Nano Dimension Announces Record Q1/2023 Results Revenue of $14.97 Million, 43% YoY Growth
Gross Margins increased to
Best Quarter in the Company’s History
Company Plans to Continue its Share Buy-Back Program
Conference Call to be Held Today at 9:00 a.m. EDT
Waltham, Massachusetts, June 29, 2023 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq: NNDM, “Nano Dimension” or the “Company”), a leading supplier of Additively Manufactured Electronics (“AME”) and multi-dimensional polymer, metal & ceramic Additive Manufacturing (“AM”) 3D printers, today announced financial results for the first quarter ended March 31st, 2023.
The Company also announced the intention to promptly continue its share buy-back program.
Nano Dimension reported consolidated record revenues of
43% over Q1/2022
24% over Q4/2022
Gross Margin (“GM”):
- Q1/2023:
44%
- Q1/2022:
10%
Adjusted1 Gross Margin (“Adjusted GM”):
- Q1/2023:
47%
- Q1/2022:
40%
Total income/loss before tax:
- Q1/2023 income of
$22 million
- Q4/2022: negative
$87 million
- Q1/2022: negative
$34 million
Adjusted EBITDA for the Q1/2023:
Negative
Net cash used in operations; minus interest received:
- Q1/2023:
$17 million
- Q4/2022:
$14 million
- Q1/2022:
$21 million
Details regarding Adjusted EBITDA and Adjusted GM can be found below in this press release under “non-IFRS measures.”
CEO MESSAGE TO SHAREHOLDERS:
“We delivered significant revenue growth in the first quarter of 2023, with the third record-setting quarter in a row, defined by exceptional performance and steady quarterly organic growth since July 2022. While we still have 6 months left to go in 2023, at this point we hope to be ahead of the annual budget which our Board of Directors has set for us.
One of the most exciting developments this quarter is the fast adoption of our Deep Learning/AI technology, developed by our DeepCube division. It is now effectively installed in our newer models of machines, advancing industrial inspection, print quality optimization, process optimization, and monitoring and maintenance of machines.
While DeepCube is a significant value-add to new and existing customers, we are starting to receive requests from industrial customers to sell them the “DeepCube AI Engine” by itself, to be installed on their own machines, thereby turning our DeepCube group into a “stand-alone” revenue generating division.
Our Additive Electronic business has been growing organically for almost a year, in spite of the continued crisis in the European economy, especially in the DACH countries. Our AME printing business is advancing on budget, supported by impressive achievements in chemical development of dielectric and conductive printing consumable materials. In parallel, IPC International, Inc. (IPC), a global association that helps original equipment manufacturers, Electronics Manufacturing services, printed circuit board manufacturers, and suppliers build electronics better, has accepted our efforts of over a year – and is now adopting new standards for AME specifications. In the Additive Manufacturing and Ink Services product lines we are experiencing steady advancements as well.
Our organic growth is expected to be fully supported by our merger and acquisition (M&A) strategy. Consistent with our stated long-term strategy, strong market position, and robust balance sheet, we remain ideally positioned to act as a consolidator in the highly fragmented AM market landscape, which consists of small- and medium-sized businesses that are currently cash negative and “floating” on high valuations. We intend to accelerate our M&A strategy by carefully investing in assets that will create return on investment and value expansion for our shareholders, contrary to unprofitability which is still a common denominator for many players in the AM industry.”
Please feel free to read our new website regarding Nano’s special tender offer to purchase ordinary shares of Stratasys and educate yourselves: www.stratasysvaluenow.com
For information on how to tender Stratasys shares, call Georgeson LLC, the information agent for the special tender offer, toll-free at (877) 668-1646.
FINANCIAL RESULTS:
First Quarter 2023 Financial Results
- Total revenues for the first quarter of 2023 were
$14,965,000 , compared to$12,104,000 in the fourth quarter of 2022, and$10,430,000 in the first quarter of 2022. The increase is attributed to increased sales of the Company’s product lines.
