Nano Dimension Ltd (NNDM) 2025 Q3 法說會逐字稿

Good evening, and welcome to the Nano Dimension third 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 年第三季財務業績電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係總監普爾瓦·薩納裡亞 (Purva Sanariya) 主持。請繼續。

Thank you, and good afternoon, everyone. Welcome to Nano Dimension's third quarter 2025 earnings conference call. Joining me today is CEO, David Stehlin; and our new CFO, John Brenton.

謝謝大家，大家下午好。歡迎參加 Nano Dimension 2025 年第三季財報電話會議。今天與我一同出席的有執行長大衛史特林和我們新任財務長約翰布倫頓。

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.

在開始之前，我要提醒各位，本次電話會議中提供的某些資訊可能包含前瞻性陳述。前瞻性陳述並非保證，且涉及已知和未知的風險、不確定性及其他因素，這些因素可能導致公司的實際業績、表現或成就與前瞻性陳述中明示或暗示的任何未來業績、表現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. In addition, I would like to point out that we will be discussing non-GAAP results, which exclude certain items. I encourage you to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP measures, which can be found in the press release available on the company's website. 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.

今天發布的盈利新聞稿中概述的安全港聲明也適用於本次電話會議上發表的聲明。此外，我想指出，我們將討論的是非GAAP業績，其中不包括某些項目。我建議您查看這些非GAAP指標與其最直接可比較的GAAP指標的調節表，該調節表可在公司網站上提供的新聞稿中找到。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。今天電話會議的錄音回放也將在公司網站的投資者關係版塊提供。

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

接下來，我會把電話交給戴夫。

Thank you, Purva, and good afternoon, everyone. We appreciate you joining us today. I want to begin by formally welcoming John Brenton as Nano's new Chief Financial Officer. John previously served as our VP of Finance and Controller, and he earned this promotion to CFO. He's been with Nano and Markforged for the past 5 years and brings more than 30 years of experience leading finance and accounting, M&A and corporate control functions. I've had the opportunity to work closely with him over the past 6 months, and his disciplined approach and operational depth will be critical as we advance the next phase for the company.

謝謝你，普爾瓦，大家下午好。感謝您今天蒞臨。首先，我謹正式歡迎約翰布倫頓擔任 Nano 的新任財務長。John 之前擔任我們的財務副總裁兼財務總監，此次晉升為財務長。過去 5 年，他一直在 Nano 和 Markforged 工作，擁有 30 多年的財務和會計、併購和公司控制職能領導經驗。在過去的六個月裡，我有機會與他密切合作，他嚴謹的工作態度和深厚的營運經驗對於我們推進公司下一階段的發展至關重要。

I became CEO on September 8, approximately three weeks before the end of Q3 and have been extremely focused on improving and growing the business over these past weeks. Even in this short period, we've taken meaningful steps forward. We're strengthening how we manage the organization, operating with discipline as we drive toward profitability, pressing aggressively to grow revenue with critical customers and maximizing the value of our assets. As we align our reporting processes with US GAAP standards, we're establishing a more consistent and timely cadence. Today's earnings release reflects meaningful progress toward those standards, and we remain committed to providing visibility into our performance driven by our focus on transparency and operational discipline.

我於 9 月 8 日就任首席執行官，當時距離第三季結束還有大約三週時間，在過去的幾周里，我一直非常專注於改善和發展業務。即使在這麼短的時間內，我們也取得了有意義的進展。我們正在加強組織管理，在追求獲利的過程中嚴謹運營，積極爭取與重要客戶共同實現收入成長，並最大限度地發揮我們資產的價值。隨著我們將報告流程與美國通用會計準則 (US GAAP) 接軌，我們正在建立更一致和及時的節奏。今天的獲利報告反映了我們在實現這些標準方面取得的實質進展，我們將繼續致力於提高業績的透明度，這得益於我們對透明度和營運紀律的重視。

During the third quarter, following the open trading window after our Q2 earnings call, we repurchased approximately $5.6 million or $3.5 million of our shares under our existing authorization, which allows for up to $150 million in repurchases. Subsequent to the quarter end, we repurchased an additional $11.5 million worth or $6.6 million of our shares. We repurchased shares because we believe they remain significantly undervalued. You'll also hear shortly in John's remarks that we're providing guidance for the first time this year. Sharing our expectations for the fourth quarter represents an important step forward and reflects the operational improvements underway across the business.

