Nano Dimension Ltd (NNDM) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen, Welcome to Nano Dimension's 2024 financial results and shares 2025 strategic outlook call. My name is Rocco, and I'm your operator for today's event. On the call with us today are Ofir Baharav, Chief Executive Officer; Assaf Zipori, Chief Financial Officer; and Julien Lederman, Chief Business Officer.

女士們、先生們，大家好，歡迎參加 Nano Dimension 2024 年財務業績和 2025 年策略展望電話會議。我叫 Rocco，是今天活動的接線生。今天與我們通話的是執行長 Ofir Baharav； Assaf Zipori，財務長；以及首席商務長 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.

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發表的陳述。如果您尚未收到新聞稿的副本，請在公司網站的投資者關係部分查看。

A replay of today's call will also be available on the Investor Relations section of the company's website. Ofir will begin the call with a business update, followed by a question-and-answer session, at which time, the management team will answer questions. Please also note today's conference is being recorded.

今天的電話會議重播也將在公司網站的投資者關係部分提供。Ofir 將在電話會議開始時介紹業務進展，然後進入問答環節，屆時管理團隊將回答問題。另請注意，今天的會議正在錄音。

I would now like to turn the call over to Nano Dimension's CEO, Ofir Baharav. Ofir, please go ahead.

現在我想將電話轉給 Nano Dimension 的執行長 Ofir Baharav。奧菲爾，請繼續。

Good morning, and good afternoon. Thank you for joining Nano Dimension's 2024 financial results and 2025 outlook call. Please allow me to set the stage for today's presentation. We'll review our 2024 milestones and results, discuss the focus and transformation created by the recently appointed Board and leadership team. We know there is strong interest in our recent acquisitions and buyback plan, and we're ready to dive in.

早安，下午好。感謝您參加 Nano Dimension 2024 年財務業績和 2025 年展望電話會議。請允許我為今天的演講做好準備。我們將回顧 2024 年的里程碑和成果，討論最近任命的董事會和領導團隊所創造的重點和轉變。我們知道大家對我們最近的收購和回購計畫很感興趣，我們已準備好全力投入。

Joining me today are Julien Lederman, our Chief Business Officer; and Assaf Zipori, our new Chief Financial Officer. Julien has been with Nano for over four years and served as interim CEO for December to April. He's been central to our transformation efforts and will continue leading Investors Relations.

今天與我一起出席的還有我們的商務長 Julien Lederman；以及我們的新任財務長 Assaf Zipori。朱利安已在 Nano 工作四年多，並於 12 月至 4 月期間擔任臨時執行長。他是我們轉型工作的核心，並將繼續領導投資者關係。

Assaf joins us from Markforged, where he was CFO. He brings deep financial and domain expertise and strengthens our ability to make decisive decisions. Together, we, along with other executives from all companies, are committed to disciplined execution and long-term value creation.

阿薩夫 (Assaf) 在加入我們之前曾擔任 Markforged 的​​財務長。他帶來了深厚的財務和領域專業知識，增強了我們做出果斷決策的能力。我們與所有公司的其他高階主管一起致力於嚴格執行和長期價值創造。

We are a leader in digital manufacturing. We partner with industry leaders in the design to manufacturing of high-performance, high-value parts. We are changing the way the world designs and manufactures these parts, enabling superior parts, parts with greater complexity without adding costs at the point of consumption and often with unprecedented mechanical properties, such as the magic of reducing a parts' weight while increasing its strength. Innovating at the intersection of software, machine learning, material science and hardware. We are able to create superior parts magic and unlock significant parts value and drive shareholder return.

我們是數位化製造領域的領導者。我們與產業領導者合作，設計並製造高性能、高價值的零件。我們正在改變世界設計和製造這些零件的方式，從而能夠製造出更優質的零件，更複雜的零件，而不會在消費點增加成本，並且通常具有前所未有的機械性能，例如在增加零件強度的同時減輕其重量的神奇效果。在軟體、機器學習、材料科學和硬體的交叉領域進行創新。我們能夠創造卓越的零件魔力，釋放重要的零件價值並推動股東回報。

To create superior parts, we're reinventing manufacturing solutions. Our unwavering vision is on producing high-value, high-performance components with significant growth potential, and we are well capitalized to accelerate our market penetration and innovate to deliver premium technologies to meet the underlying demand trends that are enhanced by the ongoing trade challenges.

為了製造優質零件，我們正在重新發明製造解決方案。我們堅定不移的願景是生產具有巨大成長潛力的高價值、高性能組件，並且我們擁有充足的資本來加速我們的市場滲透，並進行創新以提供優質的技術，以滿足持續的貿易挑戰所增強的潛在需求趨勢。

2024 was a year of transformation. Shareholders demand the change. With new leadership in place, we are delivering change, focusing on disciplined fundamentals.

