Ladies and gentlemen, thank you for standing by. Welcome to the Nano Dimension Investors Update Call for the launch of new products and the purchase of Essemtec. All participants are in listen-only mode. Following management's presentation, instructions will be given for the question-and-answer session. As a reminder, this conference is being recorded November 8, 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 of, or future performance 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? Sure. Thank you very much. Good morning to everybody and welcome to the call. I hope you're with us. We're going to discuss shortly two subjects, and then I'm going to open it up for your questions, at which time I can expand on any subject or part of the subject that your interest may lead me to. First and foremost, we are releasing two new products, DragonFly IV 3D printer, and FLIGHT Software package, which is combined of four subpackages, to support this machine and all the other machines we have in the market. This is a very, very important point, at least since I arrived to Nano Dimension about a year and a half ago. The DragonFly IV development started, if you can believe it, in September 2020. The earlier machine, which was DragonFly LDM, was released a year before in the summer of 2019. Since September 2020, our R&D and product people are totally devoted to this DragonFly IV machine and the FLIGHT software package. It is delayed by at least half a year. The original plan was to release it by February, March as a beta site and June as a release. From June to today is almost half a year. This time was not wasted. The reason we didn't release it is because we felt that the performance that we had the guidelines for were not reached. Now they were. It's a very, very important position. It's the most advanced DragonFly machine ever. It was the most advanced 3D printing of electronic devices existing in the market by far. It is faster. It is supporting a type of devices that it couldn't support before. It is much more accurate. It is printing in smaller traces, which is very, very important, and smaller vias, which are the holes in the electronic devices and the printed circuit boards. The printing quality is totally enhanced. The yield is much higher, and the variation in the measurements are much lower. We are very excited about it. It is aimed at the high-end prototyping and proof of concept for both academic institutions and OEM large corporations with R&D department. It can, in certain cases, mostly on the defense side, be used also for early production. The software package that goes with it is a package. First of all, it's a package that integrates with all the electronic packages for design CAD/CAM in the market, and it enables electronic designers, engineers to design now for three dimension. It has an artificial intelligence testing component which tests the design to see there's no errors before it's printed. It has a printing package that is controlling the printing while the machine is printing. That's product release. Second very important item is the announcement that we made last week of acquiring Essemtec after more than half a year since we started to look at specific Essemtec and do our due diligence and negotiate the transaction. It's one of the most advanced companies in the world. Typical Swiss quality, Swiss design, Swiss accuracy. For very sophisticated machines that are very flexible, so they really fit the concept of Hudu discussing of high mix, low volume. There are other machines in the market like this, but those machines are much bigger, much more expensive, and are aimed at the market that is totally mass merchandising, where we are not at this time playing. The reason we acquired this company, which by now has thousands of customers and millions and millions of dollars of revenue since its establishment, is for two reasons. One, the technology that they have will be integrated into our machines. So our machines, as they move forward, are not going to only print the PCB, they're going to automatically mount the semiconductors and the other components on PCB. That is what the technology that SMT has. There's a. If you look at their videos, which I've sent you in the news list, you'll see how their machines automatically, very fast, 18,000-20,000 units per hour, mounting units on the PCBs. Those will be integrated into our machines. Our machines are going to end up end-to-end solution. They're going to fabricate the printed circuit board, the electronic device, and at the same time, they're going to mount surface mount components. It is total breakthrough. Nobody else is doing it, and I don't think that anybody is close enough to do it. We're highly excited about it. It's not only that we integrated technologies, but also they have go-to-market and channels that are totally our interest because they're selling to PCB and to OEM manufacturers that are, after PCB is fabricated, they need to mount the components. We are going to leverage their distribution channels. Since they are very strong in Europe, we're going to expand their revenue to the United States, which is 40%-45% of the market anyhow. We see a lot of growth opportunities even in the existing machines before they would be integrated into our machines, which will take time, obviously, of R&D. Their numbers are in front of you. You can see, read from the numbers what they did until August this year and what they expect to do probably by the end of the year. They are growing, and their gross margins are very high, so profitability is high, relatively high. We are excited no less than that is because of the type of people we met there. We know them now for half a year. There are about 90 very, very talented individuals which are in combined areas like engineering, automation, robotics, software. They're building the machines in Switzerland, and they are team players. They are excited all the way from their CEO down to the product people and the line people. They're excited to be part of us. We know them well by now, spending time there. So it's going to be 1 + 1 equals much more than two. This is what I had to tell you about the two very, very exciting events. Operator, I will be ready to accept questions now. Thank you. 