- Earnings call transcript Q3 2022

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Operator

Good day, ladies and gentlemen. Welcome to today's Conference Call to discuss Nano Dimension's Third Quarter 2022 Financial Results and Quarterly Update. My name is Betsy and I'll be your operator for today's event.

On the call with us today are Yoav Stern, Chairman and CEO; Yael Sandler, CFO; and Julien Lederman, Head of Corporate Development.

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 this call.

received in of of the website. not please press the have it view Investor you a the copy release, company's If Relations section will answer questions. update, a session, Yoav which call a at will by question-and-answer business Yael time the begin followed with CEO, like and Stern. would Dimension's now over Nano turn to I conference the to Chairman Yoav Yoav, ahead. please go

Yoav Stern

We quarter quarters, has We're about [Audio hundreds $XX million Gap] go XXX%. comparing $XX above, to of you much. to of period it front hundreds revenue, us quarter, quarters revenue almost Thank as in also to over which last year very beautiful Good last to going day And it's comparing finished of three of the million you. last hopefully of percent to X,XXX%. three everybody a everybody. and similar year, takes short,

we happy think with we'll But talking about about. it we're go So what certain we'll and which ourselves, criticism be be improved. highlights, through start at we'll have the should we

So, which milestones numbers the not in highlights, are highlights, rather but business. the on

M&A until we acquired grow First largest all to a we probably with and company, had investment the potential activity. and from acquisition the relatively now. foremost, small acquired We but

a that for than amazing small, was it many, time, So business. or relatively based much for in on for size something subsidiary Digital is is additive Admatec/Formatec DLP million of of different company in less Light with long many larger in metals a revenue, Netherlands an a company looked we Direct technology the manufacturing and ceramics $XX was Processing. years but It

This believe year. anything be which the growth until behind and us, last a we that forward. as the projections year, than will is it So potential they'll finish growing of and was of the under half manifested go one already it scenes. quarter now are we acquired ahead more already And kind we

I we the materials, company additive process. game a core the advancements will whoever specific manufacturing the until main advancement is in -- because missing electronic first technology robotics material. ago, process On major the in Fabrica is acquired you the general, of substantial materials. points. we and AM in Fabrica, to materials, speaks manufacturing, here it half remember, develop and And the blocking us is sales, technology a automation the them acquired of in was manufacturing took side, told major main kind people early now year since additive if about a of Additive new which that And

that's enabled which written I So have very we say, not application in should AME development. as exciting good. a in AME, development, very, advancement application very what's materials the here, well,

just to market still of but very we acquisitions. and materials conference they are felt to was going have models We reasons operating XX users the the customers the and month for are had so mention last we amount including And people, and are across the much be ago way we We operated board. machines a in excited. for materials can’t the cash new obvious the have all excitement have, profile three about spite which XX previous important. the the better had compatibility, going finally, of next be much, including of released quarter, are to I beginning the as year high Customers the which than least. that customers, is ones Munich. last backwards very very, quarter. We And In of very not applied we're

of the which beginning growing, that third relate and quarter, not was acquisitions. is easy quarter. totally And everybody a which that was not the way That and and management still headcount, are enough myself foolish. we overhead, reducing we're company budget, that resulted and employees there's unacceptable, to wise. in a our of Gap] can which And acquisitions, the because are multiples it Yael on we in still is fat executive cut. we to felt we money we same around proud of relatively spending on not We're insisted by frugal. comparing manpower on the done We’re this are It's where the I -- million so [Audio original of. our company of us. comfortable this know expenses cash level reduction when which $XX quarter grows fast, the very that

important. on focusing to the which back numbers Now, are

$XX the bit the obviously, shares, million, lower. lot Gross is XX, margins it's is -- and revenues share of granting, et XX, for a gross for margin are the look But $XX.X this expenses three the IFRS even which a includes because quarters. at cetera. million really and net, quarter, So deceiving, non-cash

