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Section 1: 6-K (REPORT OF FOREIGN PRIVATE ISSUER)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

 

For the month of: November 2018 (Report No. 3)

 

Commission file number: 001-37600

 

NANO DIMENSION LTD.

(Translation of registrant’s name into English)

 

2 Ilan Ramon

Ness Ziona 7403635 Israel

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒          Form 40-F ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulations S-T Rule 101(b)(1):_____

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulations S-T Rule 101(b)(7):_____

 

 

 

 

 

CONTENTS

 

This Report of Foreign Private Issuer on Form 6-K consists of the Registrant’s press release issued on November 15, 2018, announcing the Registrant’s financial results for the third quarter ended September 30, 2018, which is attached hereto as Exhibit 99.1, and the Registrant’s corporate presentation which was posted on its website, which is attached hereto as Exhibit 99.2.

 

The sections titled “Third Quarter 2018 Financial Results,” “Nine Months Ended September 30, 2018 Financial Results,” “Balance Sheet Highlights,” and “Forward-Looking Statements,” and the IFRS financial statements in the press release are incorporated by reference into the registration statements on Form F-3 (File No. 333-217173) and Form S-8 (File No. 333-214520) of the Registrant, filed with the Securities and Exchange Commission, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

 

Exhibit No.

 

99.1   Press Release issued by Nano Dimension Ltd. on November 15, 2018, announcing its financial results for the third quarter ended September 30, 2018.
     
99.2   Corporate Presentation of Nano Dimension Ltd., dated November 2018.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Nano Dimension Ltd.
  (Registrant)
     
Date: November 15, 2018 By: /s/ Yael Sandler
  Name:  Yael Sandler
  Title: Chief Financial Officer

 

 

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Section 2: EX-99.1 (PRESS RELEASE ISSUED BY NANO DIMENSION LTD. ON NOVEMBER 15, 2018, ANNOUNCING ITS FINANCIAL RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2018)

Exhibit 99.1

  

 

 

Nano Dimension Reports 2018 Third Quarter Financial Results

 

Conference call to be held today at 09:00 a.m. EST

 

Ness Ziona, Israel, November 15, 2018 – Nano Dimension Ltd., a leading additive electronics provider (Nasdaq, TASE: NNDM), today announced financial results for the third quarter ended September 30, 2018.

 

Nano Dimension reported revenues of $1,672,000 for the third quarter of 2018. The Company ended the quarter with $7,529,000 in cash, while total loss for the third quarter was $3,628,000.

 

“Our continued sequential growth during the third quarter reinforces our confidence in the open-ended market potential of our additive manufacturing solutions,” said Amit Dror, Chief Executive Officer of Nano Dimension. “Over the third quarter we sold ten DragonFly Pro systems and we are particularly pleased by the positive traction that we are enjoying within the U.S. defense industry, bolstered by our status as a certified Department of Defense Logistics Agency vendor. We believe that our advantage as a first mover in additive electronics, combined with our growing reseller channel network, positions us well for increasing sequential revenue in both the immediate and long-term future.”

 

Third Quarter 2018 Financial Results

 

Total revenues for the third quarter of 2018 were $1,672,000, compared to $1,088,000 in the second quarter of 2018 and $142,000 in the third quarter of 2017. The increase was attributed to higher commercial sales of the DragonFly Pro systems that began in the fourth quarter of 2017.
   
Research and development (R&D) expenses for the third quarter of 2018 were $2,199,000, compared to $2,063,000 in the second quarter of 2018 and $2,894,000 in the third quarter of 2017. The increase compared to the second quarter of 2018 was mainly attributed to an increase in share-based payments expenses. The decrease compared to third quarter of 2017 was mainly attributed to a decrease in payroll and related expenses and materials expenses.

 

Sales and marketing expenses for the third quarter of 2018 were $1,167,000, compared to $1,086,000 in the second quarter of 2018 and $500,000 in the third quarter of 2017. The increase compared to the second quarter of 2018 was mainly attributed to an increase in marketing and advertising expenses. The increase compared to the third quarter of 2017 was mainly attributed to an increase in payroll and related expenses, marketing and advertising expenses and depreciation expenses.
   
General and administrative (G&A) expenses for the third quarter of 2018 were $615,000, compared to $609,000 in the second quarter of 2018 and $642,000 in the third quarter of 2017. The decrease compared to the third quarter of 2017 was mainly attributed to a decrease in directors’ fees.
   
Net loss for the third quarter of 2018 was $3,628,000, or $0.04 per share, compared to $3,770,000, or $0.04 per share, in the second quarter of 2018 and $4,117,000, or $0.08 per share, in the third quarter of 2017. The decrease compared to the second quarter of 2018 was mainly attributed to an increase in revenues and gross profit. The decrease compared to the third quarter of 2017 was mainly attributed to an increase in revenues and a decrease in R&D expenses, as described above.

