What happened
Shares of Nano Dimension (NNDM 2.15%) have plunged today and are down by 11% as of 1:05 p.m. EST after the company reported third-quarter earnings. The results missed analyst expectations by a mile.
So what
Third-quarter revenue came in at $438,000, well below the $1.2 million in sales that Wall Street was looking for. That resulted in a net loss of $20.7 million, or $0.45 per share, compared to the $0.08 per share in red ink that analysts had expected. The 3D-printing technology company blamed the ongoing coronavirus pandemic for the weakness.
Image source: Nano Dimension.
"These are not disappointing results per se," CFO Yael Sandler said. "As we have projected starting April 2020, the reduced revenues in 2020 as a result of the COVID-19 pandemic being prolonged and re-emerging crises, were in fact expected to be lower than we have achieved."
Now what
Nano Dimension finished the quarter with $45.7 million in cash on hand, up from $3.9 million at the end of 2019, after conducting numerous secondary offerings throughout the year. The company remains optimistic about its long-term prospects, estimating that the total market for 3D-printed electronics will grow to $2.3 billion by 2029. Nano Dimension believes that, as the market leader, it will drive growth in the market for professional PCB (printed circuit board) prototyping.
"[W]e are not judging, at this point, our success by quarterly revenues," CEO Yoav Stern added. "That will come later."