machines margin typical about is Our for machines in a XX more that stage the the new a in of is gross margins and XX XX, lifecycle, about it's later XX the combination of for above products. are and

in clear or we opportunity, still R&D, money. not So where up if million quarters, $XX about going are didn't guys The of lead making Manufacturing investment not us will have it not and within multi-$XXX quarter? demand and if that told includes about investment million why in could three us. be do will $XX.X in we pretty of huge that cut potential Electronics, two, it to we about promise in to $XX EBITDA, that, we we're to lower the the lead minus million me Additive speak is the the We're which if believe next R&D. we'll give means which you I'll sell answers the basically million quarter belief close this That that that of slide? Our because an going a

less rest in acquisitions. $XX of The R&D. the projected. cash go-to-market So that still EBITDA, -- developing investment million, look by operation million the after of it is more was an to than know used of the And it half investment net is more we at the is half is as in important way $XX.X than it in which the than

the projected whole rate rate above the a you $XXX a investment about $XX is spent on and million year. Our cash $XX as million for was of million see run XX year to

the it is cash reason -- untypically next actually, high discussed backlog I is cash our X.XX. and Our be -- will and is about our And is in can the speak slide. now

machine results is as quarter of backlog them but chain year. even result deliver is of machines ask to cause us the reason high the our did or conflict bought caused either -- Ukraine supply because the and problems Europe. customers in customers in Now, this The the the -- next callbacks -- that

So signed postponed, quarter a was held orders. on is lot which means of back and revenue backlog purchase it from this but

So maybe itself the of COGS the manifesting of fixed next between during in quarter. reduced number in lower of in is overhead that all and is two of to quarter this certain it's you we correct by because the sold Because door machines, quarters. as were margin, details less percentages next type the which results the going gross but will course by of a way way COGS This was margins release. gory is gross out as in new also even product, the reason the very the next revenue lower, already revenue because is the itself number higher see why of in in

before. acquisition about I information this Some mentioned

you about here type voice, activity As of The my it. and materials we're shown heard picture. the from very excited are the in

the training very salespeople applied course its We around from machines, our what it America, go-to-market. as and already before. was and the world. I sell can We in portfolio This in acquisition profitable is these mentioned a a the and in which We almost of the are go-to-market manifestation company we're R&D. all no I [not mentioned July, way expanding to positive sold]. just and expecting be them And forces, expanding we’re starting R&D. when of about already since invests revenue earlier we're XX% North a growth There's results had very,

basis, showing XX. And is happen business the that on are the years a will Our which down below XXXX. is in to on we ratio basis, profitability revenue at the to model, a be running that R&D quarterly going five of time,

it's myself R&D much So have left. than of revenue. I XX% But less on of there, should of operating XX% is you which is expenses, revenue, XX% not the the correct actual numbers

$XX R&D a for AME to million. Out easy, closer $XX quarter, that's my than million $XX is actually this a the quarter. is So a more half, million is of R&D estimate much

a growth said comparison that to that's run quarters, with I us the to divided encouraged in are what’s the profitability. before we as market cash So annual are always and coming is AME in because very by lead our This just two the next which in rate. why products expected the of to the our going it's results

direct in us but at market three take -- in they're by you they're competitors the not the competitors if market. in same So the least way,

we other than can to you $XX between as You at this cash XX continue if already a we assume XX we to are companies years million to, years But way quarter. $XX XX that burn have years. heard, then -- it year, million a And we going the see two continue we're to cut less around the year acquisitions. almost and without even we not have have we

it earlier. as more earlier mentioned the side. of year to market go months the months coming to we going more this the on isn’t and acquisitions nine and very -- XXXX raise for take And A, we spare years spend side, and right three is we're the the news need, mean side for for wait like -- that I not left quarter So on on cash much we're the money. the to going as comfortable the this it's aimed on with and before, it that XXXX right earlier, spending comfortable as we're And I because back money. and all and are it's see revenue to you XX to profitability

