Nano Dimension Ltd (NNDM) 2024 Q1 法說會逐字稿

Good day, ladies and gentlemen. Welcome to Nano Dimension’s first quarter 2024 conference call. My name is Betsy and I'm your operator for today's event.

美好的一天，女士們先生們。歡迎參加 Nano Dimension 2024 年第一季電話會議。我叫貝特西，是今天活動的接線生。

On the call with us today are Yoav Stern, CEO and Member of the Board of Directors; Tomer Pinchas, CFO and COO; and Julien Lederman, VP of Corporate Development.

今天與我們通話的是執行長兼董事會成員約夫·斯特恩 (Yoav Stern)；托默‧平查斯 (Tomer Pinchas)，財務長兼營運長；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 at 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資訊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陳述。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 a business update followed by a question-and-answer session at which time the management team will answer questions.

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。

I would now like to turn the call over to Nano Dimension's CEO and Member of the Board of Directors, Yoav Stern. Please go ahead.

我現在想將電話轉給 Nano Dimension 執行長兼董事會成員 Yoav Stern。請繼續。

Thank you very much, Betsy and good day to everybody. Good morning, good afternoon, good middle of the day. We are going to speak today about the first quarter of 2024 and some reflection from before and after.

非常感謝你，貝特西，祝大家美好的一天。早安，下午好，中午好。今天我們將談論 2024 年第一季以及之前和之後的一些反思。

And I would not read you the news release. You hopefully read it, or you will be able to read it later. I'm going to speak into the presentation and give as much as possible time for your questions, so we can lead it toward what's more interesting for you.

我不會唸新聞稿給你聽。希望你能讀到它，或者你以後就能讀到它。我將在演示中發言，並為您的問題提供盡可能多的時間，以便我們可以將其引向您更感興趣的方向。

To start with, we had a great quarter with total fitting -- which was totally fitting the reshaping Nano initiative, which we started the last quarter. And it was a very important initiative because it's basically embarked us on a direction of emphasizing profits and adjusting the business model toward profitability eventually EBITDA positive, et cetera. Rather than just either to internal growth or organic growth or acquisitions just focusing on the top line. Of course, the top line is first. By the way, the top line here (technical difficulty)

首先，我們度過了一個非常適合的季度——這完全適合我們上個季度開始的重塑 Nano 計劃。這是一項非常重要的舉措，因為它基本上使我們走上了強調利潤並調整業務模式以實現盈利的方向，最終實現 EBITDA 為正，等等。而不僅僅是內部成長或有機成長或僅關注營收的收購。當然，最上面的一行是第一位的。順便說一句，這裡的頂行（技術難度）

Pardon me, it appears we've lost connection with our speakers. Please wait while we reconnect.

抱歉，我們似乎與揚聲器失去了聯繫。我們正在重新連接，請稍候。

We've reconnected with our speaker line.

我們已重新連接揚聲器線路。

Okay, I'm sorry, ladies and gentlemen, something technology is not perfect in spite of everything. I guess we dropped off or you dropped off. I don't know where, but I'll continue from where I was, and if there'll be questions, I'll get back.

好吧，我很抱歉，女士們先生們，無論如何，技術並不完美。我猜我們下車了或你下車了。我不知道在哪裡，但我會從原來的地方繼續，如果有問題，我會回來。

We had an amazing quarter of improving profitability according to our Reshaping Nano Initiative. It is another important (technical difficulty) in this quarter.

根據我們的重塑奈米計劃，我們的盈利能力在這個季度得到了驚人的提高。這是本季另一個重要的（技術困難）。

RF, for everybody that doesn't know it is radio frequency. This is one of the major applications for AME, additive manufacturing electronics. We have a proof-of-concept that new customers are wanting to use it. A lot of it is in defense.

RF，對於每個不知道它是無線電頻率的人來說。這是 AME（積層製造電子產品）的主要應用之一。我們有一個概念驗證，顯示新客戶想要使用它。其中很多都是在防守。

We have repeat sales to a Western defense agency, we have new customers in advanced electronics. Some of the names will appear here, obviously defense -- the name does not appear. We have two leaders in the new space industry. You can guess what kind of industry is that. And we have repeat defense sales -- repeat sale to a defense contractor. This is just small part of the achievements of this quarter.

