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The banal of Nano Dimension (NNDM) was up over 80% aftermost anniversary with a billow in aggregate Friday – 106.0 actor shares as compared to boilerplate circadian aggregate of 7.7 actor shares. The move college could be advised counter-intuitive because the aggregation has issued over 25 actor shares aback May and is not assisting and in Q2 had bloodless revenue. However, there is acutely able broker appeal for shares by those gluttonous acknowledgment to the company’s new avant-garde 3-D ambit lath technology which could potentially agitate a multi-billion dollar printed ambit lath (“PCB”) industry.
Source: Gluttonous Alpha
Nano uses accessible conductive (silver/polymers) and dielectric abstracts (as ink) to assemble new-age 3-D ambit boards and adjustable printed electronics. In addition, the aggregation bales all that technology into a nice little unit, alleged the DragonFly LDM™ System, that barter can buy and install on-site and accredit them to advance artefact development by giving engineers the adeptness to bound apparatus prototypes after sending architecture files off-site for PCB fabrication. The supply-chain issues abounding companies faced during the COVID-19 communicable are acumen abundant to move apparatus of the supply-chain “in-house”. The Trump administration’s 25% tariffs on abounding accouterment genitalia advancing from China is addition acumen to move basic artifact in-house. Lastly, sending architecture files to third parties is consistently an IP risk.
Source: July Presentation
Nano’s DragonFly LDM artefact (shown above) is a primary advance apriorism for assorted reasons:
Fabricating prototypes on-site with a DragonFly LDM arrangement would accredit it – should that ancestor about-face out to be assembly aces – to alteration to low-production (10s to 1,000s) volumes with actual little risk-to-fail application the aforementioned apparatus that fabricated the prototype.
LDM barter so far include:
For chump support, Nano provides chargeless SOLIDWORKS software to advice engineers optimize designs for 3-D press of multi-material and multi-layer electronics. Theoretically, this technology has the adeptness to ascendancy assorted electrical characteristics of the PCB (impedance, arresting cross-talk, etc.) as able-bodied as actual acceptance to optimize ability considerations. With HPC (high-performance computing), ability ability is an added important application in agreement of ability bills and admeasurement constraints (see Vicor: Powering Nvidia’s New A10 Tensor Core GPU). Vicor (VICR) has been actual acknowledged due to its power-IC designs, but additionally because of its proprietary modular power-conscious packaging designs.
Bottom band here: Nano’s technology has a ample border of applications (see below) that are analytical for enabling the technologies that will drive the 21st century: networking, 5G, billow computing, HPC, the IoT, and more:
Source: Nano Dimension Homepage
In fact, I can calmly anticipate the day aback low-pass filters, inductors, and antennas fabricated application Nano’s technology become industry accepted articles (i.e. bolt parts) while the high-end value-added PCB bazaar flourishes.
Meantime, the sky is the absolute aback it comes to the addressable market. The bazaar is accepted to abound to $2 billion by 2029 and Datamintelligence.com says “The All-around 3D Printed Electronics Bazaar is accepted to abound at a CAGR of 39.50% during the anticipation aeon 2020-2027.”
For full-year 2019 the aggregation had $7.1 actor in acquirement (up from $5.1 actor in 2018) and absent $0.05/share based on an boilerplate of 175,634,000 actor shares outstanding.
For Q2 2020:
Yael Sandler, CFO of Nano Dimension, commented on the quarter:
As projected by our President & CEO in our aftermost investors appointment alarm in mid-May, the all-around furnishings of the Covid-19 communicable accept acquired a actual abatement to our revenues, aback companies and organizations about the apple are not absolution budgets for purchases of basic equipment. Yet, we are already witnessing cyberbanking companies because means to abbreviate their accumulation chains by adorable to abate annex in the Far East by buffering allotment of their accomplishment on the arena in America and Europe, rather than alone in China. Our DragonFly LDM Additive Accomplishment Cyberbanking arrangement allows absolutely this: Short-cycled and cost-efficient prototyping and eventually artifact of anatomic high-performance cyberbanking accessories (‘Hi-PEDs’) with basal ecological disruptions. In the meanwhile, rather than over spending on business and sales while the bazaar is irresponsive as basic costs budgets are Corona-stagnated, we are administering the assets accustomed from the acknowledged disinterestedness offerings in the additional division of 2020 to artefact and technology development. As a result, we apprehend to be bigger positioned already the electronics mural is revitalized in a post-Covid-19 resurgence.
Sorry for the continued quote, but I anticipate it’s important to accept how Nano’s administration angle the accepted landscape. Accustomed the comments, I doubtable acquirement in Q4 and Q1FY21 acceptable won’t be impressive. In fact, Nano Dimension President and CEO Yoav Stern said on the Q2 appointment call:
… my present alive acceptance is business is not advancing aback until the end of Q1 2021.
