Ladies and gentlemen, thank you for standing by. Welcome to the Nano Dimension Investors Update Call for the purchase of Global Inkjet Systems. All participants are present in listen only mode. Following management's formal presentation, instructions will be given for the question-and-answer session. As a reminder, this conference is being recorded January 6, 2022. Before I turn over the call 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. More details can be found on the press release and in public filings that the company issued with respect to this acquisition. 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. First of all, Happy New Year to everybody. I'm happy you could participate today. I hope you had good holidays and healthy. We're starting this year on the right foot. We finished, obviously, we don't have the results, the final results of last year, but we already know indication of top line and more indications. Company grew in the financial result in an order of magnitude comparing to 2020. In an order of magnitude even comparing to the year before, and many% above that. It's actually going to be the best year we ever had in revenue. We are looking forward to 2022. We expect even bigger growth in percentages into 2022, and we're seeing the signs of it already, so we're very excited. We soon will release early results as we usually do every year, and then we'll have another conference call and discuss it in many more details. Stay with us for then. This call is to announce another exciting news, which is the acquisition of Global Inkjet Systems from Cambridge, England. A company we know for many years, we've been working with them, and they've been suppliers of a very important piece of our technology. It is typical, vertical, beautiful by the book, vertical integration. We have acquired them in order to work even closer on ink delivery systems, all the backup, including the hardware and the software, the Atlas software, which makes the machine actually create the product, the AME machine, Additively Manufactured Electronics. Actually not only Additively Manufactured Electronics, since we expand it to additive manufacturing in certain additive manufacturing components and machines that we are looking for to expand into, including internally and through acquisitions. GIS is going to be a major player, beyond their technology and technological abilities and most Cambridge-based and Cambridge engineering background, not all, but many. We also very excited about their commercial stature, where they have above 130 customers worldwide. They have a relationship with those customers the way they had with us for many years. They deliver to them specific technologies that fit different applications all in ink delivery area. We expect to expand through our go-to-market those relationships. We're very excited about those. The company is since 2006, so that's by now almost 16 years. It grew by the founders. It's not venture-based. It is a very, very healthy culture of very high margins, gross margins, and profitable all along the way, growing base of its cash generation capability over the years. 65 or so employees and team members, which are highly trained and educated and creative. As we wrote in the news release, their revenue, as we discussed there, ended in March with $10 million, 51% gross margin. The revenue expected moving forward this year, the year end was March 31, and it will be no less good than this, at least the way it looks now. We hope that this beginning quarter will be successful. We paid approximately $8.1 million in cash. We think it's a very fair price. If they will perform in the next 27 months as per specific business plan that we participated in preparing, we will be very happy to pay them between $1.3 million and $10.7 million more because their performance will be very exciting, the combined company. This is how we proceed. We will have all their management and their employees are expected to stay as part of the Nano Dimension teams. As we mentioned before, we are not in the business of consolidation of the industry, cutting expenses in order to deliver growth to the bottom line this way. Our business is to buy and build and delivering the profitability, the increased profitability to the bottom line and to the top line through the combination of the technology and the go-to-market synergies. We're looking forward to expand the business of GIS together with us. It will be a division of Nano. We believe it's going to be a great combination also of cultures. We know the people, mostly the management, but we're getting to know everybody else. It's a culture that I've worked with personally in my history. The countries I work with the most were North Americans, Canadians, North American, United States, of course, U.K. and Germany and Israel, and some in India as well, actually. We're very comfortable with each other, and it's very exciting. The whole acquisition formula that we now have developed because we did four acquisitions since April is really falling into place. We know exactly what we're doing after we do the acquisition, which is critical because the acquisition starts with the acquisition transaction. The merger after the acquisition is much more important to be done successfully. It's affected by culture, it's affected by exercising plans properly and merging the operations, the processes