Nano Dimension Ltd (NNDM) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen. Welcome to Nano Dimension's third quarter 2024 conference call. My name is Wyet, and I'm your operator for today's event. 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, Corporate Development.

美好的一天，女士們先生們。歡迎參加 Nano Dimension 2024 年第三季電話會議。我叫 Wyet，是今天活動的接線生。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 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. Yoav will begin the call with the business update, followed by a question-and-answer session at which time the management team will answer questions.

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 將以業務更新開始通話，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 CEO and member of the Board of Directors, Yoav Stern. You may 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。請您繼續。

Thank you very much, Wyet. Ladies and gentlemen, thank you for participating this morning and this afternoon. I want to preempt and tell you that I am talking to you today from Frankfurt which is the main -- one of the main annual event of Formnext, which is the industry additive manufacturing industry trade show. And it's the most successful one that Nano have ever seen.

非常感謝你，懷特。女士們、先生們，感謝你們今天早上和下午的參與。我想先告訴你們，我今天在法蘭克福與你們交談，這是 Formnext 的主要年度活動之一，即積層製造業貿易展。這是 Nano 見過的最成功的一次。

I've never seen so much interest in booths and in what we're doing, both in the existing Nano and the excitement around the two acquisitions some of which are already having people from other companies coming and visiting other company means other acquisition targets that we mentioned coming and visiting us. So with this excitement and looking forward to this excitement translate into numbers.

我從來沒有見過對展位和我們正在做的事情有如此大的興趣，無論是現有的Nano 還是圍繞兩次收購的興奮，其中一些已經有來自其他公司的人員前來參觀其他公司，這意味著其他收購目標我們提到要來拜訪我們。因此，這種興奮和期待將這種興奮轉化為數字。

I'll start by describing a little bit in the slide of the numbers mentioned that $15 million of revenue is the best third quarter ever and one of the best quarters ever we had. It's 22% over last year's same period. Gross margin was 48%, which is up from 44% and adjusted gross margin, which is without non-cash expenses, is 51%, up from 48%. This is gentlemen and ladies, extremely important because the business model of all companies in our industry suffered from gross margins and therefore, from lack of profits. When we get to 55% gross margins, we start to show profits and substantial. And this is very, very exciting.

我將首先在幻燈片中描述一些數字，其中提到 1500 萬美元的收入是有史以來最好的第三季度，也是我們有史以來最好的季度之一。比去年同期成長了22%。毛利率為 48%，高於 44%，調整後毛利率（不計非現金費用）為 51%，高於 48%。先生們，女士們，這一點極其重要，因為我們行業中所有公司的商業模式都受到毛利率的影響，因此利潤不足。當我們的毛利率達到55%時，我們就開始顯現出可觀的利潤。這非常非常令人興奮。

And no less exciting is the net cash burn. Gentleman and ladies, we turned around Nano Dimension from $16 million earning per quarter last year to $3 million net cash burn, and we are close to breakeven in cash burn and this is only Nano without the two acquisitions. Smaller Nano which we cut expenses by reducing headcount dramatically and still not harming the revenue and the growth which comes to show you that the direction to profitability, which we are committed to is well ahead.

同樣令人興奮的是淨現金消耗。先生們、女士們，我們將 Nano Dimension 從去年每季 1600 萬美元的盈利扭轉為 300 萬美元的淨現金消耗，而且我們的現金消耗接近盈虧平衡，而這只是沒有兩次收購的 Nano 。更小的奈米，我們透過大幅減少員工數量來削減開支，但仍然不損害收入和成長，這向您表明我們致力於獲利的方向遙遙領先。

Some business updates. Yes, we announced and closed to closing Desktop Metal acquisition and right after that Markforged acquisition, two of the main companies of this industry. In parallel, we have notable sales first time to applied materials, University of Dayton and a leading very well-known aerospace and defense company, which we can't mention its name, for obvious reasons.

一些業務更新。是的，我們宣布並即將完成對 Desktop Metal 的收購，緊接著又收購了 Markforged，這是該行業的兩家主要公司。同時，我們首次向應用材料、代頓大學和一家領先的非常知名的航空航天和國防公司進行了顯著的銷售，出於顯而易見的原因，我們無法提及其名稱。

In parallel to all this, we are in front of our Annual General Meeting to be held in December 6. And yes, we are fighting descendant shareholders from -- in Toronto which is trying to dismantle the company. And we, as a Board, recommend to everybody to vote. The company is growing and will bring return much more than just taking it now selling it in pieces and trying to get pennies on the dollars. The vote cutoff for this general meeting is December 1.

同時，我們即將於 12 月 6 日召開年度股東大會。是的，我們正在與多倫多的後代股東作鬥爭，他們正試圖解散這家公司。作為董事會，我們建議每個人都投票。該公司正在成長，帶來的回報將遠遠超過現在將其分拆出售並試圖從中獲利的情況。本次股東大會的投票截止日期為12月1日。

The next slide will show you a little bit of the graphic presentation of the numbers. Slide number 5 is showing that the revenue, the way it grew from last year, the gross margin growth and the reduction in net cash burn from the same period last year. The three new customers are not the only three new customers that we had this quarter, but we are just highlighting those for you because it means a lot for our growth of -- again, I'm talking about right now, original Nano before Desktop Metal and before Markforged, which is a whole new story, which I hope will be -- you'll hear about it in detail in the next conference calls. So those are not included here.

