Nano Dimension — Record quarter for revenue

Nano Dimension (NASDAQ: NNDM)

Last close As at 22/06/2024

USD2.21

−0.04 (−1.78%)

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USD490m

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Research: TMT

Nano Dimension — Record quarter for revenue

For Q123, Nano Dimension reported good progress in revenue, up 43.5% y o-y and 23.6% q-o-q to $15.0m. Continued investment in R&D resulted in an adjusted EBITDA loss of $23.7m. Revaluation of the company’s stake in Stratasys and interest income earned on cash resulted in net income of $22.2m for the quarter. With net cash of $974m at quarter end, the company is well-funded to pursue its acquisition strategy.

Katherine Thompson

Written by

Katherine Thompson

Director

TMT

Nano Dimension

Record quarter for revenue

Technology

Spotlight – Update

3 July 2023

Price

US$2.89

Market cap

US$740m

Share price graph

Share details

Code

NNDM

Listing

NASDAQ

Shares in issue

256m

Net cash ($m) at end-March 2023 (including US$11.4m lease liability)

974

Business description

Nano Dimension offers equipment for additive manufacture of high-performance electronic devices, complex 3D ceramic and metal objects as well as miniature parts requiring a resolution of only one micron. It also offers complementary equipment for automated assembly of electronic devices and PCBs.

Bull

Additive manufacturing enables creation of more complex parts.

Additive manufacturing is more efficient for smaller volume production runs.

Sequence of acquisitions gives Nano Dimension a broad additive manufacturing portfolio.

Bear

Uncertainty over whether Stratasys will accept Nano Dimension’s offer.

Distraction of hostile behaviour from major shareholder Murchinson.

Difficult to predict market growth for disruptive technologies.

Analyst

Katherine Thompson

+44 (0)20 3077 5700

Nano Dimension is a research client of Edison Investment Research Limited

For Q123, Nano Dimension reported good progress in revenue, up 43.5% yo-y and 23.6% q-o-q to $15.0m. Continued investment in R&D resulted in an adjusted EBITDA loss of $23.7m. Revaluation of the company’s stake in Stratasys and interest income earned on cash resulted in net income of $22.2m for the quarter. With net cash of $974m at quarter end, the company is well-funded to pursue its acquisition strategy.

Historical performance

Year
end

Revenue
(US$m)

EBITDA
(US$m)

PBT*
(US$m)

PAT*
(US$m)

DPS
($)

P/E
(x)

12/19

7.1

(11.7)

(7.9)

(7.9)

0.00

N/A

12/20

3.4

(12.6)

(15.0)

(15.0)

0.00

N/A

12/21

10.5

(38.4)

(44.5)

(44.5)

0.00

N/A

12/22

43.6

(88.8)

(96.4)

(96.4)

0.00

N/A

Source: Company data. Note: *PBT and PAT are normalised, excluding amortisation of acquired intangibles, exceptionals and share-based payments.

Good progress made in Q123

Nano Dimension reported Q123 revenue of $15m, adjusted gross profit of $7.1m (47.1% margin) and adjusted EBITDA of $23.7m. The company earned interest income of $11.2m and reported a gain on the value of its stake in Stratasys of $45.3m, resulting in net income of $22.2m for the quarter. The company saw steady demand for its systems and is seeing growing interest in DeepCube’s AI engine from existing and potential customers, including companies wanting to use DeepCube’s technology in third-party machines. Net cash reduced by $45m over the quarter, including $18.4m spent buying back shares.

Revised tender offer under way

On 27 June, the company revised its tender offer for Stratasys, raising the bid per share to $20.05 (from $18.00) and extending the deadline to 24 July. If the maximum number of shares is tendered, this would cost Nano Dimension $507m, using just over half of the company’s current cash balance.

Valuation: Well-funded for M&A strategy

Nano Dimension has $974m net cash on the balance sheet. Management has stated its intention to pursue other sizable acquisitions if the Stratasys offer falls through. Consequently, it is not valid to carry out a valuation based on a comparison of market capitalisation/historical sales multiples because Nano Dimension’s revenues are likely to grow much faster than those of its listed peers. The shares are currently trading at a significant discount (c 35%) to Nano Dimension’s net cash balance plus the value of its stake in Stratasys ($174m as at 29 June).

Financials

Review of Q123 results

In the table below, we summarise the performance of Nano Dimension in Q123.

Exhibit 1: Quarterly results highlights

Q123

Q422

Q122

Revenue

$m

15.0

12.1

10.4

Gross profit

$m

6.6

7.7

1.0

Adj. gross profit

$m

7.1

8.8

4.2

EBITDA

$m

11.9

(94.2)

(31.6)

Adj. EBITDA*

$m

(23.7)

(24.1)

(19.2)

Operating loss

$m

(31.2)

(72.7)

(32.9)

Profit/(loss) before tax

$m

22.0

(86.9)

(33.7)

Profit/(loss) after tax

$m

22.0

(87.9)

(33.3)

Net income after minority interest

$m

22.2

(87.7)

(33.1)

Net cash

$m

973.9

1018.9

1309.3

Revenue growth y-o-y

43.5%

60.7%

1186.1%

Revenue growth q-o-q

23.6%

21.1%

38.5%

Gross margin

43.9%

63.4%

9.6%

Adj. gross margin

47.1%

72.6%

40.1%

Source: Nano Dimension. Note: *Excludes revaluation of assets/liabilities, exchange rate differences and share-based payments.