and procedures. We're totally focused on that. We're not ending up with being just holding company. We are joining functions. We're expanding functions on the ground in Switzerland, for instance, and in Germany and in England, and replacing functions in Israel and moving certain things to the United States, having R&D functions jointly managed between Switzerland, Germany and Israel. Now the Cambridge team is going to be joining forces as well and coordinated. It's becoming one company with people that by now it used to be the distances. Right now, two years of corona, everybody is on Webex and on Zoom or Teams. Nobody knows in many cases if they've been in the other room, at home somewhere or between England, Germany and Israel. The organization is very well trained in that, and it's exciting. We're not giving up coming to the office. We're not giving up meeting with each other. We travel between the locations, and we're looking forward to work hard and deliver the goods. I'll stop here, and I will of course open this for Q&A and try to answer your questions. The first question is from Brun Rich. Please go ahead. Hello. Good morning, Yoav. Good morning. Hey, happy New Year. This is Brun. Let me know if I have this analysis correct on the acquisition. Right now, AME uses two inks, the conductive and the dielectric inks, to print functional PCBs or printed circuit boards. This acquisition will help accelerate the ability for the next generation technology to use other high performance inks or materials, to maybe one day print functional parts. Do I understand that correctly? Or is it just as far as hardware for next generation machines? No, this is, this has nothing to do with the materials. This is not a materials company. This is a company that deals with the delivery of the materials, the systems, hardware and software, electronics, and electronics component, electronic systems, conveyor, and other systems that are managed by a very specific software called Atlas that are delivering the inks in an accurate manner. It is being used in our present generation of machines. As I mentioned, we are customers of those, so we are very familiar with the technology of this generation. Of course, now that we are one company. The next generation machine, which we are, by the way, in a process of building. We are very excited. Next week we have the first demo of the new machine internal. It will still take time, of course, but we have the first demo already, the total new generation machine. It will take another year to bring it to market, which will live together beside our present new machine, DragonFly four, which just was released in November. In this new machine, the more advanced development of the technology of GIS will be applied specifically for our direction, where before we were purchasing it from them as they develop it. Now they're going to develop it especially for us. Okay. In that sense it's not just technology acquisition but also talent acquisition. Am I understanding that correctly? Also, what acquisition? In talent. Also, the professionals, the experts that work with GIS. Of course. An acquisition of business. Of course. There's no technology without people in our business. Any high-tech business. This is not a real estate business. What we purchased is we didn't purchase, we merged, we became partners of 65 very, very talented group of engineers, business people, leaders, and that's the main strength. Now, of course, those people have technology they've been developing over the last 16 years, but we would never acquire technologies without the people that are building them. Okay. What happens with the other verticals that GIS serve? Are we looking to expand on those verticals? Are we looking to- We're going to expand. As I mentioned before, yes, they have 130 customers. We're going to expand on those verticals. Some of them are complementary to us, some of them are different than ours, but it's a totally growth area for us that will add to our top line and to our bottom line. Okay. Thank you, Pitish. Thank you very much. The next question is from Jack Rice of Small Cap Limited. Please go ahead. Okay. Go to the next question. The next question is from Paul Mosher of General Electric. Please go ahead. Yes. Just one question. I think I heard that you mentioned maybe some move or migration of operations to the United States. I was wondering if you could add some more detail to that of what areas, whether it's manufacturing or technologies that might be migrating. We are an American corporation already for many years. We expanded it starting last year, the end of 2020. We will have two locations in the U.S. soon in the East Coast. One of them is already operating for a year and a half in Sunrise, Florida. We have there both fabrication facility, application engineers, technicians, sales and marketing, research, our Chief Technology Officer with their cooperation with universities and research is all managed from there. We didn't announce yet. It's a surprise, but it's going to be a very pleasant surprise for everybody. We're in the process of closing on a new facility that will be in the East Coast, but in an area that fits our customer base. We'll end up having the two facilities, and the new area will have a much bigger fabrication facility, sales and operations, and combined cooperation with research with universities and