Yael Sandler

the the profit side, it's gross for In right year-to-date. the

Yoav Stern

the revenue. see and is I've and strategy the XX not in nine derivative mentioned margin in the of change. accordingly vision. you and is The the on before, side is And a of is Vision, around company changed gross XX.X, left the how profit gross has quarters, three the the can the vision the months, number

inventory electronics, you run additive are additive and of as the by and And become the an you where on to it, the And are very use need the industrial be forward digital the want we're and We is about learning edge are on serve will it. think to way, is network to aiming the the mostly the our network you if both to you And to deep if going moving a paper devices it, manufacture best market of need going network, technology. directed today cloud need PDF. analogy which manufacturing cloud. machines, industry analogy, when it staying machines seeing and which describe smart which rest it, manufacturing, manufacturing build as you DeepCube and

not you work through other a it And it cloud buy The vision buy it. send do Word where for manufacturing, in from especially seeing if for England electronics Adobe at printed printer, same it your there. be manufacturing it you product edge machines when computer, the and and And PDF your the buy you and whoever. manufacturing. you we're lawyer's if need devices, and will additive office, cloud will you print additive You you for a your and the processor need or you application, on

managing additive vision transform this X.X. want electronics read definition machines manufacturing network We additive we And digitized manufacturing vision. on have certain for So edge the build, not the And edge here. and devices. of our as machines I'll technologies it edge the intelligence have environmentally-friendly mastering economy-efficient artificial quickly all be manufacturing managing and and and going that is that's that Industry that described we to know, But to certain is fully the you. are types just of to we types of machines. additive the will the as with sector And focusing the to we're fits products. software we

functioning results in So the designs one-production-step-conversion devices. of to

research served this profile by advanced aerospace, industrial, is is academy. clean array are amount And focus initially vision this pieces. and high Now, of not avionics, medical, are design sure advanced you I million including volume. this of that designs to direction. course low XX products our that on per where it all excels large advanced Industries is and the mix manufacturing you and automobile, aimed, That's defense, aviation, specific when of very the energy, of vertical of have and kind this realize am is the institutions vision all very,

Now, we about New and successful. very the investors that conference let and very, only investors. mention we York And which participants. we our to were We institutional did We survey. off not from me step the had presentation Many, ago month was in after to finished participate. presentations here wanted feedback XX you many something And companies one-on-one, XX met did a investors. we to the a get

Some new of versus of the some them were by were them, hind course. of investors, way,

to supplied. But missing. going what not positive to who feedback was go out to it's them XX, qualifying, go not to obviously, it's not for would to feel unnamed, as specifically, is is as us unanimous. requests being that investors we seven I'm responses wanted to the about But who I not important it right So is And because I response, of self-serving. to this what XX or fix define is the response, response important about were, as criticism had

just the or go for may -- It you. of make having, it questions through part quickly hopefully help. not may I'll it it you're that cover So shorter will

buying acquired So without first grew or first that is the companies near-term them, story of sorry, So was, incremental all we it’s served shareholders is bar acquired, response by understand an exception, companies since amazing which -- the is, organic all, hard none and to one achievement. growth we organically to very how I'm are upside? question

only the frankly, July, X.X year say the of kind not the last million run organic the So acquired company companies, rate wish, a -- because rate growth for of grew on in company $XX if because this from XX even to is appearing we we growth you acquired to combined, first mostly -- the numbers. it's

go company to The down the is into them of the because XX% stopped merge Poland, more, additive growth there. the exception, ordering. there company, comparing of in for to stopped which reduction by year and of was, from our and in And we a go-to-market electronic. And inherent. to sales $X.X the sell it come same just in only I organic exception. that and obvious to we them Russia the section, most leverage growth and our market situation same from came for is Many XX% on Europe, organic was major spoke merge to therefore revenue the companies, States the number selling the reasons, By the we XX%, -- the before, which I a So promised we mention, the before million that and instance, for and we Russia because United is just this the time, way, States at took grew organically. in United is

