Nano Dimension Ltd (NNDM) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen. Welcome to Nano Dimension's Second Quarter 2023 Earnings Conference Call. My name is Anthony, and I'm your operator for today's event. On the call with us today are Yoav Stern, Chairman and CEO; Yael Sandler, CFO; and Julien Lederman, VP of Corporate Development.

美好的一天，女士們先生們。歡迎參加 Nano Dimension 2023 年第二季度收益電話會議。我叫安東尼，是今天活動的接線員。今天與我們通話的是董事長兼首席執行官 Yoav Stern；耶爾·桑德勒，首席財務官；和企業發展副總裁 Julien Lederman。

Before we begin, may I remind our listeners that certain information provided on this call may contain forward-looking statements. And the safe harbor statement outlined in today's earnings press release also pertains to statements made on this call. If you have not received a copy of the press release, please view it in the Investor Relations section of the company's website. A replay of today's call will also be available on the Investor Relations section of the company's website.

在我們開始之前，我想提醒我們的聽眾，本次電話會議中提供的某些信息可能包含前瞻性陳述。今天的收益新聞稿中概述的安全港聲明也適用於本次電話會議中的聲明。如果您尚未收到新聞稿副本，請在公司網站的投資者關係部分查看。今天電話會議的重播也將在公司網站的投資者關係部分提供。

Yoav will begin the call with the business update, followed by question-and-answer session at which time the management team will answer questions. I would now like to turn the call over to Nano Dimension's Chairman and CEO, Yoav Stern , please go ahead.

Yoav 將首先介紹業務最新情況，然後進行問答環節，屆時管理團隊將回答問題。現在我想將電話轉給 Nano Dimension 董事長兼首席執行官 Yoav Stern，請繼續。

Thank you very much. Hi, everybody. Welcome to the call. We will go through the presentation, and then we'll open it to Q&A. Going to Slide #3. Our quarter was an excellent quarter. It follows 2 other excellent quarters. Actually, it was Q4 of 2022, Q1 of 2023 and now Q2 each quarter was a stellar. Those two are the best quarters of the company until now.

非常感謝。大家好。歡迎來電。我們將瀏覽演示文稿，然後進行問答。轉到幻燈片#3。我們的季度是一個出色的季度。緊隨其後的是另外兩個出色的季度。實際上，2022 年第四季度、2023 年第一季度和現在的第二季度每個季度都很出色。這兩個季度是該公司迄今為止最好的季度。

The key highlights is, first of all, in our opinion, 5x, there's organic growth for all people who were asking this for a long time. And not to speak about some Canadians that are also lying about these numbers. Our growth in organic growth in the last 3.5 quarters is about 47%. Our growth from the same quarter last year is 33% in revenue that's higher from -- in the first half is higher by 38% from 2022.

首先，我們認為，關鍵的亮點是 5 倍，對於所有長期以來提出這個問題的人來說，都有有機增長。更不用說一些加拿大人也在這些數字上撒謊了。過去 3.5 個季度我們的有機增長約為 47%。我們的收入較去年同期增長了 33%，較上半年增長了 33%，較 2022 年增長了 38%。

More importantly, our gross margins dramatically increased by 81% and 185% for the quarter and a half -- and they went up from 40% to 48%, depends if you're speaking about adjusted gross margin or gross margin. And you can see this in the first column on the left and the bottom comparison for quarters, both in IFRS and non-IFRS.

更重要的是，我們的毛利率在一個半季度內大幅增長了 81% 和 185%，從 40% 上升到 48%，這取決於你說的是調整後毛利率還是毛利率。您可以在左側第一列和底部的季度比較（國際財務報告準則和非國際財務報告準則）中看到這一點。

In the right column, you see a lot of new successes from customers, several things they've been missing there because over the last few weeks, we got one of the major space companies that are buying dramatic amount of machines per one order and more orders to come. And similar names that I cannot disclose and in all across the product lines that we have.

在右欄中，您會看到客戶取得的許多新成功，以及他們所缺少的一些東西，因為在過去的幾周里，我們得到了一家主要的航天公司，他們每個訂單都購買了大量的機器，甚至更多命令即將到來。以及我無法透露的類似名稱以及我們擁有的所有產品線。

On the DeepCube artificial intelligence, very, very important advancement by getting other companies that are building other machines or having other needs and are interested to buy a DeepCube deep learning machine to install them on their operations and manufacturing operations, very, very exciting. They recognize the importance. They remember, we originally bought DeepCube for the purpose of applying the technology inside of our machines and in our cloud network -- cloud manufacturing network, but now it seems like DeepCube is going to become a profit center by itself and the revenue generator by itself, it's in the process. And we have 4 or 5 customers already in the process of signing the contracts and on a long-term basis. We have already one of the largest, call it, semiconductor company in the world. That already signed a contract.

在DeepCube 人工智能方面，通過讓正在構建其他機器或有其他需求並有興趣購買DeepCube 深度學習機器的其他公司將其安裝到他們的運營和製造業務中，這是非常非常重要的進步，非常非常令人興奮。他們認識到重要性。他們記得，我們最初購買DeepCube的目的是為了將技術應用到我們的機器內部和我們的云網絡——雲製造網絡中，但現在看來DeepCube自己要成為一個利潤中心，自己成為收入來源，正在處理中。我們有 4 或 5 個客戶已經在簽署長期合同。我們已經擁有世界上最大的半導體公司之一。那已經簽合同了。

The rollout of the DeepCube machine -- sorry, DeepCube engine inside the DragonFly system is happening, is out. And -- for me, the most important investment in R&D is, as I told people who invested when I raised the money 2 years ago, the key thing in energy manufacturing country to what everybody is telling you may be in this industry is materials. Everything else is doable. It's materials and artificial intelligence.

