Nano Dimension Ltd (NNDM) 2025 Q2 法說會逐字稿

Good evening, and welcome to the Nano Dimension second-quarter 2025 financial results conference call. (Operator Instructions) Please note this event is being recorded.

晚上好，歡迎參加 Nano Dimension 2025 年第二季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Ms. Purva Sanariya, Director of Investor Relations. Please go ahead, ma'am.

現在，我想將會議交給投資者關係總監 Purva Sanariya 女士。請繼續，女士。

Thank you, and good evening, everyone. Welcome to Nano Dimension's second-quarter 2025 earnings conference call. Joining me today are our new CEO, Dave Stehlin; and our CFO, Assaf Zipori. John Brenton, our VP of Finance, will also be joining us for the Q&A session.

謝謝大家，晚上好。歡迎參加 Nano Dimension 2025 年第二季財報電話會議。今天與我一起出席的還有我們的新任執行長 Dave Stehlin 和財務長 Assaf Zipori。我們的財務副總裁約翰布倫頓 (John Brenton) 也將參加我們的問答環節。

Before we begin, I will remind you that certain information provided on this call may contain forward-looking statements. Forward-looking statements are not guarantees and involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

在我們開始之前，我要提醒您，本次電話會議中提供的某些資訊可能包含前瞻性陳述。前瞻性陳述不構成保證，涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致公司的實際結果、業績或成就與前瞻性陳述表達或暗示的任何未來結果、業績或成就存在重大差異。

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.

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聲明。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。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。

With that, I will turn the call over to Dave.

說完這些，我會把電話轉給戴夫。

Thank you, Purva. Purva recently joined as Director of Investor Relations here at Nano, and will be a primary contact for you going forward.

謝謝你，Purva。Purva 最近加入 Nano 擔任投資者關係總監，並將成為您未來的主要聯絡人。

Good evening, everyone, and I thank you for joining us today. As you may have read, I joined Nano Dimension last week as the new CEO. While I've been on the Board of Directors since February of this year, I'm excited to take on this role as we work to unlock shareholder value and further strengthen the leadership position the company has earned.

大家晚上好，感謝大家今天的到來。您可能已經讀到，我上週加入了 Nano Dimension 並擔任新執行長。雖然我自今年 2 月以來一直擔任董事會成員，但我很高興能擔任這一職務，因為我們致力於釋放股東價值並進一步鞏固公司贏得的領導地位。

Because I'm new, I'd like to share a bit about my background. I've held leadership positions technology-focused companies for well over 30 years, including as CEO of a publicly traded multinational company MRV Communications and as CEO of two venture-backed companies operating in high-growth technology markets.

因為我是新來的，所以我想分享一些我的背景。我在以技術為中心的公司擔任領導職務已有 30 多年，包括擔任上市跨國公司 MRV Communications 的執行長以及兩家在高成長技術市場營運的創投公司的執行長。

Over the course of my career, I've led multiple mergers and acquisitions and complex integrations and my focus has always been on delivering results, executing strategic plans and maintaining and building transparency. I was drawn to this role because I see a company with a strong balance sheet, excellent technology and products and alignment with the needs of critical and forward-leaning industries such as aerospace and defense, automotive, and industrial automation all in the era of manufacturing 4.0. I'm confident that together with the team, I can help unlock the value the company has to offer.

在我的職業生涯中，我領導了多次併購和複雜的整合，我的重點始終是交付成果、執行策略計劃以及維護和建立透明度。我之所以被這個職位吸引，是因為我看到一家公司擁有強勁的資產負債表、卓越的技術和產品，並且能夠滿足製造業4.0時代航空航太、國防、汽車和工業自動化等關鍵且前瞻性產業的需求。我相信，我能夠與團隊攜手，幫助釋放公司的價值。

With that, let's dive in. We've made significant progress toward our goals since our last earnings call. The current Board, all of whom have joined since last December, have taken the necessary actions to understand our situation, reshape the business and create a more valuable enterprise. As we recently shared and in line with our commitment to maximize shareholder value, the Board has initiated a formal process to explore and evaluate a comprehensive range of strategic alternatives.

有了這些，我們就開始吧。自上次財報電話會議以來，我們在實現目標方面取得了重大進展。現任董事會成員均於去年 12 月加入，他們已採取必要措施了解我們的狀況、重塑業務並創造更有價值的企業。正如我們最近分享的那樣，根據我們最大化股東價值的承諾，董事會已啟動正式程序來探索和評估全面的策略替代方案。

This is a deliberate and disciplined step to ensure all options are considered to unlock the full potential of the business. To support this process, we've engaged with Guggenheim Securities and Houlihan Lokey, as our financial advisers. These world-class firms provide complementary expertise and global perspectives, enabling us to conduct a thorough and disciplined evaluation of our strategic alternatives. We're confident their guidance will support a rigorous process, and we will provide updates when key actions have been taken.