下一張投影片將向您展示一些數字的圖形表示。第 5 張投影片顯示了收入、與去年相比的成長方式、毛利率成長以及與去年同期相比淨現金消耗的減少。這三個新客戶並不​​是我們本季擁有的唯一三個新客戶，但我們只是向您強調這些新客戶，因為這對我們的成長意義重大——再次，我現在正在談論桌面之前的原始 Nano Metal 和Markforged 之前，這是一個全新的故事，我希望這會是——您將在下一次電話會議中詳細了解它。所以這些不包括在這裡。

If you would want to have a snapshot on slide number 7, you will see what we did with Nano over the years that you gave -- since you gave us the cash about 3.5 years ago and we were steward of the cash and promised you, we are not going to spend it until we get into large acquisitions. So we did spend it on smaller acquisitions. And for about 2.5 years and as a result of that, got attacked by kind of activist or whatever you call them, shareholders that they were practically interested in the cash that the company has.

如果您想了解第7 號幻燈片上的快照，您將看到您提供的這些年來我們對Nano 所做的事情- 自從您大約3.5 年前向我們提供現金以來，我們是現金的管家並向您承諾，在我們進行大規模收購之前，我們不會花它。所以我們確實把它花在了較小的收購上。在大約 2.5 年的時間裡，他們受到了激進分子或股東的攻擊，因為他們實際上對公司擁有的現金感興趣。

But we got to the point where we did use the large cash that we have raised from you, and we use it for the good reason at the right prices. And we acquired two large companies and if you look how we move from the left side of the slide to the right side of the slide, from one technology and one type of machine in additive manufacturing and electronics into technologies with dozens of types of machines, more than 1,000 patents.

但我們確實使用了從你們那裡籌集到的大量現金，而且我們以合理的價格使用它，這是有充分理由的。我們收購了兩家大公司，如果你看看我們如何從幻燈片的左側轉向幻燈片的右側，從增材製造和電子領域的一種技術和一種類型的機器轉變為具有數十種類型機器的技術， 1000多項專利。

We have the largest amount of patents which is spread all over the industry and that by itself in the future may create a profit center for us. We have technology nowadays that include inkjet, binder, DLP, [FDM] ceramic, composites, electronics, metal, metal casting, polymer and micropolymer. We have only one technology that exists in this industry that we are still in look for, and we have plans how to reach it. And that's a technology that has to deal with another technology for metals. We do believe very strongly in the metal business.

我們擁有數量最多的專利，遍佈整個產業，未來它本身就可以為我們創造一個利潤中心。目前我們擁有的技術包括噴墨、黏合劑、DLP、[FDM] 陶瓷、複合材料、電子、金屬、金屬鑄造、聚合物和微聚合物。我們仍在尋找這個行業中存在的一項技術，並且我們已經計劃如何實現它。這項技術必須與另一種金屬技術結合。我們確實對金屬業務充滿信心。

The next slide, slide number 8 shows you these two large acquisitions, why we waited for so long. Look, ladies and gentlemen, since September '21, when we had the money and raised it, those companies that we now acquired were traded at between 15 times to 35 times their revenue. 15 times to 35 times revenue. And in this whole period, September '21 to May '22 through January '23, as the outliers from the different countries here try to attack us for not spending the cash and for trying to distribute the cash to themselves.

下一張投影片（第 8 號投影片）向您展示了這兩項大型收購，以及為什麼我們等了這麼久。女士們先生們，自 21 年 9 月我們有錢並籌集資金以來，我們現在收購的那些公司的交易價格是其收入的 15 至 35 倍。收入的15倍到35倍。在這整個時期，從21年9月到22年5月到23年1月，來自不同國家的異常者試圖攻擊我們不花現金並試圖將現金分配給他們自己。

We waited. We waited as those large transactions started to lose value and lost it steadily over two years until we get to the end of '24 and we bought them both at less than one time -- one less -- average onetime multiple, 1 times sales multiple. And we believe we paid the right price and we bought them at the right time because if they were to proceed forward, they would be in trouble, which we believe they wouldn't be able to withstand by staying a stand-alone independent. Now that we brought them together, all three of us together are creating an industry leader, which you see in the next slide number 9.

我們等待著。我們等待著這些大型交易開始貶值，並在兩年內穩步貶值，直到 24 年底，我們以不到一次的價格購買了它們——少了一次——平均一次性倍數，1 倍銷售倍數。我們相信我們支付了正確的價格，並在正確的時間購買了它們，因為如果他們繼續前進，他們就會遇到麻煩，我們相信他們無法透過保持獨立來承受這種麻煩。現在我們將他們聚集在一起，我們三個人一起創造了一個行業領導者，您可以在下一張幻燈片 9 中看到這一點。

On the left, you see how we build ourselves. The $56 million is the old Nano, which is built from six, seven small acquisitions and 29% organic growth. I'm emphasizing the $56 million from '22 to '23 grew 29%, not from acquisitions, from organic growth. And if you read different numbers in the material that this foreign company from Canada, I think, is publishing it's all coming from somewhere that it's not the numbers of the company. So we grew organically.

