Nano Dimension Q4 2024 Earnings Report

Nano Dimension EPS Results

• Actual EPS: -$0.04
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Nano Dimension Revenue Results

• Actual Revenue: $14.57 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Nano Dimension Announcement Details

• Quarter: Q4 2024
• Date: 4/30/2025
• Time: After Market Closes
• Conference Call Date: Wednesday, April 30, 2025
• Conference Call Time: 4:30PM ET

Nano Dimension (NASDAQ:NNDM), together with its subsidiaries, engages in additive manufacturing solutions in Israel and internationally. The company offers 3D printers, comprising AME systems, which are inkjet printers, that produces Hi-PEDs by depositing proprietary conductive and dielectric substances, as well as integrates in-situ capacitors, antennas, coils, transformers, and electromechanical components; micro additive manufacturing systems, a digital light processing printers (DLP) that achieves production-grade polymer and composite parts; and industrial additive manufacturing systems, that utilizes a patented foil system that fabricates ceramic and metal parts. It also provides additive electronics robotics and control systems, which includes surface-mount-technology, an electronics assembly equipment for electronic components on Hi-PEDs and PCBs, catering to various manufacturing and volume requirements; and ink delivery systems, which controls electronics, software, and ink delivery systems for digital printing. In addition, the company sells various materials that are developed in-house, including nanoparticle conductive and dielectric inks, polymer and composite resins, and ceramic and metal slurries, as well as offers software solutions for its products. The company was incorporated in 1960 and is headquartered in Ness Ziona, Israel.

Nano Dimension Q4 2024 Earnings Call Transcript

Key Takeaways

• Under new leadership, Nano Dimension has completed a companywide transformation, exiting non-core products and realigning around high-performance, high-value components with a disciplined capital allocation framework.
• In 2024, Nano reported $57.8 million in revenue (up 2.6% YoY), improved its adjusted EBITDA loss by 35% to $65.2 million, reduced net cash burn by a factor of 3.6x, and ended the year with $845 million in cash and equivalents.
• Operational efficiencies have delivered $20 million in annualized OpEx savings for the core Nano business and boosted revenue per employee by 52% from $147,000 to $223,000.
• Preliminary Q1 2025 results show $14.4 million in revenue (up 8% YoY) and cash of approximately $840 million as of March 31, excluding the impact of Q2 acquisitions.
• Following the $180 million payout to Desktop Metal shareholders, Nano is conducting a strategic review of that investment amid Desktop Metal’s $115 million convertible note liability and limited liquidity, with more clarity expected by June.

Presentation

[Operator]

Good day, ladies and gentlemen. Welcome to Nano Dimension's twenty twenty four Financial Results and Sharers twenty twenty five Strategic Outlook Call. My name is Rocco, and I'm your operator for today's event. On the call with us today are Ophir Bhaurav, Chief Executive Officer Asaf Sapouri, Chief Financial Officer and Julian Leiderman, Chief Business Officer. 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.

[Operator]

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. Please also note, today's call will be recorded. Joelle will begin call Julian will begin the call with a business update followed by a question and answer session, at which time the management team will answer questions. Please also note, today's conference is being recorded.

[Operator]

I would now like to turn the call over to Nano Dimension's CEO, Ophir Leiderman. Please go ahead.

[Ofir Baharav, CEO at Nano Dimension]

Good morning and good afternoon. Thank you for taking Nano Dimension's twenty twenty four financial results and 2025 outlook call. Please allow me to set the stage for today's presentation. We'll review our 2024 milestones and results, discuss the focus and transformation created by the recently appointed Board and leadership team. We know there's strong interest in our recent acquisitions and buyback plan and we're ready to dive in.

[Ofir Baharav, CEO at Nano Dimension]

Joining me today are Julian Letterman, our Chief Business Officer and Asaf Zeporty, our new Chief Financial Officer. Julian has been with Nano for over four years and served as Interim CEO from December to April. He's been central to our transformation efforts and will continue leading investors relations. Assaf joins us from March 4, where he was CFO. He brings deep financial and domain expertise and strengthens our ability to make decisive decisions.