2024年是轉型的一年。股東要求做出改變。隨著新領導層的到位，我們正在推動變革，並專注於嚴謹的基本原則。

First, customer-driven services and innovation. This means we exit noncore products and strictly focus on products capable of making high-performance, high-value superior parts. Second, pursuit of best-in-class financial metrics. This has already helped us reduce OpEx by over $20 million in annual savings from the organic Nano business. Third, we are bringing our products and financial discipline to how we think about further investments.

第一，以客戶為導向的服務與創新。這意味著我們退出非核心產品，嚴格專注於能夠製造高性能、高價值優質零件的產品。第二，追求一流的財務指標。這已經幫助我們從有機奈米業務中節省了每年超過 2000 萬美元的營運支出。第三，我們將把我們的產品和財務紀律融入我們對進一步投資的思考中。

I've spent the last several weeks visiting nearly every site across the company as well as those of Desktop Metal and Markforged. I've met with countless colleagues at all levels of the organization, and I'm impressed by the talent and domain expertise across the board. I have participated in multiple products and go-to-market reviews and I've gained insights into where we can grow, reduce cost, and unlock greater value.

過去幾週，我幾乎造訪了公司所有網站以及 Desktop Metal 和 Markforged 的​​網站。我與該組織各個級別的無數同事會面，他們的才華和領域專業知識給我留下了深刻的印象。我參與了多個產品和上市評審，並深入了解了我們可以在哪些方面發展、降低成本並釋放更大的價值。

Most importantly, I've been energized by our technologies differentiation, our unique capabilities, and our passion for the creation of cost-effective, high-performance, high-value superior parts. This has only increased my excitement in our future. We are at the point of transformation with the changes already in motion to unlock our full potential.

最重要的是，我們的技術差異化、我們獨特的能力以及我們對創造具有成本效益、高性能、高價值的優質零件的熱情激發了我的活力。這只會增加我對我們的未來的興奮。我們正處於轉型期，變革已在進行中，以釋放我們的全部潛力。

In summary, we transformed Nano. And now we are scaling that success. We only began executing our transformation in January. We emphasize capital discipline and product liability. We've reduced annualized operating costs of our core Nano business by $20 million. And we are applying that disciplined investment approach to Desktop Metal and Markforged.

綜上所述，我們改造了 Nano。現在我們正在擴大這項成功。我們從一月才開始實施轉型。我們強調資本紀律和產品責任。我們將核心奈米業務的年度營運成本降低了 2,000 萬美元。我們正在將這種嚴謹的投資方式應用於 Desktop Metal 和 Markforged。

Before getting further into those details, Assaf will provide you with a recap of our 2024 results.

在進一步了解這些細節之前，阿薩夫將向您回顧我們的 2024 年表現。

Thank you, Ofir. Looking at our results, revenue reached $57.8 million, up 2.6% year over year. Adjusted EBITDA loss improved by 35% to $65.2 million. Net cash burn declined by a factor of 3.6%, excluding the impact of the buyback. We also finished the year with $845 million in cash, cash equivalents, and marketable securities.

謝謝你，奧菲爾。從我們的業績來看，營收達到 5,780 萬美元，年增 2.6%。調整後的 EBITDA 虧損改善了 35%，達到 6,520 萬美元。不計回購的影響，淨現金消耗下降了 3.6%。我們也以 8.45 億美元的現金、現金等價物和有價證券結束了這一財政年度。

I would also like to share preliminary Q1 2025 financial highlights. Revenue was $14.4 million, which is 8% higher than Q1 '23. Cash, cash equivalents, and marketable securities were $840 million as of March 31, 2025. Again, these are preliminary estimates. Actual results may vary. Furthermore, our Q1 2025 results do not include our most recent acquisitions, which closed in Q2 of 2025.

我還想分享 2025 年第一季的初步財務亮點。營收為 1,440 萬美元，比 23 年第一季高出 8%。截至 2025 年 3 月 31 日，現金、現金等價物及有價證券為 8.4 億美元。再次強調，這些都是初步估計。實際結果可能有所不同。此外，我們的 2025 年第一季業績不包括我們最近的收購，這些收購於 2025 年第二季完成。

Now looking at our sales. Despite a Purchasing Managers Index or PMI below 50, a bearish macro indicator, we posted positive sales growth. That is meaningful. As sentiment improves, we are positioned to capture more upside, especially with our refocused strategy.