在左邊，您可以看到我們如何建立自己。5600萬美元是舊的Nano，它是透過六、七次小規模收購和29%的有機成長建立起來的。我要強調的是，從 22 年到 23 年，5,600 萬美元成長了 29%，這不是來自收購，而是來自有機成長。如果你在這家來自加拿大的外國公司發布的資料中看到不同的數字，我認為這些數字都來自某個地方，而不是該公司的數字。所以我們有機地成長。

Then we added and we're adding $190 million, all numbers here are based on 2023 pro forma numbers. That's Desktop Metal. And we're adding $94 million of Markforged together to create a new $340 million business based on 2023. And I'm telling you right now, we are not going to emphasize the high revenue. We may even reduce the revenue on account of being profitable.

然後我們添加了 1.9 億美元，這裡的所有數字都是基於 2023 年的預計數字。那是桌面金屬。到 2023 年，我們將增加 9,400 萬美元的 Markforged，創造一個價值 3.4 億美元的新業務。我現在告訴你，我們不會強調高收入。我們甚至可能因為獲利而減少收入。

If need be, the $340 million will be reduced to numbers where the gross margins will be higher and the profits will come and appear and at multiples of profits, we'll get the share up. In the right side of the slide, you see kind of analysis of five, six companies in the industry public. On the left, the small Voxeljet, Velo, Prodways, which are smaller companies that were public, two of them Voxeljet by now is not public anymore it's squeezed down to -- off NASDAQ.

如果需要的話，3.4億美元將減少到毛利率更高的數字，利潤將會出現，並且在利潤的倍數上，我們將提高份額。在投影片的右側，您可以看到對行業公開的五、六家公司的分析。左邊是小型的 Voxeljet、Velo、Prodways，這些都是上市的小公司，其中兩家 Voxeljet 現在已經不再上市了，它被擠到了納斯達克市場。

Velo is on its way from $77 million of revenue per year to $3 million revenue per year and Prodways is going down from closer to $100 to less than what it shows here and traded by the way, in Paris Stock Exchange. In parallel, you see the three biggest companies in the industry on the right side, Stratasys, 3D Systems. And yes, us with $340 million. But look at the difference in the amount of cash that each one of us is, we will be $340 million with $470 million of cash on the balance sheet, and the other two, you can see the numbers.

Velo 的年收入正在從 7700 萬美元下降到每年 300 萬美元，而 Prodways 的收入則從接近 100 美元下降到低於其在巴黎證券交易所顯示和交易的水平。同時，您會在右側看到業內最大的三大公司：Stratasys、3D Systems。是的，我們有 3.4 億美元。但看看我們每個人的現金數量差異，我們是 3.4 億美元，資產負債表上有 4.7 億美元現金，另外兩個，你可以看到數字。

That means we have the dry powder to turn the $340 million into a profitable and growing $340 million not into just revenue, revenue growing by acquisition or otherwise, but no profit. The focus of this company moving forward from into '25 and forward is going to be gross margin and profits in the bottom line. And the cash that we have will be used as less as possible to cover losses and is more possible to create and generate even more profits.

這意味著我們有能力將 3.4 億美元轉化為盈利，並且不斷增長的 3.4 億美元不僅僅是收入，透過收購或其他方式實現收入成長，但沒有利潤。從 25 世紀開始，該公司的重點將是毛利率和利潤。我們擁有的現金將盡可能少地用於彌補損失，並且更有可能創造和產生更多利潤。

Last slide, which is slide number 10, summarize everything. One, promises we made, promises we delivered. Two, we're executing a focused value creation strategy, value creation, not value destruction. Value creation above what we have today, not liquidation. We are not going to close the company if it's up to us and distribute $2 a share, which is what's left to the shareholders.

最後一張投影片（即第 10 張投影片）總結了所有內容。第一，我們所做的承諾，我們兌現的承諾。第二，我們正在執行專注於價值創造的策略，創造價值，而不是破壞價值。創造高於我們今天的價值，而不是清算。如果我們可以決定的話，我們不會關閉公司，並分配每股 2 美元，這是留給股東的。

Three, Nano leadership and the Board of Directors are driving our progress. It is not a mature-ish group from somewhere outside the border that is trying to liquidate to find companies that can liquidate. This is a very serious Board and a very serious management, which is now combined from three companies' management soon. And last but not least, Murchinson. Murchinson is the name of this Canadians has no strategy and seek to deprive shareholders of long-term value creation opportunities.