我們向西方國防機構重複銷售，我們在先進電子產品方面有新客戶。有些名字會出現在這裡，顯然是防禦──名字沒有出現。我們在新航太產業中有兩位領導者。你可以猜猜這是一個什麼樣的行業。我們有重複的國防銷售——重複銷售給國防承包商。這只是本季成就的一小部分。

Innovation and securing the competitive advantage relate to how we develop our products and what achievements we reached, while developing and investing in R&D.

創新和確保競爭優勢關係到我們如何開發產品以及我們在研發和投資研發時所取得的成就。

AI services is a starting business where DeepCube is actually starting to make money by itself. Not that we intended ever for our AI technology for an industry to be a profit or a revenue center, because we bought it and we're using it mostly to advance our machines in their AI for industrial accuracy and maintenance. But we have enough customers that requested us to potentially do business with them just with the AI capability and to install them in their machine as long as they're not competing with us we're doing it.

人工智慧服務是一項新興業務，DeepCube 實際上已經開始自己賺錢。我們並不是想讓我們的人工智慧技術成為一個行業的利潤或收入中心，因為我們購買了它，並且我們主要使用它來改進我們的機器的人工智慧，以實現工業準確性和維護。但我們有足夠的客戶要求我們僅透過人工智慧功能與他們開展業務，並將其安裝在他們的機器中，只要他們不與我們競爭，我們就這樣做。

On the robotics side, we increased the speed of our robotics additive electronics by a factor of 300%, and mostly it is also used beside component mounting. It's used for solder paste spreading, and this is a very, very important competitive edge comparing to a competition.

在機器人方面，我們將機器人增材電子設備的速度提高了 300%，而且大多數情況下它也用於組件安裝之外。它用於焊膏塗抹，與競爭對手相比，這是一個非常非常重要的競爭優勢。

And not less important is our digital solution in software. We partner, we just announced it with Esko & Fiery and to become a one-stop shop for digital printing solutions. Highly important achievement.

同樣重要的是我們的軟體數位解決方案。我們是合作夥伴，我們剛剛宣布與 Esko & Fiery 合作，成為數位印刷解決方案的一站式商店。非常重要的成就。

The Reshaping Nano that I mentioned before is all about numbers, obviously. If you look back with the reflection on the -- starting from the left side of the slide, since 2021, we had 150% compounded annual growth. Since 2022, we have 36% expansion of our gross margins, that's 36 actual percentage from 10% to 46%. Our gross margin grew by 4.6 times.

顯然，我之前提到的重塑奈米都是關於數字的。如果你回顧一下——從幻燈片左側開始，自 2021 年以來，我們的複合年增長率為 150%。自 2022 年以來，我們的毛利率增加了 36%，即從 10% 到 46% 的實際百分比增加了 36%。我們的毛利率成長了 4.6 倍。

Our operating expenses in 2023 and ahead were reduced by about a third comparing to Q1 of 2023. And the most important point that we are so proud of is our cash burn, it was reduced from $27 million a quarter to $7 million a quarter. And we're still moving ahead in the reduction of this to the point that at the year end, on a quarterly basis, we’ll be close to break even, assuming the company is as is without acquisitions.

與 2023 年第一季相比，我們 2023 年及未來的營運費用減少了約三分之一。最讓我們自豪的是我們的現金消耗，從每季 2700 萬美元減少到每季 700 萬美元。我們仍在努力減少這一損失，直到年底，按季度計算，假設公司沒有進行收購，我們將接近收支平衡。

Last but not least, and actually one before last, the industry situation. The industry situation is very well reflected by this graph. It shows you the following. The left side, blue, is the combined revenue of the four industry leaders in 2012, and the combined profits EBITDA -- or EBIT, to be accurate.

最後但並非最不重要的一點是，實際上是行業狀況。這張圖很好的反映了行業的情況。它會向您顯示以下內容。左側藍色部分是 2012 年四大行業領先者的總收入，以及總利潤 EBITDA（準確地說是 EBIT）。

On the right is the situation in 2022, a year and a half ago, two years ago. Actually, it's a year and a half. The combined revenue grew from $650 million to over $1.5 billion. And the combined profit grew from positive to deeply negative. I wouldn't say grew, but shrunk, probably a better name. This is a indication, a manifestation of a market that is growing, but poor business strategies and business models that destroyed otherwise good businesses.