customer support. Okay. Thank you. Thank you very much. The next question is from Rakesh Jamura of Hansham. Please go ahead. Good morning, Yoav. Happy New Year. Happy New Year. Good morning. Yoav, I have one question. like do you see any organizational challenges with the leadership, like managing all the four companies under you? No. As you remember when I spoke, I specifically related to that subject. Since I've been in business all my life in public companies and equities, growing organically and through acquisitions, I'm totally focused in the due diligence phase, beyond the numbers. The numbers are easy. The technology to learn is quite understandable, with the technology background. We focus on can we work together? Do we share management cultures? Do we see how the organization is integrating? As part of the due diligence and as we're negotiating the contract, we already have the plans and the discussion with the other side's management about how to combine functions and leverage the opportunities of both. The four companies that we acquired, I can tell you the first two that were in April 2021 are by now totally integrated in the company. We are in one and a half locations, which means one location is all of us within that one company. The other company is about 10-15 minutes away. We didn't move them just because it's a great location, and it's the whole area, the whole group of data science and machine learning, and it's good to have this togetherness. Totally operating as a division of the company. We just finished the acquisition of Essemtec in November, which is a month and a half ago. I can tell you, we already have their sales within ITCA, IHS integrated into our go-to-market. We have one sales organization. We are now in the process of integrating change in Europe with our activity. The long answer to a very good short question, it's an excellent question. The proof of the pudding is in the eating is a metaphor. The proof of an M&A is not in a production, it's in the merger, and we're focused on that. Thanks, Yoav. The next question is from Steven Jackson of RBC Capital. Please go ahead. Good morning, Mr. Stern. Congratulations on the move. How long do we get? How do we get the DragonFly IV on the manufacturing lines? How do we get partnerships with PCB facilities or OEMs? How do we do that? We don't. DragonFly IV is not a machine that is aimed at the production chain. It's a machine that's aimed for proof of concept and for prototyping. We do have already partnerships. It's not partnership, but more than partnership. It's a customer of ours. One of them bought 3 machines, very famous PCB manufacturer. Soon enough, you will hear about cooperation with them. It's because they are very excited in using the DragonFly machine that actually has I just mentioned, IV, for the proof of concept and fast prototyping. That's the application. The next generation machines will be much more advanced on the side of early production, but that's going to come up. As I told you, they are in advanced development, and they're going to come up in the beginning of 2023, about a year from now, give or take. Those will be closer and move into production. That's the plan. Right now, our customers, if you wanna divide them kind of by segments, I would say that 50%, and you can see we lately started to announce about selling machines to specific verticals in order for you guys, our shareholders, to understand where our machines are going. We sell half of our machines to defense, aerospace, aviation, government agencies. We sell a quarter to some certain advanced, very sophisticated commercial OEM companies. We sell some to the PCB manufacturers, as I mentioned to you, and we sell about 20% to academic institutions and research organizations, which are of course using it for proof of concept and research. Okay. Perfect. Perfect. My second question is, I guess the elephant in the room, everyone's worried about the share price. Can you give any confidence to us? I know a lot of money was raised at $12.80. Can you give any reassurance to those investors who are 70% down, who gave you $500 million? No. How can I give you a reassurance about the price of the share? I can give you a reassurance of the business of the company. The company business is growing at hundreds of%, as I mentioned to you, and expected this year to grow even faster, and we know it's already on a right run rate. I'm not a trader, and I'm not in the business of trading shares. I'm only in the business of spending my own money, as you know, if you read about four weeks ago to buy. The way I intend to help, and I'm still helping the share, I meet with investors all the time. I can tell you that the investors that are talking to me on an ongoing basis, I'm getting very good feedback. I know that for the end of the year there was a lot of sales of shares, not only ours. I looked at other additive manufacturing companies, specifically that were our size and bigger and merged with SPACs. They went down more than we went down, and in a shorter period. I think- I agree with that. Yes. Yeah. My job is the share price is first of all to share your pain because I bought it at $4.1. Before I knew it was $3.9. I said, "What the hell is happening? I thought $4.1 is never going to go down. Yeah. I agree. All small growth companies have been getting hammered. It's not specifically Yeah. Jokes