- R&D expenses for the first quarter of 2023 were
$19,250,000 , compared to$20,993,000 in the fourth quarter of 2022, and$17,870,000 in the first quarter of 2022. The decrease compared to the fourth quarter of 2022 is mainly attributed to a decrease in materials expenses and payroll and related expenses. The increase compared to the first quarter of 2022 is mainly attributed to an increase in payroll expenses, material, subcontractors, and depreciation expenses and is partially offset by a decrease in share-based compensation expenses.
- Sales and marketing expenses for the first quarter of 2023 were
$7,486,000 , compared to$9,758,000 in the fourth quarter of 2022, and$9,308,000 in the first quarter of 2022. The decrease is mainly attributed to a decrease in share-based compensation and marketing expenses.
- General and administrative expenses for the first quarter of 2023 were
$11,033,000 , compared to$9,091,000 in the fourth quarter of 2022, and$6,742,000 in the first quarter of 2022. The increase is mainly attributed to an increase in payroll and related expenses, share-based compensation expenses, and professional services.
- Net income for the first quarter of 2023 was
$22,222,000 , or$0.09 per share, compared to net loss of$87,667,000 , or$0.34 loss per share, in the fourth quarter of 2022, and net loss of$33,093,000 , or$0.13 loss per share, in the first quarter of 2022.
Conference call information
The Company will host a conference call to discuss these financial results today, June 29th, 2023, at 9:00 a.m. EDT (4:00 p.m. IDT).
We encourage participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10179970/f9b871241c.
Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=p8t1ENcZ.
U.S. Dial-in Number: 844-695-5517, INTERNATIONAL DIAL IN: 1-412-902-6751, Israel Dial-in Number: 1-80-9212373. Please request the “Nano Dimension NNDM call” when prompted by the conference call operator. For those unable to participate in the conference call, there will be a replay available from a link on Nano Dimension’s website at http://investors.nano-di.com/events-and-presentations.
About Nano Dimension
Nano Dimension’s (Nasdaq: NNDM) vision is to transform existing electronics and mechanical manufacturing into Industry 4.0 environmentally friendly & economically efficient precision additive electronics and manufacturing – by delivering solutions that convert digital designs to electronic or mechanical devices - on demand, anytime, anywhere.
Nano Dimension’s strategy is driven by the application of deep learning-based AI to drive improvements in manufacturing capabilities by using self-learning & self-improving systems, along with the management of a distributed manufacturing network via the cloud.
Nano Dimension serves over 2,000 customers across vertical target markets such as aerospace & defense, advanced automotive, high-tech industrial, specialty medical technology, R&D and academia. The company designs and makes Additive Electronics and Additive Manufacturing 3D printing machines and consumable materials. Additive Electronics are manufacturing machines that enable the design and development of High-Performance-Electronic-Devices (Hi-PED®s). Additive Manufacturing includes manufacturing solutions for production of metal, ceramic, and specialty polymers-based applications - from millimeters to several centimeters in size with micron precision.
Through the integration of its portfolio of products, Nano Dimension is offering the advantages of rapid prototyping, high-mix-low-volume production, IP security, minimal environmental footprint, and design-for-manufacturing capabilities, which is all unleashed with the limitless possibilities of additive manufacturing. For more information, please visit www.nano-di.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Nano Dimension’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Nano Dimension could differ materially from those described in or implied by the statements in this press release. For example, Nano Dimension is using forward-looking statements when it discusses its expectations for revenues for 2023, the advantages and benefits of its products and technology, growth of AE business and advancement of AME printing business, that its organic growth in the year ahead is expected to be fully supported by its M&A strategy and its intention to lead its M&A by carefully paying for assets that will create return on investment and value expansion for its shareholders and its expectation to continue the share buyback program. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Nano Dimension’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 30, 2023, and in any subsequent filings with the SEC. Except as otherwise required by law, Nano Dimension undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Nano Dimension is not responsible for the contents of third-party websites.
