Nano Dimension Ltd (NASDAQ:NNDM) shares are trading slightly higher after the company reported second-quarter revenues of $14.99 million, up from $14.74 million a year ago quarter.
The revenue growth was led by higher sales of the company's product lines despite macroeconomic headwinds and high interest rates in the industry.
Adjusted gross profit declined to $6.98 million from $7.01 million a year ago, with gross margin coming in at 46.6% vs. 47.5% in the prior-year quarter.
Adjusted EBITDA stood at negative $16.1 million vs. negative $23.5 million a year ago. EPS loss widened to $0.20 from $0.04 loss last year. The company attributed the increase in loss to the re-valuation of its investment in securities.
Nano Dimension held $764 million in cash and equivalents as of June-end. In July, Nano Dimension inked a definitive deal to fully acquire Desktop Metal, Inc. (NYSE:DM) in an all-cash deal at $5.50 per share.
After the transaction, the combined company expects a strong cash position of about $665 million at $5.50 per share or $680 million at $4.07 per share price, factoring in Desktop Metal's outstanding convertible notes, which may be repurchased pending acceptance unless refinanced.
Nano Dimension stock declined around 24% in the last 12 months. Investors can gain exposure to the stock via 3D Printing (The) ETF (BATS:PRNT) and Pacer BlueStar Engineering The Future ETF (NASDAQ:BULD).
Price Action: NNDM shares are up 0.46% at $2.17 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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