[Ofir Baharav, CEO at Nano Dimension]

Together, we along with other executives from all companies are committed to disciplined execution and long term value creation. We are a leader in digital manufacturing. We partner with industry leaders in the design to manufacturing of high performance, high value parts. We are changing the way the world designs and manufactures these parts, enabling superior parts, parts with greater complexity without adding cost, at the point of consumption and often with unprecedented mechanical properties, such as the magic of reducing a part's weight while increasing its strength Innovating at the intersection of software, machine learning, material science and hardware, we are able to create superior parts magic and unlock significant parts value and drive shareholders return. To create superior parts, we're reinventing manufacturing solutions.

[Ofir Baharav, CEO at Nano Dimension]

Our unwavering vision is on producing high value, high performance components with significant growth potential. And we are well capitalized to accelerate our market penetration and innovate to deliver premium technologies to meet the underlying demand trends that are enhanced by the ongoing trade challenges. 2024 was a year of transformation. Shareholders demand a change. With new leadership in place, we are delivering change, focusing on disciplined fundamentals.

[Ofir Baharav, CEO at Nano Dimension]

First, customer driven services and innovation. This means we exit non core products and strictly focus on products capable of making high performance, high value, superior parts. Second, pursuit of best in class financial metrics. This has already helped us reduce OpEx by over $20,000,000 in annual savings from the organic Nano business. Third, we are bringing our product and financial discipline to how we think about further investments.

[Ofir Baharav, CEO at Nano Dimension]

I've spent the last several weeks visiting nearly every site across the company, as well as those of Desktop Metal and Markforged. I've met with countless colleagues at all levels of the organization. And I'm impressed by the talent and domain expertise across the board. I've participated in multiple products and go to market reviews. And I've gained insights into where we can grow, reduce costs and unlock greater value.

[Ofir Baharav, CEO at Nano Dimension]

Most importantly, I've been energized by our technologies differentiation, our unique capabilities and our passion for the creation of cost effective, high performance, high value, superior parts. This has only increased my excitement in our future. We are at the point of transformation with the changes already in motion to unlock our full potential. In summary, we transformed Nano and now we are scaling that success. We only began executing our transformation in January.

[Ofir Baharav, CEO at Nano Dimension]

We emphasized capital discipline and product viability. We've reduced annualized operating costs of our core nano business by $20,000,000 and we're applying that disciplined investment approach to this dock metal and Markforged. Before getting further into those details, Assaf will provide you with a recap of our 2024 results.

[Assaf Zipori, CFO at Nano Dimension]

Thank you, Ophir. Looking at our results, revenue reached 57,800,000.0 up 2.6% year over year.

[Assaf Zipori, CFO at Nano Dimension]

Adjusted EBITDA loss improved by 35% to $65,200,000 Net cash burn declined by a factor of 3.6 excluding the impact of the buyback. We also finished the year with $845,000,000 in cash, cash equivalents and marketable securities. I would also like to share preliminary Q1 twenty twenty five financial highlights. Revenue was $14,400,000 which is 8% higher than Q1 twenty twenty three. Cash, cash equivalents and marketable securities were $840,000,000 as of 03/31/2025.

[Assaf Zipori, CFO at Nano Dimension]

Again, these are preliminary estimates. Actual results may vary. Furthermore, our Q1 twenty twenty five results do not include our most recent acquisitions, which closed in Q2 of twenty twenty five. Now looking at our sales, despite the Purchasing Managers Index or PMI below 50, a bearish macro indicator, we posted positive sales growth. That is meaningful.

[Assaf Zipori, CFO at Nano Dimension]

As sentiment improves, we're positioned to capture more upside, with our refocused strategy. This is further supported by global trade policy that is forcing manufacturers to take a hard look at their business and supply chains. Nano Dimension is well positioned to assist. In looking at our operating expenses, we began to lower operating expenses and we'll continue to drive efficiency. This isn't just about innovation.

[Assaf Zipori, CFO at Nano Dimension]

It's about doing it right. No more bloated teams or unchecked spending. Efficiency matters. We have already made big changes and we don't plan to stop. Shareholders asked for change and leadership is delivering.

[Assaf Zipori, CFO at Nano Dimension]

It starts with disciplined leadership that prioritize forthrightness and trust with investors. We employ a disciplined strategy that is synergistic, no more sporadic acquisitions. We execute to a disciplined operating model where each capital allocation and cost line is measured against best in class metrics and must face uncompromising scrutiny and ROI justification. And finally, disciplined forecasting that helps investors understand our accomplishments, risks and outlook. We have assembled a board and a management team that have common shared values and a zeal to be a profitable, highly disciplined customer focused organization.