NANO DIMENSION INVESTOR RELATIONS CONTACT
Investor Relations | ir@nano-di.com
Unaudited Consolidated Statements of Financial Position as at
| March 31, | December 31, | |||||||||||
| 2022 | 2023 | 20223 | ||||||||||
| (In thousands of USD) | (Unaudited) | (Unaudited) | ||||||||||
| Assets | ||||||||||||
| Cash and cash equivalents | 788,141 | 412,172 | 685,362 | |||||||||
| Bank deposits | 459,824 | 573,847 | 346,663 | |||||||||
| Restricted deposits | 126 | 60 | 60 | |||||||||
| Trade receivables | 6,242 | 10,152 | 6,342 | |||||||||
| Other receivables | 7,307 | 6,076 | 6,491 | |||||||||
| Inventory | 15,063 | 20,040 | 19,400 | |||||||||
| Total current assets | 1,276,703 | 1,022,347 | 1,064,318 | |||||||||
| Restricted deposits | 491 | 1,107 | 850 | |||||||||
| Bank deposits | 63,128 | — | — | |||||||||
| Investment in securities | — | 160,260 | 114,984 | |||||||||
| Deferred tax | 1,005 | 118 | 115 | |||||||||
| Other receivables | — | 816 | 809 | |||||||||
| Property plant and equipment, net | 9,844 | 10,012 | 5,843 | |||||||||
| Right-of-use assets | 15,142 | 15,497 | 16,539 | |||||||||
| Intangible assets | 21,358 | — | — | |||||||||
| Total non-current assets | 110,968 | 187,810 | 139,140 | |||||||||
| Total assets | 1,387,671 | 1,210,157 | 1,203,458 | |||||||||
| Liabilities | ||||||||||||
| Trade payables | 3,785 | 5,503 | 3,722 | |||||||||
| Financial derivatives and deferred consideration | 19,977 | 5,040 | 8,798 | |||||||||
| Other payables | 19,304 | 23,180 | 24,150 | |||||||||
| Current portion of other long-term liability | 416 | 347 | 363 | |||||||||
| Total current liabilities | 43,482 | 34,070 | 37,033 | |||||||||
| Liability in respect of government grants | 1,639 | 1,861 | 1,492 | |||||||||
| Employee benefits | 4,138 | 1,561 | 1,462 | |||||||||
| Liability in respect of warrants | 1,760 | 123 | 69 | |||||||||
| Lease liability | 12,395 | 11,409 | 12,374 | |||||||||
| Deferred tax liabilities | 1,101 | — | — | |||||||||
| Other long-term liabilities | 1,849 | — | — | |||||||||
| Loan from banks | — | 686 | 736 | |||||||||
| Total non-current liabilities | 22,882 | 15,640 | 16,133 | |||||||||
| Total liabilities | 66,364 | 49,710 | 53,166 | |||||||||
| Equity | ||||||||||||
| Non-controlling interests | 787 | 578 | 767 | |||||||||
| Share capital | 386,723 | 389,943 | 388,406 | |||||||||
| Share premium and capital reserves | 1,276,443 | 1,300,781 | 1,296,194 | |||||||||
| Treasury shares | (1,509 | ) | (19,901 | ) | (1,509 | ) | ||||||
| Foreign currency translation reserve | 1,190 | 973 | 583 | |||||||||
| Remeasurement of net defined benefit liability (IAS 19) | — | 2,508 | 2,508 | |||||||||
| Accumulated loss | (342,327 | ) | (514,435 | ) | (536,657 | ) | ||||||
| Equity attributable to owners of the Company | 1,320,520 | 1,159,869 | 1,149,525 | |||||||||
| Total equity | 1,321,307 | 1,160,447 | 1,150,292 | |||||||||
| Total liabilities and equity | 1,387,671 | 1,210,157 | 1,203,458 | |||||||||
Unaudited Consolidated Statements of Profit or Loss and Other Comprehensive Income
| Three Months Ended March 31, | Year ended December 31, | |||||||||||
| 2022 | 2023 | 2022 | ||||||||||
| Thousands | Thousands | Thousands | ||||||||||
| USD | USD | USD | ||||||||||
| Revenues | 10,430 | 14,965 | 43,633 | |||||||||
| Cost of revenues | 6,580 | 8,267 | 24,943 | |||||||||
| Cost of revenues - write-down of inventories and impairment of assets recognized in business combination and technology | 2,849 | 132 | 4,639 | |||||||||
| Total cost of revenues | 9,429 | 8,399 | 29,582 | |||||||||
| Gross profit | 1,001 | 6,566 | 14,051 | |||||||||
| Research and development expenses, net | 17,870 | 19,250 | 75,763 | |||||||||
| Sales and marketing expenses | 9,308 | 7,486 | 38,833 | |||||||||
