Q2 2023 Nano Dimension Ltd Earnings Call
Speaker 1: Good day ladies and gentlemen, welcome to Nano Dimension's second quarter 2023 earnings conference call. My name is Anthony and I'm your operator for today's event.
Speaker 1: On the call with us today are Jo-Ads Stern, Chairman and CEO , Gail Sandler, CFO , and Julian Letterman, VP of Corporate Development.
Speaker 1: Before we begin, may I remind our listeners that certain information provided on this call may contain forelooking statements, and the Safe Harbor Statement outlined in today's earnings press release also presents the statements made on this call. If you have not received a copy of the press release, please view it in the investor relations section of the company's website.
Speaker 1: The replay of today's call will also be available on the investor relations section of the company's website.
Speaker 1: We'll begin the call with business updates followed by a question and answer session at which time the management team will answer questions.
Speaker 1: I will now like to turn the call over to Nanode dimensions Chairman and CEO Joao Stern. Joao please go ahead. Thank you very much. Hi everybody, welcome to the call. We will go to the presentation and then we will open it to Q&A.
Speaker 2: Going to slide number three.
Speaker 2: our quarter or the next quarter.
Speaker 2: it follows two other excellent quarters. Actually it was Q4 of 2022, Q1 of 2023 and now Q2 each quarter was a stellar...
Speaker 2: the two others from best quarters of the company.
Speaker 2: until now. The key highlights
Speaker 2: is first of all and I'll repeat it five times. There's a.
Speaker 2: Organic growth
Speaker 2: for all people that were asking this for a long time.
Speaker 2: Not to speak about some Canadians that are also lying about these numbers. Our growth in organic growth in the last three and a half quarters is about 47%. Our growth from the same quarter last year is 33% and revenue in the first half is higher by 38% from 2022. More importantly our gross margins dramatically increased by 81% and 185% for a quarter and a half and they went up from 40% to 48% depends if you're speaking about adjusted gross margin or gross margin.
Speaker 2: You can see this in the first column on the left and the bottom comparison for the quarters both in IFRS and non-IFRS. In the right column you see a lot of new successes from customers certain things are even missing there because of the last few weeks
Speaker 2: one order and more orders to come.
Speaker 2: and similar names that I cannot disclose.
Speaker 2: and in all across the product lines we have.
Speaker 2: on the Deep Cube, artificial intelligence, very very important advancement.
Speaker 2: by getting other companies that are building other machines or having other needs and are interested to buy a Deepube.
Speaker 2: Deep learning machine to install them on their operations and manufacturing operations very very exciting They recognize the importance and remember we originally bought DeepCube for the purpose of applying the technology inside our machines and in our
Speaker 2: cloud manufacturing network but now it seems like Deepube is going to become a profit center by itself and a revenue generator by itself.
Speaker 2: It's in the process and we have four or five customers already in the process of signing the contract and on a long-term basis.
Speaker 2: We have already one of the largest
Speaker 2: Call it semiconductors company in the world that already signed the contract.
Speaker 2: The rollout of the DeepCube engine inside the Dragonfly system is happening, is out.
Speaker 2: and
Speaker 2: For me the most important advancement in R&D is, as I told people who invested when I raised the money two years ago, the key thing in additive manufacturing, contrary to what everybody is telling you maybe in this industry, is materials.
Speaker 2: Everything else is doable. Materials and artificial intelligence.
Speaker 2: and in materials.
Speaker 2: We have a major investment over this year in three quarters. We invested almost all our R&D
Speaker 2: in the materials
Speaker 2: and we have major advancement which we will announce in November in the industry, industry at great shows.
Speaker 2: Moving forward.
Speaker 2: financial specifics
Speaker 3: You can see the...
Speaker 2: profit and loss statement in comparison of Q2 and Q2, both Q2s of 2022 and 2023.
Speaker 2: growth of revenue, organic growth.
Speaker 2: since Q3 of 47%
Speaker 2: And I don't want to repeat myself because I said it in the first slide, but here you see the actual numbers
Speaker 4: At the epidda.