[Assaf Zipori, CFO at Nano Dimension]

Julian, please share our transformation framework.

[Julien Lederman, Chief Business Officer at Nano Dimension]

Our playbook has four steps assess, transform, invest and grow. We evaluate every area of the business through this lens and only invest where there's a clear path to profitable ROI driven growth. In looking at the pillars of our assessments, we assess product lines and the operating model. Every offering must have a competitive advantage and be a category leader and have a defensible position against low cost competition particularly from the Far East. These products must have growth potential and certainly in ROI for shareholders.

[Julien Lederman, Chief Business Officer at Nano Dimension]

We combed through our operating model, challenged excessive G and A and management overhead, broke down silos especially in sales and marketing and realigned the organization around the customer. We overhauled our structure, less hierarchy, more execution, faster innovation.

[Ofir Baharav, CEO at Nano Dimension]

During our first quarter on the job, we acted decisively staying true to our vision. We exited Avmatic, DeepCube, Fabrica and Formatic. We refocused the product roadmap and go to market of our printed electronics group, AME and surface mounted technology group, Esmtek. We realigned our go to market around the customers, regions of operations and customer cultures. This is coming after a disciplined data driven reduction in management, G and A and marketing.

[Ofir Baharav, CEO at Nano Dimension]

Importantly, this did not sacrifice revenue. Discipline and focus are paying off by reducing our operating expenses by $20,000,000 annually from Q4 onwards, while also increasing our revenue per employee from $147,000 to $223,000 This is a 52% gain for our core business. From chaos to control. In summary, we're shifting from chaos to discipline. Our cost reductions came from the back of three principles.

[Ofir Baharav, CEO at Nano Dimension]

One, clear strategy and focus on differentiated high performance, high value superior parts. Two, synergizing fractured structures, resulting in three, formerly a bloated cost structure now materially reduced. About Markforged and Desktop Metal. We're now looking critically at Desktop Metal and Markforged. Each company has its challenges.

[Ofir Baharav, CEO at Nano Dimension]

Markforged has its share of operational cost issues that must be addressed. But I would like to focus on the elephant in the room, Desktop Metal. We were required by the Delaware ports to close the Desktop Metal acquisition and we honored that obligation, paying out nearly $180,000,000 to Desktop Metal stockholders. We have commenced our own ongoing strategic review of this investment. It should be clear to anyone looking at Desktop Metal's situation that the company has very limited liquidity and significant liabilities, including $115,000,000 in outstanding convertible notes, all incurred prior to our acquisition.

[Ofir Baharav, CEO at Nano Dimension]

As the notes indenture requires Desktop Metal is offering to repurchase the notes by 06/11/2025 for the principal amount plus accrued interest. Desktop Metal does not now have the liquidity or financing commitments necessary to make that repurchase or satisfy other material liabilities, liabilities that are obligations of Desktop Metal, not Nano Dimensions. As has been announced, Desktop Metal is running its own independent process to evaluate all of its available strategic alternatives to address its liabilities and liquidity needs. Desktop has engaged its own advisors to assist in this process and added an independent director to its board. While we have provided limited secured financing to Desktop Metal to help address its short term liquidity needs and allow it to run its strategic process, we can't give any assurances about the outcome of that process or our consideration of whether or not in what amounts to provide additional financing.

[Ofir Baharav, CEO at Nano Dimension]

As the desktop metal process continues, we will respond consistently with our guiding principles, maintaining our financial strength and limiting investments to opportunities that drive profitable growth and increase margins. We expect to have additional clarity regarding the desktop process by the June.

[Julien Lederman, Chief Business Officer at Nano Dimension]

We remain committed to keeping you closely informed on the progress of your company. Our strategic assessment is well underway and will remain an active focus. As this work advances, we will continue to provide shareholders with clear updates on our strategy and path forward.