  

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Nine Months Ended September 30, 2018 Financial Results

 

Total revenues for the nine months ended September 30, 2018 were $3,395,000, compared to $402,000 in the nine months ended September 30, 2017. The increase was attributed to commercial sales of the DragonFly Pro systems that began in the fourth quarter of 2017.
   

R&D expenses for the nine months ended September 30, 2018 were $6,811,000, compared to $8,264,000 in the nine months ended September 30, 2017. The decrease resulted primarily from a decrease in payroll and related expenses and materials expenses.

 

The R&D expenses for the nine months ended September 30, 2018 are presented net of government grants in the amount of $38,000.

   
Sales and marketing expenses for the nine months ended September 30, 2018 were $3,040,000, compared to $1,422,000 in the nine months ended September 30, 2017. The increase was mainly attributed to an increase in payroll and related expenses, marketing and advertising expenses and depreciation expenses.
   
G&A expenses for the nine months ended September 30, 2018 were $2,109,000, compared to $2,589,000 in the nine months ended September 30, 2017. The decrease was mainly attributed to a decrease in professional services expenses and directors’ fees.
   
Net loss for the nine months ended September 30, 2018 was $11,521,000, or $0.13 per share, compared to $13,343,000, or $0.24 per share, in the nine months ended September 30, 2017.

 

Balance Sheet Highlights

 

Cash and cash equivalents totaled $7,529,000 as of September 30, 2018, compared to $6,103,000 on December 31, 2017. The increase compared to December 31, 2017 mainly reflects proceeds received from the sale of American Depositary Shares representing the Company’s ordinary shares in the first quarter of 2018, less cash used in operations during the nine months ended September 30, 2018.

 

Shareholders’ equity totaled $19,513,000 as of September 30, 2018, compared to $18,166,000 as of December 31, 2017.

 

Conference call information

 

The Company will host a conference call to discuss these financial results today, November 15, 2018, at 09:00 a.m. EST (04:00 p.m. IST). Investors interested in participating are invited to register for the conference call here: http://dpregister.com/10125198. Dial-in numbers, including a local Israeli number and instructions, will be provided upon registration. U.S. Dial-in Number: 1-866-777-2509, International Dial-in Number: 1-412-317-5413, Israel Toll Free Dial-in Number: 1-80-9212373. Please request the “Nano Dimension NNDM call” when prompted by the conference call operator. The conference call will also be webcast live from the Investor Relations section of Nano Dimension’s website at http://investors.nano-di.com/events-and-presentations.

 

For those unable to participate in the conference call, there will be a replay available from a link on Nano Dimension’s website at http://investors.nano-di.com/events-and-presentations.

  

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About Nano Dimension

 

Nano Dimension (Nasdaq, TASE: NNDM) is a leading additive electronics provider of precision 3D printed electronics that is disrupting, reshaping, and defining the future of how functional and connected products are made. With its unique additive manufacturing technologies, Nano Dimension targets the growing demand for electronic devices that require sophisticated features. Demand for circuitry, including PCBs, sensors and antennas - which are the heart of electronic devices - cover a diverse range of industries, including consumer electronics, medical devices, defense, aerospace, automotive, IoT and telecom. These sectors can all benefit greatly from Nano Dimension’s products and services for short-run manufacturing and rapid prototyping. For more information, please visit www.nano-di.com, https://www.nano-di.com/blog.

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Nano Dimension’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Nano Dimension could differ materially from those described in or implied by the statements in this press release. For example, Nano Dimension is using forward-looking statements when it discusses its advantage as a first mover in additive electronics, combined with its growing reseller channel network, positions it well for increasing sequential revenue in both the immediate and long-term future. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Nano Dimension’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 15, 2018, and in any subsequent filings with the SEC. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: Nano Dimension’s ability to increase sales and revenue, its burn rate, and its ability to continue as a going concern. Based on the projected cash flows and our cash balances as of September 30, 2018, Nano Dimension’s management is of the opinion that without further fund raising it will not have enough resources to enable it to continue advancing its activities for a period of at least 12 months. As a result, there is substantial doubt about Nano Dimension’s ability to continue as a going concern. Except as otherwise required by law, Nano Dimension undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Nano Dimension is not responsible for the contents of third party websites. 

