3D printed electronics company Nano Dimension (NASDAQ: NNDM) has announced financial results for the first quarter of 2017. Total revenues for the period ending March 31 2017 are $118,000, a $72,000 difference on the company’s first revenue producing period in Q4 2016 that produced $46,000.
In addition the company has raised approximately $4 million in investment from a private placement agreement with Ayalim Trust Funds.
“One step closer” to commercialization
The increase in revenues can be attributed to subsequent beta deliveries of the DragonFly 2020 machine, and more use by its selected customers. As of this quarter, the company has almost doubled its supply of DragonFly 2020s, which are now installed in 13 locations including advanced manufacturer FATHOM, U.S. electronics company PHYTEC and anonymous users in defence, medicine and transportation.
Amit Dror, Nano Dimension’s CEO, comments,
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.
$4 million raised
The NIS 14.4 Million ($4 million approx.) raised from Israeli institutional investor Ayalim Trust Funds will be used to issue 3,430,000 ordinary shares, restricted for a period of six months by securities laws. The money will also make Ayalim Trust Funds the holder of approximately 6.4% of Nano Dimension’s issued share capital.
This news comes after recent business highlights including funding from the Israeli Ministry of Defense to develop 3D printed ceramics, and Avi Reichental, the former president, CEO and director at 3D Systems joining Nano Dimension’s board of directors.
Read more about the progress of Nano Dimension in the Future of 3D Printing guest article from the company’s co-founder and CBO Simon Fried. For how DragonFly 2020 beta customers are using the technology, you can also read the article from Rich Stump, co-founder and Principal at FATHOM.
Dror closes his statement on the Q1 2017 report saying,
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.
Further financial details can be found via the company’s investor relations here.
Featured image: Nano Dimension 3D printed electronics. Photo via FATHOM.