Market Newsdesk

MESA, Ariz., March 30, 2023 (GLOBE NEWSWIRE) — Atlis Motor Vehicles (Nasdaq: AMV), a vertically integrated electric vehicle technology ecosystem company, and US based battery cell manufacturer, announced today the addition of Srinivas Jasthi to its leadership team, further bolstering the strength and effectiveness of AMV management as they focus on product delivery and driving value for shareholders.

As Vice President of Software, Mr. Jasthi will oversee development of future integrated and connected cloud service systems, as well as in-house services, mobile, and cloud payment services for Atlis Energy products. With 30 years of experience leading teams at Shutterfly, BASELAYER, Amazon, AIG, Pitney Bowes, DaimlerChrysler and more, the team is confident his guidance and vision will lead to the delivery of cutting-edge solutions for customers in the Company’s intended market segment.

“With a track record of success and deep understanding of software development, Srinivas Jasthi’s leadership will be invaluable as we continue to develop and deliver new products that meet the needs of our customers,” said Mark Hanchett, Founder and CEO of Atlis Motor Vehicles. “I’m proud to welcome such a well-established innovator to the Atlis Motor Vehicles team as our Vice President of Software.”

About Atlis Motor Vehicles 

Atlis Motor Vehicles is a technology company driving cutting-edge innovation in electrification and infrastructure. For more information, visit www.atlismotorvehicles.com. 

Forward Looking Statements 

This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “contemplate,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding financial and operating outlook, amount of reservation interest and related potential sales, future capital expenditures and other operating expenses, expectations and timing related to product launches, production and delivery volumes, the range and performance of the XP platform and XT truck, estimates of the length of time its existing cash, cash equivalents and investments will be sufficient to fund planned operations, plans and expectations regarding its future capital raises and funding strategy, the timing of deliveries, future manufacturing capabilities and facilities, ability to mitigate supply chain and logistics risks, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, regulatory challenges, growth rate projections, intellectual property protections, the potential success of our go-to-market strategy and future vehicle programs, and the promise of the electric vehicle battery technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Atlis and Atlis management. These forward-looking statements are subject to a number of risks and uncertainties, including all of the risk factors stated under the heading “Risk Factors” in our Annual Report on Form 10-K filed on March 16, 2023, as well as other documents Atlis has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Atlis’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks of which Atlis does not currently know or that Atlis currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Atlis’s expectations, plans or forecasts of future events and views as of the date of this communication. Atlis anticipates that subsequent events and developments will cause Atlis’s assessments to change. However, while Atlis may elect to update these forward-looking statements at some point in the future, Atlis specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Atlis’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. 

Contacts: 

Mary Trout 
Atlis Motor Vehicles 
[email protected] 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c89b6dc9-e8e1-497f-9c9b-9100d2384d40

316% Growth for Full Year 2022 Over 2021

2022 Revenue is 1,200% Higher than 2020


Q4/2022 Revenue of $12.1M is 61% Higher Than Q4/2021


and 21% Higher Than Q3/2022


  

Waltham, Mass, March 30, 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 its financial results for the fourth quarter and full year ended December 31^st, 2022. 

Nano Dimension reported audited consolidated revenues of $12.1 million for the fourth quarter ended December 31^st, 2022, a 61% increase over the fourth quarter of 2021 and 21% increase over the third quarter of 2022. Revenues for the full year ended December 31^st, 2022, were $43.6 million, an increase of 316% over full year 2021.

CEO MESSAGE TO SHAREHOLDERS:

“We have delivered very significant revenue growth in 2022, demonstrating further progress in our strategy to drive rapid innovation that meets customer needs. We also achieved several key customer and sales milestones, including strengthening our defense customer base with orders from a European-based military force and western global aerospace and defense contractor, as well as key transactions with academic and research institutions. We also made significant strides in executing against our goal of becoming the leading AI/deep learning framework for industrial applications. The advancements we’ve made are empowering all machines in the extended Nano Dimension ecosystem through advanced industrial inspection, print quality optimization, process optimization and monitoring and maintenance of machines, a significant value-add to new and existing customers.