Revenue increased 43.5% y-o-y, partly due to the inclusion of two acquisitions made in July 2022. The company noted that organic growth was 50% compared to Q322, which included these acquisitions. We note that the underlying business saw lower demand in Q322 mainly due to global supply chain issues that reduced availability of components for Nano Dimension’s customers and therefore delayed their need to take delivery of systems. Reported gross margin of 43.9% was 34.3pp higher than a year ago and 19.5pp lower than in Q422. Adjusted gross margin of 47.1% (which excludes share-based payments and amortisation of acquired intangibles) was 7.0pp higher than in Q122 and 2.6pp lower than in Q422.

The value of the Stratasys shares owned by Nano Dimension increased $45.3m over the quarter to $160.3m (the Stratasys share price rose from $11.86 at the end of FY22 to $16.53 at the end of Q123 and $17.95 on 29 June) – the increase was included in financial income along with $11.5m in interest income earned on the company’s cash balance, with both contributing to the positive net income for Q123. The revaluation of the Stratasys stake was excluded from adjusted EBITDA, which was a smaller loss than in Q422 but a larger loss than in Q122.

Net cash after leases reduced by $45m over the quarter, leaving a healthy $974m available for acquisitions. The company used $28.0m cash for operating activities, received interest of $11.2m, spent $3.9m on capex, $4.0m on contingent consideration and $18.4m on share buybacks.

Business update

In Q123, the company noted sales wins with NASA (Admaflex 130 for printing sodium ion batteries), a top 10 global defence contractor (DragonFly IV), the Fraunhofer Institute (DragonFly IV for R&D in medical electronics and instrumentation), a Western government defence agency and a Western research innovation centre. The company disclosed that system sales totalled $12m in the quarter, up from $8m a year ago (+45% y-o-y). Growth in the installed base provides the opportunity for future growth in recurring revenue from consumables and services.

In June, the company announced it had sold a DragonFly IV system to the University of Stuttgart for use in part of a government-sponsored programme called Cluster4Future QSens, which aims to spearhead the industrial use of quantum sensors.

Growing demand for DeepCube’s AI technology

DeepCube (acquired in April 2021) has developed proprietary algorithms that can increase the speed of data analysis, supporting error correction on the fly during manufacturing. The technology is integrated into the latest Dragonfly IV system and the company has seen interest for the DeepCube AI engine from customers with third-party additive manufacturing (AM) machines.

Additive manufacturing market consolidation

Nano Dimension made a series of small acquisitions in the AM space over the course of 2021 and 2022. In July 2022, Nano Dimension acquired a 12% stake in Stratasys (Nasdaq: SSYS) to give shareholders exposure to ‘large, stable, more mature, mostly polymer-based additive manufacturing technologies’ and subsequently increased its stake to 14.5%. In March it made a formal, non-binding offer to acquire the remaining shares at $18.00/share, and then subsequently increased the offer, first to $19.55/share and then to $20.05/share. The Stratasys board rejected these offers. On 25 May, Nano Dimension launched a special tender offer to buy up to 55% of Stratasys shares (including its own stake), offering cash of $18.00 per share. As we wrote on 28 June, the tender offer expired on 26 June with 8.4% of shares outstanding tendered. On 27 June, Nano Dimension increased its offer to $20.05 per share, extended the offer period to 24 July and reduced the maximum stake it is targeting to 51%. Buying the maximum number of shares sought would cost Nano Dimension $506.6m.

On the same day that Nano Dimension launched the initial tender offer, Stratasys announced that it had agreed to merge with Desktop Metal (NYSE: DM); if the deal completes Stratasys shareholders would hold 59% of the combined group and Desktop Metal shareholders 41%. On 2 June, a third competitor, 3D Systems (NYSE: DDD), announced a bid for Stratasys offering cash of $7.50 and 1.2507 3D Systems shares (worth $17.92 based on the closing price on 1 June). Stratasys rejected both Nano Dimension’s and 3D System’s bids. On the same day that Nano Dimension increased its tender offer, 3D Systems increased its offer to $7.50 per share plus 1.3223 3D Systems shares (worth $19.53 at the closing price on 26 June and $20.63 at the closing price on 30 June). Stratasys has reviewed and rejected both revised bids.

We view this M&A activity as a sign that the market is maturing, with the focus shifting to profitability rather than revenue growth, and the need for a comprehensive product offering.

Shareholder action

Court action is ongoing between Nano Dimension and its largest shareholder, Murchinson (see our April note for background). Nano Dimension has filed a lawsuit with the US District Court for the Southern District of New York alleging violation of securities law, breach of contract, tortious interference with business relations and unjust enrichment, and has expanded the lawsuit to include other shareholders it believes are acting in concert with Murchinson.