| General and administrative expenses | 6,742 | 11,033 | 30,457 | |||||||||
| Impairment losses on intangible assets | — | — | 40,523 | |||||||||
| Operating loss | (32,919 | ) | (31,203 | ) | (171,525 | ) | ||||||
| Finance income | 2,861 | 56,826 | 22,965 | |||||||||
| Finance expense | 3,685 | 3,590 | 79,471 | |||||||||
| Income (Loss) before taxes on income | (33,743 | ) | 22,033 | (228,031 | ) | |||||||
| Taxes benefit (expense) | 455 | (74 | ) | (264 | ) | |||||||
| Income (Loss) for the period | (33,288 | ) | 21,959 | (228,295 | ) | |||||||
| Income (Loss) attributable to non-controlling interests | (195 | ) | (263 | ) | (872 | ) | ||||||
| Income (Loss) attributable to owners | (33,093 | ) | 22,222 | (227,423 | ) | |||||||
| Income (Loss) per share | ||||||||||||
| Basic income (loss) per share | (0.13 | ) | 0.09 | (0.88 | ) | |||||||
| Other comprehensive income items that after initial recognition in comprehensive income were or will be transferred to profit or loss | ||||||||||||
| Foreign currency translation differences for foreign operations | (232 | ) | 403 | (844 | ) | |||||||
| Other comprehensive income items that will not be transferred to profit or loss | ||||||||||||
| Remeasurement of net defined benefit liability (IAS 19), net of tax | — | — | 2,508 | |||||||||
| Total other comprehensive income (loss) for the period | (232 | ) | 403 | 1,664 | ||||||||
| Total comprehensive income (loss) for the period | (33,520 | ) | 22,362 | (226,631 | ) | |||||||
| Comprehensive loss attributable to non-controlling interests | (210 | ) | (250 | ) | (892 | ) | ||||||
| Comprehensive income (loss) attributable to owners of the Company | (33,310 | ) | 22,612 | (225,739 | ) | |||||||
Consolidated Statements of Changes in Equity (Unaudited)
(In thousands of USD)
| Share capital | Share premium and capital reserves | Remeasurement of IAS 19 | Treasury shares | Presentation / Foreign currency translation reserve | Accumulated loss | Total | Non-controlling interests | Total equity | ||||||||||||||||||||||||||||
| Thousands | Thousands | Thousands | Thousands | Thousands | Thousands | Thousands | Thousands | Thousands | ||||||||||||||||||||||||||||
| USD | USD | USD | USD | USD | USD | USD | USD | USD | ||||||||||||||||||||||||||||
| Balance as of December 31, 2022 | 388,406 | 1,296,194 | 2,508 | (1,509 | ) | 583 | (536,657 | ) | 1,149,525 | 767 | 1,150,292 | |||||||||||||||||||||||||
| Investment of non-controlling party in subsidiary | — | — | — | — | — | — | — | 61 | 61 | |||||||||||||||||||||||||||
| Income for the period | — | — | — | — | — | 22,222 | 22,222 | (263 | ) | 21,959 | ||||||||||||||||||||||||||
| Other comprehensive income for the period | — | — | — | — | 390 | — | 390 | 13 | 403 | |||||||||||||||||||||||||||
| Exercise of warrants, options and conversion of convertible notes | 1,537 | (1,537 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Repurchase of treasury shares | — | — | — | (18,392 | ) | — | — | (18,392 | ) | — | (18,392 | ) | ||||||||||||||||||||||||
| Share-based Compensation | — | 6,124 | — | — | — | — | 6,124 | — | 6,124 | |||||||||||||||||||||||||||
| Balance as of March 31, 2023 | 389,943 | 1,300,781 | 2,508 | (19,901 | ) | 973 | (514,435 | ) | 1,159,869 | 578 | 1,160,447 | |||||||||||||||||||||||||
Consolidated Statements of Cash Flows (Unaudited)
(In thousands of USD)
| Three Months Ended March 31, | Year ended December 31 | |||||||||||
| 2022 | 2023 | 2022 | ||||||||||
| Cash flow from operating activities: | ||||||||||||
| Net income (loss) | (33,288 | ) | 21,959 | (228,295 | ) | |||||||
| Adjustments: | ||||||||||||
| Depreciation and amortization | 1,141 | 1,423 | 7,283 | |||||||||
| Impairment losses on intangible assets | — | — | 31,045 | |||||||||