第三季度，在第二季財報電話會議後的開放交易窗口期內，我們回購了約 560 萬美元的股票，其中 350 萬美元是根據我們現有的授權回購的，該授權允許回購高達 1.5 億美元的股票。季度末之後，我們又回購了價值 1,150 萬美元（即 660 萬美元）的股票。我們回購股票是因為我們認為它們的價值仍然被嚴重低估。你很快就會在約翰的演講中聽到，我們將在今年首次提供指導。分享我們對第四季度的預期，標誌著公司向前邁出了重要一步，也反映了公司正在進行的營運改善工作。

Turning to the strategic alternatives review process announced in September. Our Board with support from Guggenheim Securities and Houlihan Lokey is conducting a structured data-driven evaluation of all alternatives. The process is active, rigorous and aligned with our objectives to maximize shareholder value and unlock the potential of our technology assets and our operations. Although no time line has been set for completing this review, the Board remains engaged in the process, and we're committed to sharing updates when there is something definitive to report. We have engaged top-tier advisers to ensure we receive the best possible expertise as we explore and evaluate all options.

接下來談談9月宣布的策略替代方案審查流程。在古根漢證券和侯利漢·洛基的支持下，我們的董事會正在對所有方案進行結構化的數據驅動評估。該流程積極、嚴謹，並與我們最大化股東價值、釋放技術資產和營運潛力的目標一致。雖然尚未確定完成此審查的時間表，但董事會仍將參與該過程，我們承諾一旦有確切結果可以報告，將及時分享最新進展。我們聘請了頂尖的顧問，確保在探索和評估所有方案時獲得最佳的專業知識。

Now turning back to Q3. And while the macro environment presented challenges from tariff uncertainties and cautious capital spending, we achieved strong improvements in the operating expenses, especially when compared to including a full quarter of Markforged expenses. As we moved into the fourth quarter, we're beginning to see signs of stronger performance through a more focused approach on key segments. Our teams are concentrating on the markets and products that best position us for sustained growth. We're being deliberate in identifying areas where our platforms provide meaningful differentiation and acting on that differentiation to win new opportunities and strengthen relationships with key partners. At the same time, we're accelerating cost reduction initiatives, which are already having an impact. We believe Q3 represents a high point in operating expenses with ongoing efforts expected to drive further improvement in future quarters.

現在回到第三季。儘管宏觀環境面臨關稅不確定性和謹慎的資本支出等挑戰，但我們在營運費用方面取得了顯著改善，特別是與計入 Markforged 一整季的費用相比。進入第四季後，我們開始看到業績有所改善的跡象，這得益於我們對關鍵領域的更專注。我們的團隊正集中精力於最有利於我們實現持續成長的市場和產品。我們正在有意識地確定我們的平台能夠提供有意義的差異化優勢的領域，並利用這種差異化優勢來贏得新的機會，並加強與關鍵合作夥伴的關係。同時，我們正在加快推進成本削減計劃，這些計劃已經產生了一定的影響。我們認為第三季是營運支出的高峰，預計持續的努力將在未來幾季推動營運支出進一步改善。

Now turning to the markets we serve. As I said earlier, the demand environment remains mixed with pockets of strength in areas where customers remain cautious in their spending. We're prioritizing segments where additive manufacturing can scale and where customers are ready to adopt new approaches that deliver speed, flexibility and creativity. Our target segments include defense, aerospace, automotive, food and beverage and next-generation networking. We're seeing wins across each of these areas, not only in legacy R&D or prototyping applications, but also in manufacturing opportunities. In these segments, our ability to deliver tangible operational and financial benefits, including reduced cycle time, cost savings, improved quality and IP secure wide network production sets us apart.