We hope to accelerate our organic growth in the year ahead and remain well-positioned to execute on our M&A strategy – including our recently announced offer to acquire Stratasys Ltd. (“Stratasys”), which we view as a strategic, complementary asset in the relatively mature polymer-based AM market segment – within a flexible capital deployment framework. With the intensive help of our financial advisors, Greenhill and Lazard, in addition to our ongoing exchange with Stratasys, we continue building and pursuing our pipeline of additional prospective synergistic M&A transactions.”

The Company’s organic revenue growth of previous acquisitions:

• 
  AM/Admatec revenue grew +60% over 6 months since acquisition.
  
• 
  Additive Electronics/Essemtec revenue grew +8% over 12 months since acquisition.
  
• 
  AM/GIS revenue grew +4% over 12 months since acquisition.
  

Highlights from the Financial Results for the full Years 2022 and 2021:

• IFRS Gross Margin (“GM”) for 2022 was 32%, compared to 11% in 2021.

• Our adjusted GM (excluding share based payments and cost of revenues from amortization of inventory and assets recognized in business combination and technology) for 2022 was 46% compared to 45% in 2021.

• Our loss before taxes for 2022 was $228,031 thousand.

• Our EBITDA for 2022 was $236,697 thousand.

• Our adjusted EBITDA for 2022 was $88,804 thousand.

• Our investment in research and development (R&D) expenses for 2022 was $75,763 thousand, which is the major part of the contributors to the negative EBITDA.

• Our loss before taxes for 2021 was $205,730 thousand.

• Our EBITDA for 2021 was $199,698 thousand.

• Our adjusted EBITDA for 2021 was $43,345 thousand.

• Our investment in R&D expenses for 2021 was $41,686 thousand, which is the major part of the contributors to the negative EBITDA.

Fourth Quarter 2022 Financial Results

• Total revenues for the fourth quarter of 2022 were $12,104,000, compared to $9,998,000 in the third quarter of 2022, and $7,531,000 in the fourth quarter of 2021. The increase is attributed to increased sales of the Company’s product lines.

• R&D expenses for the fourth quarter of 2022 were $20,993,000, compared to $18,535,000 in the third quarter of 2022, and $15,099,000 in the fourth quarter of 2021. The increase resulted primarily from an increase in payroll and related expenses due to more research and development resources, as well as an increase in materials expenses.

• Sales and marketing (S&M) expenses for the fourth quarter of 2022 were $9,758,000, compared to $9,652,000 in the third quarter of 2022, and $7,690,000 in the fourth quarter of 2021. The increase compared to the fourth quarter of 2021 is resulted primarily from an increase in payroll and related expenses and marketing expenses.

• General and administrative (G&A) expenses for the fourth quarter of 2022 were $9,091,000, compared to $7,417,000 in the third quarter of 2022, and $6,470,000 in the fourth quarter of 2021. The increase resulted primarily from an increase in payroll and related expenses as well as professional services.

• Impairment losses for the fourth quarter of 2022 were $40,523,000. During 2022, there was a decline in the Company’s share price, such that as of December 31, 2022, the fair value of the Company, which is based on the share price, is lower than its book value of equity. Given the recoverable amount of the said cash generating units (CGUs), the goodwill, intangibles and property, plant and equipment relating to the said CGUs was reduced by approximately $40.5 million.

• Net loss for the fourth quarter of 2022 was $87,667,000, or $0.34 per share, compared to $66,931,000, or $0.07 per share, in the third quarter of 2022, and $159,624,000, or $0.62 per share, in the fourth quarter of 2021.

Year Ended December 31^st, 2022 Financial Results

• Total revenues for the year ended December 31, 2022, were $43,633,000, compared to $10,493,000 in the year ended December 31, 2021. The increase is attributed to increased sales of the Company’s product lines.

• Cost of revenues (excluding amortization of inventory and intangibles) for the year ended December 31, 2022, was $24,943,000, compared to $5,730,000 in the year ended December 31, 2021. The increase is attributed mostly to increased sales of the Company’s product lines.