| Impairment losses on property plant and equipment | — | — | 9,478 | |||||||||
| Financing (income) expenses, net | 2,194 | (8,152 | ) | (1,769 | ) | |||||||
| Revaluation of financial liabilities accounted at fair value | (1,370 | ) | 191 | (4,516 | ) | |||||||
| Revaluation of financial assets accounted at fair value | — | (45,276 | ) | 62,791 | ||||||||
| Loss from disposal of property plant and equipment and ROU Assets | (3 | ) | 124 | 948 | ||||||||
| Increase in deferred tax | (461 | ) | (3 | ) | (581 | ) | ||||||
| Share-based compensation | 10,123 | 6,124 | 32,563 | |||||||||
| Other | 94 | 45 | 166 | |||||||||
| 11,718 | (45,524 | ) | 137,408 | |||||||||
| Changes in assets and liabilities: | ||||||||||||
| Increase in inventory | (468 | ) | (545 | ) | (4,603 | ) | ||||||
| Increase in other receivables | (851 | ) | (851 | ) | (1,978 | ) | ||||||
| Increase in trade receivables | (2,175 | ) | (3,708 | ) | (1,992 | ) | ||||||
| Increase in other payables | 1,724 | (528 | ) | 5,281 | ||||||||
| Increase (decrease) in employee benefits | 1,148 | (561 | ) | 1,497 | ||||||||
| Increase in trade payables | 729 | 1,805 | 628 | |||||||||
| 107 | (4,388 | ) | (1,167 | ) | ||||||||
| Net cash used in operating activities | (21,463 | ) | (27,953 | ) | (92,054 | ) | ||||||
| Cash flow from investing activities: | ||||||||||||
| Change in bank deposits and loans net | (21,907 | ) | (228,497 | ) | 141,555 | |||||||
| Interest received | 762 | 11,292 | 17,465 | |||||||||
| Change in restricted bank deposits | 20 | (271 | ) | (327 | ) | |||||||
| Acquisition of property plant and equipment | (1,975 | ) | (3,944 | ) | (9,388 | ) | ||||||
| Acquisition of subsidiaries, net of cash acquired | (18,124 | ) | — | (31,057 | ) | |||||||
| Payment of a liability to pay a contingent consideration of business combination | — | (3,960 | ) | (10,708 | ) | |||||||
| Acquisition of financial assets in fair value through profit and loss | — | — | (177,775 | ) | ||||||||
| Decrease in pledged deposit | — | — | 3,362 | |||||||||
| Other | — | — | (800 | ) | ||||||||
| Net cash used in investing activities | (41,224 | ) | (225,380 | ) | (67,673 | ) | ||||||
| Cash flow from financing activities: | ||||||||||||
| Lease payments | (796 | ) | (1,220 | ) | (4,151 | ) | ||||||
| Repayment Long-term Bank Debt | (80 | ) | (57 | ) | (406 | ) | ||||||
| Proceeds from non-controlling interests | — | — | 510 | |||||||||
| Amounts recognized in respect of government grants liability, net | (45 | ) | (85 | ) | (221 | ) | ||||||
| Payments of share price protection recognized in business combination | — | — | (1,005 | ) | ||||||||
| Repurchase of treasury shares | — | (18,392 | ) | — | ||||||||
| Net cash provided by (used in) financing activities | (921 | ) | (19,754 | ) | (5,273 | ) | ||||||
| Decrease in cash | (63,608 | ) | (273,087 | ) | (165,000 | ) | ||||||
| Cash at beginning of the year | 853,626 | 685,362 | 853,626 | |||||||||
| Effect of exchange rate fluctuations on cash | (1,877 | ) | (103 | ) | (3,264 | ) | ||||||
| Cash at end of the period | 788,141 | 412,172 | 685,362 | |||||||||
| Non-cash transactions: | ||||||||||||
| Property plant and equipment acquired on credit | 211 | 476 | 52 | |||||||||
| Recognition of a right-of-use asset | 11,237 | 127 | 15,196 | |||||||||
Non-IFRS measures
The following are reconciliations of income before taxes, as calculated in accordance with International Financial Reporting Standards (“IFRS”), to EBITDA and Adjusted EBITDA, as well as of gross profit, as calculated in accordance with IFRS, to Adjusted Gross Profit:
| For the Three-Month Period Ended March 31st, 2023 | ||||
| Net income | 21,959 | |||
| Tax expenses | 74 | |||
| Depreciation and amortization | 1,423 | |||