現在看看我們的銷售情況。儘管採購經理人指數（PMI）低於 50（這是一個看跌的宏觀指標），但我們的銷售額仍實現了正成長。這很有意義。隨著情緒的改善，我們有能力獲得更多的上行空間，特別是透過重新調整策略。

This is further supported by a global trade policy that is forcing manufacturers to take a hard look at their business and supply chains. Nano Dimension is well positioned to assist. In looking at our operating expenses, we began to lower operating expenses and will continue to drive efficiency.

全球貿易政策進一步支持了這一點，迫使製造商認真審視其業務和供應鏈。Nano Dimension 已做好充分準備來提供協助。在審視我們的營運費用時，我們開始降低營運費用並將繼續提高效率。

This isn't just about innovation. It's about doing it right, no more bloated teams or unchecked spending. Efficiency matters. We have already made big changes and we don't plan to stop. Shareholders asked for change and leadership is delivering. It starts with disciplined leadership that prioritize forthrightness and trust with investors. We employ a disciplined strategy that is synergistic. No more sporadic acquisitions.

這不僅僅是關乎創新。關鍵在於正確地做事，不再有臃腫的團隊或不受控制的支出。效率很重要。我們已經做出了重大改變，並且不打算停止。股東要求變革，而領導階層正在履行這項要求。首先要有嚴謹的領導階層，優先考慮對投資人的坦率和信任。我們採用具有協同效應的嚴謹策略。不再進行零星收購。

We execute to a disciplined operating model where each capital allocation and cost line is measured against best-in-class metrics and must face uncompromising scrutiny and ROI justification. And finally, disciplined forecasting that helps investors understand our accomplishments, risks, and outlook. We have assembled a Board and a management team that have common shared values and a zeal to be a profitable, highly disciplined, customer-focused organization.

我們執行嚴格的營運模式，其中每項資本分配和成本線都根據一流的指標進行衡量，並且必須接受嚴格的審查和投資回報率論點。最後，嚴謹的預測可以幫助投資人了解我們的成就、風險和前景。我們組建了一個董事會和管理團隊，他們擁有共同的價值觀，並熱衷於成為一個盈利的、高度自律的、以客戶為中心的組織。

Julien, please share our transformation framework.

Julien，請分享我們的轉型框架。

Our playbook has four steps: assess, transform, invest, and grow. We evaluate every area of the business through this lens and only invest where there's a clear path to profitable ROI-driven growth. In looking at the pillars of our assessments, we assess product lines and the operating model. Every offering must have a competitive advantage and be a category leader and have a defensible position against low-cost competition, particularly from the Far East. These products must have growth potential and certainly in ROI for shareholders.

我們的劇本有四個步驟：評估、轉變、投資和發展。我們透過這個視角評估業務的每個領域，並且只在有明確的途徑實現由投資回報率驅動的盈利增長的地方進行投資。在審視評估支柱時，我們會評估產品線和營運模式。每項產品都必須具有競爭優勢，成為品類領導者，並在低成本競爭中（尤其是來自遠東的競爭）佔據有利地位。這些產品必須具有成長潛力，並且肯定能為股東帶來投資回報。

We come through our operating model, challenged excessive G&A and management overhead, broke down silos, especially in sales and marketing, and realigned the organization around the customer. We overhauled our structure -- less hierarchy, more execution, faster innovation.

我們透過我們的營運模式，挑戰了過高的一般及行政費用和管理費用，打破了孤島，特別是在銷售和行銷方面，並圍繞客戶重新調整了組織。我們徹底改革了我們的結構——減少層級，提高執行力，並加快創新。

During our first quarter on the job, we acted decisively, staying true to our vision. We exited Admatec, DeepCube, Fabrica and Formatec. We refocused the product roadmap and go-to-market of our printed electronics group, AME; and surface-mounted technology group, Essemtec.

在工作的第一個季度，我們採取果斷行動，堅持我們的願景。我們退出了 Admatec、DeepCube、Fabrica 和 Formatec。我們重新調整了印刷電子集團 AME 的產品路線圖和市場定位；以及表面貼裝技術集團 Essemtec。

We realigned our go-to-market around the customers, regions of operations and customer cultures. This is coming after a disciplined, data-driven reduction in management, G&A, and marketing.

我們根據客戶、營運區域和客戶文化重新調整了我們的行銷策略。這是在管理、一般行政費用和行銷方面進行有紀律的、數據驅動的削減之後發生的。

Importantly, this did not sacrifice revenue. Discipline and focus are paying off by reducing our operating expenses by $20 million annually from Q4 onwards, while also increasing our revenue per employee from $147,000 to $223,000. This is a 52% gain for our core business from chaos to control.