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 handset 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 Rich Brun. Please go ahead. Hello. Good morning, Yoav. Good morning. All right. Thank you for taking my question. Just wanna ask you if you can discuss some of the details on the Essemtec balance sheet, such as the long- and short-term liabilities, including the latest net profit margin? There's no long-term liabilities on the balance sheet. There is a loan from the government for the corona, which is from last year, which is a five years loan of $1.1 million. There's another working capital loan of $1.1 million, something like that. That's all. Okay, just another question. With the understanding that this is a marathon and not a sprint, what is the strategy for maximizing all the scientists and engineers from all the acquisitions and any future acquisitions so that they could collaborate effectively? Because I know, you know, the past acquisitions were in Israel, and now we have it in Switzerland. What is the strategy for ensuring that all the, you know, scientists, engineers, analysts are able to collaborate? Okay. We announced earlier, and now we are close to performing it, that we're going to start another R&D center in Central Europe, which will work in collaboration with Israel R&D. The R&D of the company is going to be divided between what we have now in Israel and what we have and will have more in Central Europe. Central Europe is between Switzerland and South Germany. We're in the process of doing it. Essemtec being the main center of Central Europe right now, we're going to build around it. As much as the cooperation, we're going to. It's three hours away by flight, which is closer in certain than certain joint operation in the United States that people have. We're going to move people from Israel. We already moved, actually, people from Israel to work in Europe and vice versa. The cooperation is actually already working. It started before we completed the acquisitions because we, the Essemtec people were looking to start to study our machine and building a next machine. It works very smoothly, and the combination, and the exciting combination is the capabilities in the different locations, both Israel and Central Europe, is very different. Israel is very strong on the side of software, artificial intelligence, deep learning, DeepCube, our, in our case, chemistry, physics. Central Europe are strong in automation, robotics, machine building. The combination, I believe, is going to be extremely effective, and the cultural combination is even more exciting. You're dealing with DACH, what's called. D-A-C-H. Is Deutschland, Austria, and Switzerland, business culture, and more for the engineering culture, which is very methodical, very professional, very accurate, very precise, and very reliable. Israeli culture, which is more the upside, is more about thinking out of the box, creative and innovation. The combination of both is beautiful. This is the way it's going to be. The next stage, once this is successful, we'll probably consider having a location in East Coast United States, that will have engineering as well, but that's coming in the next stage, not now. Okay. All right. I'm very excited, and I'm sure everyone else for the future of this company. Just a question about the latest machine. When will we be able to see a demonstration? We have a lot. We have the largest show in Europe called Productronica between the 16th and the 19th of November. You're invited to come there to Munich, and you'll see it there. Okay. All right. Thank you. The next similar show in United States is in January, and of course, it'll be there as well. All right. Thank you for your time, Yoav. Thank you. The next question is from Richard Anderson of IDA, Institute for Defense Analyses. Please go ahead. Good morning. I have actually two very different questions. The first one is concerning the DragonFly IV. I'm curious as to whether or not any of DeepCube's technology is incorporated into the current version of it. I heard that you said it can do some testing of a completed print and quality during the print, but I was wondering if that's specifically DeepCube's work involved in it. The second question is- No. The answer is no for that. Okay. They're still working on getting integrated into your machines. Is that a fair assessment? Very fair. They are already integrated, but it's not going to, at this point, appear on the DragonFly IV because when we acquired DeepCube, which was April, and we start integration in May, DragonFly was well on its way already. Okay, great. The second question is about Essemtec. The press release has their gross margins, but I'm curious if you can comment as to whether or not you think they'll be additive to your bottom line, that is, profitable, just their operations on their own? The answer is yes. Excellent. 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 Eric Marcus. Please go ahead. Thank you very much. Mr. Stern, I'm a shareholder. I'm very excited about the company. I think the direction that you're taking it in is incredible. I am astounded that the share price does not reflect anything beyond cash on hand. It doesn't seem to reflect the incredible engineering you're doing and the innovations that you're doing. I'm wondering if you can speak to share price and anything that the company is going to be doing to try to improve share price over the next 6- 12 months. I'll tell you. First of all, the way you are astounded. I don't know how old you are, and I'm sure you're very experienced in the market. I would, I would've said that I'm astounded as well, but I'm not, because I've been running public companies all my life. The connection between the price and the share and what's actually happening in the company, I'm speaking mostly about technology companies and the companies that are in a growth stage, is sometimes completely irrelevant, the connection. Which creates opportunity, of course. It is the smart people that identify that the share is undervalued compared to what the company is doing that are making money, and the people who are buying real estate when the neighbors are telling them that real estate is the