Nano Dimension Ltd (NASDAQ:NNDM) rounded off Q217 with the delivery of four printers to its final batch of beta site customers, bringing the total to 16. It has met its stated goal of completing the beta test phase in mid-2017 and is scheduled to commence early commercial sales in Q317. This keeps it on track to deliver a total of 50 printers during the year, around 35 to commercial customers. We leave our estimates unchanged; only adjusting our EPADS estimates to reflect the dilutive impact of the two equity placings completed during June.
Deliveries during Q217 were to one of the top 50 largest defence contractors globally, which will use the 3D printer in one of its innovation centres in the US; a solar energy company located in Israel; and two PCB design bureaux, both located in Israel. These customers will make payments to Nano Dimension on a leasing basis as well as providing valuable feedback to direct further product development. The feedback from the beta programme so far has enabled Nano Dimension to upgrade and refine the technology, printing capabilities and work processes of the DragonFly 2020 3D printer. It has confirmed that DragonFly printer deployment helps accelerate product development cycles, support additional product design iterations and keep IP secure. Management notes that it now has sufficient beta phase partners (16 in total) and intends to move to early commercial sales of printers and related proprietary inks during Q317.
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