• R&D expenses for the year ended December 31, 2022, were $75,763,000, compared to $41,686,000 in the year ended December 31, 2021. The increase is attributed to an increase of $21,034,000 in payroll and related expenses, as well as an increase of $4,117,000 in materials and $7,480,000 in subcontractors’ expenses, due to more research and development resources, and an increase of $3,186,000 in share-based payments expenses. The increase in R&D expenses was partially offset by a decrease of $2,659,000 in depreciation.

• S&M expenses for the year ended December 31, 2022, were $38,833,000, compared to $22,713,000 in the year ended December 31, 2021. The increase resulted primarily from an increase of $11,774,000 in payroll and related expenses, an increase of $1,004,000 in marketing, commissions and advertising expenses, as well as an increase of $1,818,000 in travel expenses and $1,185,000 in depreciation. During 2022, the Company decided to invest increased resources in sales and marketing activities, thus, it increased the number of its sales and marketing personnel.

• G&A expenses for the year ended December 31, 2022, were $30,457,000, compared to $19,644,000 in the year ended December 31, 2021. The increase resulted primarily from an increase of $6,442,000 in payroll and related expenses and $2,709,000 in professional services due to the Company’s latest acquisitions.

• Impairment losses for the year ended December 31, 2022, were $40,523,000.

• Net loss for the year ended December 31, 2022, was $227,423,000, or $0.88 per share, compared to $200,777,000 or $0.81 per share, in the year ended December 31, 2021. 

Conference call information

The Company will host a conference call to discuss these financial results today, March 30th, 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/10175112/f5aecf64c0.

Webcast link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=jXYiYYF0
.

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/eventsand-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 hope to accelerate its organic growth in the year ahead and remain well-positioned to execute on its M&A strategy, the Company’s offer to Stratasys and that the Company is continuing to build and pursue its pipeline of additional prospective synergistic M&A transactions. The forward-looking statements contained or implied in this press release are subject to 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 | [email protected]

Consolidated Statements of Financial Position as at

		2021				2022
		Thousands				Thousands
		USD				USD
Assets
Cash and cash equivalents			853,626				685,362
Bank deposits			437,598				346,663
Restricted deposits			148				60
Trade receivables			3,422				6,342
Other receivables			5,902				6,491
Inventory			11,199				19,400
Total current assets			1,311,895				1,064,318
Restricted deposits			501				850
Bank deposits			64,371				—
Investment in securities			—				114,984
Deferred tax			1,007				115
Other receivables			—				809
Property plant and equipment, net			7,690				5,843
Right of use assets			4,491				16,539
Intangible assets			—				—
Total non-current assets			78,060				139,140
Total assets			1,389,955				1,203,458
Liabilities
Trade payables			2,833				3,722
Financial derivatives and deferred consideration			14,910				8,798
Other payables			13,836				24,150
Current portion of other long-term liability			417				363
Total current liabilities			31,996				37,033
Liability in respect of government grants			1,560				1,492
Employee benefits			4,145				1,462
Liability in respect of warrants			3,347				69
Lease liability			3,336				12,374
Deferred tax liabilities			236				—
Loan from banks			1,104				736
Total non-current liabilities			13,728				16,133
Total liabilities			45,724				53,166
Equity
Non-controlling interests			875				767
Share capital			386,665				388,406
Share premium and capital reserves			1,266,027				1,296,194
Treasury shares			(1,509	)			(1,509	)
Foreign currency translation reserve			1,407				583
Remeasurement of net defined benefit liability (IAS 19)			—				2,508
Accumulated loss			(309,234	)			(536,657	)
Equity attributable to owners of the company			1,343,356				1,149,525
Total equity			1,344,231				1,150,292
Total liabilities and equity			1,389,955				1,203,458

Consolidated Statements of Profit or Loss and Other Comprehensive Income


(In thousands of USD, except per share amounts)