DeepCube 機器的推出——抱歉，DragonFly 系統內的 DeepCube 引擎正在發生，已經結束了。對我來說，研發方面最重要的投資是，正如我在兩年前籌集資金時告訴那些投資的人一樣，在能源製造國家，每個人都告訴你在這個行業可能的關鍵是材料。其他一切都是可行的。這是材料和人工智能。

And in materials, we have major investment over this year. In 3 quarters, we invested almost all our R&D in materials. And we have major advancements, which we will announce in November in the industry trade shows.

在材料方面，我們今年有重大投資。三個季度，我們幾乎把所有的研發都投入到了材料上。我們已經取得了重大進展，我們將在 11 月份的行業貿易展上宣布這些進展。

Moving forward, financial specifics. You can see the profit and loss statement in the comparison of Q2 and -- both Q2 of 2022 or 2023. Growth of revenue, organic growth since Q3 of 47%. And I don't want to repeat myself because I said it in the first slide. But here, you see the actual numbers. The EBITDA negative was $23 million, out of which $13 million -- I'm rounding figures, close to $13 million was R&D expense. So yes, it is expense because we don't capitalize it, but it is an investment.

展望未來，財務細節。您可以在第二季度和 2022 年第二季度或 2023 年第二季度的比較中看到損益表。收入增長，自第三季度以來有機增長 47%。我不想重複，因為我在第一張幻燈片中已經說過了。但在這裡，你看到的是實際數字。 EBITDA 為負數 2300 萬美元，其中 1300 萬美元——我對數字進行了四捨五入，其中接近 1300 萬美元是研發費用。所以，是的，它是費用，因為我們沒有將其資本化，但它是一項投資。

We spent unnecessary activity at that time. Q2 was $2 million on legal for all kind of proxy machinations, which is and as much I'm concerned is a waste of money. But we didn't have a choice and we don't have a choice, we were forced into that.

當時我們進行了不必要的活動。第二季度所有代理陰謀的合法費用為 200 萬美元，我擔心這是浪費錢。但我們沒有選擇，我們沒有選擇，我們是被迫的。

The net cash used in operation is $28 million -- but we made money from the cash. So really, the net-net is only $21.5 million. So on a per quarter basis, we are making about $10 million, $12 million a year in interest gets close to $50 million per year and the interest rate is per today.

運營中使用的淨現金為 2800 萬美元——但我們從現金中賺錢了。事實上，淨資產僅為 2150 萬美元。因此，按每個季度計算，我們的收入約為 1000 萬美元，每年 1200 萬美元，利息每年接近 5000 萬美元，利率為今天。

The next slide, will describe to you the growth of the revenue of the company on a last 12 months basis, every quarter measured from the Q3 of 2021, which was $5 million to Q2 '23, $52 million and were at the run rate if we continue at the same rate to be at $60 million at the end of the year. If you compare this to what other companies in our industry did this quarter -- over the last few quarters, everybody is down on its revenue, down on bottom lines, we are up.

下一張幻燈片將向您描述該公司過去12 個月的收入增長情況，從2021 年第三季度開始每個季度的收入增長情況為500 萬美元，到23 年第二季度為5200 萬美元，並且按運行率計算我們繼續以同樣的速度在年底達到 6000 萬美元。如果你將此與我們行業中其他公司本季度的表現進行比較——在過去的幾個季度中，每個人的收入、利潤都在下降，而我們卻在上升。

Next slide describes it -- the margins graphically -- sorry, revenue on the left side and margins on the right side. And it shows it to you both on the IFRS basis and non-IFRS. Non-IFRS is basically taking out of the cost, all kind of noncash expenses or granting of options, expenses is a noncash to show the actual results in cash as the business actually performs.

下一張幻燈片對其進行了描述——以圖形方式顯示利潤——抱歉，左側是收入，右側是利潤。它會根據 IFRS 和非 IFRS 向您展示。非國際財務報告準則基本上是剔除成本、各種非現金費用或授予期權，費用是非現金，以現金形式顯示業務實際執行的實際結果。

Next slide shows you the statement I just made about the performance of our peer group. We chose 4 or 5 companies out of maybe 10 that are public, including in Europe. And you can see that other than one, everybody had net shrinkage. And we had 33% growth. And the one that has grown is just 5% growth. All this is comparing to a year before. Can't skip my most favorite subject, which is a proxy fight and General Annual Meeting -- Annual General Meeting. You -- if there are shareholders, I'm sure there are shareholders on the call, call to vote. We have 10 more days to vote.

下一張幻燈片向您展示了我剛剛對我們同行團隊的表現所做的聲明。我們從大約 10 家上市公司（包括歐洲的公司）中選擇了 4 到 5 家。你可以看到，除了一個以外，每個人都出現了淨收縮。我們的增長率為 33%。而增長的只是5%的增長。所有這些都是與一年前相比。不能跳過我最喜歡的主題，那就是代理權之爭和股東年會——年度股東大會。你——如果有股東，我確信有股東參加電話會議，要求投票。我們還有 10 天的時間進行投票。

And you basically have 2 choices. The last one is what we propose, which is to keep the Board that you have now. There's 3 people to be -- are being revoted. We will continue with the strong fundamentals. From the past, we have 12% of revenue growth with 60% run rate. We have about 3 to 5 M&As ahead of us. And 2 of them are very large companies.

你基本上有兩個選擇。最後一個是我們的建議，即保留你們現在的董事會。有 3 人將被重新投票。我們將繼續保持強勁的基本面。與過去相比，我們的收入增長率為 12%，運行率為 60%。我們還有大約 3 到 5 項併購等待著我們。其中有兩家是非常大的公司。

And notice what happened in this whole M&A activity when we removed our proposal to buy Stratasys. The whole M&A consolidation in this industry collapsed. Everybody's share went down, except us, we went up. Stratasys went down from 21 to 14. 3D which was going supposedly to buy Stratasys, went down from 11.5 to 6.