Speaker 2: negative was 23 million dollars out of which 13, I'm rounding figures, close to 13 was R&D expense so yes it is expense because we don't capitalize it but it is an investment.
Speaker 2: we spend
Speaker 2: unnecessary
Speaker 4: activity.
Speaker 2: At that time Q2 was...
Speaker 2: $2 million on legal for all kind of proxy.
Speaker 2: machinations which is as much as I'm concerned is a waste of money. But we didn't have a choice and we don't have a choice. We've been forced into that.
Speaker 2: The net cash used in operation.
Speaker 2: is 28.
Speaker 2: But we made money from the cash, so really the net net is only 21.5.
Speaker 2: So on a per quarter basis
Speaker 2: We are making about
Speaker 2: 10-12 million dollars a year in interest gets close to 50 million dollars per year and the interest rate is per today.
Speaker 2: Next slide.
Speaker 2: I will describe to you the growth of the revenue of the company on a last 12 months basis.
Speaker 2: every quarter measured from the Q3 of 2021.
Speaker 2: which was five-man dolls.
Speaker 2: to Q2 23.
Speaker 2: which is 52, and where the run rate if we continue the same rate to be at 60 at the end of the year.
Speaker 2: the run rate if we continue at the same rate to be at 60 at the end of the year.
Speaker 2: If you compare this to what other companies in our industry did this quarter over the last few quarters, everybody is down on his revenue.
Speaker 2: Down on the bottom lines. We are up!
Speaker 2: The next slide describes
Speaker 5: See you.
Speaker 2: the margins graphically.
Speaker 2: revenue on the left side and margins on the right side.
Speaker 2: and it shows it to you both on the IFRS basis.
Speaker 2: Non-IFRS is basically taking out of the cost all kind of non-cash expenses or granting of options expenses with a non-cash to show the actual results.
Speaker 2: in cash as the business actually performs.
Speaker 2: The next slide shows you the statement I just made about the performance of our peer group.
Speaker 2: We chose four or five companies out of
Speaker 2: Maybe it's 10 that are public.
Speaker 2: including in Europe .
Speaker 2: And you can see that other than one everybody had.
Speaker 2: net shrinkage.
Speaker 6: And we had the...
Speaker 2: 33% growth. And the one that had growth had just 5% growth. All this is compared to a year before.
Speaker 5: laughs
Speaker 2: skip my most favorite subject which is the proxy fight in general and your
Speaker 2: I'm sure there are shoulders on the call.
Speaker 2: I'll call to vote.
Speaker 2: We have 10 more days to vote.
Speaker 2: And you basically have two choices.
Speaker 2: The left one is what we propose.
Speaker 2: which is to keep the board that you have now.
Speaker 2: There's three people to be being re-voted.
Speaker 2: We will continue with the strong fundamentals.
Speaker 2: From the past, we have 12% of revenue growth, we have 60% run rate.
Speaker 7: We have about
Speaker 2: three to five
Speaker 2: M&A is ahead of us.
Speaker 2: and two of them are very large companies
Speaker 6: and
Speaker 2: Notice what happened in this whole MNA.
Speaker 7: activity when we
Speaker 2: removed our proposal to buy Stratasys.
Speaker 2: The whole M&A consolidation in this industry collapsed.
Speaker 2: Everybody's share went down except us. We went up. Our statuses went down from 21 to 25.
Speaker 2: 14.
Speaker 7: 3D
Speaker 2: which was going supposedly to buy strategies went down from 11, 10.5 to 6.
Speaker 2: The rest of the metal went down to $1 something.
Speaker 2: which is supposed to have a merger with Stratasys.
Speaker 2: And all this because we pulled our offer.
Speaker 2: And all this while our share went up from over the last, I think, two months from 2.3 to 3.5.
Speaker 2: 2 and then back to 2.9, some are hovering around 3.
Speaker 2: So, that says something. Still under the cache, mind you.
Speaker 2: but...
Speaker 2: We're moving forward.