		For the Year Ended								For the Three-Month Period Ended
		December 31,								December 31,
		2021				2022				2021				2022
Revenues			10,493				43,633				7,531				12,104
Cost of revenues			5,730				24,943				4,350				3,784
Cost of revenues –  write-down of inventories and impairment of assets recognized in business combination and technology			3,641				4,639				2,869				649
Total cost of revenues			9,371				29,582				7,219				4,433
Gross profit			1,122				14,051				312				7,671
Research and development expenses, net			41,686				75,763				15,099				20,993
Sales and marketing expenses			22,713				38,833				7,690				9,758
General and administrative expenses			19,644				30,457				6,470				9,091
Impairment losses			140,290				40,523				140,290				40,523
Operating loss			(223,211	)			(171,525	)			(169,237	)			(72,694	)
Finance income			17,909				22,965				5,326				11,105
Finance expense			428				79,471				—				25,305
Loss before taxes on income			(205,730	)			(228,031	)			(163,911	)			(86,894	)
Taxes benefit (expense)			4,906				(264	)			4,258				(1,006	)
Loss for the year			(200,824	)			(228,295	)			(159,653	)			(87,900	)
Loss attributable to non-controlling interests			(47	)			(872	)			(29	)			(233	)
Loss attributable to owners			(200,777	)			(227,423	)			(159,624	)			(87,667	)
Loss per share
Basic loss per share			(0.81	)			(0.88	)			(0.62	)			(0.34	)
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			(46	)			(844	)			(46	)			1,507
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				—				(619	)
Total other comprehensive income (loss) for the year			(46	)			1,664				(46	)			888
Total comprehensive loss for the year			(200,870	)			(226,631	)			(159,699	)			(87,012	)
Comprehensive loss attributable to non-controlling interests			(69	)			(892	)			(51	)			(157	)
Comprehensive loss attributable to owners of the Company			(200,801	)			(225,739	)			(159,648	)			(86,855	)

Consolidated Statements of Changes in Equity


(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
For the year ended December 31, 2022:
Balance as of January 1, 2022			386,665				1,266,027				—				(1,509	)			1,407				(309,234	)			1,343,356				875				1,344,231
Investment of non-controlling party in subsidiary			–				–				–				–				–				–				—				784				784
Loss for the year			–				–				–				–				–				(227,423	)			(227,423	)			(872	)			(228,295	)
Other comprehensive loss for the year			–				–				2,508				–				(824	)			–				1,684				(20	)			1,664
Exercise of warrants and options			1,741				(1,741	)			–				–				–				–				—				–				—
Share based payment acquired			–				(1,005	)			–				–				–				–				(1,005	)			–				(1,005	)
Share-based payments			–				32,913				–				–				–				–				32,913				–				32,913
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

 

		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
For the three months ended December 31, 2022:
Balance as of October 1, 2022			387,646				1,291,290				3,127				(1,509	)			(848	)			(448,990	)			1,230,716				865				1,231,581
Investment of non-controlling party in subsidiary			–				–				–				–				–				–				—				59				59
Loss for the year			–				–				–				–				–				(87,667	)			(87,667	)			(233	)			(87,900	)
Other comprehensive loss for the year			–				–				(619	)			–				1,431				–				812				76				888
Exercise of warrants and options			760				(760	)			–				–				–				–				—				–				—
Share based payment acquired			–				(262	)			–				–				–				–				(262	)			–				(262	)
Share-based payments			–				5,926				–				–				–				–				5,926				–				5,926
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

Consolidated Statements of Cash Flows


(In thousands of USD)