這是一個深思熟慮且嚴謹的步驟，以確保考慮所有選項，以充分發揮業務潛力。為了支持這一進程，我們聘請了古根漢證券和 Houlihan Lokey 作為我們的財務顧問。這些世界一流的公司提供互補的專業知識和全球視野，使我們能夠對我們的策略選擇進行全面而嚴謹的評估。我們相信他們的指導將支持嚴格的流程，並且我們將在採取關鍵行動後提供最新消息。

I would now like to provide an update on Desktop Metal, and I want to be transparent about the financial impact. Following the acquisition of Desktop Metal, the group of assets was classified as assets held for sale as of the acquisition date, April 2. This resulted in a non-cash impairment of $139.4 million and a loss from its operation of $30.4 million during the quarter. both of which are included within net loss from discontinued operations.

我現在想提供有關 Desktop Metal 的最新消息，並且我希望透明地說明其財務影響。收購 Desktop Metal 後，該組資產自收購日（4 月 2 日）起被歸類為持有待售資產。這導致本季非現金減損 1.394 億美元，經營虧損 3,040 萬美元，均計入停止經營的淨虧損。

As announced on July 28, following a comprehensive review by Desktop Metal independent Board to address the significant liabilities and liquidity needs the company filed for Chapter 11 bankruptcy protection. We believe this removes a significant overhang on our business and provides a clearer path forward. Nano Dimension remains one of the best capitalized companies in its ecosystem and is focused on maintaining financial strength.

正如 7 月 28 日宣布的那樣，經過 Desktop Metal 獨立董事會的全面審查，以解決重大負債和流動性需求後，該公司申請了第 11 章破產保護。我們相信這消除了我們業務上的重大障礙，並提供了更清晰的前進道路。Nano Dimension 仍然是其生態系統中資本最雄厚的公司之一，並致力於保持財務實力。

I'm also pleased to report that our Markforged integration is progressing as planned. Since closing the acquisition on April 25, our teams have been focused on identifying synergies and aligning operations. Markforged brings an exceptional team and highly respected products that serve critical applications for many leading companies. These efforts, together with our work to streamline our portfolio and sharpen our commercial focus are helping us to build a more agile and scalable company capable of delivering strong results over time.

我也很高興地報告，我們的 Markforged 整合正在按計劃進行。自 4 月 25 日完成收購以來，我們的團隊一直致力於尋找協同效應並協調營運。Markforged 擁有一支出色的團隊和備受推崇的產品，為許多領先公司提供關鍵應用服務。這些努力，加上我們精簡投資組合和加強商業重點的工作，正在幫助我們建立一家更靈活、更具可擴展性的公司，並能夠隨著時間的推移取得強勁的業績。

So where are we going? And if you're new to Nano Dimension, we are a digital manufacturing leader and a trusted supplier to industries where performance is critical. We are advancing digital manufacturing through differentiated industrial hardware, software solutions and transformative materials. Our platforms provide customers with measurable gains in quality, efficiency creativity, speed to market and cost improvements, all while keeping security and ROI top of mind. This focus strengthens our customers' operations and positions us to capture long-term growth opportunities in expanding in strategic markets.

那我們要去哪裡？如果您是 Nano Dimension 的新用戶，我們是數位製造領域的領導者，也是性能至關重要的行業值得信賴的供應商。我們正在透過差異化的工業硬體、軟體解決方案和變革性材料來推進數位化製造。我們的平台為客戶提供品質、效率、創造力、上市速度和成本改進的可衡量效益，同時將安全性和投資報酬率放在首位。這一重點加強了我們客戶的運營，並使我們能夠抓住戰略市場擴張的長期成長機會。

While macroeconomic headwinds persist, particularly in industrial sectors, we're seeing positive momentum in regulated industries such as defense. For example, during the second quarter, we completed a critical defense order valued at approximately $3 million. This milestone demonstrates the effectiveness of our focus on forward-leading industries and we expect to generate additional opportunities this year and beyond.