右邊是2022年的情況，一年半前，兩年前。事實上，已經一年半了。總收入從 6.5 億美元成長到超過 15 億美元。綜合利潤從正值變為負值。我不會說增長，而是收縮，可能是一個更好的名字。這是一個跡象，表明市場正在成長，但糟糕的商業策略和商業模式摧毀了原本良好的企業。

Meanwhile, the demand for additive manufacturing is existing in the market, because all those service providers, which are using multiple additive machines from different suppliers, which they're buying cheaply, are making money by supplying parts, which means the demand is there. It's just somebody in our industry, which I would say including all of us, is not running our strategy right. And we intend to try our best to change it because of two reasons. A, we have the theory and the analysis of what to do; B, we have the practical ability to do it; and C, we have the capital to effectuate the consolidation of this industry.

同時，市場上存在對增材製造的需求，因為所有這些服務提供者都使用來自不同供應商的多台增材製造機器，他們以低廉的價格購買這些機器，透過供應零件來賺錢，這意味著需求是存在的。我想說，這只是我們行業中的某個人，包括我們所有人，沒有正確執行我們的策略。我們打算盡力改變它，原因有二。A，我們有關於做什麼的理論和分析； B、我們有實際能力去做； C、我們有資本來實現這個產業的整合。

Now it's last but not least, the buyback program that some of you recommended for us to do a 1.5 year ago and we listened. As proven to be successful, we bought shares much below the cash value of the share between $2 to $3 a share. We reduced our share count by 15% and we have more inventory for this activity.

現在是最後但並非最不重要的一點，就是你們中的一些人在 1.5 年前向我們推薦的回購計劃，我們聽取了這一計劃。事實證明是成功的，我們購買了遠低於股票現金價值的股票，每股 2 至 3 美元。我們將份額數量減少了 15%，並且為此活動準備了更多庫存。

If you're buying a share today of Nano at $2.7 a share, beyond the excellent performance that we just spoke about, and beyond what we are discussing and promising regarding acquisitions, you're buying a share at $2.7, which is at discount even over the cash of $4.1, and not considering the value of the business above it.

如果你今天以每股2.7 美元的價格購買Nano 的股票，除了我們剛才談到的出色表現之外，也除了我們正在討論和承諾的有關收購的內容之外，你將以2.7 美元的價格購買股票，這甚至是折扣超過 4.1 美元的現金，並且不考慮高於該金額的業務價值。

So as I think I've mentioned in the past, certain people see a problem in every opportunity. Problem, quote, unquote, being the share still at the lower price than it should be by far, and certain other people see opportunity in the problem. When the share is below cash, that's the opportunity. I don't think you have a lot of companies with performance like that and yet the share is below cash. So this is my bottom line.

正如我之前提到的，某些人在每一個機會中都看到了問題。問題，報價，取消報價，股票的價格仍然低於迄今為止應有的價格，而某些其他人在問題中看到了機會。當股價低於現金時，就是機會。我認為沒有很多公司有這樣的業績，但股價卻低於現金。所以這是我的底線。

At this point, Betsy, I would like to open up the session for questions-and-answers.

現在，貝特西，我想開始問答環節。

(Operator Instructions) Troy Jensen, Cantor Fitzgerald.

（操作員說明）Troy Jensen、Cantor Fitzgerald。

Hey, gentlemen. Thanks for taking my question. Good morning, good afternoon. Quick for you, Yoav. I'd be curious, if you look at your Q1 or 2023 revenues, how much of it, if you could break it down a little bit between like additive and robotics or the other sectors you're in? I'd just love to kind of get a bigger picture of your total additive exposure.

嘿，先生們。感謝您提出我的問題。早安，下午好。快點，約阿夫。我很好奇，如果你看看你的第一季或 2023 年的收入，其中有多少，如果你能在積層製造和機器人技術或你所在的其他行業之間進行一些細分？我只是想更全面地了解您的總添加劑暴露情況。

It was about half from additive, a bit less than half than additive manufacturing -- sorry, additive electronics and half from additive manufacturing of all kinds, including electronics, including micro-mechanical polymers, special polymers.

大約一半來自積層製造，比積層製造略少一點——抱歉，是積層電子產品，一半來自各種積層製造，包括電子產品，包括微機械聚合物、特殊聚合物。

All right, perfect. Thank you for that, I appreciate it. And then also Yoav, I think it's 12/28, you guys had the announcement for Stratasys and the offer for [$16.50], if I remember correctly. But you guys been extremely quiet ever since. So I wonder if there's any update you can kind of give us on the status on when you think this validation cycle could start? And then I got one more question.