Speaker 2: If you look at our historical numbers, I don't want to repeat them, they are listed on the screen here on the left side, and you'll be able to see, of course, on the website, this presentation is there. We have established and...
Speaker 2: very strong base for global go-to-market and R&D programs. We invested more money...
Speaker 2: than a typical small company invests, which is something I have described when the money was raised and along the lines every quarter of the last eight quarters.
Speaker 2: And we deliver strong organic growth, not to forget now, 47%.
Speaker 2: This will continue.
Speaker 2: From the other side and the right side you have in red.
Speaker 8: A group.
Speaker 8: It has total.
Speaker 2: No understanding.
Speaker 2: in Nano's business if they have any understanding in any business at all other than being a hedge fund.
Speaker 8: attempting to be activists.
Speaker 8: When you look at activist activity in the market...
Speaker 2: When Nelson Peltz as an activist wanted to get into Walt Disney, or when Carl Icahn wanted to get into Southwestern Gas.
Speaker 2: or when Elliot wanted to get into
Speaker 2: I've seen our health.
Speaker 2: All of them came with a very serious analysis of the business of the target companies, which by the way happened to be much, much, much bigger companies, of what is the alternative to what they propose for the shareholders that they want them to vote for.
Speaker 2: So they will end up by changing the way the company is run as much as that's the location or as much as selling certain businesses or improving gross margin other businesses.
Speaker 2: So the share price of dementia will go up.
Speaker 2: That's not the case here because we don't have Elliot.
Speaker 2: or Starboard here.
Speaker 2: Every small family business that wants the cash.
Speaker 2: which we have $1.1 billion including strategies.
Speaker 8: which we maintain, maintained.
Speaker 2: meticulously because it's your money over the year and something that the prices in the market was too high.
Speaker 2: We are totally positioned now to use it to expand the growth much beyond $4 a share or $3.8 a share which is the cash value per share right now.
Speaker 2: Because we were so careful, we have this kind of...
Speaker 2: players, call them
Speaker 2: trying to get to the cache and liquidate it.
Speaker 2: It's totally self-interested.
Speaker 8: opportunistic.
Speaker 8: There are nominees to the board. Each one of them got 50k.
Speaker 2: just to put their bios
Speaker 8: on the list, even if they're not going to be elected.
Speaker 2: Mind you, when I read the bios, some of them is not worth $5,000.
Speaker 8: But they get paid 50
Speaker 8: It's nice, but they are golden handcuffed.
Speaker 2: You think about voting to them when they'll be directors in your company, when they've been paid before by an organization that wants to liquidate it for $4 or less a share.
Speaker 8: Do you want that to happen?
Speaker 8: Do you want that to happen? Or the independence?
Speaker 2: Think about it. I'm thinking about it. I'm a shareholder. I voted.
Speaker 2: So if you want that to happen, I invite you to vote for the red side.
Speaker 2: And, of course,
Speaker 2: we will respect your vote. I'll add to that
Speaker 8: In the next slide.
Speaker 2: Everything I say is factual, contrary to a lot of...
Speaker 2: bad data that I saw published about me over the last year, and I bent my head and let it slide over, but.
Speaker 2: fake data and fake news. We are talking data. When I speak in the slide before about the right red side.
Speaker 2: It's not based on what I think.
Speaker 8: It's based as an example on a gentleman called Moshe Sarfati.
Speaker 8: Moshe Salfati is the main senior analyst for Mertison out of maybe 10 employees.
Speaker 8: that is testifying under oath.
Speaker 8: in a court when we were dealing with their illegal shareholder meeting in March, and it was asked by the honorary judge.
Speaker 8: I don't understand what the judge said. What exactly do you intend to do?
Speaker 8: if you want to change the board. The answer now is the quote, I don't analyze the activity because I don't understand 3D printing. We really have no idea what is good and what is not good to do here.
Speaker 5: I think
Speaker 2: any other word is unnecessary. This is the person in the merchant zone.
Speaker 8: almost the only one that knows something about the company.
Speaker 8: For him, he doesn't know nothing. He is testifying.