big thing today, are probably buying the real estate at too expensive price. Same with the shares of the company. If you look at Tesla, at certain time three years ago or two years ago, the share was so low. I'm not sure I'm accurate at the time, but the shares were so low and went down dramatically with all the media hype or anti-hype that was with Elon Musk and certain things that the SEC was on his back. People like Cathie Wood from ARK Invest insist on buying Tesla three years ago when people thought naysayers say Tesla is dead, it'll never happen. They bought it then. Now we all know where Tesla shares are. To round up my answer to you, yes, the share is undervalued, which is exciting for me. I've bought, and I'm going to buy more. What I'm doing in order to help. For instance, until about, I think it was two or three weeks ago, I met over a week probably with 15-20 institutional investors, which probably were waiting for these announcements now. Every once in a while, probably once a quarter, I'm continuing to meet with investors, both existing shareholders and new investors, and tell the story and update them in what's happening so they will buy. The second thing that I have done all my life since I again ran public companies, is at certain point of time, we need to get the research interest higher up and to start to have research analysts writing research about the company. It's a funny place, Wall Street. When you're close to a deal or transaction and you work with investment bank, suddenly, out of the blue, and you're very surprised if you are not experienced, you get interest from the research analysts that are part of this investment bank that's going to be paid by you a commission or fee. Of course, they have the Chinese wall and research analyst supposed to be interested in you unrelated to the transactions their bank is doing. We know the world, so this is going to happen, and I'm working on that. I'm not rushing because the last thing I wanna do is to get interest high too much before you start to see results, because then you're creating a bridge over an abyss that if it doesn't reach the other side, you end up falling back in and the share goes down again. That's a long answer to your short but very smart question. Unfortunately, it's a profession to deal with a share of a small company or share price, I should say, of a small company, that is doing everything we are doing is a long-term. It's a marathon. It's not a short-term running. I'm saying it to investors, and when I raise the money in every meeting, I said, "Guys, if you don't have a three years horizon at least, don't invest in the company." The people I brought in, and we have today at least 60 institutions, are not too uptight. Some other people that maybe bought retail and don't know the details of what we're discussing now and are looking for events and response in the share within a week or a month, sorry, I can't supply that. Thank you very much, Mr. Stern. Thank you. The next question is from Tony Caraccia of Caraccia Holding LLC. Please go ahead. Yeah. Good morning, Yoav. How are you? Good day. Good morning. Very well, thank you. I'm curious as far as, you know, I see a lot of the big money very interested in, you know, building buildings in space and whatnot. I'm just curious, have you ever considered purchasing like a one of these 3D printing companies that's doing like houses and homes? No. Is anything like that on the table, you think? No. Okay. Well, that was my question. Thank you. Appreciate it. The next question is from Sam Hong of PNW Provisions. Please go ahead. The questioner dropped. The next question is a follow-up question from Richard Anderson of IDA, Institute for Defense Analyses. Please go ahead. Yeah, since we seem to have the time, if you don't mind, I'm curious. Sure. Sure, please go ahead. I'm estimating that your cash reserves are probably, or slightly over $1.3 billion right now, with this latest acquisition, perhaps a little higher. Just, I don't have visibility, obviously, to what the quarterly run rate was for third quarter. I'm curious as to what type of investments you do with that money, and if you're doing anything, any securities investment or if you've got it in any interest-bearing account. Yeah. Yeah. Yael, do you wanna speak into that? I'll just give the title, and Yael can give you the details. Unfortunately or fortunately, we are not. I don't feel that you guys, the investors, entitle me to invest your money in a higher risk, higher return, be it securities or anything else. You know, some people invest their money of the companies in Bitcoins and others, and some of these investments are smart, by the way. I feel that the risk, if I invested your money in things like that, and I would be wrong and it will go down, will be betraying my role because I accepted your money graciously in order to do exactly what I was describing until now. From the other side, I need to maintain the value of the money as much as I can with minimal risk. Minimal risk. Because if you want to invest in Bitcoin, you can invest directly. You don't need to invest in Nano Dimension. I'm using Bitcoin as an example. Could be investing also in General Electric. I wouldn't invest in General Electric, even though they may go higher, you can invest directly. So it behooves on me to maintain the value, though, as much as I can with minimal risk. For that, we're doing a very active work on an ongoing basis of hedging currencies that we're using for business and other ways. Yael will give you the general description how we do it. Yeah. I can share more details. We currently have more than $1.36 billion of cash. Some of it, most of it actually is in deposits, some short-term, some a bit longer terms, since we have plans how we will use the money both from operations, and we have some perspective on our M&A opportunities and how we see this going forward in the next few years. We are really putting it in deposits, in different currencies, to keep the value and to get the return that is currently available on the market. Unfortunately, the interest rates are low by definition today, but we do try to maximize the return that we can get, considering the fact that we want to invest the money in