第三，Nano領導層和董事會正在推動我們的進步。試圖透過清算尋找可以清算的公司的並不是來自境外某個成熟的組織。這是一個非常嚴肅的董事會和非常嚴肅的管理階層，現在很快就由三家公司的管理階層合併而成。最後但並非最不重要的一點是默欽森。默欽森是這個加拿大人的名字，沒有策略，並尋求剝奪股東長期價值創造的機會。

Those Murchinson are the guys that during the two years that we were steward of the cash, our share was traded lower. I agree, like the rest of the industry. So they bought for $2.50 a share of their shares, and they think that now they will distribute cash and make money. But most of you shareholders, including myself, we bought for more than $2.50 a share. So the only way for us to make money is to grow the company and multiple the value of the share to numbers that will have a return on what our cost and the cost of a lot of our retail shareholders, 150,000 in numbers is not $2.50 like Murchinson. It's $4 like mine, for instance, $4.5, $5, $6. We need to create higher value than that, and we shall.

默欽森就是那些在我們管理現金的兩年裡，我們的股票交易價格較低的人。我同意，就像業內其他人一樣。因此，他們以每股 2.5 美元的價格購買了自己的股票，他們認為現在他們可以分配現金並賺錢。但你們大多數股東，包括我自己，我們以每股 2.50 美元以上的價格買了股票。因此，我們賺錢的唯一方法是發展公司，並將股票價值乘以數字，這些數字將根據我們的成本和許多散戶股東的成本獲得回報，150,000 的數字並不像 2.5 美元那樣默欽森。像我的是4美元，例如4.5美元，5美元，6美元。我們需要創造比這更高的價值，而且我們一定會的。

Last but not least, we remind you to vote, please. Vote for what our Board recommends for you to vote, and we're not recommending extreme decisions. We are just commending enabling us to continue what we're doing for you and for ourselves. I am a shareholder like all of you, my abstract personally is growing the share to the numbers we spoke, not that the Murchinson numbers of $2.50 a share. And we are hoping that you will join us in this important vote.

最後但並非最不重要的一點是，我們提醒您投票。投票支持我們董事會建議您投票的內容，我們不建議做出極端的決定。我們只是讚揚使我們能夠繼續為您和我們自己所做的事情。我和大家一樣是股東，我個人的摘要是把股份增加到我們所說的數字，而不是默欽森每股 2.50 美元的數字。我們希望您能加入我們這次重要的投票。

Thank you very much. And I'm very happy if we can open this up for questions now.

非常感謝。如果我們現在可以開放提問，我會非常高興。

(Operator Instructions)

（操作員說明）

Katherine Thompson, Edison.

凱瑟琳·湯普森，愛迪生。

I've just got three questions. First question is, could you give us a bit of detail on the reaction you've had from your customers to the news about your two proposed acquisitions. Secondly, just a quick update from a regulatory perspective of where you are with both of the acquisitions and just to confirm that you still expect to complete Desktop Metal in Q4 and Markforged in Q1 of next year. And then thirdly, just to also confirm, it sounds as if what you're saying is that you get to breakeven EBITDA, which I think you've referenced as being in Q4 of 2026 that, that's going to be more through a process of cost synergies rather than revenue synergies? That's the three questions.

我只有三個問題。第一個問題是，您能否向我們詳細介紹您的客戶對您兩次擬議收購的消息的反應。其次，從監管角度快速更新您在這兩項收購中的進展情況，並確認您仍然希望在第四季度完成 Desktop Metal，並在明年第一季完成 Markforged。第三，我也想確認一下，聽起來你所說的似乎是你可以實現盈虧平衡 EBITDA，我認為你提到的是 2026 年第四季度，這將更多地通過一個過程成本協同效應而不是所得協同效應？這就是三個問題。

First question, reaction of customers is -- and you're asking me, as I said earlier, in the right time because I mean the Frankfurt Formnext show. So I'm meeting a lot of customers is extremely excited. I'm speaking not only of customers of Nano, existing customers that are happy to have an ability to have an expanded product line, but I'm not talking to customers of Markforged and Desktop Metal, which are coming to me to discuss the future of their product lines, and excitement is all over. You feel the vibration in our booth and I know it when I'm saying what I'm telling you now because I've been in all the trade shows of the last -- or most of the trade shows over the last three years. This is the most exciting one.

第一個問題，客戶的反應是——正如我之前所說，你在正確的時間問我，因為我指的是法蘭克福 Formnext 展會。所以我對見到很多客戶感到非常興奮。我所說的不僅是 Nano 的客戶，即那些樂於擁有擴展產品線的現有客戶，而且不是 Markforged 和 Desktop Metal 的客戶，他們來找我討論未來他們的產品線，興奮已經結束了。當我說我現在告訴你的話時，你能感覺到我們展位的振動，我知道這一點，因為我參加了過去的所有貿易展覽——或者過去三年的大部分貿易展覽。這是最令人興奮的一件事。

Secondly, regulatory. Yes, we're finishing the regulatory work. We're pretty much finished with Hart-Scott-Rodino. We finished with the vote, the proxy and the vote of Desktop Metal, which all voted for the deal. We are finishing the work with CFIUS and expect the transaction with Desktop Metal to close before the end of the year, expect and hope. And so much as Markforged.