重要的是，這並沒有犧牲收入。自第四季度起，紀律和專注力得到了回報，我們每年的營運費用減少了 2,000 萬美元，同時每位員工的收入也從 147,000 美元增加到了 223,000 美元。這是我們的核心業務從混亂到可控的 52% 的成長。

In summary, we're shifting from chaos to discipline. Our cost reductions came on the back of three principles: one, clear strategy and focus on differentiated high-performance high-value, superior parts; two, synergizing fractured structures resulting in; three, formerly a bloated cost structure now materially reduced.

總而言之，我們正從混亂走向有序。我們的成本削減基於三個原則：一、明確的策略，專注於差異化的高性能、高價值、優質的零件；二、協同破碎結構，產生；三、原先臃腫的成本結構已大幅縮減。

About Markforged and Desktop Metal. We're now looking critically at Desktop Metal and Markforged. Each company has its challenges. Markforged has its share of operational cost issues that must be addressed. But I would like to focus on the elephant in the room: Desktop Metal.

關於 Markforged 和 Desktop Metal。我們現在正在嚴格審查 Desktop Metal 和 Markforged。每個公司都有自己的挑戰。Markforged 也存在一些必須解決的營運成本問題。但我想集中討論一個顯而易見的問題：Desktop Metal。

We were required by the Delaware court to close Desktop Metal acquisition and we honored that obligation, paying out nearly $180 million to Desktop Metal stockholders. We have commenced our ongoing strategic review of this investment. It should be clear to anyone looking at Desktop Metal's situation that the company has very limited liquidity and significant liabilities, including $115 million in outstanding convertible notes, all incurred prior to our acquisition.

特拉華州法院要求我們完成對 Desktop Metal 的收購，我們也履行了該義務，向 Desktop Metal 股東支付了近 1.8 億美元。我們已經開始對這項投資進行持續的策略性審查。任何關注 Desktop Metal 情況的人都應該清楚，該公司的流動性非常有限，負債累累，包括 1.15 億美元的未償還可轉換票據，所有這些都是在我們收購之前產生的。

As the notes indenture requires, this documental is offering to repurchase the notes by June 11, 2025, for the principal amount plus accrued interest. Desktop Metal does not now have the liquidity or financing commitments necessary to make that repurchase or satisfy other material liabilities, liabilities that are obligations of Desktop Metal, not Nano Dimension.

根據票據契約的要求，該文件提議在 2025 年 6 月 11 日之前以本金加上應計利息回購票據。Desktop Metal 目前沒有必要的流動性或融資承諾來進行回購或償還其他重大負債，這些負債是 Desktop Metal 的義務，而不是 Nano Dimension 的義務。

As has been announced, Desktop Metal is running its own independent process to evaluate all of its available strategic alternatives to address its liabilities and liquidity needs. Desktop has engaged its own advisers to assist in this process and added an independent director to its Board. While we have provided limited secured financing to Desktop Metal to help address its short-term liquidity needs and allow it to run its strategic process, we can't give any assurances about the outcome of that process or our consideration of whether or not in what amounts to provide additional financing.

正如已經宣布的那樣，Desktop Metal 正在運行自己的獨立流程來評估其所有可用的策略替代方案，以解決其負債和流動性需求。Desktop 已聘請自己的顧問來協助這一過程，並在其董事會中增加了一名獨立董事。雖然我們已向 Desktop Metal 提供了有限的擔保融資，以幫助解決其短期流動性需求並使其能夠運行其戰略流程，但我們無法對該流程的結果或是否提供額外融資的考慮做出任何保證。

As the Desktop Metal process continues, we will respond consistently with our guiding principles, maintaining our financial strength and limiting investments to opportunities that drive profitable growth and increase margins. We expect to have additional clarity regarding the Desktop process by the end of June.

隨著 Desktop Metal 流程的持續，我們將始終如一地遵循我們的指導原則，保持我們的財務實力，並將投資限制在能夠推動獲利成長和提高利潤率的機會上。我們期望在六月底之前對桌面流程有更清晰的了解。

We remain committed to keeping you closely informed on the progress of your company. Our strategic assessment is well underway and will remain an active focus. As this work advances, we will continue to provide shareholders with clear updates on our strategy and path forward.

我們將繼續致力於讓您密切了解貴公司的進展。我們的策略評估正在順利進行，並將繼續積極關注。隨著這項工作的進展，我們將繼續向股東提供有關我們的策略和前進道路的清晰更新。

I want to close with a reminder of what excites us so much. We are primed to meet the digital manufacturing sector. We have tailwinds supporting us as customers require rapid manufacturing, reshoring, supply chain resilience, IP security, and sustainability. We're focused on the right places, market-leading systems for high-value, high-growth superior parts.

