Ladies and gentlemen, thank you for standing by. Welcome to the Nano Dimension Investors update call. All participants are present in a listen-only mode. Following management's formal presentation, instructions will be given for the Q&A session. As a reminder, this conference is being recorded, April 29th, 2021. Before I turn the call over to Mr. Yoav Stern, I would like to remind everyone that statements contained in this conference call, which are not historical facts, contain forward-looking information with respect to plans, projections, or future performances of the company. The occurrence of which involves certain risks and uncertainties, which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include dependence on economic and political conditions in Israel, the impact of competition, supply constraints, as well as certain other risks and uncertainties, which are detailed in the company's filings with the various securities authorities. I would now like to hand over the call to Mr. Yoav Stern. Mr. Stern, would you like to begin, please? Thank you very much. Welcome, everybody. Good morning. Good afternoon. We are getting together again after a few days, and we're going to discuss another acquisition that we've completed a few days ago. Again, obviously, this acquisition, the previous acquisition of DeepCube, we are working on for the last 4 or 5 months, and they happened to come to fruition together. Let me spend a few minutes describing the company we acquired and why we acquired it and what the plans for the future. The company is called NanoFabrica. It's a company that developed over the last 4 years a very innovative machine that prints three-dimensional parts that are small and very, very high accuracy. So when we say small, anything between an eighth of an inch to maybe half an inch with accuracy of 1 to 2 microns. They build a machine that prints them in multiple formats and in high speed. So the machine is aimed at the micromechanics industry and additive manufacturing, and it is aimed to serve both as prototyping machine, but with a high speed as entering into manufacturing as well, which is extremely important because the market size is huge. Now, the company's performance, sorry, the company's technology is based on not on-chip manufacturing field. Sorry. Excuse me. This means injecting light over polymer, induced light that is causing the polymer to form into a steady state. And it is a very advanced technology, which is very efficient, and the company has a few patents on that that includes the ability to project the lighting in a way that keeps the ultra-fine accuracy of the details and the features. So it's a very precise machine for very small parts. In the news release, we published some pictures to give you kind of an idea of what we're talking about. The company is aimed at exactly the same vertical markets, which we are aiming at selling our additive electronics machines, additive manufacturing electronic machines. So by definition, we are leveraging immediately while we are selling to the defense, aviation, aerospace, advanced medical, advanced tooling, advanced industrial markets, verticals. This is exactly the same customer base that is using and needs to use NanoFabrica machines. Moreover, we expect in the next while to integrate their, I said before POP, DLP technology, which is digital light processing technology, with our ability to add electrical conductive materials. So we'll have a very unique combined technology. So while they are today in the micromechanical parts, we are going to get together with them at the micromechanical electronic parts, which again will be sold to the same industry verticals. So the company is already in the process of moving to our facility under the same roof. The transaction has been completed, and the structure of the transaction is described to you in the news release. I don't want to repeat in details, but in principle, it's a bit less than $60 million in total. And out of that, part is paid with cash, and part is paid with shares. The shares that are given to the founders are going to be on a standstill for about 2.5 to 3 years, which means they can't sell them. The idea by selling, by paying them with shares, is, of course, to align their interests with the interests of Nano Dimension. So as we move forward after the acquisition, the founders and the employees that are working in the company will depend, their success will depend on the price of the share, and obviously, the performance of the company, first of all, will affect the price of the shares. So this is a very, very important alignment of interests and reason to be structured that way. Before opening this for questions by you, any question you want, let me just state something of a principle for people who've been wondering. Why are we, in the last two transactions, paying part of the process by cash and part by shares? And would it be the same way moving forward? So start with the last. There's no same way moving forward. Every deal is a deal by itself, and there should be a reason and a justification to buy a company and pay by cash, and there should be a reason and explanation to pay it in shares or a combination or any which way. It's not a cookie cutter that every deal is the same. On the contrary, every deal is unique. Specifically for the last two deals, the reason why we chose to pay part in shares if we could have paid the whole thing in cash is two reasons. First of all, is the one I mentioned before. For people who continue to work with the company, we want them to have shares, and we don't want them to create an exit in cash that we pay them. They become very well-off by the payment. As they continue to work with us, but they already made their exit. So it's really not an exit. We're giving them shares. The shares are limited. They can't sell it in the market, so it's not diluting the market by flooding the market with shares. By the way, it's not a lot of shares. We're speaking about very few million shares when we have 250 million shares. So we're speaking about 3 million to 4 million shares. But even that is not flooding the market because they are bound by the agreement to hold it. That's the first reason, and it's very important when you deal with companies that you're actually buying the machine or buying the