儘管宏觀經濟逆風持續存在，特別是在工業領域，但我們看到國防等受監管行業出現了積極勢頭。例如，在第二季度，我們完成了一項價值約 300 萬美元的關鍵國防訂單。這一里程碑證明了我們專注於前沿行業的有效性，我們預計今年及以後將創造更多機會。

Momentum is also building with global brands like Nestle, which recently shared its plans to expand its use of Markforged systems across multiple production sites in the UK. This will allow them to manufacture more than 5% of their site inventory using 3D printing demonstrating both the scalability of our platform and the tangible ROI our customers are realizing. Above all, we'll be committed to capital discipline.

雀巢等全球品牌也正在加大力度，雀巢最近分享了其在英國多個生產基地擴大 Markforged 系統使用的計劃。這將使他們能夠使用 3D 列印製造超過 5% 的現場庫存，既展示了我們平台的可擴展性，也展示了我們的客戶正在實現的切實的投資回報率。最重要的是，我們將致力於資本紀律。

Every action, whether organic or inorganic, is guided by margin expansion, strategic clarity and value creation. We're encouraged by the momentum we're starting to see and are confident in the foundation we're building to scale intelligently, drive innovation, and redefine advanced digital manufacturing.

每一個行動，無論是有機的還是無機的，都是以利潤擴張、策略清晰和價值創造為指導。我們對開始看到的勢頭感到鼓舞，並對我們正在建立的基礎充滿信心，以實現智慧擴展、推動創新並重新定義先進的數位製造。

With that, I'll turn it over to Assaf to take you through our results.

接下來，我將把話題交給阿薩夫，讓他向您介紹我們的成果。

Thanks, Dave. Before I review our financial performance for the second quarter of 2025, I want to highlight that we've been proactively working through a comprehensive strategic review and the integration of Markforged. I'm also happy to share that we have transitioned our financial reporting from IFRS to US GAAP. This move reinforces our commitment to the highest standards of financial transparency. Unless stated otherwise, all numbers I'll be discussing today are non-GAAP and reflect continuing operations. Desktop Metal is excluded from non-GAAP reporting as it is classified as discontinued operations.

謝謝，戴夫。在回顧我們 2025 年第二季的財務表現之前，我想強調一下，我們一直在積極地進行全面的策略審查和 Markforged 的​​整合。我也很高興地告訴大家，我們已經將財務報告從 IFRS 轉換為 US GAAP。此舉加強了我們對最高財務透明度標準的承諾。除非另有說明，我今天討論的所有數字都是非公認會計準則數字，並且反映持續經營業務。Desktop Metal 被排除在非 GAAP 報告之外，因為它被歸類為已停止經營的業務。

Now, revenue for the quarter was $25.8 million, representing a year-over-year growth of approximately 72% compared to $15 million in the second quarter of 2024. This growth was driven primarily by Markforged whose results have been consolidated since the April 25 acquisition and contributed $16.1 million in revenue.

目前，本季營收為 2,580 萬美元，與 2024 年第二季的 1,500 萬美元相比年增約 72%。這一成長主要得益於 Markforged，自 4 月 25 日收購以來，該公司的業績一直保持合併，貢獻了 1,610 萬美元的收入。

Excluding Markforged, revenue was $9.7 million for the quarter, down 35% year over year, reflecting strategic divestitures and macroeconomic headwinds, including high interest rates and lingering tariff pressures.

不包括 Markforged，本季營收為 970 萬美元，年減 35%，反映了戰略資產剝離和宏觀經濟逆風，包括高利率和揮之不去的關稅壓力。

Gross profit for the quarter was $11.6 million, with gross margin of approximately 44.7%. This reflects a decrease compared to the prior year's gross margin of 46.1% and driven by lower revenue volumes and product mix. GAAP gross margin decreased to 27.3% from 44.7% in the prior year primarily due to the amortization of the fair value step-up of acquired Markforged inventory.

本季毛利為1160萬美元，毛利率約為44.7%。與去年同期 46.1% 的毛利率相比，這一數字有所下降，原因是收入量和產品組合下降。GAAP 毛利率從去年的 44.7% 下降至 27.3%，主要原因是收購的 Markforged 庫存的公允價值遞增攤銷。

Operating expenses for the quarter were $28.2 million higher than the prior year due to combined operations with Markforged. However, on a stand-alone basis, Nano Dimension's operating expenses decreased by over 24% year over year, reflecting the benefits of our focused efficiency initiatives and disciplined cost management.

由於與 Markforged 合併運營，本季營運費用比上年高出 2,820 萬美元。然而，從獨立角度來看，Nano Dimension 的營運費用比去年同期下降了 24% 以上，反映了我們重點關注的效率措施和嚴格的成本管理帶來的好處。

Adjusted EBITDA for the quarter was a loss of $16.7 million compared to a loss of $14.6 million last year, primarily due to the inclusion of Markforged.