最後，我想回顧一下令我們如此興奮的事情。我們已做好準備迎接數位製造業。由於客戶需要快速製造、回流、供應鏈彈性、智慧財產權安全和永續性，因此我們擁有支持我們的順風。我們專注於正確的領域、市場領先的高價值、高成長優質零件系統。

We are concentrated where we need to be, serving key sectors, aerospace and defense, automotive, electronics, and medical. We are managed responsibly. We have a strong capital base that enables us to think long term, allowing us to act strategically.

我們專注於我們需要的領域，服務於航空航太和國防、汽車、電子和醫療等關鍵領域。我們以負責任的方式進行管理。我們擁有強大的資本基礎，這使我們能夠進行長遠思考並採取策略行動。

In closing, I would like to leave you with one thought. Solving the manufacturing challenges of advanced complex parts matters. It matters in aerospace and defense. It matters in automotive. It matters in electronics, and it matters in medical. This is what we do best.

最後，我想給你們留下一個想法。解決先進複雜零件的製造難題至關重要。這在航空航太和國防領域很重要。這對於汽車產業來說很重要。它在電子領域很重要，在醫療領域也很重要。這是我們最擅長的。

We now have the most advanced array of technologies and the scale for vast R&D, sales and G&A synergies. And we focus and discipline, we have the foundation for growth and value creation. If you believe the world needs advanced manufacturing solutions for complex superior parts, your company is in the right position to lead and create value for shareholders.

我們現在擁有最先進的技術以及龐大的研發、銷售和一般及行政綜效的規模。我們專注且自律，我們擁有成長和創造價值的基礎。如果您相信世界需要先進的製造解決方案來生產複雜優質的零件，那麼您的公司就處於引領地位並為股東創造價值。

With that, we're happy to take your questions. Thank you for your time and continued support.

我們很樂意回答您的問題。感謝您的時間和持續的支持。

(Operator Instructions) Greg Palm, Craig-Hallum Capital Group.

（操作員指示）Craig-Hallum Capital Group 的 Greg Palm。

I guess just digging into the strategic vision a bit more, maybe you can expand on some of these priorities. I mean, are you going to be a company focused on growth or profitability? I know you can be both, but just kind of curious what the bigger focus area is, at least in the near term here.

我想，只要進一步深入研究策略願景，也許您就可以擴展其中的一些優先事項。我的意思是，你們會成為一家專注於成長還是獲利的公司？我知道你可以兩者兼顧，但我只是有點好奇更大的關注領域是什麼，至少在短期內。

Greg, it's Julien here. Thanks for the question. As we're trying to consistently say because it's consistently what's driving us, we have to be focused on growth and profitability. It's really that duality. It's balancing those two constantly. It's focusing on the technologies that we feel can grow, but not just growing because we're pumping a lot of sales and marketing dollars into it, but because it's a technology that's really solving a problem and has future potential.

格雷格，我是朱利安。謝謝你的提問。正如我們一直試圖說的那樣，因為這是始終推動我們前進的動力，所以我們必須專注於成長和獲利。這確實是一種二元性。它不斷地平衡這兩者。它專注於我們認為可以發展的技術，但不僅僅是因為我們投入了大量的銷售和行銷資金而實現發展，而是因為它是一項真正解決問題並具有未來潛力的技術。

And all while we're doing that, we'll manage it responsibly and make sure that we're managing the costs while we're trying to support the business to grow. And it ultimately has to be on the path to delivering profitability. It is really about that duality. We have to acknowledge we're in a different market environment than three, four, five years ago. This is the environment that we're in, and we need to build a sustainable business not just, of course, sustainable in the green sense, but in the business model sense. And that means we have to be profitable.

在我們這樣做的同時，我們會負責任地進行管理，並確保在努力支持業務成長的同時管理成本。而它最終必須走上獲利之路。這確實與二元性有關。我們必須承認，我們現在所處的市場環境與三、四、五年前不同。這就是我們所處的環境，我們需要建立永續發展的業務，當然，這不僅是綠色意義上的永續發展，也是商業模式意義上的永續發展。這意味著我們必須獲利。

Yeah, makes sense. And as you look across your portfolio of assets today, I mean, what do you think gives yourself an advantage under this whole digital manufacturing opportunity? Is there anything missing, whether that's certain technologies within additive, anything outside additive specifically?

是的，有道理。當您審視現今的資產組合時，您認為在整個數位製造機會下什麼能為您帶來優勢？是否缺少了什麼，無論是添加劑內的某些技術，還是添加劑以外的任何技術？

Another good question, Greg. Thank you. I think one of the things that gets us the most excited here is software. It's the software that brings it together. I think the future of this industry will be not all that dissimilar from the 2D printing industry, where the printers became somewhat in the background, and it's about the software.

