Nano Dimension: First Commercial Sales Refine Proposition
Edison | Mar 23, 2018 03:46AM ET
Nano Dimension (NASDAQ:NNDM) commenced commercial roll-out during H217 and has sold eight commercial grade DragonFly Pro printers so far. While there is considerable interest in the technology for structural electronics applications in addition to PCB prototyping, customers remain cautious about committing to purchase. We therefore reduce our estimates again and cut our indicative valuation from US$6.39/ADS to US$4.16ADS.
First commercial sales benefit Q417
Nano Dimension reported its first material revenues in FY17, benefitting from a hike in sales from $143k in Q317 to $440k in Q417 as the first three printers were delivered. During the first three quarters, revenues were derived solely from leasing printers to beta site customers and ink sales. Gross margin excluding amortisation of IP was 50.7%. Reported operating losses widened by $8.3m to $17.3m in FY17, reflecting higher levels of investment in R&D (+$2.0m), sales and marketing expenses (+$1.2m) and a change to fully expensing R&D in Q416 (+$4.7m). Net cash flow, excluding $13.1m cash raised during the year, totalled $20.1m, with management citing current cash burn at c $1.3m/month. Management raised $13.8m earlier in Q118 and has stated that it will need to raise further funds to get to sustainable cash break-even.
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