請注意，當我們取消收購 Stratasys 的提議時，整個併購活動中發生了什麼。該行業的整個併購整合崩潰了。每個人的份額都下降了，除了我們，我們都上升了。 Stratasys 從 21 下降到 14。據說要收購 Stratasys 的 3D 從 11.5 下降到 6。

Desktop Metal went down to $1 or something, which is supposed to have a merger with Stratasys. And all this, because we pulled our offer and all this while our share went up from over the last, I think, 2 months from $2.3 to $3.2 and then back to $2.9, somewhere hovering around $3. So that says something still under the cash menu, but we're moving forward.

Desktop Metal 跌到了 1 美元左右，應該與 Stratasys 合併。所有這一切，因為我們撤回了報價，而我們的份額在過去兩個月裡從 2.3 美元上升到 3.2 美元，然後又回到 2.9 美元，徘徊在 3 美元左右。這說明了一些仍在現金菜單下的內容，但我們正在向前邁進。

If you look at our historical numbers. I don't want to repeat them, they are listed on the screen here on the left side, and you'll be able to see him, of course, on the website. This presentation is there. We are established -- we have established a very strong base for global go-to-market and R&D programs. We invested more money than a typical small company invests, which is something I have described when the money was raised and along the lines every quarter over the last 8 quarters.

如果你看看我們的歷史數據。我不想重複它們，它們列在屏幕左側，當然，您可以在網站上看到他。這個演示文稿就在那裡。我們已經建立了——我們已經為全球上市和研發計劃建立了非常強大的基礎。我們投資的資金比典型的小公司投資的資金還要多，這是我在籌集資金時以及過去 8 個季度每個季度都描述過的。

And we delivered strong organic growth, not to forget now 47%. This will continue. On the other side, on the right side, you have in red, a group that has total no understanding in Nano's business. If they have any understanding in any business at all other than being a hedge fund attempting to be activists.

我們實現了強勁的有機增長，不要忘記現在為 47%。這將繼續下去。另一邊，右邊，是紅色的，一群對 Nano 的業務完全不了解的人。除了試圖成為激進分子的對沖基金之外，他們是否對任何業務有任何了解。

When you look at activist activity in the market, when Nelson Peltz as an activists wanted to get into Walt Disney or when Carl Icahn wanted to get into Southwestern Gas or when Elliott wanted to get into Athenahealth. All of them came with a very serious analysis of the business of the target companies, which, by the way, happen to be much, much, much bigger companies. Of what is the alternative they proposed for the shareholders that they want them to vote for. So they will end up by changing the way the company is run as much as the location or as much as selling certain businesses and improving gross margin in other business.

當你觀察市場上的積極分子活動時，當納爾遜·佩爾茨（Nelson Peltz）作為積極分子想要進入華特迪士尼（Walt Disney），或者當卡爾·伊坎（Carl Icahn）想要進入西南天然氣（Southwestern Gas），或者當埃利奧特（Elliott）想要進入雅典娜健康（Athenahealth）時。所有這些都對目標公司的業務進行了非常認真的分析，順便說一句，這些公司恰好是大得多的公司。他們向股東提出了哪些替代方案，希望股東投票支持。因此，他們最終將改變公司的運營方式、地點或出售某些業務並提高其他業務的毛利率。

So the share price eventually will go up. That's not the case here because we don't have Elliott or Starboard here. They have a small family business that wants the cash, which we have $1.1 billion, including Stratasys, which we maintained meticulously because it's your money over the year and something that the prices in the market was too high. And we are totally positioned now to use it to expand the growth much beyond $4 a share of $3.8 a share, which is the cash value per share right now.

所以股價最終會上漲。這裡的情況並非如此，因為我們這裡沒有 Elliott 或 Starboard。他們有一個小型家族企業想要現金，我們有 11 億美元，其中包括 Stratasys，我們精心維護它，因為這是你全年的錢，而市場上的價格太高了。我們現在完全有能力利用它來擴大每股 4 美元至 3.8 美元的增長，這是目前每股的現金價值。

Because we were so careful, we have this kind of players call them, trying to get to the cash and liquidity. It's totally self-interested, opportunistic. There are nominees to the Board. Each 1 of them got $50,000 -- just to put their buyers on the list, even if they're not going to be elected, Mind you, when I read the buyers, some of them is not worth $5,000. But they got paid $50,000, it is nice, but they are golden handcuffed.

因為我們非常小心，所以我們有這樣的玩家打電話給他們，試圖獲得現金和流動性。這完全是自私、機會主義。董事會有提名人。他們每人得到 50,000 美元——只是為了將他們的買家列入名單，即使他們不會當選，請注意，當我閱讀買家時，其中一些人不值 5,000 美元。但他們得到了5萬美元的報酬，這很好，但他們卻戴著金手銬。

You think about voting to them when there'll be directors in your company. When they've been paid before by an organization that wants to liquidate it for $4 or less a share, do you want that to happen? Are the independents -- think about it. I'm thinking about it, I'm a shareholder, I've voted. So if you want that to happen, I invite you to vote for the red side, and of course, we will respect you both.

當你的公司出現董事時，你會考慮投票給他們。如果他們之前曾被一家想要以每股 4 美元或以下的價格清算的組織支付過費用，您希望這種情況發生嗎？是獨立人士嗎——想一想。我想了想，我是股東，我投票了。因此，如果您希望這種情況發生，我邀請您投票給紅方，當然，我們會尊重你們倆。

I'll add to that in the next slide. Everything I say is factual. Contrary to a lot of bad data that I saw published about May of the last year, and I bent my head and let it slide over. But fake data and fake news.