本季調整後的 EBITDA 虧損 1,670 萬美元，而去年同期虧損 1,460 萬美元，主要原因是納入了 Markforged。

Turning to the balance sheet. Our financial position remains exceptionally strong. Total cash, cash equivalents and investable securities stood at $551 million at the quarter end which includes approximately $16 million of Desktop Metal-related balance compared to $840 million at the end of the first quarter. The decrease primarily reflects the cash considerations paid for the acquisitions of Desktop Metal and Markforged, totaling approximately $179.3 million and $115.1 million, respectively.

轉向資產負債表。我們的財務狀況依然異常強勁。本季末，現金、現金等價物和可投資證券總額為 5.51 億美元，其中包括約 1,600 萬美元的 Desktop Metal 相關餘額，而第一季末為 8.4 億美元。這一下降主要反映了收購 Desktop Metal 和 Markforged 所支付的現金對價，總額分別約為 1.793 億美元和 1.151 億美元。

This substantial liquidity provides us with the flexibility to pursue strategic options from a position of strength. As of August 31, our cash, cash equivalents, and investable securities for Nano Dimension, including Markforged, totaled over $520 million. This does not include any amounts related to Desktop Metal.

這種充足的流動性為我們提供了彈性，讓我們能夠從優勢地位出發尋求策略選擇。截至 8 月 31 日，我們為 Nano Dimension 持有的現金、現金等價物和可投資證券（包括 Markforged）總額超過 5.2 億美元。這不包括與 Desktop Metal 相關的任何金額。

I will now hand it back to Dave.

我現在將其交還給戴夫。

Thanks, Assaf. Nano Dimension offers a market-leading mix of products and solutions that address today's needs along with programs that have the potential to deliver significant value in the future. We are advancing digital manufacturing by delivering needed and innovative solutions to customers with precision, performance and flexibility.

謝謝，阿薩夫。Nano Dimension 提供市場領先的產品和解決方案組合，以滿足當今的需求以及有可能在未來帶來巨大價值的計劃。我們透過向客戶提供精確、性能和靈活性所需的創新解決方案來推動數位化製造的發展。

We're also building the capability to deliver these solutions at scale to address challenges that previously have been unsolved. We've taken deliberate and needed steps to strengthen our business strategically, operationally and financially. We've sharpened our focus on high-value technologies and opportunities, and we remain focused and disciplined in our capital allocation and continue to refine our strategy to build a strong foundation for growth.

我們也正在建立大規模提供這些解決方案的能力，以解決先前未解決的挑戰。我們已採取深思熟慮的必要措施來從策略、營運和財務上加強我們的業務。我們更加關注高價值技術和機遇，在資本配置方面保持專注和嚴謹，並繼續完善我們的策略，為成長奠定堅實的基礎。

Our mission remains clear. We aim to lead the future of advanced digital manufacturing. With our differentiated technology platforms, our strong balance sheet, and focused execution, we're positioned to create long-term value for our customers and our shareholders. I'm excited by the opportunities ahead, and I'm committed to executing our strategy with focused teamwork, discipline. and transparency.

我們的使命依然明確。我們的目標是引領進數位化製造的未來。憑藉我們差異化的技術平台、強大的資產負債表和專注的執行力，我們能夠為客戶和股東創造長期價值。我對未來的機會感到興奮，並致力於透過專注的團隊合作、紀律和透明度來執行我們的策略。

Thank you, and we're now ready to take your questions.

謝謝，我們現在準備回答您的問題。

(Operator Instructions)

（操作員指示）

This concludes our question-and-answer session. I would like to turn the conference back over to Dave for any closing remarks. Please go ahead, sir.

我們的問答環節到此結束。我想將會議交還給戴夫，請他做結束語。先生，請繼續。

Thank you very much. And as I said, we're excited about where we're going. There's a lot of work to still be done. We've accomplished a lot and taken away a lot of roadblocks that have been in our path for the last quarter or two, but excited very much about the market segments that we're focused on.

非常感謝。正如我所說，我們對未來充滿期待。還有很多工作要做。我們取得了許多成就，並消除了過去一兩個季度以來我們遇到的許多障礙，但對我們關注的細分市場感到非常興奮。

So thank you for your time, and hope to speak to you again in the future. Good night.

非常感謝您抽出時間，希望將來能再次與您交談。晚安。

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。