Nano Dimension's Q1 Revenue Drops, But Cost-Cutting Measures Show Promise

Benzinga06-03

Nano Dimension Ltd (NASDAQ:NNDM) reported fiscal first-quarter revenues of $13.36 million, down by 10.7% year-on-year.

The decrease is attributed to decreased sales of the company’s product lines.

Adjusted gross margin improved by 265 bps to 49.8% courtesy of the company’s pricing of its sophisticated hi-tech products.

EPS loss of $0.15 was down from $0.09 profit last year.

Operating loss in the quarter under review totaled $18.97 million versus a loss of $31.20 million last year.

Net loss for the quarter attributable to owners was $34.77 million, compared to net income of $22.22 million a year ago.

Nano Dimension held $793.08 million in cash and equivalents as of March-end.

During fourth-quarter results, the company disclosed reducing the company’s workforce worldwide by approximately 25% and shrinking the Executive Management group by 25%. This move has the potential to help it save an estimated $30 million annually, which it expected to start reflecting in its first-quarter results.

Nano Dimension stock gained over 10% in the last 12 months. Investors can gain exposure to the stock via iShares Robotics And Artificial Intelligence Multisector ETF (NYSE:IRBO) and iShares MSCI EAFE Small-Cap ETF (NASDAQ:SCZ).

Price Action: NNDM shares are trading lower by 3.497% to $2.625 at the last check Monday.

Photo via Shutterstock

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