 

CONTACT INVESTOR RELATIONS: 
Miri Segal-Scharia

CEO

MS-IR LLC 
917-607-8654 
msegal@ms-ir.com 
   

 

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Consolidated Statements of Financial Position as at

  

   September 30,   December 31, 
   2017   2018   2017 
(In thousands of USD)  (Unaudited)   (Unaudited)     
             
Assets            
Cash and cash equivalents   11,976    7,529    6,103 
Restricted deposits   325    51    107 
Trade receivables   1    1,129    94 
Other receivables   1,948    643    583 
Inventory   579    2,644    2,336 
Total current assets   14,829    11,996    9,223 
                
Restricted deposits   120    359    346 
Property plant and equipment, net   4,667    5,194    5,172 
Intangible assets   6,825    6,176    6,755 
Total non-current assets   11,612    11,729    12,273 
Total assets   26,441    23,725    21,496 
                
Liabilities               
Trade payables   1,943    1,020    512 
Other payables   1,682    2,082    1,683 
Total current liabilities   3,625    3,102    2,195 
                
Liability in respect of government grants   828    852    833 
Other long-term liabilities   311    258    302 
Total non-current liabilities   1,139    1,110    1,135 
Total liabilities   4,764    4,212    3,330 
                
Equity               
Share capital   2,301    3,291    2,307 
Share premium   45,223    59,190    45,722 
Treasury shares   (1,509)   (1,509)   (1,509)
Warrants   308    13    33 
Presentation currency translation reserve   1,089    1,431    1,431 
Capital reserve from transactions with controlling shareholders   63    63    63 
Capital reserve for share-based payments   6,165    4,677    6,241 
Accumulated loss   (31,963)   (47,643)   (36,122)
Total equity   21,677    19,513    18,166 
Total liabilities and equity   26,441    23,725    21,496 

  

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Consolidated Statements of Profit or Loss and Other Comprehensive Income

(In thousands of USD, except per share amounts) 

  

   For the Nine-Month Period Ended
September 30,
   For the Three-Month Period Ended
September 30,
   For the Year ended
December 31,
 
   2017(*)   2018   2017(*)   2018   2017(*) 
   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)     
                     
Revenues   402    3,395    142    1,672    829 
                          
Cost of revenues   136    2,216    54    1,092    409 
                          
Cost of revenues - amortization of intangible   553    579    188    193    743 
                          
Total cost of revenues   689    2,795    242    1,285    1,152 
                          
Gross profit (loss)   (287)   600    (100)   387    (323)
                          
Research and development expenses, net   8,264(**)   6,811    2,894(**)   2,199    10,820 
                          
Sales and marketing expenses   1,422(**)   3,040    500(**)   1,167    2,183 
                          
General and administrative expenses   2,586(**)   2,109    642(**)   615    3,362 
                          
Operating loss   (12,559)   (11,360)   (4,136)   (3,594)   (16,688)
                          
Finance income   12    46    62    31    102 
                          
Finance expense   796    207    43    65    917 
                          
Net loss   (13,343)   (11,521)   (4,117)   (3,628)   (17,503)
                          
Basic and diluted loss per share   (0.24)   (0.13)   (0.08)   (0.04)   (0.31)
Basic and diluted loss per ADS   (1.22)   (0.64)   (0.39)   (0.19)   (1.54)

 

*Presented according to the change in our functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. The change in functional currency is accounted for prospectively from that date. Accordingly, comparative profit or loss figures have been translated into U.S. dollars using average exchange rates for the reporting periods.

 

**Reclassified

  

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Consolidated Statements of Changes in Equity (Unaudited)

(In thousands of USD)

  

   Share
capital
   Share
premium
   Treasury
shares
   Warrants   Presentation
currency
translation
reserve
   Capital
reserve
from
transactions
with
controlling
shareholders
   Capital
reserve
for share-
based
payments
   Accumulated
loss
   Total
equity
 
                                     
For the nine months ended September 30, 2018:                                             
Balance as of January 1, 2018   2,307    45,722    (1,509)   33    1,431    63    6,241    (36,122)   18,166 
Issuance of ordinary shares, net   981    11,490    --    --    --    --    --    --    12,471 
Exercise of options   3    874    --    --    --    --    (877)   --    -- 
Expiration of options   --    1,104    --    (20)   --    --    (1,084)   --    -- 
Share-based payments   --    --    --    --    --    --    397    --    397 
Net loss   --    --    --    --    --    --    --    (11,521)   (11,521)
                                              
Balance as of September 30, 2018   3,291    59,190    (1,509)   13    1,431    63    4,677    (47,643)   19,513 
                                              
For the three months ended September 30, 2018:                                             
Balance as of July 1, 2018   3,291    58,613    (1,509)   13    1,431    63    5,152    (44,015)   23,039 
Expiration of options   --    577    --    --    --    --    (577)   --    -- 
Share-based payments   --    --    --    --    --    --    102    --    102 
Net loss   --    --    --    --    --    --    --    (3,628)   (3,628)
                                              
Balance as of September 30, 2018   3,291    59,190    (1,509)   13    1,431    63    4,677    (47,643)   19,513 

  

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Section 3: EX-99.2 (CORPORATE PRESENTATION OF NANO DIMENSION LTD., DATED NOVEMBER 2018)

Exhibit 99.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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