technology or the patents. But at the end of the day, you're investing in people, and you want the people to be motivated. Second reason why we chose to pay in shares sometimes is the price of the share. If, say, we have about $6 per share in cash, and say the share is traded around $8. So if I have to pay $1 million in cash, I have to pay $1 million in shares. The fact that I'm paying in shares that is valued at $8, and I have $6 a share in cash, I'm actually paying about a 33% discount on cash by paying shares. So that's attractive. The share is traded at a premium over the cash and over whatever value the company has beyond the cash. So the premium is actually a discount on the payment compared to cash. I insist in the negotiations that the share is not to be valued at the price of the day of closing. So for instance, if in the last 30 days of closing, the share is going to be valued at an average of the last 30 days. And let's say in the last 30 days, the share was higher in price. The average is going to be higher than the share of the day of closing. Therefore, we're going to pay even less shares, which means a more discount over cash. So that's, again, if you don't see it on a piece of a spreadsheet, it's sometimes difficult to realize it, but people can put it on a spreadsheet and see that what I'm describing is basic arithmetic. Sometimes it's worthwhile to choose to pay in shares to get a discount over the cash that you would be paying otherwise. Especially if you're able to transact and to negotiate a transaction such as the people who get the shares are committed not to sell them for 4 months, 6 months, 12 months, 36 months, it's even more attractive because the shareholders, our shareholders, myself, are not being diluted because the shares are not being thrown into the market. So that's kind of a short explanation of what I would say M&A 101 for people who are wondering where is it coming from. Back to the present transaction of NanoFabrica. The company has already had 3 machines with customers in 2 different continents. The customers are very sophisticated. I cannot name their names. Obviously, some of them is because of defense and security sensitivities, and some of them because of commercial sensitivities. But we bought the company that's not in an R&D stage. It obviously is continuing to do R&D and evolving the evolution. The technology and the machine is evolving, but the machine is in a stage of already commercial, and we look to expand the sales of those machines over the next year. Moreover, as I mentioned in the news release, the founders of the company. Part of the payment is based on the performance of the NanoFabrica machines over the next year. So beyond the shares that they're holding in the standstill, so they are very, very motivated to expand their business. They're going to be leveraged by our distribution channels, the go-to-market, because we'll be selling their machines and our machines to the same customers. So it's very, very exciting. At this point, I think I will stop because I want to, as usual, in our usual manner, to direct the following up of the presentation based on your questions. But I'll just add one thing, which is interesting and exciting. Of course, the acquisition last week of DeepCube, which I explained at length about the importance of machine learning and deep learning and integration thereof into our machines, is going to apply exactly the same to the machines of NanoFabrica. Those machines are going to be converted by our technology now of DeepCube into smart machines, self-correcting, self-training with high yield and high throughput, and be part of the network of digital fabrication of microelectronics and micromechanics, learning each machine's learning from each other, being a node of a neural network of machines. So it plays the same way. So the two acquisitions have synergies between themselves besides, of course, having synergies with the Nano Dimension Vision. So operator, I'll stop right here, and I'll open it up for Q&A, please. Thank you, sir. Ladies and gentlemen, at this time, we will begin the question and answer session. If you have a question, please press star one. If you wish to cancel your request, please press star two. If you are using speaker equipment, kindly lift the headset before pressing the numbers. Your questions will be polled in the order they are received. Please stand by while we poll for your questions. The first question is from Richard Anderson of IDIA. Please go ahead. Hello, Mr. Stern. My questions focus primarily on revenue, and I know that you've been reticent to give firm revenue guidance, but I'm just wondering if there will be any revenue. You expect any revenue from NanoFabrica in the next year? The second question concerning revenue is you should be sitting right now still on about $1.4 billion, and I'm wondering if your investment activities, do you foresee them being able to pay off, at least offset some of your costs? So just an idea if that will lower your quarterly costs because you're making some money off of your investment of that money. Thank you. The answer for this first question is yes regarding does NanoFabrica expect to sell machines this year. The answer to the next question is no. Okay. Next question. Yeah. I was wondering to follow up on that. I've read that part of Microsoft's venture capital made an investment in NanoFabrica, and I'm wondering if you can explain any of the particulars in that. Will money be owed back? Do they get a part of revenue of NanoFabrica? If you could explain that because that seems to be that was a fair amount, more than 50% of the money that was used to found NanoFabrica. Thank you. Both, from my knowledge, the investors in NanoFabrica include Microsoft, include a venture fund called i3, which is a venture fund that has Microsoft money. So the investors both directly and through a venture fund that is managing the money. Plus, it includes other investors which are founders of three-dimensional printing companies and other printing industrial printing companies, people who are investors after having exited from themselves in the past. So all those were investors of NanoFabrica, and all those were paid by a combination of cash and shares. Great. Thank you. That's what I figured. Thank you. Thank you. The next question is from