[Ofir Baharav, CEO at Nano Dimension]

I want to close with a reminder of what excites us so much. We are primed to lead the digital manufacturing sector. We have tailwinds supporting us as customers require rapid manufacturing, reshoring, supply chain resilience, IP security and sustainability. We're focused on the right places, market leading systems for high value, high growth, superior parts. We are concentrated where we need to be serving key sectors, aerospace and defense, automotive, electronics and medical.

[Ofir Baharav, CEO at Nano Dimension]

We are managed responsibly. We have a strong capital base that enables us to think long term, allowing us to act strategically. In closing, I would like to leave you with one thought. Solving the manufacturing challenges of advanced complex parts matters. It matters in aerospace and defense.

[Ofir Baharav, CEO at Nano Dimension]

It matters in automotive. It matters in electronics and it matters in medical. This is what we do best. We now have the most advanced array of technologies and the scale for vast R and D, sales and G and A synergies. And with focus and discipline, we have the foundation for growth and value creation.

[Ofir Baharav, CEO at Nano Dimension]

If you believe the world needs advanced manufacturing solutions for complex superior parts, your company is in the right position to lead and create value for shareholders. With that, we're happy to take your questions. Thank you for your time and continued support.

[Operator]

Thank you. We will now begin the question and answer session. Thank you. And our first question today comes from Greg Palm at Craig Hallum Capital Group. Please go ahead.

[Greg Palm, Senior Research Analyst at Craig-Hallum Capital Group LLC]

Yes, thanks. Appreciate the time and thanks for taking the questions. I guess just digging into the strategic vision a bit more, maybe you can expand on some of these priorities. I mean, you going to be a company focused on growth or profitability? I know you can be both, but just kind of curious what the bigger focus area is at least in the near term here?

[Julien Lederman, Chief Business Officer at Nano Dimension]

Hi, Greg. It's Julian here. Thanks for the question. As we're trying to consistently say, because it's consistently what's driving us, we have to be focused on growth and profitability. Is really not duality.

[Julien Lederman, Chief Business Officer at Nano Dimension]

It's balancing those two constantly. It's focusing on the technologies that we feel can grow, but not just growing because we're pumping a lot of sales and marketing dollars into it, but because it's a technology that's really solving a problem and has future potential. And all while we're doing that, we'll manage it responsibly and make sure that we're managing the costs while trying to support the business to grow. And it ultimately has to be on the path to delivering profitability. It is really about that duality.

[Julien Lederman, Chief Business Officer at Nano Dimension]

We have to acknowledge we're in a different market environment than three, four, five years ago. This is the environment that we're in, and we need to build a sustainable business, not just sustainable in the green sense, but in the business model sense and that means we have to be profitable.

[Greg Palm, Senior Research Analyst at Craig-Hallum Capital Group LLC]

Yes, makes sense. And as you look across your portfolio of assets today, I mean, what do you think gives yourself an advantage under this whole digital manufacturing opportunity? Is there anything missing, whether that's certain technologies within additive, anything outside additive specifically?

[Julien Lederman, Chief Business Officer at Nano Dimension]

Another good question, Greg. Thank you. I think one of the things that gets us the most excited here is software. It's the software that brings it together. I think the future of this industry will be not all that dissimilar from the two d printing industry, where the printers became somewhat in the background and it's about the software.

[Julien Lederman, Chief Business Officer at Nano Dimension]

I would like to highlight, I think all companies, Nano and Markforged have great software, but Markforged particularly has a great software platform. And we knew about it before. We've learned a lot more about it since we've been one company. And we're really seeing opportunities in leveraging that software platform in ways that we already know are pretty exciting, and we think those will hopefully translate to results in the not too far future.

[Greg Palm, Senior Research Analyst at Craig-Hallum Capital Group LLC]

And that was going to be my last question. It was segueing into Mark Forge. But curious if you can just sort of comment on what the potential synergies would look like either on a cost or revenue side, assuming that stays in the portfolio?

[Julien Lederman, Chief Business Officer at Nano Dimension]

Sorry, Greg, can you say the question again? Can

[Greg Palm, Senior Research Analyst at Craig-Hallum Capital Group LLC]

you comment on the synergy potential with Mark Forge, both on a cost and a revenue basis, assuming that stays in the portfolio?

[Julien Lederman, Chief Business Officer at Nano Dimension]

Yes. We're not at this point, we're not going to put financial numbers on the synergies as we're still really, really diving into the business. But at the end of the day, we focus a lot on the same customers. We are driven by this software first idea. There is just a ton of organizational synergies to really achieve here.