		For the Year Ended December 31,								For the three months Ended Dec 31
		2021				2022				2021				2022
Cash flow from operating activities:
Net loss			(200,824	)			(228,295	)			(159,653	)			(87,900	)
Adjustments:
Depreciation and amortization			7,383				7,283				2,405				1,199
Impairment losses			140,290				40,523				140,290				40,523
Financing (income) expenses, net			(6,873	)			(1,769	)			(5,074	)			(10,858	)
Revaluation of financial liabilities accounted at fair value			(10,608	)			(4,516	)			(252	)			335
Revaluation of financial assets accounted at fair value			—				62,791				—				24,723
Loss from disposal of property plant and equipment and Right of use assets			567				948				495				857
Increase in deferred tax			(5,013	)			(581	)			(4,279	)			860
Share-based payments			29,782				32,563				8,279				5,926
Other			—				275				—				59
Fees paid (*)			(70	)			(109	)			(65	)			(14	)
			155,458				137,408				141,799				63,610
Changes in assets and liabilities:
(Increase) decrease in inventory			2,382				(4,603	)			2,973				(1,219	)
(Increase) in other receivables			(429	)			(1,978	)			(420	)			(5,552	)
(Increase) decrease in trade receivables			(449	)			(1,992	)			61				(231	)
Increase in other payables			1,139				5,281				1,209				3,948
Increase in employee benefits			—				1,497				—				396
Increase (decrease) in trade payables			74				628				(555	)			670
			2,717				(1,167	)			3,268				(1,988	)
Net cash used in operating activities			(42,649	)			(92,054	)			(14,586	)			(26,278	)
Cash flow from investing activities:
Change in bank deposits, net			(416,019	)			141,555				(244,090	)			328,967
Interest received			3,706				17,465				1,085				12,831
Change in restricted bank deposits			(32	)			(327	)			(1	)			(311	)
Acquisition of property plant and equipment			(9,761	)			(9,388	)			(7,596	)			(3,329	)
Acquisition of subsidiaries, net of cash acquired			(74,574	)			(31,057	)			(11,930	)			1
Payment of a liability to pay a contingent consideration of business combination			—				(10,708	)			—				—
Acquisition of financial assets in fair value through profit and loss			—				(177,775	)			—				—
Proceeds from sale of property plant and equipment			—				—				—				—
Decrease in deposit in escrow			—				3,362				—				3,362
Other			—				(800	)			—				(800	)
Net cash used in investing activities			(496,680	)			(67,673	)			(262,532	)			340,721
Cash flow from financing activities:
Proceeds from issuance of Ordinary Shares, warrants and convertible notes, net			805,497				—				—				—
Exercise of warrants and options			212				—				62				—
Lease payments			(1,494	)			(4,151	)			(248	)			(1,063	)
Repayment long-term bank debt			(814	)			(406	)			(814	)			(103	)
Proceeds from non-controlling interests			944				510				354				—
Amounts recognized in respect of government grants liability, net			(96	)			(221	)			(89	)			(89	)
Payments of share price protection recognized in business combination			—				(1,005	)			—				(261	)
Net cash provided by (used in) financing activities			804,249				(5,273	)			(735	)			(1,516	)
(Decrease) increase in cash and cash equivalents			264,920				(165,000	)			(277,853	)			312,927
Cash and cash equivalents at beginning of the period			585,338				853,626				1,127,778				370,197
Effect of exchange rate fluctuations on cash and cash equivalents			3,368				(3,264	)			3,701				2,238
Cash and cash equivalents at end of year			853,626				685,362				853,626				685,362
Non-cash transactions:
Property plant and equipment acquired on credit			249				52				147				(457	)
Conversion of convertible notes and warrants to equity			2,830				—				—				—
Recognition of a right-of-use asset			1,919				15,196				29				3,660

 

(*)

reclassified

Non-IFRS measures

The following is a reconciliation of EBITDA and Adjusted EBITDA to loss before taxes, as calculated in accordance with International Financial Reporting Standards (“IFRS”):

		Year Ended December 31, 2022				Three-Month Period Ended December 31, 2022
(in thousands of U.S. dollars)
Loss before taxes			(228,031	)			(86,894	)
Interest income			(18,408	)			(9,446	)
Depreciation and amortization (*)			9,742				2,125
EBITDA (loss)			(236,697	)			(94,215	)
Exchange rate differences			16,135				(1,670	)
Finance expense for revaluation of assets and liabilities			58,672				25,304
Share-based payments			32,563				5,926
Impairment losses			40,523				40,523
Adjusted EBITDA (loss)			(88,804	)			(24,132	)
Gross profit (loss)			14,051				7,671
Amortization of inventory and intangibles			4,639				649
Share based payments			1,584				471
Adjusted gross profit, excluding amortization of intangible assets			20,274				8,791

(*)

Including amortization of assets recognized in business combination and technology.