So, it looks like Nano is in for some cash-burn quarters. That said, because of two contempo allotment offerings (see below), the aggregation has abundant banknote to accumulate the lights on, abide advance in R&D, abide artefact development, and position itself to abound the chump abject aback the business ambiance rebounds.
This adventure seems emblematic of the accepted ambiance … afresh it is Mr. Stern on the Q2 appointment call:
So, we accept customers, for instance, very, actual ample corporation, one accurately from the Far East that all of you know, can’t acknowledgment the name, that accomplished a criterion with us, which they paid for and the adventure in the breadth of fifth bearing antennas — for fifth bearing solar antennas that acclimated by us. They admired the after-effects actual much. But, they said that they cannot now buy a apparatus as they planned, because of the freeze. This is a multibillion dollars corporation. And accordingly they’re accomplishing addition activity with us which they are advantageous for Nano’s [ph]. And we’re proceeding forth that line.
As mentioned earlier, the $49 actor in banknote on duke is primarily the aftereffect of two contempo absolute allotment offerings: $16.9 actor (7,356,521 ADS shares @ $2.30) on 10/5/2020 and $35.9 actor (17,950,000 ADS shares @ $2) on 5/20/2020. As can be seen, admitting the bloodless after-effects this year, institutional appeal is able (note the October alms got a $0.30/share exceptional over the May offering). This is why I am somewhat afraid at the trading agitate displayed Friday aback 106.0 actor shares traded hands. I would accept accepted institutional holders to buy-n-hold the stock.
On the Q2 appointment call, Stern talked about his M&A analysis and his discussions with dozens of companies alive in the aforementioned amplitude as Nano (bold accent added by the author):
Some of them I absitively that we don’t charge to acquire, we can aloof buy an OEM, the artefact and technologies. Some of them, I’m discussing added agitative befalling of merger. I can’t — obviously, in M&A, you can’t say, what will happen, what will not. But, I can acquaint you acutely that the assignment on that breadth activated what I believed aback I came in and aback I invested aloof aftermost week, and this Aggregation is avant-garde of the ambit by at atomic two years. And I anticipate the opportunities that were accustomed out to get ourselves alike added avant-garde and bolt this tsunami aback it’s advancing out of the — about the bend alpha of abutting year, we’re bigger positioned and our antagonism are not as avant-garde as I thought. And best of it is old — what I would alarm old industry. The antagonism is the old industry, not the high-tech new industry.
Yet, with a bazaar cap of alone $262 million, if Nano’s technology is absolutely as absorbing as advertised (and as its barter say), it could be a takeout ambition itself. A abundant beyond amateur like FoxConn (OTC:FXCOF), Jabil (JBL), or alike a aggregation like Broadcom (AVGO) could be absorbed in the technology and the DragonFly LDM artefact line. And of which could calmly absorb Nano and – I would anticipate – could accommodate both accomplishing of the LDM sales aspects of Nano’s technology and articles into their own accessory businesses.
Nano is acutely a aerial risk/reward proposition. The aggregation will lose money in FY2020 and there is no agreement the aggregation will be assisting in 2021. The aggregation can affair added shares in the approaching which would adulterate accepted shareholders.
There is consistently the achievability addition comes forth with a bigger mousetrap. Meantime, I could acquisition alone two patents issued for Nano Dimension:
But the aggregation says it has 30 apparent applications in the queue. Key apparent aegis is a charge to avoid off competition, and abounding of the applications in advance acceptable awning the DragonFly LDM artefact line.
Nano Dimension is a avant-garde in the abstracts science of 3-D printed multi-materials multi-layer ambit boards (and adjustable tape-like “boards”). The aggregation is accident money, but has awash 50 systems over the accomplished two years and has afresh apparent able appeal for absolute banal offerings that enabled it to accession the banknote all-important to armamentarium continuing R&D, artefact development, and sales and business efforts to adapt for a backlash in the market. The addressable bazaar is massive, and the company’s low bazaar cap makes it a abeyant M&A ambition in my opinion.
Nano is actual attractive, but to be clear: it is a speculative, aerial risk-reward proposition.
Disclosure: I/we accept no positions in any stocks mentioned, and no affairs to admit any positions aural the abutting 72 hours. I wrote this commodity myself, and it expresses my own opinions. I am not accepting advantage for it (other than from Gluttonous Alpha). I accept no business accord with any aggregation whose banal is mentioned in this article.
Additional disclosure: I am an engineer, not a CFA. The advice and abstracts presented in this commodity were acquired from aggregation abstracts and/or sources believed to be reliable, but accept not been apart verified. Therefore, the columnist cannot agreement their accuracy. Please do your own analysis and acquaintance a able advance advisor. I am not amenable for the advance decisions you make.
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