現在讓我們來看看我們所服務的市場。正如我之前所說，需求環境依然喜憂參半，在某些地區，由於消費者支出仍然謹慎，需求表現依然強勁。我們優先考慮積層製造可以規模化的領域，以及客戶準備採用能夠帶來速度、靈活性和創造性的新方法的領域。我們的目標領域包括國防、航空航太、汽車、食品飲料和下一代網路。我們在這些領域都取得了成功，不僅在傳統的研發或原型製作應用方面，而且在製造機會方面也是如此。在這些領域，我們能夠帶來切實的營運和財務效益，包括縮短週期時間、節省成本、提高品質和實現 IP 安全廣泛的網路生產，這使我們脫穎而出。

Our solutions enable customers to make an impact today while also supporting forward-leaning applications for tomorrow. We believe these differentiators will support our growth in the years to come. Our defense business continues to expand as we deepen relationships with existing customers and extend in new ones. We're seeing strong growth driven by momentum across these programs, expansion with existing accounts and increased adoption of our FX10 and our FX20 platforms. Applications include producing critical components for new systems and supporting maintenance, repair and operations for forward deployed forces. We're also collaborating with leading contractors and technology manufacturers to build the defense systems of the future.

我們的解決方案能夠幫助客戶在當下產生影響，同時也能支援面向未來的前瞻性應用。我們相信這些差異化優勢將在未來幾年支持我們的發展。隨著我們與現有客戶關係的加深以及新客戶的拓展，我們的國防業務持續成長。我們看到，在這些專案的強勁勢頭、現有客戶的擴張以及 FX10 和 FX20 平台的日益普及的推動下，業務實現了強勁增長。應用領域包括為新系統生產關鍵部件，以及為前沿部署部隊提供維護、修理和作戰支援。我們也與領先的承包商和技術製造商合作，共同打造未來的國防系統。

In aerospace and other high reliability applications, adoption continues to expand as customers aim to accelerate innovation, shorten prototype to production cycles and maintain rigorous quality and certification standards. Our platforms enable faster iteration, IP protection and production of complex geometries that would otherwise be difficult or cost prohibitive to manufacture traditionally. Markforged continues to gain traction across advanced manufacturing. Customers such as ALOFT AeroArchitects and Spectrum Networks, LLC are using Markforged Composite 3D printing system to produce certified and flight-ready components for high-profile government and special VIP aircraft. Using our FX10 platform and continuous fiber reinforcement technology, parts can be produced in weeks instead of months, improving operational readiness, accelerating certification cycles and reducing dependency on outsourced machining.

在航空航太和其他高可靠性應用領域，隨著客戶致力於加速創新、縮短原型到生產的周期以及維持嚴格的品質和認證標準，該技術的應用範圍不斷擴大。我們的平台能夠加快迭代速度，保護智慧財產權，並生產出傳統製造方法難以實現或成本過高的複雜幾何形狀。Markforged 在先進製造業領域持續獲得關注。像 ALOFT AeroArchitects 和 Spectrum Networks, LLC 這樣的客戶正在使用 Markforged Composite 3D 列印系統為備受矚目的政府和特殊 VIP 飛機生產經過認證且可直接飛行的組件。利用我們的 FX10 平台和連續纖維增強技術，零件可以在幾週內而不是幾個月內生產出來，從而提高營運準備度，加快認證週期，並減少對外部加工的依賴。

Our flexibility and our fast surface mount technology systems have had great success in new product introduction and high mix, low-volume applications, which are critical in aerospace and in next-gen networking and in other forward-leaning market segments. In automotive, demand continues to rise for advanced lightweight and high-strength components that enhance efficiency and performance on factory floors. Markforged integrated composite and metal printing systems empower manufacturers to design and produce critical parts when and where they're needed with greater precision and reliability. This expanding adoption across multiple customer sites highlights the versatility of our enterprise-level platform and the scalability of our technology across adjacent industrial markets.

我們的靈活性和快速表面貼裝技術系統在新產品推出和高混合、小批量應用中取得了巨大成功，這對於航空航太、下一代網路和其他前瞻性市場領域至關重要。在汽車產業，對能夠提高工廠車間效率和性能的先進輕量化和高強度零件的需求持續成長。Markforged 整合複合材料和金屬列印系統使製造商能夠以更高的精度和可靠性在需要的時間和地點設計和生產關鍵零件。多個客戶場所的不斷擴大採用凸顯了我們企業級平台的通用性以及我們的技術在相鄰工業市場的可擴展性。

Our Essemtec business, which delivers adoptive SMT pick-and-place, jet dispensing and smart material management systems is winning new business to support programs that underscore growing demand for advanced electronics assembly, including applications in data center networking and high-speed connectivity. Essemtec was also recently recognized with the Mexico Technology Award for our PUMA Ultra platform, further validating our leadership in adaptive SMT solutions that scale from prototype to high-mix production. Across the broader additive manufacturing industry, we continue to see a shift toward integrated ecosystems that combine hardware, software and materials into connected data-driven platforms.