low-risked instruments. For example, in Israel, the interest rate on dollars is much higher than in the U.S. Obviously, we are not making any significant investment in euro because the interest rate in Europe is negative. We're really trying to maximize the return, but keeping the risk to the minimum. We're using not much more than one or two banks to do that. Not that the banks are a risk, you know. We're investing in banks that are between the, probably the 50 biggest banks in the world. We're not playing with smaller banks. We still split it between banks, first, because certain banks give better returns, and secondly, we wanna split the risk, just in case. Great. That actually instills confidence in me between the SM-Tech becoming an additive to your bottom line and then at least some hedging in investments. It sounds like you're gonna have some income in addition to your expenses as you grow your product lines. Unfortunately, the income, I think last quarter was even high comparing to the income from selling machines while we were still in the middle of Corona. Yes, we do have substantial income, absolutely. Great. Well, thank you very much. I appreciate it. Thank you. The next question is from James Droline. Please go ahead. Hey, good morning, and thank you for all your hard work. Just, I like your strategy of making new acquisition's owners in the company. I noticed this last acquisition was all cash. Could you make some comments on that, please? Yes. First of all, as you know, the price is great because when people in the market, the high technology businesses in North America are paying multiples of revenues, which I believe is totally ridiculous, since the money that was poured in during the Corona by the government causes the market to go where it goes. We paid less than revenue, and basically, we paid a very attractive price. Part of the attraction of the price is the fact that you also pay cash, but that's not the only variable. I would pay, and I did pay in the past by shares in April when the share was $12 a share. I calculated very, very accurately what is my average share price as that I raised money through, because I raised money with shares between $1 and $13. As long as the share price was high and I could pay with shares, it would be a discount if you compare the share price to the cash underlying the shares. As the share price went down and it gets close, it's not exactly equal to the cash, but close then. I have so much cash. Selling with shares, buying with shares is dilutive, and it's expensive, and I wouldn't do it. That's the reason I have the cash, and I have more than enough cash for the acquisition strategy for the next few years, plus for the operations. That's the reason I'm deciding to pay cash. Okay. Thank you. Thank you. The next question is a follow-up question from Eric Marcus. Please go ahead. Mr. Stern, just as a follow-up, actually to your last question. As you look forward to the next, let's say, 1- 3 years of utilizing that cash on hand for acquisition. Without going into details about specific acquisition targets, I know you can't do that, can you give us just a broad outline of what your strategy is in looking at potential acquisitions? Yeah. First of all, people who are used to public companies or general, any company, but specifically public companies which are more exposed, talking about acquisition in the past, many of them, if not most of them, were talking about consolidating the industry. Consolidation. Roll-ups. In the 1980s and 1990s, the big issue was roll-ups. Rolling up, which is consolidating. Consolidation by definition as a strategy means you buy companies that share distribution channels, go-to-market, and obviously products, similar product lines, and you wanna cut expenses, reduce costs by putting them together with your company and sharing the same go-to-market costs with more products, and that way gaining higher earnings to the bottom line. That's not what we do, and that's not our strategy. Our strategy, I can describe it to you by an acronym called SIRB&B. It's not Airbnb, it's SIRB&B, S-I-R. Search, identify, research, buy, and build. That's the key thing here is buy and build. We don't consolidate the market. We buy and we build, which means we identify companies that has synergy with our technology, synergy with our vision, synergy with distribution. Now, that's obvious because the business model financially has to work and eventually deliver dollars to the bottom line. That's the key thing. Dollars to the bottom line was return on your investment, creating value, multiples, and then your investment goes up. The difference between consolidation and buy and build is we identify technologies and companies that are not start-up, but bit later stage, and hopefully even bigger companies that as we buy them, we incorporate their most of the employees, if not all the employees, and we build their business together with our business and create the synergies that leverages the dollar revenue into earnings on a bottom line. That's our principal strategy. So much as what kind of companies we are looking at, I basically have letter to the shareholders in the past, which you can go back and look at them. It describes very, very accurately. I coined it type A, type B, type C, and we're continuing to do that. We're looking at any which time that you will be picking up the phone and calling me and ask me how many you're looking at at this time. I probably can tell you that anytime it's probably between 10-20 companies that are on our roster all the time. Thank you very much. There are no further questions at this time. Mr. Stern, would you like to make your concluding statement? Yes. I just wanna say thank you very much for everybody for participating. I would say that you can expect more similar news in the coming future. Please feel free to contact me directly through our bankers or directly, and I'll be happy to talk and give you some feedback so much as I can do it based on the obviously regulation of the SEC. Thank you very much. Thank you. This concludes the Nano Dimension investors update call for the launch of new products and the purchase of Essemtec. Thank you for your participation. You may go ahead and disconnect.