其次，監管。是的，我們正在完成監管工作。我們基本上已經完成了哈特-斯科特-羅迪諾的工作。我們完成了投票、代理投票和 Desktop Metal 的投票，他們都投票支持了這筆交易。我們正在完成與 CFIUS 的工作，預計與 Desktop Metal 的交易將在今年年底前完成，敬請期待和希望。就如Markforged 一樣。

We are a bit behind on that because we started later, the transaction, but KBR -- sorry, Hart-Scott-Rodino, HSR is pretty much done. CFIUS is a parallel process to what we went through. So we hope it's going to be much shorter. And the shareholder vote of Markforged is supposed to occur at the beginning of -- sorry, in the beginning of December. Hence, we are still hoping to close the deal with them in the first quarter of 2025.

我們在這方面有點落後，因為我們開始的交易較晚，但是 KBR——對不起，哈特-斯科特-羅迪諾，HSR 已經基本完成了。CFIUS 的流程與我們所經歷的流程是並行的。所以我們希望它會更短。Markforged 的​​股東投票應該在 12 月初進行——抱歉，是在 12 月初。因此，我們仍然希望在 2025 年第一季與他們完成交易。

And so much as profitability, I expect that the first few quarters, you will see profitability and especially cash flow that's improving. The worst cash flow obviously, will be in the month -- sorry, in the quarter when we will merge the three companies together because we, Nano itself, we are already in a very, very good cash flow position, but other two companies are still burning cash.

至於獲利能力，我預計在前幾個季度，你會看到獲利能力，尤其是現金流的改善。顯然，最糟糕的現金流將出現在這個月——抱歉，在我們將這三家公司合併在一起的季度，因為我們，Nano 本身，我們已經處於非常非常好的現金流狀況，但其他兩家公司正在還在燒錢。

So the first quarter will be combined cash burn, but the minute we get control over the companies, and we are already in plan and discussion with their management. We intend to start to cut expenses dramatically. So when you get to the first of the beginning of 2026, we hope to either show profitability or show cash flow positive or both.

因此，第一季將綜合燒錢，但當我們獲得對公司的控制權時，我們就已經在與他們的管理層進行計劃和討論。我們打算開始大幅削減開支。因此，當你到 2026 年年初時，我們希望要么顯示出盈利能力，要么顯示正現金流，或兩者兼而有之。

Sol Zelman, Gericare.

索爾·澤爾曼，傑瑞卡。

Yoav, you spoke about the various aspects that closing the Desktop Metals merger, the next step with Markforged, which would again, the elephant in the room is the fact that there's an AGM right now and you speak about it asking everybody to vote, but the question -- the big question is, if with this the activist right now, if they're successful installing two directors into the Board, is there any concern of them derailing killing these transactions? Obviously, this is a big consideration for every shareholder in this AGM. I would love to hear your feedback on that. And you also mentioned the aspects of the CFIUS what is that process? What does it mean for us as shareholders? And where is that process going to take us?

Yoav，你談到了完成 Desktop Metals 合併的各個方面，下一步是與 Markforged，這又是，房間裡的大像是現在有一個年度股東大會，你談到它要求每個人投票，但是問題是——最大的問題是，如果激進分子現在成功地在董事會中安插了兩名董事，是否擔心他們會破壞這些交易？顯然，這是本次股東大會每位股東的一大考量。我很想聽聽您對此的回饋。您還提到了CFIUS方面的流程是什麼？對我們股東來說意味著什麼？這個過程將帶我們去往何方？

We'll start with the second question. The CFIUS is a typical process regulatory agency in the United States. We went through a CFIUS, already answered most of the questions. We expect they told us they don't have more questions. So the answering about the CFIUS with Desktop Metal, so we expect this to finish in days. And we are hoping that we don't see any issue that will stop it unless there's something we don't know. But basically, the question-and-answer processes came to an end as much as CFIUS reported to us in the last few days, which is good, which means they got answers for all the questions.

我們從第二個問題開始。CFIUS是美國典型的流程監管機構。我們通過了 CFIUS，已經回答了大部分問題。我們希望他們告訴我們他們沒有更多問題了。關於 CFIUS 與 Desktop Metal 的答复，我們預計這將在幾天內完成。我們希望我們不會看到任何阻止它的問題，除非有我們不知道的事情。但基本上，問答過程與 CFIUS 在過去幾天向我們報告的情況一樣結束了，這很好，這意味著他們得到了所有問題的答案。

Then we have to go to a CFIUS with Markforged. And I expect that CFIUS from Markforged will be shorter because it's basically -- it relates to Markforged rather than Desktop Metals so they have to do the CFIUS to do their checks in Markforged but the checks on Nano Dimension, they already have done it. So it's a typical processes, all the companies that are foreign are going through that. It may take between 1.5 months to six months. We are hoping that it will be closer to two to three months and rather than to six months, and it seems like it's moving in the right direction.