我將在下一張幻燈片中對此進行補充。我所說的一切都是事實。與去年五月份我看到的許多不良數據相反，我低下了頭，讓它過去了。但虛假數據和虛假新聞。

We are talking data. When I speak in the slide before about the red side, it's not based on what I think. It's based, as an example, on a gentleman called Moshe Sarfaty. Moshe Sarfaty is the main senior analyst for Murchinson out of maybe 10 employees that is testifying under oath in a court when we were dealing with their illegal shareholder meeting in March, and it was asked by the ordinary judge. What -- I don't understand the judge said what exactly do you intend to do if you want to change the board. The answer now it's a quote, "I don't analyze the activity, because I don't understand 3D printing. We really have no idea what is good and what is not good to do here." I think any other word is unnecessary. This is the person in Murchinson, almost the only one that knows something about the company. For him is he doesn't know nothing. It's testifying.

我們正在談論數據。當我之前在幻燈片中談到紅色方面時，它並不是基於我的想法。舉個例子，它的原型是一位名叫摩西·薩法蒂（Moshe Sarfaty）的紳士。 Moshe Sarfaty 是 Murchinson 大約 10 名員工中的主要高級分析師，當我們三月份處理他們的非法股東大會時，他們在法庭上宣誓作證，這是普通法官提出的要求。什麼——我不明白法官說如果你想更換董事會你到底打算做什麼。現在的答案是引用，“我不分析活動，因為我不了解 3D 打印。我們真的不知道在這裡做什麼是好的，什麼是不好的。”我認為任何其他詞都是不必要的。這是默欽森的人，幾乎是唯一一個對公司有所了解的人。對於他來說，他什麼都不知道。是在作證。

So if you want this to happen, I will respect that. By the way, I will step down because I work for shareholders. And if the shareholders will vote to change the Board with these kind of people, another way to work under them, not with them, not beside them unless we are running the company. They want to be partners. I'm welcoming them. If they want to stay investors, I am more than welcoming them. If they want to stay shareholders. I'm promising Murchinson, they will make money with us. But if they want to take over the company, liquidate, unfortunately, I cannot be there. So -- and I announced it before, so it's not new. I hope all of you will join us, and I hope now that you are on the call, you can -- you will and ask me the tough questions and the challenging questions you usually ask, and I like very much to answer them.

所以如果你希望這發生，我會尊重。順便說一下，我會辭職，因為我是為股東工作的。如果股東投票決定更換由這些人組成的董事會，那就是另一種在他們手下工作的方式，而不是與他們一起工作，而不是在他們旁邊工作，除非我們正在經營公司。他們想成為合作夥伴。我歡迎他們。如果他們想繼續成為投資者，我非常歡迎他們。如果他們想繼續擔任股東。我向默欽森保證，他們會和我們一起賺錢。但如果他們想接管公司、清算，不幸的是，我不能在那裡。所以——我之前宣布過，所以這並不新鮮。我希望你們所有人都能加入我們，我希望現在你們在通話中，你們可以向我提出你們通常提出的棘手問題和挑戰性問題，我非常願意回答這些問題。

(Operator Instructions) Our first question will come from [Rami Rauch], private investor.

（操作員說明）我們的第一個問題將來自私人投資者 [Rami Rauch]。

Hello, could you hear me?

你好，你能聽到我說話嗎？

Yes, please.

是的，請。

So thank you for the presentation. I'm actually, also quite disappointed by the fact that Murchinson only talked about Nano's cash position without even providing any roadmap for the actual business and profitability. So I'm supporting the current management. Having said that, can you please share some insight on the early turnouts and chances to win this proxy contest?

謝謝你的介紹。事實上，我也對 Murchinson 只談論 Nano 的現金狀況而沒有提供任何實際業務和盈利能力的路線圖感到非常失望。所以我支持現任管理層。話雖如此，您能否分享一些關於早期投票率和贏得這次代理競賽的機會的見解？

Yes. Listen, the people who are coming from Canada together between the 2 funds as much as I now have -- and that's what they declared, have 15% of the -- sorry, about 12% of the company. That's about, I don't know, 20-ish something million shares. Now I'm assuming they were able, and I know about a couple of other funds that they recruited to vote with them. All of them, their cost per share coming in is about $2.5. The other 2 funds, I know about Clearline Capital. I know about Intrinsic. People that I know well and were very, very friendly until with us, talking to us and then they got greedy when they realized somebody can help them so they had this code coming in at the same price.

是的。聽著，來自加拿大的人們在這兩個基金中的股份和我現在擁有的一樣多——這就是他們所宣稱的，擁有公司 15% 的股份——抱歉，大約是公司 12% 的股份。我不知道，大概有 20 多萬股。現在我假設他們有能力，而且我知道他們招募了一些其他基金來與他們一起投票。所有這些公司的每股成本約為 2.5 美元。另外兩個基金，我知道的是Clearline Capital。我知道內在的。我很熟悉的人，在與我們交談之前都非常非常友好，然後當他們意識到有人可以幫助他們時，他們變得貪婪，所以他們以相同的價格獲得了這個代碼。

So I'm assuming people who will naturally vote for them in order to get $3.7 a share will be the people I mentioned, which, together, let's say, is 15%. The rest of the 85%, maybe 82%, 83%, maybe the 2%, 3% of -- in between. But the 83% rest is retail shareholders. I'm talking about 160,000 to 170,000 people. This is almost like voting for Parliament.