好吧，完美。謝謝你，我很感激。然後還有 Yoav，我想是 12 月 28 日，你們發布了 Stratasys 的公告以及 [16.50 美元] 的報價，如果我沒記錯的話。但從那以後你們就非常安靜了。所以我想知道您是否可以向我們提供有關您認為此驗證週期何時可以開始的狀態的任何更新？然後我還有一個問題。

I remember, of course remind me that when my kids used to be quiet in the room, I got very nervous. Yes, we were quiet. The reason we are quiet is not we are doing bad things. The reason we are quiet is because contrary to last year when we did not manage to convince Stratasys to speak with us.

我記得，當然提醒我，當我的孩子在房間裡安靜的時候，我會非常緊張。是的，我們很安靜。我們之所以安靜，並不是因為我們在做壞事。我們之所以保持沉默，是因為與去年相反，當時我們未能說服 Stratasys 與我們交談。

This year, we have a very friendly discussion. It's intensive and we're continuing our discussions about what we believe is a good solution for the industry. And we are strategic partners, because we are the largest shareholders of Stratasys 15%. And obviously we're not competing with each other, and you know that very well, they know it as well.

今年，我們進行了非常友善的討論。這是一個深入的討論，我們正在繼續討論我們認為對產業來說是一個好的解決方案。而且我們是策略夥伴，因為我們是Stratasys 15%的最大股東。顯然我們不是在互相競爭，你很清楚這一點，他們也知道這一點。

So we are in a discussion of how to proceed. And the reason we kept the offer out is we don't want to rock the boat. Eventually, obviously, you know that the prices have changed since then, but we're not giving up the potential to cooperate. It's done right now on a very friendly basis and Yoav and Yoav -- I think two Yoav’s are talking a lot.

所以我們正在討論如何進行。我們保留這個提案的原因是我們不想破壞現狀。最終，顯然，您知道價格從那時起已經發生了變化，但我們不會放棄合作的潛力。現在是在非常友好的基礎上完成的，Yoav 和 Yoav——我認為兩個 Yoav 聊了很多。

Okay, yeah, that's great to know. How about -- lastly and I'll cede the floor. But Tomer, if you could give me just kind of a sense of what revenue level do you think you need to hit breakeven with all the restriction that you guys have planned here?

好吧，是的，很高興知道。怎麼樣——最後我讓出發言權。但是托默，如果你能讓我了解一下，你認為在你們計劃的所有限制下，你們需要達到什麼收入水平才能達到收支平衡？

So basically, our plan is to reach breakeven towards the end of 2025, second half of 2025. And assuming we are going to grow our business as planned, similar to this year. But 25% to 30%, the second half of 2025 will be a break even.

所以基本上，我們的計畫是在 2025 年底、2025 年下半年達到收支平衡。假設我們將按計劃發展業務，與今年類似。但25%到30%，2025年下半年將達到收支平衡。

Katherine Thompson, Edison.

凱瑟琳·湯普森，愛迪生。

Hi. Good morning, everyone. Just wanted to ask three questions. I'll quickly get the questions out. First, could you characterize customer demand at the moment and kind of how that might have changed over the last quarter or so?

你好。大家，早安。只是想問三個問題。我會很快把問題提出來。首先，您能否描述一下目前的客戶需求以及在上個季度左右可能發生的變化？

Secondly, just so I can understand the cost base that we're seeing for Q1 ‘24 after the Reshaping Nano program, is that now the kind of steady state level of cost or is there more cost to be cut? And thirdly, should we expect to see you doing more share buybacks at a similar pace to what you've done over the last six months or so? I guess that's partly dependent on share price.

其次，我可以了解重塑奈米計畫後我們在第一季至 24 季看到的成本基礎，現在是那種穩定的成本水平還是需要削減更多成本？第三，我們是否應該期望看到你們以與過去六個月左右相似的速度進行更多股票回購？我想這部分取決於股價。

Okay, excellent questions. And thank you for that. Let me start by the first one. Customer demand compared to Q4. We sell to about six or seven -- we're selling to six or seven verticals. So the customer demand is obviously typical to vertical. I can tell you that, for instance, on the defense side, the market is very, very active, obviously, because of the conflicts in Israel and the conflicts in Europe. Mostly, by the way in Europe, in Israel, we don't feel it by demand. But in Europe, we do. In the United States, we do. Customer demand in other areas.

