Nano Dimension: Spreading The Word
Edison | May 29, 2018 07:53AM ET
Nano Dimension Ltd (NASDAQ:NNDM) commenced roll-out of its commercial-grade DragonFly Pro printers during H217. Since then it has sold 10 printers, some of which have been purchased by resellers for demonstration purposes. This is a key aspect of Nano Dimension’s programme to educate potential customers about the novel applications for the technology. Noting that FY18 sales will be skewed to H2, we leave our estimates and indicative valuation broadly unchanged at US$4.16/ADS (NIS2.98/ordinary share).
Strong growth in printer sales
Nano Dimension generated US$635k revenues during Q118 (US$118k in Q117, US$440k in Q417), primarily from printer sales. Operating losses widened by $0.2m y-o-y to $4.1m. Although management raised $13.8m in February through a public offer and over-allotment option at US$2.00/ADS, it notes the need to raise further funds to reach cash break-even. Management estimates that cash burn remains at c $1.3m/month.
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