我們的 Essemtec 業務提供自適應 SMT 拾放、噴射點膠和智慧材料管理系統，正在贏得新業務，以支援那些凸顯對先進電子組裝日益增長的需求的項目，包括資料中心網路和高速連接的應用。Essemtec 最近也憑藉我們的 PUMA Ultra 平台獲得了墨西哥技術獎，進一步證明了我們在可從原型擴展到高混合生產的自適應 SMT 解決方案方面的領先地位。在更廣泛的積層製造業中，我們不斷看到向整合生態系統的轉變，將硬體、軟體和材料結合到互聯的數據驅動平台中。

Customers are prioritizing solutions that deliver strong ROI, end-to-end traceability and secure compliant workflows, areas where our portfolio is extremely well positioned. Markforged's footprint continues to expand across automotive and consumer packaging good manufacturers, including companies like Volkswagen, Dana Incorporated, Nestlé and Danone, who are using our Digital Forge platform to localize production, reduce tooling lead times and achieve measurable efficiency gains. This industrial adoption underscores the maturity of our technology to scale with blue-chip companies additive manufacturing across multiple locations as they adopt more spare parts in our secure ecosystem.

客戶優先考慮能夠帶來強勁投資報酬率、端到端可追溯性和安全合規性工作流程的解決方案，而這些正是我們產品組合的優勢所在。Markforged 的​​業務範圍持續擴大，涵蓋汽車和消費品包裝製造商，包括大眾汽車、Dana Incorporated、雀巢和達能等公司，這些公司正在使用我們的 Digital Forge 平台實現生產本地化、縮短模具交付週期並取得可衡量的效率提升。工業界的這種採用凸顯了我們技術的成熟度，能夠隨著藍籌公司在我們安全的生態系統中採用更多備件，在多個地點擴展增材製造規模。

Taken together, while macro conditions remain uneven, our technology value proposition continues to resonate where precision, security, agility and total cost of ownership matter most. By maintaining customer focus, advancing platform integration and executing our road map, we remain confident in the company's ability to expand adoption and drive durable growth. We remain focused on execution, integration and disciplined capital allocation while positioning the company to capitalize on growing demand for these advanced digital manufacturing solutions that merge additive manufacturing with adoptive electronic assembly.

綜上所述，儘管宏觀環境依然不穩定，但我們的技術價值主張在那些最重視精準性、安全性、靈活性和整體擁有成本的領域仍然能夠引起共鳴。透過維持以客戶為中心的理念，推進平台整合，並執行我們的路線圖，我們對公司擴大用戶群和推動永續成長的能力充滿信心。我們將繼續專注於執行、整合和嚴格的資本配置，同時使公司能夠利用對融合增材製造和自適應電子組裝的先進數位製造解決方案日益增長的需求。

With that, I will now turn the call over to John, who will both review our third quarter financial results and provide guidance for our fourth quarter. John?

接下來，我將把電話交給約翰，他將回顧我們第三季的財務業績，並為我們第四季提供指導。約翰？

Thanks, Dave. It is a pleasure to be here with you all today. While I only recently transitioned into the CFO role, I have already been working closely with our teams to align operations, identify cost synergies and strengthen financial discipline. Together with Dave and the global leadership team, we're focused on executing on key priorities to improve the company and enhance shareholder value. Unless stated otherwise, all numbers I will be discussing today are on a non-GAAP basis and reflect continuing operations.

謝謝你，戴夫。今天能和大家在這裡相聚，我感到非常榮幸。雖然我最近才擔任財務長一職，但我已經與我們的團隊密切合作，以協調營運、尋找成本協同效應並加強財務紀律。我們與戴夫和全球領導團隊一起，專注於執行關鍵優先事項，以改善公司並提升股東價值。除非另有說明，我今天將要討論的所有數字均以非GAAP為基礎，反映的是持續經營情況。

The third quarter marks the first full quarter of Markforged being included in our consolidated financial results. Desktop Metal is excluded from our non-GAAP results as it is classified as discontinued operations. The deconsolidation of its assets occurred during the third quarter on July 28, following its filing for bankruptcy under Chapter 11. Revenue for the third quarter was $26.9 million, representing a year-over-year growth of approximately 81% compared to $14.9 million in the third quarter of 2024. This increase was driven primarily by the inclusion of Markforged, which contributed $17.5 million, partially offset by lower revenues from our European business due to tariffs. Excluding Markforged, Nano Dimension's stand-alone revenue was approximately $9.4 million, down approximately 37% year-over-year, driven by strategic divestitures and softer demand amid macroeconomic uncertainties, including tariffs.