然後我們必須帶著 Markforged 去 CFIUS。我預計 Markforged 的​​ CFIUS 會更短，因為它基本上與 Markforged 而不是 Desktop Metals 相關，因此他們必須讓 CFIUS 對 Markforged 進行檢查，但對 Nano Dimension 的檢查他們已經完成了。這是一個典型的流程，所有外國公司都在經歷這個過程。可能需要 1.5 個月到 6 個月。我們希望這個時間能接近兩到三個月，而不是六個月，而且看起來它正在朝著正確的方向發展。

As much as the elephant in the room. Elephant in the room is not an elephant it's a cat. The elephant in the room is a cat that wants to invest -- wants to dismantle company, but all what is demanding in this AGM is to insert two directors, which are directors, if you look at the background, and I know one of them very well from the past, have very, very checkered past and issues in the past, and they hope these directors will make some impact, I guess. As I told you, I know this one of these directors, while he has checkered past is an honest person, I don't see these directors coming in and destroying the company.

就像房間裡的大像一樣。房間裡的大像不是大象，而是貓。房間裡的大像是一隻想要投資的貓——想要解散公司，但這次年度股東大會所要求的只是插入兩名董事，如果你看看背景，我知道其中一個是董事。情況非常好，有非常非常曲折的過去和過去的問題，我想他們希望這些導演能夠產生一些影響。正如我告訴過你的，我認識其中一位董事，雖然他過去是一個誠實的人，但我不認為這些董事會進來並摧毀公司。

First of all, there will be other six directors that will be a majority. The whole company is eight directors. I hope that they don't get into this Board, but even if they will get in the Board, it's a minority. Minority cannot affect decisions of the Board by vote because of they are minority plus once they get into the Board, I believe that they will be thinking and worrying about the company, not about the elephant or the cats that got them into the Board. So this is about derailing. This is about how decisions are going to be made.

首先，其他六名董事將佔多數。全公司有八名董事。我希望他們不要進入這個董事會，但即使他們進入董事會，也是少數。少數派不能透過投票影響董事會的決定，因為他們是少數派，一旦他們進入董事會，我相信他們會思考和擔心公司，而不是讓他們進入董事會的大像或貓。所以這是關於脫軌的。這是關於如何做出決定的問題。

How can you derail these deals? I don't even understand. The deals were signed and committed of the commitment of the company, legal commitment. If you derail these deals as -- assuming you could, by having majority of the Board, which they won't have, then its total interference in contracts that were signed by the company already, committed by the company. So I don't see this being derailed at all.

你怎麼能破壞這些交易呢？我什至不明白。本次交易的簽署與承諾是公司的承諾、法律承諾。如果你破壞這些交易——假設你可以透過擁有董事會的多數席位（而他們不會擁有），那麼它就會完全乾擾公司已經簽署的、由公司承諾的合約。所以我根本不認為這會出軌。

They don't feel what the severe activist approach that they're taking that they'll try to find some way of derailing/killing it. I mean that shouldn't be --

他們不覺得他們正在採取什麼嚴厲的激進主義方法，他們會試圖找到某種方法來脫軌/扼殺牠。我的意思是那不應該是--

They can also say that they plan to attack Iran and solve the problem of the Middle East. They cannot taken claims a lot of things.

他們還可以說，他們計劃打擊伊朗，解決中東問題。他們不能對很多事情提出索賠。

You're at the helm, we're following that guidance, and we'd like to understand that, that's not a concern when we're making our decisions. So I appreciate that feedback.

您掌舵，我們遵循該指導，我們希望了解這一點，當我們做出決定時，這不是一個問題。所以我很欣賞這樣的回饋。

I'm -- I'll tell you the truth and the fairness. I am a warrior, not warrior from being a fighter, I'm a warrior for being worried. I'm always worried from the unexpected. I'm always getting up in the morning after not sleeping half a night because I'm thinking what could have happened that I didn't take into consideration. I'm worried about events that are happening in the business. And if some activists like this is claiming that they will derail, then it makes me worried. So I worry, and I go to lawyers and I go to advisers and I check and everybody is telling me, Yoav, you don't have to worry, they can't do it. So that is the message I'm delivering to you.

我——我會告訴你真相和公平。我是一名戰士，不是因為成為戰士而成為戰士，而是因為憂慮而成為戰士。我總是因為意外的事情而感到擔心。我總是在半夜沒睡後早上起床，因為我在想可能會發生什麼我沒有考慮到的事情。我擔心企業中發生的事件。如果像這樣的一些活動人士聲稱他們會出軌，那麼這會讓我擔心。所以我擔心，我去找律師，去找顧問，我檢查了一下，每個人都告訴我，Yoav，你不必擔心，他們做不到。這就是我要傳達給你們的訊息。

[Felix Ziegler] with [Felix] Investments.

[菲利克斯·齊格勒]與[菲利克斯]投資。

I wanted to get a better understanding of the M&A rationale here. The past five acquisitions for DeepCube, NanoFabrica, Essemtec, Global Inkjet and Formatec. They don't seem to have been integrated very well, given their revenue growth has really deteriorated under Nano's leadership. All those companies had gross margins of between -- I believe it was 55% to 60% as reported by Nano, but Nano just reported a gross margin of 48.2% this quarter. So the synergies didn't seem to really materialize there either.