Speaker 8: So if you want this to happen
Speaker 2: I will respect that.
Speaker 9: By the way,
Speaker 8: I will step down.
Speaker 8: because I work for shareholders.
Speaker 2: and if the shoulders will vote to change the board with these kind of people.
Speaker 8: Another way to work under them, not with them.
Speaker 8: Not beside them unless we are running the company.
Speaker 2: They want to be partners.
Speaker 2: I'm welcoming them.
Speaker 8: If they want to stay investors, I am more than welcoming them. If they want to stay shareholders, I am promising Murchison they will make money.
Speaker 8: welcoming them. If they want to stay shareholders, I'm promising Murchison they will make money with us
Speaker 8: But if they want to take over the company liquidate
Speaker 2: Unfortunately, I cannot be there.
Speaker 8: And I announced it before, so it's not new.
Speaker 10: I hope
Speaker 10: All of you will.
Speaker 2: Join us and I hope now that you are on the call you will ask me the tough questions and the challenging questions you usually ask and I'd like very much to answer.
Speaker 5: Thank you.
Speaker 1: We will now begin the question and answer session.
Speaker 1: If you have a question, you may press star, then you can turn on your telephone keypad.
Speaker 1: If you're using a speakerphone, please pick up your handset before pressing the keys.
Speaker 1: To withdraw your question, please press star then 2.
Speaker 1: At this time, we will pause momentarily to assemble our roster.
Speaker 11: operator anybody okay
Speaker 1: Anybody? Okay. Again, if you have a question, please press star then 1.
Speaker 1: Okay, our first question will come from Rami Rauch, the private investor. You may now go ahead. This is a loweb increase in new Syriza fashion.
Speaker 8: Hello, can you hear me? Yes, please.
Speaker 12: Yes, please.
Speaker 13: So thank you for the presentation.
Speaker 14: I'm actually
Speaker 13: Also quite disappointed by the fact that Murchison only talked about Nano's cash position without even providing any road map for the actual business and profitability.
Speaker 13: So I'm supporting the current management. Having said that, can you please share some insight on the early turnouts and chances to win this proxy contest?
Speaker 15: Thank you.
Speaker 15: Thank you. Yeah. Listen. Okay. Okay.
Speaker 15: Yeah, listen they
Speaker 2: The people who are coming from Canada together between the two funds, as much as I know, and that's what they declared, have about 12% of the company.
Speaker 8: That's about the...
Speaker 2: I don't know, 20 something million shares. Now.
Speaker 2: I'm assuming they were able, and I know, but a couple of other funds that they recruited.
Speaker 8: to vote with them. All of them, the cost per share coming in is about two and a half dollars.
Speaker 8: The other two funds I know about Clearline Capital, I know about Intrinsic, people that I know well and are very very friendly until...
Speaker 2: with us, talking to us, and then they got greedy when they realized somebody can help them because they had this cost coming in at the same price. So I'm assuming people who will naturally vote for them in order to get 3.7 dollars a share will be the people I mentioned, which together, let's say it's 15%.
Speaker 2: The rest of the 85%, maybe 82%, 3%, maybe the 2%, 3% in between, but the 83% rest is retail shareholders. I'm talking about 160,000 to 170,000 people.
Speaker 2: This is almost like voting for parliament.
Speaker 2: When you have to reach 165,000 people, give or take.
Speaker 2: It's not that you can speak like if there were five institutions one by one and convince them that the growth plans we have comparing to liquidation plan is worthwhile. So we have to reach and we are making an effort now for weeks.
Speaker 8: So this is just this video showed us which by the way most of their price coming in is about five dollars
Speaker 8: which by the way most of their price coming in is about $5. We're talking about
Speaker 8: intelligent people. We're talking about people who are using their own...
Speaker 2: savings
Speaker 2: to invest over the last two years.
Speaker 8: Because when I raised the one-and-a-half billion dollars, I only sold the institutions.
Speaker 8: And you think about it, only 15% were left. Actually, I didn't raise the money from Mark Murchison, but Anson invested in all my deals and made money.