第三季是 Markforged 首次完整納入我們合併財務表現的季度。Desktop Metal 已從我們的非 GAAP 業績中剔除，因為它被歸類為終止經營業務。在根據破產法第 11 章申請破產後，該公司於 7 月 28 日在第三季進行了資產拆分。第三季營收為 2,690 萬美元，與 2024 年第三季的 1,490 萬美元相比，年增約 81%。這一增長主要得益於 Markforged 的​​併入，貢獻了 1750 萬美元，但部分被歐洲業務因關稅而減少的收入所抵消。除 Markforged 外，Nano Dimension 的獨立收入約為 940 萬美元，年減約 37%，主要原因是戰略性資產剝離以及宏觀經濟不確定性（包括關稅）導致需求疲軟。

Gross profit for the quarter was $12.7 million with an adjusted gross margin of approximately 47.4% compared to 50% in the prior year. The decline primarily reflects lower revenue as just discussed in product mix. Operating expenses for the quarter were $29.2 million, representing a year-over-year increase of approximately 29% from $22.7 million in the third quarter of 2024, mainly due to the inclusion of Markforged. However, on a stand-alone basis, Nano Dimension's operating expenses decreased approximately 42% year-over-year, reflecting the benefits of divestments and disciplined cost management. Adjusted EBITDA for the quarter was a loss of $16.6 million compared to a loss of $15.3 million in the third quarter of 2024, primarily due to the inclusion of Markforged.

本季毛利為 1,270 萬美元，調整後毛利率約為 47.4%，而去年同期為 50%。正如剛才在產品組合部分討論的那樣，收入下降主要反映了收入減少的情況。本季營運支出為 2,920 萬美元，較 2024 年第三季的 2,270 萬美元年增約 29%，主要原因是 Markforged 的​​併入。然而，就其獨立營運而言，Nano Dimension 的營運費用較去年同期下降了約 42%，這反映了資產剝離和嚴格的成本管理的好處。本季調整後的 EBITDA 虧損 1,660 萬美元，而 2024 年第三季虧損 1,530 萬美元，主要原因是計入了 Markforged。

Turning to the balance sheet. Our financial position remains exceptionally strong. As of September 30, 2025, total cash, cash equivalents and investment securities were approximately $515.5 million, down from about $551 million at the end of the prior quarter. This change of roughly $35.5 million includes approximately $16.2 million attributable to the deconsolidation of Desktop Metal, and $5.1 million of cash used for share repurchases during the quarter. Looking ahead, I'd like to take a moment to outline our guidance, which, as Dave mentioned, we are providing for the first time this year. Our business generates revenue from recurring book-and-ship activity and larger strategic orders, which can create some variability in quarterly results. Importantly, this variability reflects timing differences rather than lost revenue. With that in mind, we are taking a disciplined approach to providing guidance, and we'll continue to evaluate providing additional metrics over time.

接下來看一下資產負債表。我們的財務狀況依然非常穩健。截至 2025 年 9 月 30 日，現金、現金等價物及投資證券總額約為 5.155 億美元，低於上一季末的約 5.51 億美元。這項約 3,550 萬美元的變化包括約 1,620 萬美元歸因於 Desktop Metal 的取消合併，以及本季用於股票回購的 510 萬美元現金。展望未來，我想花點時間概述我們的指導方針，正如戴夫所提到的，這是我們今年首次提供這些方針。我們的業務收入來自經常性的預訂和出貨活動以及較大的策略訂單，這可能會造成季度業績出現一些波動。重要的是，這種差異反映的是時間上的差異，而不是收入損失。考慮到這一點，我們正在採取嚴謹的方法來提供指導，我們將繼續評估並隨著時間的推移提供更多指標。