Jeff Merk of SFW Capital. Please go ahead. Good morning, Mr. Stern. Congratulations again. Thank you. I'm in the mood. I like it. On the earnings call in March, you discussed having letters of intent signed and your interest in pursuing Type A and Type B acquisitions in the PCB industry. I was wondering again if you can elaborate if you are still pursuing Type A and Type B companies and the type of revenue that these companies have because I imagine they are larger companies with a readily established book of business. It's just Type A in the PCB industry. And yes, they have revenues, and the revenue is anything between $40 million to $150 million per each. Thank you. Thank you. And my second question is, is it your belief that the investors who bought into the $12.80 offering are still holding? I have no idea. I have no idea. Okay. Thank you, sir. Thank you. The next question is from Eric Metzuk. Please go ahead. Thank you for being with us today and answering our question. It is very important to us. I have a couple of questions to you more about vision and strategy. Can NanoFabrica printer accuracy be adjusted from micro to nano precision in the future? From what to what? I'm sorry. From micro to nano precision. Not to my knowledge. Okay. Next question. And by the way, if it was, and if it would be a big investment in technology to do that, I would not be interested because the target markets that we are selling it are not interested in nano accuracy. They are interested in micro accuracy. I understand. The other question is, what do you think about developing or acquiring a company for 3D printed semiconductor chips? 3D printing of semiconductors, what? Chips. Chips? Yes, chips. Like semiconductor chip. I don't know what you're talking about. I'm sorry. One second. Okay. So other question. Can DeepCube AI be used to assist engineers to create 3D circuits? No. The DeepCube technology of deep learning and machine learning is aimed at running and converting machines to be intelligent machines which are correcting its own mistakes, errors while it's performing the printing process. It's nothing to do with the design of circuits. Okay. Going back to the last question. By chips, I meant integrated circuits. 3D integrated circuits, semiconductor circuits. What is the question? What do you think about developing or acquiring a company for 3D printed integrated circuits? Like small chips, for example, CPUs or GPUs. Right now, we have a very big shortage on the market for those types of things. We're not in the semiconductor business. Okay. We may be in the future, but right now, we're not in the semiconductor business. Okay. That's all I wanted to know. Thank you so much and have a good one. Thank you very much. The next question is from Jordan Starr of LS Equity. Please go ahead. Hi. Thank you. My question is, how long does it take to produce the DragonFly machines, especially with the new ones coming out? Assuming that orders do come in, how long is that going to take to turn machines around? A few weeks. Few weeks Few weeks per machine. We have no limitations on production and assembly capability right now for the foreseeable future, which means when somebody buys a machine for $400,000, until now, we deliver the machine within a few days. And as we have and as we are starting to see and we're expecting to see, once the Corona is phasing out, more machines being ordered, then even if the machine is being delivered not in a few days but in a few weeks, then it's not an issue for somebody who's buying such an expensive machine. In any case, the customers need to plan the timing for us to come to install the machine. It takes a couple of days. But with the corona, we can't even they don't allow companies to let people in the country, not to speak of, but into the facility. So the production rate of the machine is not a bottleneck at all. Okay. Thank you. Yeah. My question was just that as you go to mass production in that direction, assuming people will need a lot of machines at once. As you go into mass production, we are in production. If you want to expand it, you double the size of your facility and you build more machines. Because the machines are being built in sub-assemblies and then you assemble the sub-assemblies, it's very well organized. The supply chain is easy for us because we don't manufacture in China. We don't have limitations, neither political nor tariffs. We manufacture in the Western world, so we don't see a problem with that. Okay. Thank you. Thank you. Thank you. If there are any additional questions, please press star one. If you wish to cancel your request, please press star two. Please stand by while we poll for more questions. The next question is from Bob Sinceranito of PI. Please go ahead. Nice acquisition. My question is, are you in the process of due diligence on any other companies you are looking to purchase or merge with? And will the next one have revenue? Yes and maybe. Okay. Thank you. Thank you. The next question is from Herman Brian of ViewTrade Securities. Please go ahead. Good morning. Thanks for the call, Yoav. With integration on NanoFabrica, is it integrated into your existing machine or is it an option to be able to purchase both machines or a bundle? No. The idea is that initially, they'll be able to purchase both machines as a bundle, but in the next generation of our machine, we will integrate the technologies into one machine, but it is not going to eliminate the existing of each machine standalone. Got it. Okay. Thank you. Thank you. There are no further questions at this time. Mr. Stern, would you like to make your concluding statement? Sure. Again, everybody that participates, we have quite a lot of people on the line as usual, which makes us very happy. We want to thank you for your support. Thank you for your questions, which are always encouraging us to think deeper and to respond in the most accurate manner possible. We are looking forward to being with you on the line soon again for good reasons, I should say. We appreciate the fact that you enable us to carry forward the vision. We believe that value is starting to climb up, and we're very happy about it. Thank you very much. Thank you. This concludes the Nano Dimension and Sterling Update Call. Thank you for your participation. You may go ahead and disconnect.