Israeli 3D printing company Nano Dimension Ltd. is flying high into the new year. The company, known for its electronics 3D printing technology, announced that it expects its total revenue for 2018 to be in the vicinity of $5.1 million, nearly six times more than its reported revenue for 2017 ($860,000).
The growth is not uncalled for: the company introduced its DragonFly Pro 3D printer, an upgraded, market-ready version of its original DragonFly 2020 for printed circuit boards (PCBs), in late 2017—an event which garnered a lot of buzz in the industry.
Over the course of 2018, Nano Dimension expanded its business, forming new alliances, establishing Customer Experience Centers and marketing its professional PCB 3D printer. In fact, the company reports that it sold 30 units of the DragonFly Pro 3D printer in 2018.
The projected $5.1 million in revenue for 2018 was announced as part of an unaudited, estimated financial results release. This same release also highlighted other achievements by the company, including doubling its reseller network from 10 to 20 partners and expanding geographically into new regions such as China, Taiwan, Korea, Belgium, the Netherlands and Turkey.
Looking at sales, Nano Dimension fulfilled repeat orders from high profile customers, such as TTM, a Fortune-500 defense company. Other reported customers include HENSOLDT, a German sensor maker, NTU Singapore and a leading research institute from Hong Kong.
The DragonFly Pro’s viability for the defense market also increased substantially when Nano Dimension was granted United States Government Certified Vendor status as well as a Commercial and Government Entity (CAGE) Code from the U.S. Department of Defense’s Logistics Agency. In the wake of this, the United States Armed Forces invested in several DragonFly Pro systems for a range of applications, including antennae, circuitry and sensor production. Having the PBC printer in house enables the military to circumvent security challenges that existed before and speed up turnaround times.
Unsurprisingly, Nano Dimension leaders are thrilled about the successful year, and are surely expect even more growth going forward into 2019.
“We are very pleased with our commercial and operational results for 2018, meeting our targets and placing the company firmly on a multi-year growth trajectory,” commented Amit Dror, CEO of Nano Dimension. “2018 was a year of nailing and scaling our product, use cases and go to market channel and we believe that our results demonstrate that we have successfully laid a robust foundation for accelerated customer adoption and growth.”
As the $5.1 million is an estimated revenue projection, the final result could vary depending on period-end closing adjustments and audit procedures.