Speaker 8: So all of them, including Anson, at the time, sold the shares to retailers. We paid much more than $4 a share.
Speaker 8: These retailers, if they vote for us...
Speaker 8: It's a total landslide success.
Speaker 2: 85% against 15, give or take, or 83% against 16.
Speaker 2: Give or take. 83 against 16. 84.
Speaker 8: The issue is that a lot of these retailers...
Speaker 8: are not used to vote.
Speaker 8: and they get emails or messages from their brokers and they don't pay attention because they have businesses and they have companies to run or they have work to do. And if we don't get them to vote and only a few of them vote, then we don't win, we lose.
Speaker 8: If half of them vote, we win dramatically.
Speaker 8: If 40% of them vote, we win dramatically.
Speaker 15: That's the challenge.
Speaker 2: We're making the best effort we can. I hope I answered your question.
Speaker 13: Yes, thank you.
Speaker 8: The key thing for these retailers obviously is...
Speaker 8: If this liquidation happens and these guys get in and they start to do will buy the shares from the public will do share buyback and For dollars or three and a half dollars. They'll make 42 to 70 percent return on the investment over half a year the rest of the retailers 85 percent most of them will have losses
Speaker 8: And by the way, on a by the way note, we announced that we went to court to ask for another $227 million.
Speaker 2: of a buyback and we are asking for a year. So we have the option, depends on the advancement of the M&A programs.
Speaker 8: and acquisitions to decide what is actually adding more value to our share as we move forward during the next year once we get the approval. Sometimes we may decide to buy...
Speaker 8: the company we're going to buy an M&A and merge it and make money and earn extra shares. Or sometimes if the purchasing is not happening in the right place, we can use these watches to buy back-off shares. So that's in a by the way.
Speaker 15: Yes please, next question.
Speaker 1: Our next question will go from Catherine Thompson with Edison.
Speaker 16: Hi there.
Speaker 16: I'll just give back the questions this way. The first one, you mentioned your...
Speaker 16: I just wanted to know if that was with an existing customer and also when you expect to ship that order and to recognise revenue.
Speaker 16: And then the second question was on the recent acquisition of additive flow. I just wondered if you could give us any financial information about the company. So any revenue or cost data and also any information on what you paid for the company. Thanks. Can you just repeat the first question? It was a little bit bad connectivity. Yeah, so you recently announced that you'd
Speaker 2: and also when you expect to ship the order and recognize the revenue. I got it, thank you very much. Okay, so the first question, the large order, which was the large order in our history to one customer and...
Speaker 2: the largest amount of also machines were selling to the same customer, was a first time customer.
Speaker 17: leading
Speaker 8: Aviation Aerospace Worldwide Company
Speaker 8: We are shipping it within the next few months, some of it this quarter, some of it early in the next quarter.
Speaker 8: We expect
Speaker 8: That's the expectation.
Speaker 8: to buy many more machines if this first order is successful because they are growing very fast.
Speaker 2: And it's the first time, as I said, the customer. Secondly.
Speaker 8: Second question, the additive flow.
Speaker 2: We did not publish the numbers for reason.
Speaker 2: It's a very sophisticated technology and it has
Speaker 2: very sophisticated clients, some of them customers, some of them I just lost, some of them I couldn't.
Speaker 8: Obviously, the numbers are...
Speaker 8: small enough that we can afford not to publish it and because of the sensitivity of the technology and the competition to additive flow and the customers they have we decided not to publish it.
Speaker 18: Okay.
Speaker 18: Okay, okay, thanks.
Speaker 11: Next question, please. Again, if you have a question, please press star, then 1.
Speaker 1: Our next question will go from Donald Soloman with Garrett Carrick from...
Speaker 1: sold to men with care care firm. You may now go ahead.
Speaker 5: Hi, good morning.
Speaker 19: Yaw, thank you for your presentation. A lot going on both in the release as well as the presentation this morning. Some shared and some new information I guess there is a lot going on out there. I'm interested in picking your brain for a second.