我想更了解這裡的併購理由。過去五項收購包括 DeepCube、NanoFabrica、Essemtec、Global Inkjet 和 Formatec。鑑於他們的收入成長在 Nano 的領導下確實惡化了，他們似乎沒有很好地整合。所有這些公司的毛利率都在這之間——我相信 Nano 報告的毛利率是 55% 到 60%，但 Nano 本季剛剛報告的毛利率為 48.2%。因此，協同效應似乎也沒有真正實現。

So for Markforged and Desktop Metal, I think right now they're experiencing negative revenue growth, and they have a gross margin profile that is actually below what Nano currently has. And they continue to burn astronomical amounts of investor cash and are, therefore, on the verge of bankruptcy. So how does it make any sense to be acquiring these businesses with investor cash? I think in your presentation, you said the rationale seems to be the low sales multiple. But if we look at a company like Spirit Airlines, which had billions of dollars in revenue and just file for bankruptcy, it's clear that, that method doesn't work very well. A low multiple doesn't seem to be enough to justify buying a cash burning business. In addition to that, I think you're defining net cash burn as --

因此，對於 Markforged 和 Desktop Metal，我認為他們目前正在經歷收入負增長，而且他們的毛利率實際上低於 Nano 目前的水平。他們繼續消耗大量投資者現金，因此瀕臨破產。那麼，用投資者的現金收購這些企業有何意義呢？我認為在您的演講中，您說原因似乎是銷售倍數較低。但如果我們看看像精神航空這樣擁有數十億美元收入卻剛申請破產的公司，很明顯，這種方法並不奏效。低本益比似乎不足以證明購買燒錢企業的合理性。除此之外，我認為您將淨現金消耗定義為--

Sir, what's the question?

先生，請問有什麼問題嗎？

Yes. So the question here is how is Nano doing what's best for shareholders? The stock hasn't provided any return for shareholders, and it continues to trade below cash at a negative enterprise value --

是的。所以這裡的問題是 Nano 如何做對股東最有利的事？該股票沒有為股東提供任何回報，且其交易價格繼續低於現金，企業價值為負--

So that's the question?

那麼問題來了？

So why do you continue employing a strategy that isn't working well for shareholders? And why are you defining your net cash burn in a way that makes it look better than it actually is in an effort to almost confuse shareholders?

那麼，為什麼你繼續採取對股東來說效果不佳的策略呢？為什麼你要以一種看起來比實際情況更好的方式來定義你的淨現金消耗，幾乎讓股東感到困惑？

First of all, everything you said about the six acquisitions of Nano in the beginning was wrong, false, lack information, not understanding financial statement, not being able to be sophisticated investor. Those companies had lower gross margins when we bought them, had lower revenue when we bought them. All the companies other than DeepCube which we never intended to grow its revenue because it didn't have revenue. We bought it only as a technology, grew the revenue and the combined revenue, I said 10x, we grew 29% in organic growth on the first six, seven acquisitions. So that's the first point where you don't know what you're talking about.

首先，你一開始所說的關於Nano的六次收購的一切都是錯誤的、虛假的、缺乏資訊、不了解財務報表、無法成為成熟的投資者。當我們收購這些公司時，它們的毛利率較低，當我們收購它們時，它們的收入也較低。除 DeepCube 之外的所有公司我們從未打算增加其收入，因為它沒有收入。我們購買它只是作為一項技術，增加了收入和綜合收入，我說的是 10 倍，在前六、七次收購中，我們的有機增長增長了 29%。所以這是第一點，你不知道自己在說什麼。

Point number two, the two companies we are acquiring now is true that they are not performing well. But the business of mergers and acquisitions, which is my personal business for the last 30 years, is knowing what really you're acquiring and can you create synergies and acquisitions by that, improving the performance of the company you're acquiring and you're acquiring a set of more than 1,000 customers of the two companies, you're acquiring set of more than 10 technologies, which are very advanced, nonexisting in other players in the industry.

第二點，我們現在收購的兩家公司確實表現不佳。但併購業務是我過去 30 年的個人業務，它是了解您真正要收購的是什麼，以及您能否透過收購創造協同效應和收購，從而提高您所收購的公司和您的業績。了兩家公司的1000 多個客戶，你就收購了10 多項技術，這些技術非常先進，是業內其他公司所不存在的。

And you're acquiring them and reinforcing and changing the management to focus on profitability and by the fact that you have three companies now focused in their headquarters in Boston and headquarters in Europe in one place, getting rid of a lot of facilities, getting rid of many -- not -- I shouldn't say getting rid -- reducing certain businesses that are not profitable enough and adjusting the number of employees to a number that is justified to a size of the company combining the three companies is the way you create value for shareholders. Because by now, you -- in spite of the fact that you paid low price per each company, you're creating higher returns for each low price you paid by merging them together properly.

你正在收購它們，加強和改變管理層，以專注於盈利能力，事實上，你現在擁有三個公司，他們的總部集中在波士頓，總部在歐洲集中在一個地方，擺脫了很多設施，擺脫了許多- 不- 我不應該說擺脫- 減少某些盈利能力不足的業務，並將員工人數調整到與這三個公司合併的公司規模合理的數量，這是你的方式為股東創造價值。因為到目前為止，儘管您為每家公司支付了低廉的價格，但透過將它們正確地合併在一起，您為您支付的每個低價創造了更高的回報。

So this is the second point where you demonstrated lack of knowledge and principles and the fact that you give me an example of Spirit Airlines, I'll tell you something else. First of all, before I tell you this, the gross margins you mentioned of the company do not fit the gross margin of Nano. And minute before, you said the gross margin of Nano didn't grow.