goes So it show you. to

simple, cash low is relatively one it's issue question, to value company have balance? Well, revenue, to we with especially with how Second such large the actually. respect

were You close billion to XXXX. $X.X worth We investments take we that's $X.X billion, to February half we -- And fair, ago, the cash with including of balance, balance be today. the about cash. year and a cash a more had have

of million it didn't of proud spent we're was that and smartly. it it. which to it. continue only intend to But we very acquisitions, half And we it don't spend half operating $XXX was we spend of to not costs. the intend of just out We spend So fact

rate we business, all, or billion. So $X.X high which what tech First business, of million business, you Then technologies. our $XX take is very have of value valued the million $XX our growth it's at advanced company? is a run

XXx value clear Cash, investment But I'm be what if XX say to much the X. our went Xx revenue, very the revenue, it million only X,XXX% it It's Xx growth years a year it can clearer business should if to there. And revenue, and one sorry, the value simple how So numbers the valued? our or plus valued. up X Xx is the the was -- $XX was -- just by over Xx the business. value be. to at you, billion, the to XXx $X.X plus revenue, billion half By two business up and is today revenue the by the X.X, revenue are one not can will the much more. it ago, say, the is X.X $X.X should shares, you because be be share million of the divided XXX and find share business why valued a and last of way, is out

So he team another getting you wish Since wouldn't very is understand I a it, is person way we two, or of many Why a heading acquisitions. is or to its Third was acquisition And strategy, words question the Mr. few better the to the companies. at company's strategy the voice talented implementation five give and guideline; of measure you business? -- a to here, a looking about please? in course. people, of so my have four what light says, of especially Lederman of speak with worth

Julien Lederman

Good morning, you good wherever afternoon, are.

has generally is pillars Our One two to technology. it. strategy

The It's the materials second in acquiring where end help get commercial. leapfrog want to successful to to side, particular to that same that science faster. verticals. selling software, then And pipeline about are us it's and secondly, commercial commercially hardware, customer and the first services products companies on is we R&D one be technology. is the can about businesses us And our

few that's a important what I of very a think examples we're aspect To doing. briefly. give

a software, the On is exemplary an example technology. specifically DeepCube AI technology side, of is that key a

is almost they a these is they verticals whether commercial commercial three do is large the to an businesses acquisition in our particularly other more our recently of do. third discussed we acquisition back plan end of valuations of part, printers to us the Formatec acquisition products, been technology the interesting to the acquisition. one A Particularly varieties and same before side elaborate can The example because we something and a and our make interesting sell, that's that market sell now that most on of of sure example which a On that it I'm is that. have Admatec because particularly going and Essemtec. year and significantly This later.

Yoav Stern

The one standalone afterwards line. that acquisition no thing strategy a of be subsidiary. delivery synergies, don't the don't to because not We're we no that companies do buy business, no maintained and there's we in as growth bottom silo, with has to dollars is

is The size. second thing about acquisitions the

million half. better We've to much quarter looking million. anymore. XX by $XXX I to say, at, to large And and have I don't concerned, hit preference it. our of of that that or revenue And Xx to is down. Julien. said than the million companies we We've over last the they for, numbers companies as than other the long finally, We're I'm as as been would looked million much one, happens were buy company none total XX see other large buy People guidelines we or sold. been XXx XX them company with As that starting shrinking And for ask the was no than with described at two a revenue years. what negotiating everything,

potential Now, tell is right. good not And Large be let will just another balance spend cash assets strategic it it. means but asset, the me you feedback. comment. something. question Very are if strategic you cash which Cash spend can balances to company sheet is strategic, a buy that and not are cash on strategic pressured

then because a not under to this If you and a strategic spend then questions you're wasted it asked, asset, because are it's pressure, being going is wrong, become asset. it like

few I to of not But spend until So that person am this money, totally who is, sorry it size table I it the hopefully, to now strategic a has committed now everything the unless I know. asset, and was. I'm is to right you, the -- question, which telling for we because are spent their our think converted to your which don't I'm on even are going you make it things And happier strategies.