EBITDA is a non-IFRS measure and is defined as total comprehensive loss before taxes excluding depreciation and amortization expenses and amortization of inventory and 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 total comprehensive loss before taxes excluding depreciation and amortization expenses and amortization of inventory and assets recognized in business combination, interest income, finance expense for revaluation of assets and liabilities, exchange rate differences, impairment losses 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, impairment losses 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 amortization of inventory and intangibles and share based payments, is a non-IFRS measure and is defined as gross profit excluding amortization expenses of inventory and intangibles and share based payment 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, as well as share based payments. 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 and share based payment expenses.

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.

Attachment

• Nano Dimension

DETROIT, March 30, 2023 (GLOBE NEWSWIRE) — Amesite Inc. (NASDAQ: AMST), a leading artificial intelligence software company offering a cloud-based learning platform for business and education markets, announces today that new member universities have joined their collaborative alliance with the National Association for Equal Opportunity in Higher Education (NAFEO), the membership and advocacy association of all Historically Black Colleges and Universities (HBCUs) and Predominantly Black Institutions (PBIs). The NAFEO-Amesite HBCU Alliance now includes:

• Alabama State University
• Allen University
• Arkansas Baptist College
• Benedict College
• Bowie State University
• Cheyney State University
• Clark Atlanta University
• Huston Tillotson College
• J.F. Drake State University
• Southern University System (Shreveport)
• University of the District of Columbia
• University of the Virgin Islands

The members have joined NAFEO’s Center for Opportunity, Excellence and Equity (COEE), an economic mobility engine that NAFEO has committed to support with a $30 million fundraising effort to bring online learning resources to a first group of NAFEO’s constituents, including HBCUs and PBIs.

Members of NAFEO’s COEE will have the opportunity to utilize NAFEO’s planned learning management system, powered by the Amesite platform which leverages the latest technological disruptor that powers ChatGPT, GPT-3. NAFEO members collectively enroll more than 700,000 students, and have over 7 million living alumni, all of whom are anticipated to benefit from the COEE.

Lezli Baskerville, Esq., CEO of NAFEO, stated, “We are growing this Alliance to deliver cutting-edge online learning to our members with the goal of delivering millions of effective and affordable eLearning opportunities. From workforce development to durable skills like business communications and teambuilding, we aim to deliver skills that will enable learners to secure good jobs and launch sustainable businesses. These programs will not only enable our colleges universities to build their storied brands, but also advance their constituencies economically. I am incredibly excited to see more and more universities take advantage of this opportunity to leverage NAFEO’s COEE and deploy effective upskilling to their learners.”

Dr. Ann Marie Sastry, Founder & CEO of Amesite, commented, “We are very pleased with the new entrants to the Alliance, and are thrilled to increase the potential impact we can have. With the integration of generative AI technology to complement our own tools, we are enabling our Customers to deliver at scale, since learners on the platform can have questions answered, get help with content generation and view fresh content, 24/7. Our enterprise-scale platform was built to serve organizations with a need to scale – just like NAFEO’s 106 HBCUs and 81 PBIs and we’re honored to be NAFEO’s technology partner.”

The public has also recently been invited to take advantage of a limited opportunity to experience a free ChatGPT course on the Amesite platform; registration is available here.

About Amesite Inc.

Amesite delivers its scalable, customizable, white-labeled online learning platform to universities, businesses, museums, and government agencies, enabling them to deliver outstanding digital learning. Amesite provides a single system that combines eCommerce, instruction, engagement, analytics, and administration using best-in-class infrastructure to serve multi-billion-dollar online learning markets. For more information, visit www.amesite.io.

About NAFEO

The National Association for Equal Opportunity in Higher Education (NAFEO) is the nation’s only national membership association of all of the nation’s Historically Black Colleges and Universities (HBCUs) and Predominantly Black Institutions (PBIs). Founded in 1969, by the presidents and chancellors of HBCUs and other equal educational opportunity institutions, NAFEO is a one-of-a-kind membership association representing the presidents and chancellors of the public, private, independent, and land-grant, two-year, four-year, graduate and professional, HBCUs and PBIs. NAFEO is a voluntary, independent 501 (c ) (3) association. For more information, visit www.nafeonation.org.

