (4,459 | ) | (363 | ) | (2,679 | ) | - | |
| Repurchase of treasury shares | (96,387 | ) | (69,755 | ) | (10,661 | ) | - | |
| Net cash used in financing activities | (105,414 | ) | (74,447 | ) | (14,400 | ) | (1,146 | ) |
| Increase (decrease) in cash and cash equivalents | (377,083 | ) | 8,595 | (183,313 | ) | 103,60 3 | ||
| Cash and cash equivalents at beginning of the year | 685,362 | 309,571 | 489,323 | 213,660 | ||||
| Effect of exchange rate fluctuations on cash | 1,292 | (997 | ) | 3,561 | (9 4 | ) | ||
| Cash and cash equivalents at end of the year | 309,571 | 317,169 | 309,571 | 317,169 | ||||
| Non-cash transactions: | ||||||||
| Intangible asset acquired on credit | 711 | - | - | - | ||||
| Property plant and equipment acquired on credit | 214 | 69 | 515 | 69 | ||||
| Recognition of a right-of-use asset | 929 | 1,275 | 730 | 60 | ||||
| Repurchase of treasury shares on credit | - | - | (2,140 | ) | - |
| Non-IFRS Measures |
The following are reconciliations of income before taxes, as calculated in accordance with International Financial Reporting Standards (“IFRS”), to EBITDA and Adjusted EBITDA, as well as of gross profit, as calculated in accordance with IFRS, to Adjusted Gross Profit:
| Year Ended December 31, 2024 | Three-Months Period Ended December 31, 2024 | |||
| (In thousands of USD) | ||||
| Net loss | (96,923 | ) | (9,060 | ) |
| Tax expenses | 397 | 319 | ||
| Depreciation and amortization | 6,675 | 1,714 | ||
| Interest income | (42,573 | ) | (10,092 | ) |
| EBITDA (loss) | (132,424 | ) | (17,119 | ) |
| Finance income from revaluation of assets and liabilities | 51,878 | (5,649 | ) | |
| Exchange rate differences | 705 | (1,892 | ) | |
| Share-based payments expenses | 13,883 | 3,092 | ||
| Other non-GAAP income | (486 | ) | (371 | ) |
| Impairment loss | 1,283 | 1,283 | ||
| Adjusted EBITDA (loss) | (65,161 | ) | (20,656 | ) |
| Gross profit | 24,995 | 4,853 | ||
| Depreciation and amortization | 574 | 265 | ||
| Share-based payments expenses | 864 | 177 | ||
| Adjusted gross profit | 26,433 | 5,295 | ||
EBITDA is a non-IFRS measure and is defined as earnings before interest income, income tax, depreciation and amortization. We believe that EBITDA, as described above, should be considered in evaluating the company's operations. EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting interest expenses (income), net), and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively) and EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company's operating performance without regard to the items mentioned above.
Adjusted EBITDA is a non-IFRS measure and is defined as earnings before other financial income, income tax, depreciation and amortization, share-based payments, impairment loss and other non-GAAP income, which consists of exceeded compensation for damaged inventory and fixed assets. Other financial expenses (income), net include exchange rate differences as well as finance expenses for revaluation of assets and liabilities. We believe that Adjusted EBITDA, as described above, should also be considered in evaluating the company's operations. Like EBITDA, Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting other financial expenses (income), net), and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), as well as from share-based payment expenses, and Adjusted EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company's operating performance without regard to non-cash items, such as expenses related to share-based payments.
Adjusted gross profit, excluding depreciation and amortization and share-based compensation expenses, is a non-IFRS measure and is defined as gross profit excluding amortization expenses. We believe that adjusted gross profit, as described above, should also be considered in evaluating the Company's operations. Adjusted gross profit facilitates gross profit and gross margin comparisons from period to period and company to company by backing out potential differences caused by variations in amortization of inventory and intangible assets. Adjusted gross profit is useful to an investor in evaluating our performance because it enables investors, securities analysts and other interested parties to measure a company's performance without regard to non-cash items, such as amortization expenses. Adjusted gross margin is calculated by dividing the adjusted gross profit by the revenues.
EBITDA, Adjusted EBITDA, and Adjusted gross profit do not represent cash generated by operating activities in accordance with IFRS and should not be considered alternatives to net income (loss) as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss) as presented in our consolidated statements of profit or loss and other comprehensive income. Other companies may calculate these measures differently than we do.

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