因此，我假設那些為了獲得每股 3.7 美元而自然會投票給他們的人就是我提到的那些人，也就是說，總共有 15%。其餘的 85%，也許是 82%、83%，也許是 2%、3%——介於兩者之間。但其餘 83% 是散戶股東。我說的是 160,000 到 170,000 人。這幾乎就像投票給議會一樣。

When you have to reach 165,000 people, give or take, it's not that you can speak like if there were 5 institutions, one by one and convince them that the growth plans we have comparing to liquidation plan is worthwhile. So we have to reach and we are making an effort now for weeks, to reach these retail shareholders, which, by the way, most of their price coming in is above $5. We're talking about intelligent people. We're talking about people who are using their own savings to invest over the last 2 years.

當你必須達到 165,000 人時，無論給予還是接受，你都不能像有 5 家機構那樣，一一說服他們，我們的增長計劃與清算計劃相比是值得的。因此，我們必須接觸這些散戶股東，而且我們現在正在努力幾週，順便說一句，他們的大部分價格都在 5 美元以上。我們談論的是聰明人。我們談論的是在過去兩年中使用自己的儲蓄進行投資的人。

Because when I raised the $1.5 billion, I only sold to institutions and you think about it, only 15% were left. Actually, I didn't raise the money from Murchinson, but Anson invested in all my deals and made money. So all them including Anson at (inaudible) time sold their shares to retailers we paid much more than $4 a share. These retailers, if they vote for us, it's a total landslide success for us, 85% against 15% give or take, or 83% against 16% -- 84%.

因為當我籌集到 15 億美元時，我只賣給了機構，你想想看，只剩下 15%。事實上，我並沒有從默欽森那裡籌集資金，而是安森投資了我所有的交易並賺了錢。因此，包括 Anson 在內的所有人都在（聽不清）時間將其股票出售給零售商，而我們支付的每股費用遠遠超過 4 美元。這些零售商，如果他們投票支持我們，這對我們來說就是壓倒性的成功，85% 的人反對 15% 的人，或者 83% 的人反對 16% 至 84% 的人。

The issue is that lot of these retailers are not used to vote. And they get e-mails or messages from their brokers, and they don't pay attention because they have businesses and they have companies to run or they have work to do. And if we don't get them to vote and only few of them vote, then we don't win, we lose.

問題是很多零售商不習慣投票。他們從經紀人那裡收到電子郵件或消息，但他們沒有註意，因為他們有生意，有公司要經營，或者有工作要做。如果我們不讓他們投票，而只有少數人投票，那麼我們就不是贏，而是輸。

If half of them vote, we win dramatically. If 40% of them vote we win dramatically. That's the challenge. We are making the best effort we can. I hope I answered your question.

如果有一半人投票，我們就會戲劇性地獲勝。如果 40% 的人投票，我們就大獲全勝。這就是挑戰。我們正在盡最大努力。我希望我回答了你的問題。

Yes.

是的。

The key thing for these retailers, obviously is, if this liquidation happens and these guys get in and they start to do -- will buy the shares from the public, will do a share buyback and at $4 or $3.5, they'll make 40% to 70% return on the investment over half a year. The rest of the retailer, the 85%, most of them will have losses.

對於這些零售商來說，關鍵的事情顯然是，如果這種清算發生，這些人進入並開始做——將從公眾手中購買股票，進行股票回購，並以4 或3.5 美元的價格回購股票，他們將賺取40半年內投資回報率可達70%。其餘的零售商，即85%，大部分都會虧損。

And by the way, by the way, note, we announced that we went to court to ask for another $227 million of buyback, and we're asking it for a year. So we'll have the option, depends on the advancement on the M&A programs and the acquisitions to decide what is actually adding more share -- sorry, more value to our share. As we move forward during the next year once we get the approval, sometimes we may decide to buy the company we're going to buy an M&A and merge it and make money and earnings per share or sometimes if the purchasing is not happening in the right pace, we can use this war chest to do a buyback of shares, so that's it (inaudible) by the way.

順便說一句，請注意，我們宣布我們向法庭請求再回購 2.27 億美元，而且我們要求回購一年。因此，我們將有選擇，取決於併購計劃和收購的進展，來決定實際增加更多份額的內容 - 抱歉，我們的份額更具價值。隨著我們在明年獲得批准後繼續前進，有時我們可能會決定購買我們將要進行併購的公司，並將其合併並賺取金錢和每股收益，或者有時如果購買沒有發生在如果步調正確，我們可以使用這筆資金來回購股票，順便說一下，就是這樣（聽不清）。

Our next question will come from Katherine Thompson with Edison.

我們的下一個問題將來自凱瑟琳·湯普森和愛迪生。

I have a couple of questions. I'll just give the question this way. The first one, you mentioned your (technical difficulty) if that was with an existing customer, and also, when do you expect to ship that order and to recognize revenue?

我有一些問題。我就這樣提出問題吧。第一個，您提到了您的（技術困難），如果這是與現有客戶合作的話，而且您預計何時發貨該訂單並確認收入？

And then the second question was on the recent acquisition of Additive Flow. I just wondered if you could give us any financial information about the company. So any revenue or cost data and also any information on what you paid for the company.

第二個問題是關於最近收購 Additive Flow 的情況。我只是想知道您能否向我們提供有關該公司的任何財務信息。因此，任何收入或成本數據以及有關您為公司支付的費用的任何信息。

Can you just repeat the first question? I couldn't -- it was a little bit bad, bad connectivity.

你能重複一下第一個問題嗎？我不能——這有點糟糕，連接性很差。

Yes. So you recently announced that you (technical difficulty) largest order. I'm just wanting to know if that was from existing customer or a new customer, and also when you expect to ship the order and recognize the revenue.

