With continued sales of the DragonFly 2020, 3D printed electronics company Nano Dimension (NASDAQ: NNDM) has released its financial results for the second quarter of 2017.
Making an overall loss, of NIS 17,481,000, the company has exceeded revenues made in the first quarter of 2017, and expects to continue sales momentum throughout the rest of the financial year.
Graphical representation of multimaterial circuit board printing in a DragonFly 2020 3D printer. Clip via Nano Dimension on YouTube
A commitment to materials/hardware R&D
Overall revenues for the period ended June 30 have risen to NIS 523,000 in comparison to NIS 430,000 made in Q1, and 0 for the same period in 2016.
Operating loss was reported at NIS 16,732,000, in comparison with NIS 6,538,000 in Q2 2016. This is due in part to an increase of R&D costs, valued at over 5 times the amount of the previous year at NIS 11,230,000.
Basic and diluted loss per share has also risen from NIS 0.17 in Q2 2016 to NIS 0.33.
As yet it is still early days for sales of the DragonFly 2020. Early-access commercial trading was confirmed only recently, and the company has ample cash in the bank to continue developing the market for its PCB printer.
The $4 million effect
During Q2 Nano Dimension raised $4 million in a stock issuing of 3,430,000 ordinary shares through Israeli institutional investor Ayalim Trust Funds.
The company has also announced distribution partners across the United Kingdom, Canada, and Australia, to begin sales in earnest along with its reseller in the US.
A range of PCB possibilities on the DragonFly 2020. Clip via Nano Dimension on YouTube
Nano Dimension CEO Amit Dror comments, “During the second quarter, we reached exciting milestones […] We also raised capital from leading Israeli institutional investors.”
“The capital raised will fuel the sale and production foundation, as we maximize the efficiency of our printers and transition to commercial sales […] As we progress through the third and fourth quarters of the year, we expect to leverage our sales, marketing, and production infrastructure as we grow sales.”
The full report of Nano Dimension’s second quarter results for 2017 can be found online here.
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Featured image: Graphic showing the multiple layers of a 3D printed circuit board. Image via Nano Dimension on YouTube