另一個好問題，格雷格。謝謝。我認為最讓我們興奮的事情之一就是軟體。軟體將它們整合在一起。我認為這個行業的未來與 2D 列印產業並沒有什麼不同，在 2D 列印產業中，印表機在某種程度上已經處於背景地位，而關鍵在於軟體。

I would like to highlight, I think all companies, Nano and Markforged, have great software, but Markforged particularly has a great software platform. And we knew about it before. We've learned a lot more about it since we've been one company. And we're really seeing opportunities in leveraging that software platform in ways that we already know are pretty exciting, and we think those will hopefully translate to results in the not-too-far future.

我想強調的是，我認為所有公司，包括 Nano 和 Markforged，都擁有出色的軟體，但 Markforged 尤其擁有出色的軟體平台。我們之前就知道了。自從我們成為一家公司以來，我們對此有了更多的了解。我們確實看到了利用該軟體平台的機會，這些機會我們已經知道是非常令人興奮的，我們認為這些機會有望在不久的將來轉化為成果。

And that was going to be my last question. It was segueing into Markforged, but curious if you can just sort of comment on what the potential synergies would look like either on a cost or revenue side, assuming that stays in the portfolio?

這是我的最後一個問題。它正在過渡到 Markforged，但我很好奇您是否可以評論一下，假設它保留在投資組合中，那麼在成本或收入方面，潛在的協同效應會是什麼樣的？

Sorry, Greg, can you say the question again?

抱歉，格雷格，你能再說一次這個問題嗎？

Yeah. Can you comment on the synergy potential with Markforged, both on a cost and a revenue basis, assuming that stays in the portfolio?

是的。假設 Markforged 保留在投資組合中，您能否從成本和收入的角度評估與 Markforged 的​​協同潛力？

Yeah, we're not -- at this point, we're not going to put financial numbers on the synergies as we're still really, really diving into the business. But at the end of the day, we focus a lot on the same customers. We are driven by this software-first idea. There is just a ton of organizational synergies to really achieve here. So we're going to be working hard on that.

是的，目前我們不會公佈協同效應的財務數字，因為我們仍在深入研究業務。但最終，我們的注意力主要集中在同一批客戶身上。我們受到「軟體優先」理念的驅動。這裡確實需要實現大量的組織綜效。所以我們會為此努力。

[Jeff Reins, Smallcap LLC].

[Jeff Reins，Smallcap LLC]。

Appreciate all the insight and the new direction of the leadership and the vision. Obviously, for long-term shareholders who are part of the past regime, the elephant in the room is the share price. I know you guys don't -- didn't have control over that, but many of us, including our firm, we're deep underwater.

感謝領導階層的所有見解和新方向以及遠見。顯然，對過去政權的長期股東來說，最令人關注的問題就是股價。我知道你們無法控制這一點，但我們中的許多人，包括我們公司，都陷入了困境。

Full transparency, we're in about $6, down a couple of million dollars. We're in negative enterprise value. Our forecast stock should be around $6 to $8. How do we get investors, Israeli firms, other capital firms to start reinvigorating and get excited to invest at stock at $1.50? It's horrible at this point.

完全透明地說，我們的損失約為 6 美元，下降了幾百萬美元。我們的企業價值為負。我們預測的庫存應該在 6 至 8 美元左右。我們如何讓投資者、以色列公司和其他資本公司開始重新振作並對以 1.50 美元的價格投資股票感到興奮？此時的情況非常可怕。

So how do we get that excitement back into the company? It's great for all these things that you say. We're all for it. But without that momentum and without that vision that you guys want to put out there and you get that message out to a broader class outside of retail and small capital firms like myself, we're going to be stuck in this area. So how do we get big investors excited about this?

那麼，我們該如何讓公司重新充滿這種熱情呢？您說的這些話都很棒。我們都贊成。但是，如果沒有這種動力，沒有你們想要提出的願景，沒有你們將這一訊息傳達給零售和像我這樣的小型資本公司之外的更廣泛的階層，我們就會陷入困境。那我們要如何讓大投資者對此感到興奮呢？

And then my second question is scaling up, how do we get the message out to the EV industry, to the medical industry, where we can start to get large contracts from those Fortune 100 companies, kind of get that day-to-day business, those large orders, that repeat business that keeps on funneling the pipeline as you wish?

我的第二個問題是擴大規模，我們如何將信息傳達給電動汽車行業、醫療行業，以便我們可以開始從財富 100 強公司獲得大合同，獲得日常業務、大訂單、以及持續按您的意願引導渠道的重複業務？

And then third question, DQ and the other noncore, was there any talk about trying to sell them off or there was just no value in there, wasn't even worth the time? So I appreciate everything you guys do and hope you guys can turn everything around for our shareholders. Thank you.

