Aug 25, 2016 | By Benedict

Nano Dimension, a developer of 3D printed electronics systems and advanced additive manufacturing tech, has shipped the first ever DragonFly 2020 PCB 3D printer to a leading Israeli defense company. The 3D printing company has also posted its financial results for the second quarter of 2016.

As one of the global leaders in 3D printed circuitry technology, Nano Dimension has fascinated the additive manufacturing industry since its inception in 2012, prompting many experts to wonder which sectors the fledgling company will focus on and whether it will succeed financially. This week brought clues to both of those unanswered questions, with the company revealing that its first DragonFly 2020 3D printer will be supplied to a beta tester in the Israeli defense sector, while also posting its financial results for 2016 Q2.

“Today, only two years since our first fundraising and since our shares began trading on the TASE, we mark this important milestone of supplying our first system to a beta partner, enabling them to print multilayer electric circuits in several hours,” said Amit Dror, CEO of Nano Dimension. “We look forward to completing production of more printers destined for additional partners and customers in Israel and around the world.”

The futuristic DragonFly 2020 PCB 3D printer has been in the headlines for a while now, but an unnamed Israeli defense company has now become the first Nano Dimensions partner to test the machine. The 3D printer, a “versatile inkjet deposition and curing system,” will be installed at the company’s premises in the next few days, after which it will undergo a thorough evaluation procedure.

“We are proud to have reached this important milestone,” Dror added. “Supplying our first system to a beta partner is a tremendous achievement for Nano Dimension and the electronic industry. Nano Dimension set an ambitious goal to develop a revolutionary product that—until now—did not exist in the market, based on advanced technology that combines hardware, nano-chemistry and software.”

In addition to announcing the shipment of the first DragonFly 2020 3D printer, Nano Dimension has also posted its financial results for the second quarter of 2016. The company ended the second quarter of 2016 with $5,793,000 (NIS 22,278,000) in cash and cash equivalents, reporting total quarterly expenses of $1,664,000 (NIS 6,401,000).

Nano Dimension Q2 2016 financial results summary:

  • R&D expenses for Q2 2016: $503,000 (NIS 1,933,000)
  • R&D expenses for Q1 2016: $436,000 (NIS 1,642,000)
  • R&D expenses for Q2 2015: $1,449,000 (NIS 5,571,000)

The increase in R&D expenses in Q2 over Q1 was attributed to an increase in employee numbers and cumulative salaries.

  • G&A expenses for Q2 2016: $1,197,000 (NIS 4,605,000)
  • G&A expenses for Q1 2016: $1,176,000 (NIS 4,429,000)
  • G&A expenses for Q2 2015: $413,000 (NIS 1,590,000)

The Q2 increase was attributed to an increase of $178,000 (NIS 683,000) in professional services expenses, mainly for investor relations and legal services. 

  • Net loss for Q2 2016: $1,664,000 (NIS 6,401,000), or $0.04 (NIS 0.17) per share
  • Net loss for Q1 2016: $1,790,000 (NIS 6,741,000), or $0.05 (NIS 0.18) per share
  • Net loss for Q2 2015: $1,848,000 (NIS 7,109,000), or $0.08 (NIS 0.29) per share

Q2 net loss figures were attributed to the aforementioned expenses and changes in the USD/NIS exchange rate.

  • Cash & cash equivalents, June 30, 2016: $5,793,000 (NIS 22,278,000)
  • Cash & cash equivalents, December 31, 2015: $8,665,000 (NIS 33,811,000)

The decrease in cash & cash equivalents was attributed to operations during the six-month period, not including funds from government grants and exercised warrants.

  • Shareholder equity, June 30, 2016: $11,558,000 (NIS 44,452,000)
  • Shareholder equity, December 31, 2015: $12,047,000 (NIS 47,004,000)

“We made significant progress during the second quarter and look forward to officially launching the company's sales strategy in the third quarter,” Dror said. “The advancements the company has made over the past quarter include additional patent applications, which we believe will help support our vision that our technology may have various uses—from prototypes for electronics to complex structures for different applications across various industries. As we continue to reach ambitious milestones, we are eager to enter this next phase as we will begin to see the full market demand for our revolutionary printer.”

In addition to supplying its first DragonFly 2020 3D printer to an Israeli defense company, Nano Dimension recently lab-tested a proof-of-concept 3D bioprinter for stem cells.

 

 

Posted in 3D Printer Company

 

 

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