Forward Looking Statements

This communication contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended) concerning the Company, the Company’s planned online machine learning platform, the Company’s business plans, any future commercialization of the Company’s online learning solutions, potential customers, business objectives and other matters. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “believe,” “intend,” “look forward,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement. Risks facing the Company and its planned platform are set forth in the Company’s filings with the SEC. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact:

Christine Petraglia
TraDigital IR
(917) 633-8980
[email protected]

Digital Ally to Discuss Year-End
Results,
Status of Previously Announced Corporate Spin-Off
, and
Individual Subsidiary Outlooks
.

KANSAS CITY, March 30, 2023 (GLOBE NEWSWIRE) — Digital Ally, Inc. (NASDAQ: DGLY)
(the
“
Company”)
, today announced that it will host an investor conference call on Monday, April 3, 2023 at approximately 11:15 a.m. Eastern time. The Company is excited to discuss its 2022 financial results, corporate and individual subsidiary outlook, and previously announced corporate spin-off.

Shareholders and other interested parties may participate in the conference call by dialing 888-886-7786 and entering conference ID #35877546 a few minutes before 11:15 a.m. Eastern on Monday, April 3, 2023

The Company’s anticipated spin-off will result in two focused and streamlined businesses that are both leaders in their respective industries and well-positioned for continued success:

• Digital Ally, Inc. will continue to be a leading and innovative provider of video solution technology for law enforcement agencies, commercial fleets, and situational event security solutions. Digital Ally will also continue to provide back-office services to a variety of healthcare organizations throughout the country through its revenue cycle management subsidiary.
• Kustom
  Entertainment, Inc. will be a premier multi-disciplinary entertainment company, anchored by a premier ticketing technology business poised to achieve substantial scaling opportunities, through its TicketSmarter, Inc. subsidiary, which offers unique primary and secondary ticketing products to the market. Additionally, Kustom Entertainment’s offerings will include a distinctive event marketing and production company, with numerous customization options for events, festivals, and concerts, through its Kustom 440, Inc., subsidiary.

The call will be led by Stanton E. Ross and Brody J. Green.

About Digital Ally

Digital Ally, Inc. (NASDAQ: DGLY) through its subsidiaries, is engaged in video solution technology, human & animal health protection products, healthcare revenue cycle management, ticket brokering and marketing, event production and jet chartering. Digital Ally continues to add organizations that demonstrate the common traits of positive earnings, growth potential, innovation and organizational synergies.

For additional news and information please visit www.digitalally.com or follow Digital Ally Inc. social media channels here:

Facebook | Instagram | LinkedIn | Twitter

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to: statements regarding Digital Ally’s and the ultimate spin-off company’s (“SpinCo”) portfolio composition and their relationship following the business separation; the anticipated timing, structure, benefits, and tax treatment of the spin-off; benefits and synergies of the spin-off; strategic and competitive advantages of each of Digital Ally and SpinCo; future financing plans and opportunities; and business strategies, prospects and projected operating and financial results. In addition, there is also no assurance that the spin-off will be completed, that Digital Ally’s Board of Directors will continue to pursue the spin-off (even if there are no impediments to completion), that Digital Ally will be able to separate its businesses or that the spin-off will be the most beneficial alternative considered or will achieve the planned tax-free treatment. We caution investors not to place undue reliance on any such forward-looking statements.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.

Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations that may harm our business, results of operation and stock price; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain or the supply chain of our vendors; demand for our products, which is variable and subject to factors beyond our control; governmental regulations and failure to comply with those regulations; fluctuations in the prices of our components and raw materials; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow our business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the U.S.; adverse impacts from intangible asset impairment charges; potential product liability or warranty claims; being unable to successfully develop and introduce new products, which would limit our ability to grow and maintain our competitive position and adversely affect our financial condition, results of operations and cash flow; significant competition in our markets; additional tax expenses or exposures that could affect our financial condition, results of operations and cash flows; the ability and willingness of Digital Ally and SpinCo to meet and/or perform their obligations under any contractual arrangements that are entered into among the parties in connection with the spin-off and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the spin-off.

Contact Information

Brody Green, President
Stanton Ross, CEO
Tom Heckman, CFO
Digital Ally, Inc.
913-814-7774
[email protected]