aside, listen, it's a very good question. It's pain for all of us. I'm here for the long term, and I also have to deal with employees, which are not as sophisticated as you, and all of them have stock options, and they're a bit worried. I tell them, "Guys, I promise you when I came, it's not going to be a two-year trip. It's going to be longer. And I promise you, it's going to go up. I've been there before. I'll slowly get some research reports from the market interested because we are growing. We are arriving in the radar screens." Some research and certain houses will start to write research report. I've done it before. obviously you sound sophisticated. The banks will write research report if you pay them because you do a transaction with them. I'm not going to do a fundraising transaction. I've done that. We have enough. I'm working with them, getting them excited, so the research report will come up, and the share will respond, no doubt about that. I'm with you on that, so I'm sharing the pain. Thank you, sir. Yeah, we're all definitely feeling the pain, but we expect great things in the future, and we know that this is just Yeah. And it's- I'm totally committed. I'm telling you. I'm not paying myself bonuses. I will pay probably very little bonuses to the other executives until we start to do that, not from your money, but actually growing and making either profit or close to that. The share will respond because, as the famous maven from Omaha says, "If you buy the right company and run the business properly, going through the quarters, the share will eventually respond in the right direction." We're doing that. I agree. Okay. Thank you very much, sir. I appreciate it. Thank you. The next question is from Bob Sagrino. Please go ahead. Bob? Okay, let's try to move to the next one, maybe he'll come back maybe. Well, thank you. The next question is from Richard Anderson of IBA. Please go ahead. Good morning, Mr. Stern. My question is tied to what you just mentioned about getting firms to issue the research reports. That would be, you have much more steady revenue streams now that you've acquired Essemtec and Global Inkjet Systems. I mean, those two companies a year produce over $25 million in revenue. Will the company soon start issuing quarterly revenue projections? It's actually over 35. Oh, okay. Forget it. It seems, I mean, analysts quite frankly often are relying on the company for 90% of what they put in their estimates. Will you start issuing revenue projections soon? I think that's the way that you're gonna get more analysts to cover the company. It seems like you're very familiar. You've been there like me long enough. You're totally right. I mean, there's different analysts. Some analysts are very smart. Some analysts are smart, but like you, for you to do the work for them, that's okay. I do that. Absolutely yes. Analysts in general like the numbers, so it's very difficult to get analysts interested when you are actually describing how you're developing and investing in the future to do a total transition of an industry, but the numbers are not there yet. You're totally right. The minute you start to have numbers that can be gradually expected, even if sometimes you hit the numbers or you're above the numbers, sometimes a bit under. In general, it's a numbers game. Analysts become they respond faster, to be fair. Yes, your statement is very right. Okay, thanks. I had another question too, if you could. I actually researched on the U.S. patent site yesterday what patents Global Inkjet Systems has, and it appears there are at least two that were both recorded about six years ago. I'm wondering, can you give us a little more information or clarity on what their intellectual property consists of, and are there more patents than those two that I found already? Thank you. No, no. Our excitement from GIS is because they're not. It's like almost trade secrets. Their systems are such a tight combination of hardware and software. On software, by the way, you don't write patents. The most you can write is copyrights, and copyrights don't really protect you in software. So, the combination of hardware and software, you usually don't write patents because the smart is in the software, and it becomes like a trade secret because the software is embedded in the hardware. It's not so simple to get the software and copy it in their specific case. So it's almost like a trade secret, and that's when we did our due diligence, we're totally feeling comfortable with it. The patents that we have, which by now I think we have 135 applications and 24 patents, if I remember right, is all ours and in the DeepCube side with the algorithms and in the chemistry that we have and in the process that we have. That's where we are very strong, and the GIS systems are going to be integrated into our process control into the machine. We feel very comfortable with what they have on the intellectual property. If I might, I have one more question. It's concerning DeepCube, if that's okay with—Yeah, sure. I'm curious, you've been very clear about how you're going to integrate DeepCube into the DragonFly systems and how DeepCube will help improve accuracy and yield rates, et cetera. I'm wondering, is there any prospect for DeepCube's technology to be used and licensed to other companies? Is that something that you see? Because to me, that's an untapped source of