For the fourth quarter, we expect revenue in the range of $31.5 million to $33.5 million, representing nearly 21% sequential growth at the midpoint. This outlook reflects moderate recovery across most markets as macroeconomic uncertainties ease along with positive momentum in key industries such as defense, aerospace and automotive. We expect, on a non-GAAP basis, gross margin between 47% and 48.5%, reflecting improved operating leverage and efficiency across our cost structure. Operating expenses on a non-GAAP basis are expected to be between approximately $28 million and $29 million, reflecting continued progress in aligning operations following the Markforged acquisition. Our teams have been focused on identifying synergies since the acquisition. A

我們預計第四季營收將在 3,150 萬美元至 3,350 萬美元之間，以中間值計算，季增近 21%。這一前景反映出，隨著宏觀經濟不確定性的緩解以及國防、航空航太和汽車等關鍵產業的積極發展勢頭，大多數市場正在溫和復甦。我們預計，以非GAAP準則計算，毛利率將在47%至48.5%之間，這反映了我們成本結構中營運槓桿和效率的提高。預計非GAAP營運費用將在2,800萬美元至2,900萬美元之間，反映出在收購Markforged後，營運調整方面持續取得進展。自收購以來，我們的團隊一直致力於尋找協同效應。一個

nd while these initiatives have been ongoing, we are now providing formal OpEx guidance for the first time. We expect savings of approximately 10% to 15% calculated based on the second quarter's reported results adjusted to reflect what a full quarter of Markforged would have contributed using a baseline of roughly $32.5 million.

雖然這些舉措一直在進行，但我們現在首次提供正式的營運支出指引。我們預計，根據第二季報告的業績，並根據 Markforged 一個完整季度的業績（以約 3,250 萬美元為基準）進行調整，可以節省約 10% 至 15% 的成本。

For the third quarter, operating expenses were already about 10% lower than this baseline, and we expect the full run rate savings to be realized in 2026. Adjusted EBITDA loss is expected to be between approximately $12 million and $14 million, which at the midpoint represents approximately a 22% improvement compared to the third quarter. We remain focused on our core markets, disciplined execution and cost management.

第三季營運費用已經比基準水準低了約 10%，我們預計到 2026 年將實現全部營運成本節約。調整後的 EBITDA 虧損預計在 1,200 萬美元至 1,400 萬美元之間，其中價值較第三季改善約 22%。我們將繼續專注於核心市場、嚴謹的執行和成本控制。

I will now hand it back to Dave.

現在我把它還給戴夫。

Thank you, John. Nano has taken significant steps forward in a very short period of time. We've strengthened our operations by focusing on products and market segments that position us for scalable growth. We have significantly reduced operating expenses, and we'll continue these efforts to drive toward profitability while preserving our strong cash position. We're increasing transparency by being more aligned with U.S. GAAP reporting requirements and for the first time, providing guidance. We believe in the value of our company and have repurchased a significant amount of shares. We will continue to pursue opportunities to unlock additional value for our shareholders, and we look forward to keeping you updated on our progress.

謝謝你，約翰。Nano技術在很短的時間內取得了顯著進展。我們透過專注於能夠實現可擴展成長的產品和市場領域，加強了營運。我們已大幅降低營運費用，並將繼續努力實現獲利，同時保持強勁的現金流。我們正在提高透明度，更加符合美國通用會計準則 (U.S. GAAP) 的報告要求，並且首次提供指導。我們相信公司的價值，並已回購了大量股份。我們將繼續尋求機會，為股東創造更多價值，並期待隨時向您報告我們的進展。

Now we're ready for questions.

現在我們準備回答問題。

(Operator Instructions)

（操作說明）

At this time, we are showing no questions. I would like to turn the call back over to Dave Stehlin for closing remarks.

目前，我們不展示任何問題。我謹將電話交還給戴夫·史特林，請他作總結發言。

Great. Thank you very much. Listen, before we wrap up, I do want to thank everyone for joining us today. Our team is available to discuss any questions or follow-ups you may have. And we appreciate your continued interest in Nano. I think we've come a long way in a short period of time. And yes, there's a lot of work to do, but I like the trend that we're on. So have a good evening. Thank you very much.

偉大的。非常感謝。聽著，在結束之前，我想感謝今天所有參加我們節目的朋友。我們的團隊隨時準備好解答您的任何問題或跟進事宜。我們感謝您一直以來對Nano的關注。我認為我們在短時間內取得了長足的進步。沒錯，還有很多工作要做，但我喜歡我們目前的發展趨勢。祝你晚上愉快。非常感謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。