是的。所以你最近宣布了你（技術難度）最大的訂單。我只是想知道這是來自現有客戶還是新客戶，以及您預計何時發貨並確認收入。

Yes, I got it. Thank you very much. Okay. So the first question, the large order, which was the larger order in our history to one customer and the largest amount of auto machines we're selling to the same customer, were the first-time customer, leading aviation aerospace worldwide company -- they -- we are shipping it within the next few months, some of it this quarter, some of it early next quarter.

是的，我知道了。非常感謝。好的。所以第一個問題，大訂單，這是我們歷史上向一個客戶發出的最大訂單，也是我們向同一客戶銷售的最大數量的汽車機器，是第一個客戶，領先的航空航天全球公司 -他們-我們將在接下來的幾個月內發貨，其中一些在本季度發貨，一些在下季度初發貨。

We expect -- that's the expectation. They expect to buy many more machines if this first order is successful because they are growing very fast. And it's the first time, as I said, customer. Secondly, second question, the Additive Flow acquisition, we did not publish the numbers for a reason. It's a very sophisticated technology and it has very sophisticated clients, some of them are customers, some of them, I disclosed some of them, I couldn't. Obviously, the numbers are small enough that we can afford not to publish it. And because of the sensitivity of the technology and the competition to Additive Flow and the customers they have, we decided not to publish it.

我們期望——這就是期望。如果第一筆訂單成功，他們預計會購買更多機器，因為他們的增長速度非常快。正如我所說，這是第一次客戶。其次，第二個問題，Additive Flow 收購，我們沒有公佈數字是有原因的。這是一項非常複雜的技術，它有非常複雜的客戶，其中一些是客戶，其中一些，我透露了其中一些，我不能。顯然，這個數字足夠小，我們可以不發布它。由於該技術的敏感性以及對 Additive Flow 及其客戶的競爭，我們決定不發布它。

(Operator Instructions) Our next question will come from [Donald Soloman] with (inaudible).

（操作員說明）我們的下一個問題將來自 [Donald Soloman]（聽不清）。

Thank you for your presentation. A lot going on, both in the release as well as the presentation this morning. Some shared and some new information, I guess, there's a lot going on out there. I'm interested in picking your brain for a second. From your perspective, how do you envision the consolidation stage in the additive manufacturing sector following the termination of the Nano, Stratasys tender offer and the fact that the current 3D Stratasys deal, in my opinion, at least doesn't seem realistic, especially after their quarter 2 results and their current weak cash position based on their -- those results.

謝謝您的介紹。在今天早上的發布和演示中，發生了很多事情。我想，有一些共享的信息和一些新的信息，那裡發生了很多事情。我有興趣聽聽你的想法。從您的角度來看，您如何看待 Nano、Stratasys 收購要約終止後增材製造領域的整合階段，以及在我看來，當前 3D Stratasys 交易至少看起來不現實，尤其是在他們的第二季度業績以及基於這些業績的當前現金狀況不佳。

Okay. It's a very good question. I kind of referred to it a little bit earlier, but I will expand on that. So let's speak about who we're talking about. Our industry is I would say, more than 400 companies for sure because Julien here beside me and our M&A department, has looked and we have a list of Julien at least 400, right?

好的。這是一個非常好的問題。我之前曾提到過，但我會對此進行擴展。那麼讓我們談談我們正在談論的是誰。我想說，我們的行業肯定有 400 多家公司，因為朱利安在我和我們的併購部門旁邊，已經看過了，我們有一份朱利安的名單，至少有 400 家，對嗎？

At least that.

至少是這樣。

So that's the people we know. I'm assuming always there's people we don't know, but it's probably much, much smaller. We know the industry with companies from anyone from $1 million to $650 million in revenue.

這就是我們認識的人。我假設總有一些我們不認識的人，但數量可能要小得多。我們了解這個行業的公司收入從 100 萬美元到 6.5 億美元不等。

The ones that are public, and you know them better because of publishing the results are Nano, Desktop Metal, Markforged, 3D system, Stratasys, Velo 3D, voxeljet. In a way, Materialise, Protolabs, Shapeways, FATHOM, Xometry, (inaudible)

公開的，並且由於發布結果而您對它們更加了解的是 Nano、Desktop Metal、Markforged、3D system、Stratasys、Velo 3D、voxeljet。在某種程度上，Materialise、Protolabs、Shapeways、FATHOM、Xometry（聽不清）

Of course, there are private companies beyond that. And I think this industry, which is estimated at $15 billion today and growing to $30 billion at the end of the decade is bound and must consolidate. And what we started and failed, and we did fail because we offered at the end to buy Stratasys at full. They didn't even respond to us. Then we offer to buy part of it and they activate their poison pill or had the poison pill.

當然，除此之外還有私營企業。我認為這個行業目前的價值估計為 150 億美元，到本世紀末將增長到 300 億美元，它是必然的，必須進行整合。我們開始並失敗了，我們確實失敗了，因為我們最後提出全額收購 Stratasys。他們甚至沒有回應我們。然後我們提出購買其中的一部分，他們就會激活他們的毒丸或擁有毒丸。

So we couldn't do -- we started something that we believe is right for the industry because none of the company I've mentioned to you is profitable. Maybe other than Materialise, I don't remember exactly. Maybe -- and Materialise and Protolabs is not really additive manufacturing because Protolabs is more subcontract manufacturing and Materialise as well.

所以我們不能做——我們開始了一些我們認為適合這個行業的事情，因為我向你提到的公司都沒有盈利。也許除了Materialise之外，我不太記得了。也許——Materialize 和 Protolabs 並不是真正的增材製造，因為 Protolabs 更像是轉包製造，而 Materialise 也是如此。

So all the rest are not profitable. More than that, all the rest are finishing their cash. Five of them are spec refugees. Their share at spec was $10 at a deal point; and today, all of them below $1.5. And this net of Stratasys in 3D. Net sales in 3D announced horrible quarters. All the other companies announced bad quarters, maybe other than Markforged, which also squeezed out in this quarter.