revenue right now. If what they developed for you winds up being applicable to other manufacturers, that's a bonanza. It seems like you've been present in meetings I was running over the last eight months. No, I just own many thousands of shares and very interested. No, no. no. It's beautiful question. I love it. First of all, just to let you know, it's the DeepCube deep learning and machine learning is in the process now of being integrated into the next generation. It's not going to go into the DragonFly IV. Now, we may, if the DragonFly IV will decide to expand its life and kind of expand the life of the concept of DragonFly IV, we may apply the DeepCube eventually there as well. But right now, we're totally focused on applying the DeepCube into the next generation machine that will go closer to production, and that's where it'll be very important. The second question that you had, which is much more important, I just spent time in Europe. I can't tell you because I signed an NDA with probably the one of the three biggest companies in additive manufacturing in the world, and probably the best of them. That is almost the only one in on most of the machines and manufacturing, and it's private, not public. It's them, the owner called us because he saw at a show and in our releases, the DeepCube, and he said, "I must have that engine that you are now building." The engine is built, it's working. It's just applying the engine into your machine. "I want you to have this application in my machines as well." We spent hours and hours there. Yes, the answer to your question, is it potential? We didn't necessarily think about it in the beginning, but as we start to apply it to our machine, we said, just one second. In a very simple adjustment, it's the same application to other people's machine, and they're not competing with us, we can do it with them. We'll see if it will work, and it'll be very interesting. The answer is you hit the one. You hit the nail on the head. I'm sorry. Thank you. Great. Thank you. Well, good luck and look forward to whenever you have a revenue projection next call. Thanks. Thank you. There's an additional question from Ron Rich. Please go ahead. Yeah, just another question. In regards to materials, I don't know if you have any new updates on the materials. I know we spoke about it on the last call. Also, what is being done with materials that you do come across that may not fit your use case per se today? Is it something that you consider licensing, or is it something that you just scrap and toss? No, no. Materials that we develop, if they have applications. First of all, we'll eventually, as machines go into production, we may license the materials for production by large companies. We're not looking to build a huge ink factory. While we do have a material factory now because we are still selling it in quantities that are reasonable. Long term, when we have huge amount of material, we may just license it to somebody to manufacture. As much as licensing material that we are not using anymore. Right now, we don't have materials we're not using anymore. The materials we're having and they're growing in quantities we're still using. In the future, if we don't need them or if we can license them out, sure, not a problem. Yeah. Because I know you have a strong chemistry team working on materials, so I'm sure there's different chemistries that are being put together that may or have other use cases that may not fit Nano Dimension. Right? You're right. It could be, and I can tell you that the third of our R&D is material chemist and physicist, material engineers, and we are opening a center in Germany as we speak that will be another center focusing around materials. Okay, thank you. Thank you. The next question is from Bob Sagardino. Please go ahead. Hello, Mr. Stern. My question is pretty simple, but it may be a little lengthy depending on how you're looking at it. You said that the next generation machine will be closer to a product-production ready machine. What is your vision and the company's focus? You know, how do you see this machine operating? How do you see what bells and whistles, what operations you will have on it, what integrations? How do you see this entering the market and operating at contract manufacturers? What's your vision and your goal? I have a very clear vision. I have more than a vision. I have marketing requirements document. I have specs. I have demo of the new machine that's coming in a year and a quarter, but this is not the forum that I'm going to tell you about it because it's very competitively sensitive. Okay, I understand. Sorry about that. No problem. There are no further questions at this time. Mr. Stern, would you like to make your concluding statement? Sure. Ladies and gentlemen, it was a pleasure. I thank you very much for very interesting questions and very beautiful show of actual support, not necessarily a professional support of looking at our business and studying and understanding and asking very pointy questions. It was a pleasure today to talk to you about it and to focus on actually the core of the business. I appreciate that, I respect that, and I thank you, and I wish you a very happy New Year. Thank you. This concludes the Nano Dimension investor update call for the purchase of Global Inkjet Systems. Thank you for your participation. You may go ahead and disconnect.