Speaker 19: From your perspective, how do you envision the consolidation stage in the additive manufacturing sector?
Speaker 19: following the termination of the nanostratisis tenderophore and the fact that the current 3D stratisis deal, in my opinion, at least doesn't seem realistic, especially after their quarter two results and their current weak cache position based on those results.
Speaker 2: Okay, it's a very good question. I kind of referred to it a little bit earlier but I will expand on that.
Speaker 8: So let's speak about who we're talking about. Our industry
Speaker 8: is I would say more than 400 companies for sure because Julian here beside me in our M&A department.
Speaker 8: has looked and we have a list of doing at least 400 right at least that so that's the people we know I'm assuming always there's people we don't know but that's probably much much smaller we know that the industry with companies from anyone from one
Speaker 8: of doing at least 400 right? At least that. So that's the people we know. I'm assuming always there's people we don't know but that's probably much much smaller. We know the industry with companies from anyone from one to
Speaker 8: $650 million in revenue. The ones that are public, and you know them better because of publishing the results.
Speaker 5: are
Speaker 8: Nano, desktop metal, Markforged, 3D Systems, Stratasys, Velo3D, VoxelJet
Speaker 8: in a way materialize, prototype, shape ways.
Speaker 2: Fathom.
Speaker 2: axometry and that's about it
Speaker 8: Of course, there are private companies beyond that.
Speaker 8: And I think this industry which is estimated at $15 billion today and growing to $30 billion in the end of the decade
Speaker 2: is bound and must.
Speaker 8: gang
Speaker 8: and what we started and failed.
Speaker 8: and failed. And we did fail.
Speaker 8: because we offered it at the end.
Speaker 8: to buy strategies at full, they didn't even respond to us, then we offered to buy part of it and they activated the poison pill or had the poison pill.
So we started something that we believe is right for the industry because none of the company I've mentioned to you
is profitable.
Maybe other than materialize.
I don't remember exactly.
Maybe. And materializing Protolab is not really additive manufacturing because Protolab is more sub-contract manufacturing.
and materialize as well. So all the rest are not profitable. More than that, all the rest are finishing their cash. Five of them are SPAC refugees. Their share at SPAC was $10 at a deal point.
and today are all of them below $1.5.
And
This
There's a net of strategies in 3D.
Next, SELC is in 3D and announced horrible quarters. All the other companies announced bad quarters.
Maybe other than Mark Ford.
which also had a squeeze out in the quarter.
This company doesn't have
business model successful. They have a lot of exciting technologies, entrepreneurs which are very bright, customers which are excited. No successful profitable business model. In order to reach that business model it must consolidate.
and it must consolidate along rational lines of
synergies
combination of very few
and focused vertical markets, how can you have a company like Desktop Metal, which is selling to nuclear, to aviation, to automotive, to dental?
to the furniture industry printing wood.
to biology industry? How can you have a company like Stratasys who is selling to similar verticals soon enough somebody will sell to the food industry when they print meat and mark for to abide him as well or strategies?
Sorry, not macrophage, I mean desktop metal.
Sorry, not Mark Forge, I meant Desto Metal. If I said Mark Forge, I meant Desto Metal, I'm sorry.
selling to all this. Markforged is actually the only company that's focused other than nano-dimensional. Markforged is the exception showing the rule.
So this and even Mark Forge is losing 16 to 20 million dollars a quarter
And Mark Forge is losing $16 to $20 million a quarter. And they are focused.
And they are good. So if one asks me...
There is no other way than the direction we started to carve and we failed. So we moved back.
Churchill moved back in Dunkirk as well.
If he wouldn't have pulled the forces in Dunkirk in the Second World War, he wouldn't have won the war three years later. We moved back because we were wasting our time fighting.
types like stardust is bored.
like Startosis board. And we're moving ahead again.
And we will lead this. And we will lead this also because our strategy is not based on only buying a...
3D printing companies.