[Julien Lederman, Chief Business Officer at Nano Dimension]

So we're going to be working hard on that.

[Greg Palm, Senior Research Analyst at Craig-Hallum Capital Group LLC]

Okay. I will leave it there. Thanks.

[Julien Lederman, Chief Business Officer at Nano Dimension]

Thanks, Greg.

[Operator]

Thank you. And our next question today comes from Jeff Rice at SmallCap LLC. Please go ahead.

[Analyst]

Hi, good afternoon everyone. Appreciate all the insight and the new direction of the leadership and the vision. Obviously for long term shareholders who are part of the past regime, the elephant in the room is the share price. I know you guys didn't have control over that, but many of us, including our firm, were deep underwater. Full transparency, we're in about $6 down a couple of million dollars.

[Analyst]

We're in negative enterprise value. Our forecast, stock should be around $6 to $8 How do we get investors, Israeli firms, other capital firms to start reinvigorating and get excited to invest at

[Analyst]

stocks at 1.5 dollars It's horrible

[Analyst]

at this point. So how do we get that excitement back into the company? It's great for all these things that you say, we're all for it. But without that momentum and without that vision that you guys want to put out there and you get that message out to a broader class outside of retail and small capital firms like myself, we're going to be stuck in this area. So how do we get big investors excited about this?

[Analyst]

And then my second question is scaling up, how do we get the message out to the EV industry, to the medical industry, where we can start to get large contracts from those Fortune 100 companies kind of get that day to day business, those large orders, that repeat business that keeps on funneling the pipeline as you wish? And then third question, DQ and the other noncore, was there any talk about trying to sell them off? Or there was just no value in there, wasn't even worth the time? So I appreciate everything you guys do and hope you guys can turn everything around for us, ShalePro Tools.

[Julien Lederman, Chief Business Officer at Nano Dimension]

Jeff, thank you for the question, and there's a few questions there.

[Julien Lederman, Chief Business Officer at Nano Dimension]

And then

[Julien Lederman, Chief Business Officer at Nano Dimension]

in particular, we appreciate your first one and concern there. I want to highlight, first and foremost, that we are all shareholders, and we're very much aligned in where we want the share to go. But to answer your first question about how do we get it up, before I get into anything technical, I want to say it's about reestablishing trust. We have been on the road with shareholders since the board changed over and a new management team came in. And it's safe to say that many shareholders, almost all, were very vocal about a loss of trust and the need to restore it.

[Julien Lederman, Chief Business Officer at Nano Dimension]

And we are doing that and we'll continue to work on that. It's a constant effort and we do not take that for granted. And we'll be ever focused on that. And to do things like that, it requires being transparent, providing clear milestones, hitting those milestones, being very open when something hasn't worked out and we are committed to doing all of those things. With that said and still on that question, our company is at an exciting point of transformation.

[Julien Lederman, Chief Business Officer at Nano Dimension]

We think much of the market is just coming to learn from days like today what we have done. We have focused on certain products. We have moved away from others. We've reduced G and A. We've been super critical of management overhead, and we have improved organizational efficiency.

[Julien Lederman, Chief Business Officer at Nano Dimension]

This is how already in the last few months, we've reduced OpEx by $20,000,000

[Julien Lederman, Chief Business Officer at Nano Dimension]

And I want

[Julien Lederman, Chief Business Officer at Nano Dimension]

to say there's certainly more to do, Jeff. We're busy diving in and we're finding more to do. And I'll close on at least on this question. After reviewing our business as much as we have recently we are optimistic about our technologies and the future prospects that they have. On to your second question about getting repeat customers and big customers I will say we have many of those same customers and we are, yes, I would say, focused on deeper penetration to them and expanding the list of those kind of Fortune 500 and equivalent global companies.

[Julien Lederman, Chief Business Officer at Nano Dimension]

I think Mark Forge here presents an interesting opportunity in the fact that they have an installed base of 15,000 systems. That means they have many, many customer relationships that are now Nano Dimension customer relationships. And we can leverage those as a strategic platform to grow our business. But we're definitely thinking like you are, the bigger customers with repeat business. And now, frankly, we have more products and services to sell them, and that has its advantages.