所以這是你表現出缺乏知識和原則的第二點，事實上你給我舉了精神航空公司的例子，我會告訴你一些別的東西。首先，在我告訴你之前，你提到的公司的毛利率與Nano的毛利率不符。就在幾分鐘前，您還說 Nano 的毛利率沒有成長。

Now you said the gross margin of Nano is higher than those companies. This is not true either. If Markforged and the gross margin, which is close to 50%, which is exactly like the gross margin of Nano, and we are going to take it higher. It is true that Desktop Metal with the average gross margin that they have is lower because they have different kind of businesses, some of them with too low gross margins.

現在你說Nano的毛利率比那些公司高。這也不是真的。如果Markforged的毛利率接近50%，這與Nano的毛利率完全一樣，我們會採取更高的水平。確實，Desktop Metal的平均毛利率較低，因為他們的業務種類不同，其中一些業務的毛利率太低。

Those are the businesses that we're going to stop either if we don't improve the gross margins, we'll get out of those businesses and continue with the businesses that fit gross margin as that goes beyond and above 50%. Last example you gave me, Spirit Airlines was losing or whatever. I don't even know how you get to an airline from an industrial business, let me tell you something.

如果我們不提高毛利率，我們將停止這些業務，我們將退出這些業務，並繼續開展適合毛利率的業務，因為毛利率超過 50%。你給我的最後一個例子是精神航空正在失敗或其他什麼。我甚至不知道你是如何從工業企業轉到航空公司的，讓我告訴你一些事情。

Continental Airlines were not performing so well. Continental Airlines, you remember them, they merged with United after the merger, the combined performed very well. The reason is when you combine company, change the management, change the strategy, you justify the merger both to yourself as a company and to your shareholders. Thank you very much. Next question.

美國大陸航空的表現就沒那麼好。大陸航空，你還記得他們嗎，他們和聯合航空合併之後，合併後表現非常好。原因是當你合併公司、改變管理階層、改變策略時，你向你自己作為公司和你的股東證明合併是合理的。非常感謝。下一個問題。

(Operator Instructions)

（操作員說明）

With no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to the company for any closing remarks.

沒有其他問題了，我們的問答環節就結束了。我想將會議轉回公司進行閉幕致詞。

In closing, I want to thank you again for participating in the conference today. Thank you for your questions. Very interesting questions. Some of them gave me especially the last one, an opportunity to go through a business school and basic business principles of how mergers and acquisitions can add value to shareholders. So thank you very much for the last question.

最後，我要再次感謝大家參加今天的會議。謝謝您的提問。非常有趣的問題。其中一些給了我特別是最後一個機會，讓我有機會去商學院學習，了解併購如何為股東增加價值的基本商業原則。非常感謝您提出最後一個問題。

This was very helpful for me. And I promise you, shareholders that I have been working for the last year without a salary. Actually, it's 1.25 years because my salary was not approved by the people north -- some of this north of the border activists that refused to approve my salary. So I work with no salary. My upside is hold the shares and being a shareholder like all of you.

這對我很有幫助。我向股東保證，我去年一直在無薪工作。事實上，這是1.25年，因為我的薪水沒有得到北部人民的批准——一些北部邊境的活動人士拒絕批准我的薪水。所以我沒有薪水工作。我的好處是持有股份並像你們一樣成為股東。

And I trust and convinced that the right to work on acquisitions by taking companies that have assets and values but are not performing well necessarily because of performance of management together and doing the right things will add value to you as shareholders more than what you or somebody thinks is the share value or the cash under the share, which is by now $2.50 while the share is traded at $2.1 to $2.2.

我相信並堅信，透過收購擁有資產和價值但由於管理層共同表現而表現不佳的公司並做正確的事情，進行收購的權利將為您作為股東增加比您或其他人更多的價值認為是股票價值或股票下的現金，目前為2.50 美元，而股票交易價格為2.1 至2.2 美元。

So we actually have a business coming into being $340 million business which will be valued based on its performance and the share will be valued much more than $2.1 and $2.2 or the cash under the share. That's my plan, that's my plan for myself because I'm making money based on the share I'm holding, and I did not receive from the company any free equity.

因此，我們實際上擁有一家價值 3.4 億美元的企業，該企業將根據其業績進行估值，而股票的價值將遠高於 2.1 美元和 2.2 美元或股票下的現金。這就是我的計劃，這就是我為自己制定的計劃，因為我是根據我所持有的股票賺錢的，而且我沒有從公司獲得任何自由股權。

And I hope that you shareholders will join us in this trail and travel towards success. Thank you very much.

希望各位股東能夠與我們一起踏上這條路，走向成功。非常感謝。

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 的季度財報電話會議。您現在可以斷開連線。