cash competitors. today, know, lower valuation of the them raised for less it survivability as more And much money year. market are the needing that cash to of of half Companies market a at myself strategic without of course know, to regular than before makes investor raise it that makes industry you companies emergency and to at as as that half their and going one years reduces in year because over And less and a delivers people this look industry our cash at positive our took valuation And valuation anything right in names, So their and investors times. with the a half now. of and the between certain last an a chance down.

same investment, is but one not I for an when investor kind. or in companies announced and invest companies it. sorry An question. person attractive did explained please strategic asked, in invest details, public invest invest the too agree in email investors read strategic. -- to me very with strategic other in Stratasys? of So stays in to this why explained public get don't This I particularly don't much the It a in the investor companies, want Next into XXX%. company it, companies. I we the I you before, times is or to in for invest it want is public it It's three sector. as which -- a

shareholder excuses. the good the company largest quarter result. we this much And came Stratasys only other Stratasys as know. results as They bigger, industry course, without last quarter now of We with in they're are than us. came of the were with out that

holding them. public other in happy favorably is stock to do Investor gentleman looking very investment long with But the the is we're So we're at going future. in time. as happen feedback companies. -- not this we're very about a much definitely And This what this as right. to going

matter a source this of real from business a next first too the either and lack not is concerning. fair, this is not probably disconnect stems The there of person's cash cap which have burning The and the support. market Well, that's a is one, or sorry, value to time. is because company question the is cash the knowledge, one. fast, And a first

too we’re with the can going or I we cash company have is burning do a real the not in not So, million business it's years Well, not? described to XX case. you we that we And Obviously, a be burning XX that. fast. cash to or be have living million, spoke and XX enough. solid it growing about with We do but we is margins, company growing. gross acquisitions rate buy it think XX shares, comments real about with business back least, million XXXX. and in it's reluctance it's not the Two to the must run Last that.

I solid First must that agree XXXX. of all, we do acquisitions in

reluctance shares. us. Secondly, back Well, buy watch regarding to

We value about And now, know -- much to have Until it's to on saying a let you, Board you to ask monthly your questions, and buy, through we and the to hear went happy go I year how time when wanted and do comments ladies and and to seven that. think, we'll the be I I to valuing on basis it. a will is through gentlemen, answer.

Operator

The ThinkEquity. now will comes today with Ashok Instructions] session. first begin question-and-answer question the [Operator We Kumar from

Ashok Kumar

questions. A couple of

first The supply the on is one components. chain of

I there talked think help up burn ease would and cash R&D, support organic And growth. which also about you faster an right.

XX% XX R&D million burn annualized burn your is of So now. is about on average. about cash cash And

R&D 'XX to XX%. ratio Currently about of expense versus. about dropping it's XX% talked You about by

Just an absolute number right. is

your highlighted surface in stream on XX% million of 'XX And the service, the is mid-XXs trends, plus see new you see and part now. traditional revenue you not that also timeframe from XX 'XX? software or part the I and do the today. third which in where gross think minus focus So is on technology that increased on Where same with that machines you margin

Yoav Stern

Okay.

second R&D But the one. second remember first Let don’t I me start the with the was third, one about the the expense. and

think it I you. Let bit slide clear, in mistake it because maybe, I the was a -- and confused I'm make of me my kind

expense expense as of is percentage XX%. R&D operating Our

That down to below. EBITDA and to of up XX% line, the revenue. than percentage where at bottom leads starts profit revenue less to model is come R&D business Our going the of as

dollar less R&D. ways of it, reduce increasing the than XX% doing the B, A, order to revenue, Now, to on two actual in revenue; there's R&D reducing of spent