[Julien Lederman, Chief Business Officer at Nano Dimension]

On your point about the discontinued businesses, we did look at divestment opportunities on all of them, right? That is our responsibility and our interest to shareholders to do so. After running processes there, we found that there wasn't an opportunity to do so. And we ultimately had to make a decision what is best for our shareholders. And I think we were very convinced that the best thing to do was discontinue as soon as possible after running that process.

[Julien Lederman, Chief Business Officer at Nano Dimension]

I hope I answered your question.

[Analyst]

Thank you. Thank you.

[Operator]

Our next question today comes from Jameson Langstad with White Box. Please go ahead.

[Jamison Lyngstad, Managing Director - Credit at Whitebox Advisors LLC]

Hey, gentlemen. Thanks for the call. Sorry if I missed it. Did you give a pro form a cash number, a current cash number adjusted for all the acquisitions?

[Ofir Baharav, CEO at Nano Dimension]

No, we did not provide that at this point.

[Jamison Lyngstad, Managing Director - Credit at Whitebox Advisors LLC]

Okay. Okay. And you can't provide it today or you're just not ready to?

[Ofir Baharav, CEO at Nano Dimension]

That's correct.

[Jamison Lyngstad, Managing Director - Credit at Whitebox Advisors LLC]

Okay. Perfect. That's great. Just thought I would ask. And then I'm a bit curious on and I know you guys are undergoing a strategic review, but with regards to your approach to desktop metal, are you guys is it in the end, preliminarily speaking, not finding value in the assets that are there?

[Jamison Lyngstad, Managing Director - Credit at Whitebox Advisors LLC]

I mean, understand you guys have acquired the business and sent the check out right to the shareholders, but you guys are going to there's a liability there. Is it that you're not finding value there or you're not you guys going to sell the assets that you just acquired? Is there any sort of preliminary thoughts around how you're going to approach that?

[Julien Lederman, Chief Business Officer at Nano Dimension]

So a few things to say here. Thanks for the question here. As we've noted, not metal has limited liquidity and significant liabilities. So that's something that should be called out. These were incurred prior to the acquisition.

[Julien Lederman, Chief Business Officer at Nano Dimension]

Desktop Metal is also they are running their own process. They have their own independent director and they have their own advisors trying to work through this process. Ultimately, we have to respect that process, maintain its independence, and we're waiting to see the results and see where we'll go from there and where they'll go from there.

[Jamison Lyngstad, Managing Director - Credit at Whitebox Advisors LLC]

Okay. Understood. Thank you.

[Operator]

Thank you. And this concludes our question and answer session. I would like to turn the conference back over to the company for any closing remarks.

[Ofir Baharav, CEO at Nano Dimension]

Thank you, everyone, for joining us today. This is Afir again. I hope that having listened to us today, we've communicated clearly to you our commitment to profitability, our commitment to a strict focus and discipline on where we are planning to take this company. We believe we have the technology, the hardware, the software, the machine learning and the material science to become a dominant player in the field of manufacturing of superior parts. We just finished conducting regional reviews of our sales around the world.

[Ofir Baharav, CEO at Nano Dimension]

And we are encouraged by seeing how and it was one of the questions that was asked today, how our focus on the most strategic customers in the world, in the defense, in medical, in automotive industries is delivering a return for us and is allowing us to not only lower the cost of sales, but also accelerate the penetration and increase utilization model of our machines. This will take time. It's a transformation, but we're seeing the yield. With that, I want to thank everyone for today's call. And I look forward to speaking to many of you in calls over the next week or two.

[Ofir Baharav, CEO at Nano Dimension]

Thank you

[Ofir Baharav, CEO at Nano Dimension]

very much.

[Operator]

Thank you, sir. The conference has now concluded. Thank you for attending Nano Dimension's quarterly earnings conference call. You may now disconnect your lines and have a wonderful day.

Participants

Executives

• Ofir Baharav, CEO
• Assaf Zipori, CFO
• Julien Lederman, Chief Business Officer

Analysts

• Greg Palm, Senior Research Analyst at Craig-Hallum Capital Group LLC
• Analyst
• Jamison Lyngstad, Managing Director - Credit at Whitebox Advisors LLC