3D printer manufacturer Nano Dimension has announced its financial data for 2023. The company reports a 29% increase in revenue compared to 2022.
Unaudited consolidated revenue for the fourth quarter is approximately $14.3 million and for the full year is approximately $56.2 million. This represents growth of 18% in the fourth quarter and 29% for the full year.
In parallel with the financial results, the “Reshaping Nano Initiative” was presented, which focuses on achieving a positive operating result at the beginning of 2025 and a 75%-85% reduction in cash burn compared to 2023. The initiative reflects the company’s commitment to becoming more efficient and competitive through scaling and synergies from its comprehensive M&A program. Progress is clearly reflected in significant revenue growth from USD 3.4 million in 2020 to USD 56.2 million in 2023.
As part of the initiative, the global workforce was reduced by around 25% in the fourth quarter of 2023, including senior management. These measures are part of a comprehensive plan that includes a critical review of manufacturing costs and operating expenses. This should lead to tangible savings as early as the first quarter of 2024.
As part of the restructuring of the company, Nano Dimension also announced changes in senior management. Tomer Pinchas, former Chief Operating Officer and acting CFO since August 2023, has been appointed permanent CFO alongside his role as COO. He succeeds Yael Sandler, who has been CFO of the company since 2015. Dotan Bar-Natan joined as General Counsel, a newly created position, while Itay Mandel was promoted to VP Legal Affairs. Hanan Gino, Chief Product Officer and Head of M&A, is leaving the company but will continue to serve as an advisor.
Mr. Yoav Stern, Chief Executive Officer, commented:” We are thrilled to welcome Dotan, have Tomer fully assume the CFO role and see Itay evolve into a more senior role. These together enhance our leadership team and ensure we are best positioned to guide the Company in delivering value for our shareholders. We extend our heartfelt congratulations to Ms. Sandler for her devotion for her newly extended family and thanking her for an amazing service for the Company over the last 8 years. We have been honored to have Yael as the early financial guardian of the Company 8 years ago, growing it and with it over time. She has worked with me personally as my right-hand person for the last 4 years, demonstrating reliability and devotion. I thank her and look forward to her cooperation with Nano Dimension in the future.”
“Similarly,” adds Mr. Stern, “we are thankful to Hanan Gino for his enthusiastic service over the last few years, which has made a substantial difference in the successful growth of business and products. Hanan extensive experience of running large organization under challenging time and performance demands, and most of all – his proven strategy development capabilities were insurmountable during his tenure with us. He has enhanced our senior management group with large scale thinking and creativity. We agreed with Hanan to continue cooperation in the near and far future.”
Ms. Yael Sandler commented, “Throughout my tenure at Nano Dimension, I had the exciting opportunity to hold a pivotal position in advancing the company’s growth from a small, local startup to a multinational corporation generating almost $60 million in annual revenues. I am thankful for the chance to shape the company’s financial strategy and establish a global finance team.”
Mr. Hanan Gino stated, “My time at Nano Dimension was a period of dynamic and pioneering change, characterized by the launch of novel solutions in Additive Manufacturing Electronics (AME) and the strategic acquisition of seven companies globally, enhancing our leadership in the additive manufacturing sector. I am deeply thankful for the opportunity to have led such a groundbreaking revolution in the electronic industry, made possible by the incredible talent and dedication of the Nano Dimension team.”
These leadership changes reflect the synergies created by the “Reshaping Nano Initiative” and are also an adjustment to personal circumstances and business needs. Nano Dimension emphasizes that these changes will strengthen the company’s leadership and position it optimally to continue delivering value to its shareholders. The initiative and the accompanying changes demonstrate Nano Dimension’s dynamism and adaptability in a fast-moving and constantly evolving 3D printing market.