Nano Dimension Ltd (NASDAQ:NNDM) has concluded FY16 in style with the shipment of two more DragonFly 3D printers to beta-phase customers. This brings the total of systems shipped during the year to six, reaching management’s target for number of deliveries. We leave our estimates and valuation unchanged.
In August Nano Dimension delivered the first DragonFly 2020 system for creating multi-layer printed circuit boards to a leading defence company in Israel for evaluation. Less than a month later, it delivered the first DragonFly to the US where it is being used by FATHOM, Nano Dimension’s partner, to support demonstrations and product evaluations primarily to potential customers in Silicon Valley and the greater West Coast area. Initial feedback from the first two beta sites was positive, so the initial two shipments have been followed by four others. The recipients are a US-based Fortune 100 multinational in the technology sector; one of the top 10 largest defence companies globally; Germany-headquartered PHYTEC Messtechnik and a Fortune 500 company that is one of the 10 largest bank holding companies in the US, which will install the printer in its hardware development centre. These beta site customers are keen to bring PCB prototyping in house, thus reducing time-to-market and ensuring that IP security is not compromised.
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