然後是第三個問題，DQ 和其他非核心業務，是否談論過試圖出售它們，或者它們根本沒有價值，甚至不值得花時間？所以我感謝你們所做的一切，並希望你們能夠為我們的股東扭轉一切。謝謝。

Jeff, thank you for the question. And there's a few questions there and particularly, appreciate your first one and concern there. I want to highlight, first and foremost, that we are all shareholders and we're very much lined in where we want the share to go.

傑夫，謝謝你的提問。這裡有幾個問題，特別感謝您提出的第一個問題和關注。首先，我想強調的是，我們都是股東，我們非常清楚自己希望股份的去向。

But to answer your first question about how do we get it up. Before I get into anything technical, I want to say it's about reestablishing trust. We have been on the road with shareholders since the Board changed over and a new management team came in. And it's safe to say that many shareholders, almost all, were very vocal about a loss of trust and the need to restore it.

但要回答你的第一個問題，我們如何才能實現這一點。在討論任何技術問題之前，我想說這是為了重建信任。自從董事會換屆、新管理團隊上任以來，我們一直與股東們一起前進。可以肯定地說，許多股東，幾乎所有股東，都直言不諱地表示信任的喪失以及恢復信任的必要性。

And we are doing that, and we'll continue to work on that. It's a constant effort, and we do not take that for granted, and we'll be ever focused on that. And to do things like that, it requires being transparent, providing clear milestones, hitting those milestones, being very open when something hasn't worked out, and we are committed to doing all of those things.

我們正在這樣做，我們將繼續努力。這是一項持續不斷的努力，我們不會認為這是理所當然的，我們將永遠專注於此。要做到這一點，就需要保持透明，提供明確的里程碑，實現這些里程碑，在事情沒有進展時保持非常開放的態度，我們致力於做到所有這些事情。

But with that said, and still on that question, our company is an exciting point of transformation. We think much of the market is just coming to learn from days like today what we have done. We have focused on certain products. We have moved away from others. We've reduced G&A. We've been super critical of management overhead, and we have improved organizational efficiency. This is how already in the last few months, we've reduced OpEx by $20 million.

但話雖如此，並且仍然圍繞著這個問題，我們的公司正處於一個令人興奮的轉型點。我們認為，大部分的市場只是從今天這樣的日子中學習我們所做的事情。我們專注於某些產品。我們已經遠離了其他人。我們減少了一般及行政開支 (G&A)。我們一直嚴格控制管理費用，並提高組織效率。在過去的幾個月裡，我們已經將營運支出減少了 2000 萬美元。

And I want to say there's certainly more to do, Jeff. We're busy diving in and we're finding more to do. And I'll close on at least on this question, after reviewing our business as much as we have recently, we are optimistic about our technologies and the future prospects that they have.

我想說，傑夫，還有很多事情要做。我們正忙於深入研究並尋找更多的事情要做。最後，我至少要回答這個問題，在最近對我們的業務進行了盡可能多的審查之後，我們對我們的技術及其未來前景感到樂觀。

On to your second question about getting repeat customers and big customers. I will say we have many of those same customers, and we are, yes, I would say, focus on deeper penetration to them and expanding the list of those kind of Fortune 500 and equivalent global companies. I think Markforged here presents an interesting opportunity in the fact that they have an installed base of 15,000 systems.

關於您的第二個問題，關於獲得回頭客和大客戶。我想說的是，我們有許多相同的客戶，是的，我想說，我們專注於更深入地滲透到這些客戶中，並擴大這些財富 500 強和同等全球公司的名單。我認為 Markforged 在這裡提供了一個有趣的機會，因為他們已經安裝了 15,000 個系統。

That means they have many, many customer relationships that are now Nano Dimension customer relationships and we can leverage those as a strategic platform to grow our business. We're definitely thinking like you are, the bigger customers with repeat business. And now, frankly, we have more products and services to sell them, and that has its advantages.

這意味著他們擁有許多客戶關係，這些客戶關係現在都是 Nano Dimension 的客戶關係，我們可以利用這些客戶關係作為策略平台來發展我們的業務。我們的想法絕對和您一樣，是擁有回頭客的大客戶。坦白說，現在我們有更多的產品和服務可以出售給他們，這有其優勢。

On your point about the discontinued businesses, we did look at divestment opportunities on all of them, right? That is our responsibility and our interest to shareholders to do so. After running processes there, we found that there wasn't an opportunity to do so, and we ultimately had to make a decision what is best for our shareholders. And I think we were very convinced that the best thing to do was discontinue as soon as possible after running that process. I hope I answered your question.

關於您提到的已停止的業務，我們確實考慮過所有這些業務的撤資機會，對嗎？這是我們的責任，也是我們對股東的利益。在那裡運行流程之後，我們發現沒有機會這樣做，最終我們必須做出對我們的股東最有利的決定。我認為我們非常確信，最好的方法就是在運行該流程後儘快停止。我希望我回答了你的問題。

(Operator Instructions) Jamison Lyngstad, Whitebox.