Exhibit 2: Financial summary

$m

2019

2020

2021

2022

Year-end 31 December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

 

 

 

 

Revenue

 

7.1

3.4

10.5

43.6

Cost of Sales (including amortisation of capitalised IP)

(5.1)

(2.3)

(9.4)

(29.6)

Gross Profit

2.0

1.1

1.1

14.1

EBITDA

 

(11.7)

(12.6)

(38.4)

(88.8)

Operating profit (before amort. and excepts.)

 

(14.4)

(15.2)

(48.3)

(98.5)

Intangible Amortisation

0.0

0.0

0.0

0.0

Exceptionals

0.0

0.0

(145.2)

(40.4)

Share-based payments

(0.4)

(20.5)

(29.8)

(32.6)

Operating Profit

(14.8)

(35.7)

(223.2)

(171.5)

Net Interest

6.5

0.2

3.8

2.2

Exceptionals

0.0

(13.0)

13.7

(58.7)

Profit Before Tax (norm)

 

(7.9)

(15.0)

(44.5)

(96.4)

Profit Before Tax (FRS 3)

 

(8.4)

(48.5)

(205.7)

(228.0)

Tax

0.0

0.0

4.9

(0.3)

Profit After Tax (norm)

(7.9)

(15.0)

(44.5)

(96.4)

Profit After Tax (FRS 3)

(8.4)

(48.5)

(200.8)

(228.3)

 

 

 

 

Average Number of Shares Outstanding (m)

3.5*

42.9*

247.3

257.8

EPS - normalised ($)

 

(2.25)

(0.35)

(0.18)

(0.37)

EPS - (IFRS) ($)

 

(2.38)

(1.13)

(0.81)

(0.88)

Dividend per share ($)

0.00

0.00

0.00

0.00

 

 

 

 

Gross margin (%)

28.1%

31.3%

10.7%

32.2%

EBITDA margin (%)

N/A

N/A

N/A

N/A

 

 

 

 

BALANCE SHEET

 

 

 

 

Fixed Assets

 

13.0

13.1

78.1

139.1

Intangible Assets

5.2

4.4

0.0

0.0

Tangible Assets

7.4

8.3

12.2

22.4

Deferred tax and other

0.0

0.0

1.0

0.9

Bank deposits/securities

0.0

0.0

64.4

115.0

Restricted deposits

0.4

0.4

0.5

0.9

Current Assets

 

9.9

676.1

1,311.9

1,064.3

Stocks

3.5

3.3

11.2

19.4

Debtors

2.4

1.8

9.3

12.8

Cash

3.9

585.3

853.6

685.4

Bank deposits

0.0

85.6

437.6

346.7

Restricted deposits

0.0

0.1

0.1

0.1

Current Liabilities

 

(4.4)

(6.7)

(32.0)

(37.0)

Creditors

(4.4)

(6.7)

(16.7)

(27.9)

Short-term borrowings

0.0

0.0

0.0

0.0

Other

0.0

0.0

(15.3)

(9.2)

Long-Term Liabilities

 

(6.8)

(15.5)

(13.7)

(16.1)

Long-term borrowings

(2.1)

(2.6)

(4.4)

(13.1)

Other liabilities

(4.7)

(12.8)

(9.3)

(3.0)

Net Assets

 

11.6

667.1

1,344.2

1,150.3

 

 

 

 

CASH FLOW

 

 

 

 

Operating Cash Flow

(11.7)

(12.6)

(38.4)

(88.8)

Working capital

(0.8)

2.9

2.7

(1.2)

Exceptionals and other

(0.2)

(0.0)

(7.0)

(2.1)

Tax

0.0

0.0

0.0

0.0

Net Operating Cash Flow

 

(12.7)

(9.6)

(42.6)

(92.1)

Net Interest

0.0

0.2

3.7

17.5

Investment in intangible & tangible assets

(0.6)

(1.4)

(9.8)

(9.4)

Acquisitions/disposals

0.0

0.0

(74.6)

(219.5)

Equity financing

14.6

679.0

805.7

0.0

Dividends

0.0

0.0

0.0

0.0

Other

0.0

0.0

0.0

(0.0)

Net Cash Flow

1.4

668.1

682.4

(303.5)

Opening net debt/(cash)

 

(3.8)

(1.8)

(668.3)

(1,351.2)

HP finance leases initiated

0.0

0.0

0.0

0.0

Other

(3.3)

(1.6)

0.4

(28.7)

Closing net debt/(cash)

 

(1.8)

(668.3)

(1,351.2)

(1,018.9)

Source: Company data. Note: *Adjusted for 1:50 reverse split effective June 2020.


General disclaimer and copyright

This report has been commissioned by Nano Dimension and prepared and issued by Edison, in consideration of a fee payable by Nano Dimension. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2023 Edison Investment Research Limited (Edison).

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General disclaimer and copyright

This report has been commissioned by Nano Dimension and prepared and issued by Edison, in consideration of a fee payable by Nano Dimension. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2023 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

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