所以剩下的都是無利可圖的。更重要的是，其餘的人都在用完他們的現金。其中五人是規格難民。他們在交易點的規格份額為 10 美元；今天，所有這些價格都低於 1.5 美元。還有這個 Stratasys 的 3D 網絡。 3D 季度淨銷售額公佈慘淡。所有其他公司都宣布了糟糕的季度業績，也許除了 Markforged 之外，該公司在本季度也遭遇了困境。

This company doesn't have a business model successful. They have a lot of exciting technologies, entrepreneurs which are very bright, customers which are excited, no successful profitable business model. In order to reach that business model, it must consolidate and it must consolidate along rational lines of synergies, combination of very few and focused vertical markets.

這家公司沒有成功的商業模式。他們擁有許多令人興奮的技術、非常聰明的企業家、興奮的客戶，但沒有成功的盈利商業模式。為了實現這種商業模式，它必須進行整合，而且必須沿著合理的協同效應、極少數且集中的垂直市場的組合進行整合。

How can you have a company like Desktop Metal, which is selling to nuclear, to aviation, to automotive, to dental, to the furniture industry, printing wood, to biology industry. How can you have a company like Stratasys who are selling to similar verticals, soon enough somebody will sell to the food industry when they print meat and Markforged will buy them as well or Stratasys.

怎麼可能有像Desktop Metal這樣的公司，它的產品銷往核能、航空、汽車、牙科、家具行業、印刷木材、生物行業。怎麼會有像 Stratasys 這樣的公司向類似的垂直行業銷售產品，很快就會有人在打印肉類時向食品行業出售產品，而 Markforged 也會購買它們或 Stratasys。

So not Markforged, I mean Desktop Metal. If I said Markforged I mean Desktop Metal, I'm sorry. Selling to all this. Markforged is actually the only company that's focused other than Nano Dimension. Markforged is the exception showing the rule.

所以不是 Markforged，我指的是桌面金屬。如果我說 Markforged 我指的是桌面金屬，我很抱歉。賣給這一切。 Markforged 實際上是除了 Nano Dimension 之外唯一一家專注於這一領域的公司。 Markforged 是顯示規則的例外。

So -- this -- in the event Markforged is losing $16 million to $20 million a quarter, and they are focused and they are good. So one -- if one asks me the direction it is going. There's no other way than the direction we started to curve, and we failed. So we moved back. Churchill moved back in Dunkirk as well. If he wouldn't have pulled the forces in Dunkirk in Second World War, he wouldn't have won the war 3 years later.

因此，如果 Markforged 每季度虧損 1600 萬至 2000 萬美元，他們會專注並且表現出色。所以，如果有人問我它的前進方向。除了我們開始彎曲的方向之外別無他法，但我們失敗了。所以我們搬回來了。丘吉爾也搬回了敦刻爾克。如果他在第二次世界大戰中不把部隊撤到敦刻爾克，他就不會在三年後贏得戰爭。

So we moved back because we were wasting our time fighting types like Stratasys Board. And we're moving ahead again. And we will lead this. And we will lead this also because our surge is not based on only buying 3D printing companies. If you look at our presentations across the line, we are talking about cloud manufacturing. We're talking about converting into digital industry, which is managed through the cloud and through artificial intelligence and the edge devices can be additive manufacturing, can be additive assembly. It can be a lot of other edge devices as long as they are digital and can work in high mix, low volume environment.

所以我們搬回來了，因為我們在浪費時間與像 Stratasys Board 這樣的類型作鬥爭。我們再次向前邁進。我們將領導這一切。我們將引領這一趨勢，因為我們的增長不僅僅基於收購 3D 打印公司。如果您仔細查看我們的演示文稿，您會發現我們談論的是雲製造。我們正在談論轉變為數字工業，通過雲和人工智能進行管理，邊緣設備可以是增材製造，可以是增材組裝。它可以是許多其他邊緣設備，只要它們是數字的並且可以在高混合、低容量環境中工作。

So our strategy is not technology-based, is based on the principle of what kind of industry we want to make efficient and profitable. And we will move forward. And as I mentioned earlier, we have already few in the process as much as M&A, and we'll consolidate them on the principle of purchase and grow, not purchase and squeeze.

所以我們的戰略不是基於技術，而是基於我們想要讓什麼樣的行業高效、盈利的原則。我們將繼續前進。正如我之前提到的，我們在這個過程中已經很少有像併購這樣多的項目了，我們將按照購買和增長的原則來整合它們，而不是購買和擠壓。

Okay. So based on what you just shared, where you're saying that except for Markforged, who's doing it right, everybody else is just losing money. And we're seeing the significant sell-off in major cases as well as the decline in share price of Nano's peers. Is everybody just running out of capital and do you foresee bankruptcies coming through, like with everybody else except from Markforged and Nano.

好的。因此，根據您剛才分享的內容，您說除了做得對的 Markforged 之外，其他人都在賠錢。我們看到重大案件的大幅拋售以及 Nano 同行的股價下跌。是不是每個人的資金都快用完了？您是否預見到破產將會發生，就像除了 Markforged 和 Nano 之外的其他公司一樣。

Nano is definitely not going to any other direction other than growth. Yes, I hope that -- and I think they're smart enough people, they're not going to drive it into bankruptcies, they have to drive it into. I'll give you an example, take the Velo 3D. They finished their cash. They announced, they didn't have a choice. So they announced last week that they are raising convertible debt at $70 million. Their share went down 40%.

