Nano Dimension Ltd. (NASDAQ:NNDM) Q2 2024 Earnings Conference Call August 20, 2024 9:00 AM ET
Company Participants
Yoav Stern - CEO and Member of the Board of Directors
Conference Call Participants
Troy Jensen - Cantor Fitzgerald
Katherine Thompson - Edison
Sol Zelman - Gericare
Operator
Good day, ladies and gentlemen. Welcome to Nano Dimension's Second Quarter 2024 Conference Call. My name is Gayleen and I'm your operator for today's event. On the call with us today are Yoav Stern, CEO and Member of the Board of Directors; Tomer Pinchas, CFO and COO; and Julien Lederman, VP, Corporate Development.
Before we begin, may I remind our listeners that certain information provided on this call may contain forward-looking statements, and the safe harbor statement outlined in today's earnings press release also pertains to statements made on this call. If you have not received a copy of the press release, please view it in the Investor Relations section of the company's website. A replay of today's call will also be available on the Investor Relations section of the company's website.
Yoav will begin the call with a business update, followed by a question-and-answer session, at which time the management team will answer questions. [Operator Instructions]
I would now like to turn the call over to Nano Dimension's CEO and Member of the Board of Directors, Yoav Stern. Yoav, you may begin.
Yoav Stern
The name is Yoav, and I hope people by now, know me, but I've been twisted before. Hi everybody, thank you very much for joining us this morning. Taking off your time in the beginning of the day. Quarter is a very strong quarter, the best quarter we have ever, even though we had a strong quarter and a similar quarter last year. We are still about 2% above that and which we are proud about. We have gross margins up to 45%.
The adjusted gross margins similar to last year, on a half year - on a quarterly - on half year, they are up, on the quarterly, they are bit down, but negligible. And more important than everything else to us, because we're aiming at positive cash and profits is that our cash burn was down 54% from $31 million cash burn down to 11.
And this is a result of a turnaround and reduction of expense plan that we implemented in the first quarter of this year. Not because we don't have the cash to fulfill our business plan for the next four -- three, four years, but because we believe a business plan, and a business model should lead to positive cash flow as fast as possible. And we are 64% on the way there.