好的，很好的問題。謝謝你。讓我從第一個開始。客戶需求與第四季相比。我們向大約六、七個客戶銷售──我們向六、七個垂直產業銷售。所以客戶的需求顯然是垂直的。我可以告訴你，例如，在國防方面，市場非常非常活躍，顯然是因為以色列的衝突和歐洲的衝突。順便說一下，大多數情況下，在歐洲、以色列，我們並沒有透過需求感受到這一點。但在歐洲，我們這樣做。在美國，我們就是這麼做的。其他領域的客戶需求。

In the general electronic field, a bit weakness in the German market, maybe because of the war itself. So we feel a little bit slow down, but it's marginal in the periphery. It's not affecting our main business. And in the other verticals, including medical, including academics, research institutions, we don't feel a change in the demand.

在通用電子領域，德國市場有點疲軟，也許是因為戰爭本身。所以我們感覺有點慢，但在外圍是邊緣的。不影響我們的主要業務。而在其他垂直領域，包括醫療、包括學術界、研究機構，我們也沒有感覺到需求改變。

As much as the second question, what is the cost basis in Q1? Is it going to stay or is it going to be cut more? The answer is, we are going to improve our cost basis and it's going to be reduced from the first quarter definitely and you're going to see it in the next two, three quarters to come definitely.

至於第二個問題，第一季的成本基礎是什麼？是繼續保留還是進一步削減？答案是，我們將改善我們的成本基礎，它肯定會比第一季有所減少，而且你肯定會在接下來的兩三個季度看到它。

And last question, more shares to buy to purchase. Share purchase and acquisitions and investment in R&D is all about asset allocation. It's a very different three profiles of how you allocate your capital and what is the return.

最後一個問題，要買更多股票。股權收購和研發投入都是資產配置。關於如何分配資本和回報率，這三種情況截然不同。

We believe that the return in general by investing in R&D and investing in acquisitions on a longer-term basis is much higher than the return on buying shares. The buying shares is a quick return, because you buy shares right now, at less than cash, and the result is immediate on the quality -- sorry, on the value of the company's balance sheet, and obviously on the number of shares.

我們認為，長期投資研發和投資收購的回報總體上遠高於購買股票的回報。買股票是一種快速回報，因為你現在以低於現金的價格購買股票，結果是立竿見影的品質——抱歉，是公司資產負債表的價值，顯然是股票數量。

So it’s always a decision we're going to take on a quarterly basis. Depends what's the alternative ahead of us. As I mentioned before, right now, the acquisition trail is pretty bubbly. The asset allocation according to what we see in the immediate future and we're using it accordingly.

因此，這始終是我們每季所做的決定。取決於我們面前的選擇是什麼。正如我之前提到的，目前收購的蹤跡相當活躍。根據我們在不久的將來看到的情況進行資產配置，並相應地使用它。

Sol Zelman, Gericare.

索爾·澤爾曼，傑瑞卡。

Thank you, Betsy. Good morning, Yoav, and thank you for the excellent presentation and great to see that the quarter is starting off strong and may continue that way, especially with everything going on in Israel. I pray that with you.

謝謝你，貝特西。早安，Yoav，感謝您的精彩演講，很高興看到本季開局強勁，並且可能會繼續如此，尤其是考慮到以色列正在發生的一切。我和你一起祈禱。

The gentleman -- I apologize, I didn't get his name, but the gentleman from Cantor Fitzgerald touched on my question. You got off easy with the answer, but I guess I'd like to touch on it just a drop more is investors, traders have this question quite often.

這位先生——我很抱歉，我不知道他的名字，但是坎托·菲茨杰拉德的那位先生談到了我的問題。你很容易就得到了答案，但我想我想稍微談一下，投資者、交易者經常會問這個問題。

When you look at, let's call it your investment thesis, which is you look at performing trade, underperforming trade, when do you recalculate that thesis to see when you reverse or cut that underperforming trade within your portfolio? For example, very specifically on the Stratasys offer back in, I believe it was end of 2023, based on where they are now, based on their recent results, it looks like they're underperforming. It's in your portfolio.

當你看時，讓我們稱之為你的投資論文，即你著眼於表現良好的交易，表現不佳的交易，你什麼時候重新計算該論文，看看你何時扭轉或削減投資組合中表現不佳的交易？例如，特別是關於 Stratasys 的報價，我相信那是 2023 年底，根據他們現在的情況，根據他們最近的結果，看起來他們表現不佳。它在你的投資組合中。

I don't believe that your previous offer is relevant anymore. Are we looking at continuing in the offer? Are we looking at potentially cutting our losses on this and pulling back from that position?