（操作員指示） Jamison Lyngstad，Whitebox。

Sorry if I missed it. Did you give a pro forma cash number, a current cash number adjusted for all the acquisitions?

如果我錯過了，很抱歉。您是否給出了備考現金數字，即針對所有收購調整後的當前現金數字？

No, we did not provide that at this point.

不，我們目前還沒有提供該服務。

Okay. And you can't provide it today? Or are you just not ready to?

好的。您今天無法提供嗎？還是你只是還沒準備好？

That's correct.

沒錯。

Okay. Perfect. That's great. Just thought I would ask. And then I'm a bit curious on -- and I know you guys are undergoing a strategic review. But with regards to your approach to Desktop Metal, are you guys -- is it in the end, preliminarily speaking, not finding value in the assets that are there? I mean, I understand you guys have acquired the business and set the check out right to the shareholders, but you guys are going to -- there's a bit of liability there. Is it that you're not finding value there or you're not -- you guys are going to sell the assets that you just acquired? Is there any sort of preliminary thoughts around how you're going to approach that?

好的。完美的。那太棒了。我只是想問一下。然後我有點好奇——我知道你們正在進行戰略審查。但關於你們對 Desktop Metal 的態度，你們——從初步來看，最終是否沒有發現那裡的資產的價值？我的意思是，我知道你們已經收購了這家公司，並將支票發放給了股東，但你們將會——承擔一些責任。是你們沒有發現那裡的價值，還是你們不打算出售剛剛獲得的資產？對於如何處理這個問題，您有什麼初步想法嗎？

So a few things to say here. Thanks for the question here. As we've noted, Desktop Metal has limited liquidity and significant liabilities. So that's something that should be called out. And these were incurred prior to the acquisition.

這裡我想說幾件事。感謝您在這裡提出的問題。正如我們所指出的，Desktop Metal 的流動性有限且負債巨大。所以這是值得呼籲的事。這些都是在收購前發生的事。

Desktop Metal is also -- they are running their own process. They have their own independent director and they have their own advisers trying to work through this process. Ultimately, we have to respect that process, maintain its independence, and we're waiting to see the results and see where we'll go from there and where they'll go from there.

Desktop Metal 也是——他們正在運行自己的流程。他們有自己的獨立董事，也有自己的顧問來努力完成這項流程。最終，我們必須尊重這一進程，保持其獨立性，我們正在等待結果，看看我們將走向何方以及他們將走向何方。

Thank you. And this concludes our question-and-answer session. I would like to turn the conference back over to the company for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給公司，以便發表結束語。

Thank you, everyone, for joining us today. This is Ofir again. I hope that having listened to us today, we have communicated clearly to you our commitment to profitability, our commitment to a strict focus and discipline on where we are planning to take this company.

感謝大家今天加入我們。這又是奧菲爾。我希望，透過今天的發言，我們能夠清楚地向你們傳達我們對盈利的承諾，以及我們對嚴格關注和紀律的承諾，以及我們計劃帶領公司走向何方的承諾。

We believe we have the technology, the hardware, the software, the machine learning, and the material science to become a dominant player in the field of manufacturing of superior parts. We just finished conducting regional reviews of our sales around the world and we are encouraged by seeing how -- and it was one of the questions that was asked today, how our focus on the most strategic customers in the world, in the defense, in medical, in automotive industries is delivering a return for us and is allowing us to not only lower the cost of sales, but also accelerate the penetration and increased utilization model of our machines. This will take time. It's a transformation, but we're seeing the yield.

我們相信，我們擁有技術、硬體、軟體、機器學習和材料科學，可以成為優質零件製造領域的主導者。我們剛剛完成了對全球銷售區域性的評估，我們很高興地看到——這是今天提出的問題之一，我們對世界上最具戰略意義的客戶，包括國防、醫療、汽車行業的客戶的關注如何為我們帶來回報，不僅讓我們降低了銷售成本，還加速了我們機器的滲透率和利用率的提高。這需要時間。這是一種轉變，但我們看到了成果。

With that, I want to thank everyone for today's call, and I look forward to speaking to many of you in calls over the next week or two. Thank you very much.

最後，我要感謝大家今天的來電，並期待在接下來的一兩週內與大家進行電話交談。非常感謝。

Thank you, sir. The conference has now concluded. Thank you for attending Nano Dimension's quarterly earnings conference call. You may now disconnect your lines and have a wonderful day.

謝謝您，先生。會議現已結束。感謝您參加 Nano Dimension 的季度財報電話會議。現在您可以斷開線路並享受美好的一天。