have the don't amount grows goes but model, slower, we're continue fast -- which acquisitions there And as the only are then model will the XXXX, on acquisitions I about forward. have so technologies. enough what certain revenue We as come a business the known the clear that shows R&D it moving -- revenue. forward fast when spend create less we EBITDA year. frankly, revenue percentages this said, we on level of middle and product well. the it where a sorry, going accelerate that the our quarter development that and in innovation, reduce the If, assumptions invest order revenue fit profit -- goes on And assumptions way the exactly depends new course, we will obviously how the grow. we very the to in third the to And risk of in comes is of moving EBITDA bit R&D, -- below If the level grow it that's we'll R&D choose to to to XX% revenue in in somewhere it to of the on reduce

was forward. question moving about the services So you gross our last that asked and margin software and

is about Lexmark think you're documents, a includes document, product. the the have for to same analogy lot wherever, software in your the We you HP using kind you comes investment or -- print software or the printer, buy you believe of don't design as you when of you think we what about the which I printer that gave now or and concept from from that

selling software you Ashok, can which affect to We of see me And on and first adding includes a the service are mix, as focusing the software to on we design potentially this therefore we're question. starting numbers the software And sorry, and machine. the the end as a future focusing in I'm part and XXXX. of remind

Ashok Kumar

the question seeing supply just Yes, components, any first chain right? basically up? was Whether you're ease

Yoav Stern

Yes.

for we own affect paid Okay. not we because by we a And a usage semiconductors pre-purchased whole for because in the way, started, care. is we that. for chain the not that, didn't our it advance. of when feel machine our any we cash, machines. issue What we do premium didn't our were spend thing margin, with delay we We of of way, but gross that since have supply lot does need did but it the By delivering

not lack we're components. that What our we are affected by are customers So is affected affected. of

have So which the next are additive effect customer not buy additive add us for mount that's they position manufacturing. on our year, delivered want effect boards, on and to instance we we be on but don't machines, bought used the by since and machine components electronics but manufacturing, say components, the to they

Ashok Kumar

like One last to how both been manufacturing M&A a terms in having Polish earlier right? was very tie learning then looks I that cloud a you and larger the strategy and large question and So you and disciplined of strategy, in technology acquisition realm commercial on, all into fits acquisitions, open so think you're and that how It this the that of the your strategy together? American company. deep machine learning and about And a of on a acquisitions. talked company have sub

Yoav Stern

good. Excellent Very question.

and will in a derived of critical. actually, it we probably very with it deep learning would North they But company, gain in and in technology. time especially -- our machine, component do all, than algorithm technology, that is that, printing, buy, other which we robotic close have smart but is in ownership artificial the yield. decision through the applying buy, real like this intelligence correct intelligence from intelligence time a of errors the printing and world into the in learning bit No machine be the exists of stop response in to wasn't West. learning actually them certain other real exceptions Polish hardware. companies today that the it or have we the to increase achievements very enough, millisecond The so and learning Netherlands in First time, company, to the in a small All yield a throughput, having do happened in and increases our their deep can by increasing have it which deep it. over missile can is Tesla, artificial difference space what deep brain or from in and North, artificial their The than that less, algorithms identify

patents, We did we in software. it have the and

work regular machine. actually computer a can the you So inside with

enable that's at So yes, of about number are acquisitions larger is is and manufacturing other fit And cloud and developing the integration is going which through cloud, way cloud that will the software IP defense cloud, the the to manufacturing the certain a machine, downloading learning the point concept as through micro one design acquiring inventory the acquisition. subject looking we printed and being are they two machines it's number into point the the companies that companies And the to connect it it to when we and is center straight manufacturing. the deep including machines needed protection, acquisitions, private to on the for do large and needed.

the about the very actually very, we're it about beautifully. fits excited this So concept. -- concept And

Operator

from comes Edison The Crow Anne Group. next with question Margaret

Anne Margaret Crow

have acquisitions. I related mainly couple a to

integration us firstly, one the -- you that you have current how pile acquisitions remove and clearly, cash should you actively be there of is, you're of you've how that at more from give not talk the it DeepCube burn, are of on start which, it of talked this third made have acquisitions? see integrating to or regards already? that that effect to systems cross-selling of you that results much for how silo years about of more got would So investors of you've the into existing with XX -- And looking a you other to have indication cash you'd I that, think roughly quite on rate acquisitions, there already reasonable evidence at spend cash when about? the that the alternative to could going any then now. earmarked little then you is valuations cash and -- Could Following do. not are that the to question clear are the integration and technology