If you look at our presentations across the line, we are talking about cloud manufacturing. We are talking about converting into digital industry which is managed through the cloud and through artificial intelligence and the edge devices can be additive manufacturing, can be additive manufacturing, can be additive manufacturing, can be additive manufacturing.
assembly, it can be a lot of other edge devices as long as they are digital and can work in a high-mix, low-volume environment.
So our strategy is not technology based, it is based on the principle of what kind of industry we want to make efficient and profitable.
is not technology based, is based on the principle of what kind of industry we want to make efficient and profitable.
We will move forward and as I mentioned earlier we have already a few in the process in Svergis M&A and we will consolidate them on the principle of purchase and grow, not purchase and squeeze.
So based on what you just shared, where you're saying that except for Mark Parge who's doing it right, everybody else is just losing money and we're seeing the significant sell-off in major cases as well as the decline in share price of Nano's peers.
Um, is everybody just running out of capital and do you foresee bankruptcies coming through like with everybody else except for Mark Ford's and Fut consistency is being sharpened demo
Nano is definitely not going to any other direction other than growth. Yes, I hope, and I think the smart enough people are not going to drive it into bankruptcies, they have to drive it into, I'll give you an example, take the Velo 3D.
Nano is definitely not going to any other direction and then growth a Yes, I hope that and I think the smart enough people they're not going to drive it into bankruptcies They have to drive it into a given example take the fellow 3d They finish document
They announced, they didn't have a choice, so they announced last week that they are raising convertible debt at $70 million. Their share went down 40%.
Of course, because it's totally dilutive. They'll get the cash. They are totally non-profitable fellow. They have gross margins ridiculously low. I don't remember right now between 15 to 20 percent.
they don't have a business model they have one customer that I think is more than 35% or so for what I know of their business
And they finished the cash so they didn't go under they raised money that was a share share went down from three to dollar forty and Still going down. That's a good example another example is voxel jet much smaller Most of it is the 30 million dollar business which we know very very well
And they didn't do what's right. They are getting close to finishing the cache.
and they are desperate and it's not easy for them to raise money because they are a German company with a German corporate law doesn't allow to raise money at any price, you are limited by how much discount and what to do, I don't know if they will survive.
death of metal
desk of metal, finishing the cache within a quarter and a half.
um 3D?
The treaty cannot pay to strategies or they commit to paying the proposal because they had a bad quarter, they burned 30 million dollars or so, I don't remember the exact number, they don't have enough cash to pay now.
to strategies where they commit to paying the proposal because they had a bad quarter they burned 30 million dollars or so I don't remember the exact number they don't have enough cash to pay now so
I don't think they'll go bankrupt. I think they are smart enough people that will understand that they need to consolidate.
I don't think they'll go bankrupt. I think they're smart enough people that will understand that they need to consolidate. Great, thank you very much.
Thank you very much. Again, if you have a question, please press star, item 1.
You may now go ahead. Hi, thank you. Following my first question, do we know how the voting is going? How many people are voting so far?
So far I think I saw
But 30-something million shares voted out of 250.
But remember, we have 10 days to go, so usually people vote traditionally what we're being told by our experts in the proxy solicitation firm, they're voting usually in the last few days. So I'm not surprised that it's still low.
Thank you.
This concludes our question and answer session. I would like to turn the conference back over to the company for closing remarks.
Let's just wait for a second and see if a couple of other people may have some later thoughts about the question to give them an opportunity and then we'll close it.
Okay.
Seems like it's quiet on the Western Front.
So I will thank you very much all participants. I would also want to invite you over the last few months
I'm spending time writing, answering emails for two days.
private and not private investors.
personally I made it my
to respond to you as we are in this not too nice process of...
people saying bad words about other people and people trying to liquidate the company. So if you wish...
I'm sitting at night hours and answering emails to retail investors. Feel free to write me And to call me if you wish and we have other teams here other members of the team that are totally focused on answering the question because our goal when we're convinced
that from 85% of our investors, if we have reached to each one of them, we would have 85% voting for us. Of course we can't do that, but we're making our best. So thank you very much everybody and have a good day.
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