我認為您之前的報價不再相關。我們是否考慮繼續提供報價？我們是否正在考慮減少損失並從該位置撤出？

We are not going to -- we are not looking to cut our losses. And then to be a little bit cynical, we didn't lose anything as long as we didn't sell. The investment is a strategic investment is not an investment for trade in the market. I've said it a year ago, more than a year ago, actually.

我們不會——我們不希望減少損失。然後，稍微憤世嫉俗地說，只要我們不出售，我們就不會損失任何東西。該投資是戰略投資，不是市場交易投資。我一年前就說過了，其實是一年多前。

When we purchase it, the investment to have -- sorry, 15% of a market leader without getting into its business and without competing with him -- with it, is definitely a strategic investor, a strategic investment, point number one. Point number two, of course, that leads to the discussion we have today. It's true that our offer from few months ago is probably a bit too high now.

當我們購買它時，投資——對不起，市場領導者的 15% 沒有進入其業務，也沒有與他競爭——與它一起投資，絕對是戰略投資者，戰略投資，第一點。當然，第二點引出了我們今天的討論。確實，我們幾個月前的報價現在可能有點太高了。

But as I mentioned before, we don't intend to divest from this investment at this point. We believe Stratasys have a good future. And now that we're getting close to their management, we believe they have management that is sharing a lot of our vision. And we're continuing the discussion with them on potential cooperation.

但正如我之前提到的，我們目前不打算撤資這項投資。我們相信 Stratasys 擁有美好的未來。現在我們正在接近他們的管理層，我們相信他們的管理層與我們有很多共同的願景。我們正在繼續與他們討論潛在的合作。

And thank you. Just a quick question how does that -- do you feel that it has a negative overhang for Nano, having that -- maintaining that position?

謝謝你。只是一個簡單的問題 - 你是否認為它對 Nano 有負面影響 - 保持這一地位？

Sorry, I didn't understand you.

抱歉，我沒聽懂你的意思。

Does maintaining that position or maintaining -- not having that serious reassessment, have any negative overhang for Nano Dimension?

維持這一地位或維持——不進行認真的重新評估，會對 Nano Dimension 產生任何負面影響嗎？

No. The only thing that maintaining this position is affecting you or me is in a funny way because of the accounting rules. If in the last day of the quarter, give an example, let's say the shares of Stratasys went up by 30%, I will have in that quarter a huge profit. If in the last day of another quarter, the share went down by 30%, I will have a huge loss.

不。由於會計規則，維持這個職位唯一會以有趣的方式影響你或我。如果在季度的最後一天，舉個例子，假設Stratasys的股票上漲了30%，我將在該季度獲得巨額利潤。如果在另一個季度的最後一天，股價下跌了30%，我將遭受巨大損失。

Both the profit and the loss obviously are not indicative of anything other than one day trading, but that's how the accounting rules work. It doesn't affect the cash flow, it doesn't affect our business, it doesn't affect how we proceed, it doesn't affect the acquisition, it doesn't affect how we do R&D.

利潤和損失顯然都只代表一日交易，但這就是會計規則的運作方式。它不影響現金流，不影響我們的業務，不影響我們前進的方式，不影響收購，不影響我們的研發方式。

Great. I'd love to see how this plays out. Thank you for sharing that there is a consideration on that reassessment, that one that you're doing in very much in par and together with the Stratasys team.

偉大的。我很想看看事情會如何發展。感謝您分享我們對重新評估的考慮，您正在與 Stratasys 團隊共同進行此重新評估。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to Yoav Stern for any closing remarks.

（操作員說明）我們的問答環節到此結束。我想將會議轉回約夫·斯特恩（Yoav Stern）發表閉幕詞。

Okay, thank you very much everyone. Thank you for your questions.

好的，非常感謝大家。謝謝您的提問。

I'll summarize by saying that something I said during the meeting today. Our industry is in a very peculiar situation and a very peculiar place. Look at everybody around us and think on your mind how the situation today relates to the strategy and the intention of Nano Dimension as I described to you over the last two years, and you'll come to the conclusion by yourself without me having to say anything at this point.

我總結一下我今天在會議上說過的話。我們的行業處於一個非常特殊的情況和一個非常特殊的地方。看看我們周圍的每一個人，用你的腦子想想今天的情況與我過去兩年向你描述的納米維度的戰略和意圖有什麼關係，你自己就會得出結論，不用我說此時任何事情。

So I thank you very much for thinking about us and being our partners. Goodbye.

因此，我非常感謝您關心我們並成為我們的合作夥伴。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。