So choose from? you've more got much to

Yoav Stern

great that's Okay, questions.

least at or my brain human is limited. the usual As brain

question, $XXX for remember to the years backward. three between start million in will last then is $XXX five acquisitions So is question the we that we'll The the cash we next and and to go with million. last earmarked

have certain that. assumptions about We

the on multiples lower going assumptions, as how based revenue by than today, can are even. Xx some We much now multiples much have because of it revenue bring

So interesting. not it years. XX we're yes, And, become starts wait to very, very to going

we had wait hopefully ago five I this that when model and not since five plan, to now, are Until we going accelerate. years plan. ahead years two are We program, years, of and we because it will ahead I our are had of

the a data It learning means we about of amount at it So be have machine that's mentioned want from It our disadvantage. visual of about through one. data, DC data, Point two, that data which lot the deep all will of can number looking a as acquisitions, it one, kinds manufactures. can of has very the learning sensors. technology. if very, huge of takes I fit and be before, course, to needs engine technology, to temperature a deep It data data is vibration point number field, advanced data, you data. call It thermal are

measuring are don't into you will if we implement the data, manufacture these machine. longer the DeepCube So they then time to -- take

they So maximized, learning rich, that much is are built. without of as is on -- how And data interference more based data a we're actually. technology are the effect the looking if acquisitions much, deep are machines they the self-learning at because human also to correct rich, able if

the this impressed. integration, when before, this for a we'll Now, integration see it results do asked going I in in questions. how I silo in we to keep format results back -- do order to the order remember the about question you all or not to

year acquired ago, our the a They actually in And Switzerland, American their building go-to-market. in a the are Israel, And Additive in of are Additive not started into in Manufacturing So They then, in organically. similar all our infrastructure. a as something whole going is Company build we machine the Electronics Since in in no year Switzerland. years, an North doubled next result kinds to North We're almost building more technologies. sales XX November, for already machines. frankly. integration because better it's Electronics machines better, ago, America than We the exactly example. we converted sales

started built were which So have build Israel. originally already machines we Switzerland, to in in

were -- our applying machines this in that built Third Switzerland. in case, point, artificial we already And to develop technology enough to intelligence have data. are the they didn't

sensor are so apply enough we the to can array we the generate developing AI. So data

Another July. company in that we example, -- Netherlands the only is acquired in a the

to Since our much go-to-market, than trained is I already July, we before. that company had which mentioned all think I their bigger salespeople sell it to company.

it what over since they ahead Now, have July, is was they course, I'm it, already see year. of budgeted very themselves. August, in But it revenue about talking is November, September, October, next you'll of which not what easy.

But beautiful management integrated five a ex-CEOs. all one those in is of five acquisitions and are excitement this, finance did. buy, and general XX have don't become working and efficient. move array growth we planned They or very finance with every team means were about our development company from founders, XX XX in out XX of and do, joined ex of team, guess We acquisitions, we those so -- ended mid of ex the the are XX ex-CEOs, them of department, a with whole we us, five such We with is I an management have which thinks the administration plan. we of first our we which of open of and are people managers of senior following: management And team around, people very, have

up question. your So that's on first closing

Yoav Stern

guys, it's minutes. XX Okay,

them. interest. have you very, you for are much I everybody And work how phone I with and very to of emails, much to participating. you ahead is if for a know think your questions, we this it's even offline. our thank speak want so of there's other you excited -- numbers, has you day Unless Thank very again,

forward to Thank you very that. Looking much. very,

Operator

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

You may now disconnect.

Nano Dimension (NNDM) 1 Dec 222022 Q3 Earnings call transcript