Shares of Nano Dimension (NNDM 0.42%) have plunged today and are down by 11% as of 1:05 p.m. EST after the company reported third-quarter earnings. The results missed analyst expectations by a mile.
Third-quarter revenue came in at $438,000, well below the $1.2 million in sales that Wall Street was looking for. That resulted in a net loss of $20.7 million, or $0.45 per share, compared to the $0.08 per share in red ink that analysts had expected. The 3D-printing technology company blamed the ongoing coronavirus pandemic for the weakness.
"These are not disappointing results per se," CFO Yael Sandler said. "As we have projected starting April 2020, the reduced revenues in 2020 as a result of the COVID-19 pandemic being prolonged and re-emerging crises, were in fact expected to be lower than we have achieved."
Nano Dimension finished the quarter with $45.7 million in cash on hand, up from $3.9 million at the end of 2019, after conducting numerous secondary offerings throughout the year. The company remains optimistic about its long-term prospects, estimating that the total market for 3D-printed electronics will grow to $2.3 billion by 2029. Nano Dimension believes that, as the market leader, it will drive growth in the market for professional PCB (printed circuit board) prototyping.
"[W]e are not judging, at this point, our success by quarterly revenues," CEO Yoav Stern added. "That will come later."