| Interest income | (11,520 | ) | ||
| EBITDA | 11,936 | |||
| Finance income from revaluation of assets and liabilities | (44,777 | ) | ||
| Exchange rate differences | 3,045 | |||
| Share-based compensation expenses | 6,124 | |||
| Adjusted EBITDA (loss) | (23,672 | ) | ||
| For the Three-Month Period Ended | ||||||||
| March 31, | ||||||||
| 2022 | 2023 | |||||||
| Gross profit | 1,001 | 6,566 | ||||||
| Depreciation and amortization4 | 2,862 | 66 | ||||||
| Share-based compensation expenses | 324 | 422 | ||||||
| Adjusted gross profit | 4,187 | 7,054 | ||||||
EBITDA is a non-IFRS measure and is defined as income before taxes, excluding depreciation and amortization expenses and amortization of assets recognized in business combination and interest income. We believe that EBITDA, as described above, should be considered in evaluating the Company’s operations. EBITDA facilitates the Company’s performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures, and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), and EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company’s operating performance without regard to the items mentioned above.
Adjusted EBITDA is a non-IFRS measure and is defined as income before taxes, excluding depreciation and amortization expenses and amortization of assets recognized in business combination, interest income, finance income for revaluation of assets and liabilities, exchange rate differences and share-based payments. We believe that Adjusted EBITDA, as described above, should also be considered in evaluating the Company’s operations. Like EBITDA, Adjusted EBITDA facilitates the Company’s performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures, and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), as well as from revaluation of assets and liabilities, exchange rate differences and share-based payment expenses. Adjusted EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company’s operating performance without regard to non-cash items, such as expenses related to revaluation, exchange rate differences and share-based payments.
Adjusted gross profit, excluding depreciation and amortization and share-based compensation expenses, is a non-IFRS measure and is defined as gross profit excluding amortization expenses. We believe that adjusted gross profit, as described above, should also be considered in evaluating the Company’s operations. Adjusted gross profit facilitates gross profit and gross margin comparisons from period to period and company to company by backing out potential differences caused by variations in amortization of inventory and intangible assets. Adjusted gross profit is useful to an investor in evaluating our performance because it enables investors, securities analysts and other interested parties to measure a company’s performance without regard to non-cash items, such as amortization expenses. Adjusted gross margin is calculated by dividing the adjusted gross profit by the revenues.
EBITDA, Adjusted EBITDA, and Adjusted gross profit do not represent cash generated by operating activities in accordance with IFRS and should not be considered alternatives to net income (loss) as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss) as presented in our consolidated statements of profit or loss and other comprehensive income. Other companies may calculate these measures differently than we do.
1 Excluding cost of revenues from depreciation and amortization and share-based compensation expenses
2 Excluding share-based compensation expenses and depreciation
3 The December 31, 2022 balances were derived from the Company’s audited annual financial statements
4 Including amortization of assets recognized in business combination and technology
