What happened

Shares of Nano Dimension (NASDAQ:NNDM) 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.

So what

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.

Nano Dimension's 3D printer making a printed circuit board

Image source: Nano Dimension.

"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."

Now what

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."

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