Nano除了增長之外肯定不會走向任何其他方向。是的，我希望——而且我認為他們是足夠聰明的人，他們不會讓它破產，他們必須讓它破產。我給你舉個例子，以 Velo 3D 為例。他們用完了現金。他們宣布，他們別無選擇。因此他們上周宣布將籌集 7000 萬美元的可轉換債務。他們的份額下降了 40%。

Of course, because it's totally dilutive, they'll get the cash. They are totally nonprofitable Velo. They have gross margins ridiculously low. I don't remember right now between 15% to 20%. And they don't have a business model. They have one customer that I think is more than 75% or so from what I know on their business.

當然，因為它完全稀釋了，他們會得到現金。他們是完全非營利的 Velo。他們的毛利率低得離譜。我現在不記得是15%到20%之間。而且他們沒有商業模式。根據我對他們業務的了解，我認為他們有一位客戶超過 75% 左右。

And they finished the cash. So they didn't go under. They raised money, diluted the shares, share went down from $3 to $1.40 and still going down. That's a good example.

他們完成了現金。所以他們沒有沉下去。他們籌集了資金，稀釋了股票，股票從 3 美元下降到 1.40 美元，而且還在下降。這是一個很好的例子。

Another example is voxeljet -- much smaller, voxeljet is a $30 million business, which we know very, very well. And they didn't do what's right. They're getting close to finishing their cash and they're desperate, and it's not easy for them to raise money because they are a German company with a German corporate law, then allowed to raise money at any price, you're limited by how much discount and voxeljet, I don't know if they will survive.

另一個例子是 voxeljet——規模小得多，voxeljet 是一家價值 3000 萬美元的企業，我們對此非常非常了解。他們沒有做正確的事。他們快要花完現金了，他們絕望了，他們籌集資金並不容易，因為他們是一家德國公司，有德國公司法，然後允許以任何價格籌集資金，你受到以下限制：和voxeljet有多少折扣，我不知道他們能否生存。

Desktop Metal finished their cash within 1.5 quarters. 3D cannot pay to Stratasys what they commit to pay in the proposal because they had a bad quarter. They burned $30 million or so, I don't remember the exact number. They don't have enough cash to pay now. So I don't think they will go bankrupt, I think they are smart enough people that will understand that they need to consolidate.

Desktop Metal 在 1.5 個季度內就兌現了現金。 3D 無法向 Stratasys 支付其在提案中承諾支付的費用，因為他們的季度業績不佳。他們燒掉了大約3000萬美元，具體數字我不記得了。他們現在沒有足夠的現金來支付。所以我不認為他們會破產，我認為他們是足夠聰明的人，會明白他們需要整合。

(Operator Instructions) Our next question will be a follow-up from Rami Rauch who's a private investor.

（操作員說明）我們的下一個問題將由私人投資者 Rami Rauch 提出。

Following my first question. Do we know how the voting is going? How many people are voting so far?

接下來我的第一個問題。我們知道投票進展如何嗎？到目前為止有多少人參與投票？

So far, I think I saw about 30-something million shares voted out of 250 million. But remember, we have 10 days to go. So usually, people vote -- traditionally what we are being told by our expert and the proxy solicitation firm that voting usually in the last few days. So I'm not surprised that it's still low.

到目前為止，我認為我看到 2.5 億股中約有 30 多萬股被投票。但請記住，我們還有 10 天的時間。所以通常情況下，人們會投票——傳統上我們的專家和代理徵集公司告訴我們，投票通常在過去幾天進行。所以我對它仍然很低並不感到驚訝。

This concludes our question-and-answer session. I would like to turn the conference back over to the company for closing remarks.

我們的問答環節到此結束。我想將會議轉回公司進行閉幕致辭。

Well, let's just wait for a second, see if a couple of other people may have some latest thoughts about the question to give them an opportunity, and then we'll close it.

好吧，讓我們等一下，看看其他幾個人是否對這個問題有一些最新的想法，以便給他們一個機會，然後我們將關閉它。

Okay, seems like it's quiet on the Western front. So I will thank you very much all participants. I would also want to invite you -- over the last few months, I'm spending time writing, answering e-mails for -- to private and non-private investors personally. I made it my goal to respond to you as we're in this not too nice process of people saying bad words about other people and people trying to liquidate the company.

好吧，看來西線很安靜。所以我非常感謝所有參與者。我還想邀請您——在過去的幾個月裡，我親自為私人和非私人投資者寫信、回復電子郵件。我的目標是回應你，因為我們正處於一個不太好的過程中，人們說別人的壞話，有人試圖清算公司。

So if you wish I'm sitting at night hours and answering e-mails to retail investors, feel free to write me and to call me if you wish. And we have other teams here, other members of the team that are totally focused on answering the question because our goal when we're convinced that from 85% of our investors, if we have reached to each one of them, we would have 85% voting for us.

因此，如果您希望我在晚上坐下來回复散戶投資者的電子郵件，請隨時給我寫信，如果您願意，也可以打電話給我。我們這裡還有其他團隊，團隊的其他成員完全專注於回答這個問題，因為我們的目標是，當我們確信從85% 的投資者中，如果我們接觸到他們中的每一位時，我們將擁有85 % 投票給我們。

Of course, we can do that, but we are making our best. So thank you very much, everybody, and have a good day.

當然，我們可以做到，但我們正在盡力而為。非常感謝大家，祝大家有美好的一天。

The conference has now concluded. Thank you for attending Nano Dimension's quarterly earnings conference call. You may now disconnect.

會議現已結束。感謝您參加 Nano Dimension 的季度收益電話會議。您現在可以斷開連接。