In This Article:
Company revenues grew by ~25% to ~$15.1 million in 2023 despite Israeli economic challenges in Q4 caused by Iron Swords War
Company continues market penetration into amusement parks and entertainment sectors:
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Sale of Massivit 10000 printer to Disney.
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Sale of Massivit 5000 printer to Merlin Entertainments – operators of Madame Tussauds Wax Museum and LEGOLAND® Parks.
LOD, Israel, Jan. 22, 2024 /PRNewswire/ -- Massivit 3D Printing Technologies (TASE: MSVT), the leading provider of industrial 3D printing systems, has announced the Company's preliminary results for Q4 and full year 2023.
Erez Zimerman, CEO of Massivit: "During the fourth quarter, we continued our efforts to penetrate new arenas and sold the first Massivit 10000 printer to entertainment giant, Disney. We also sold an additional printer to Merlin Entertainments which operates Madame Tussauds and LEGOLAND. In parallel, we're expanding our material offering that will allow us to enter further markets that hold great potential. Although we finished 2023 with a sales growth of approximately 25%, the fourth quarter was impacted by the Iron Swords War. Despite this, sales of the Massivit 10000 printer have increased by approximately 60% compared with 2022, and we believe that in 2024 we will return to the same growth rate seen in the past."
Massivit 3D Printing Technologies (Massivit) has published partial preliminary results (unaudited and unreviewed) for Q4 and for the year 2023.
During Q4 2023, the Company expanded its operations of the Massivit 10000 printer in additional markets, such as the amusement park sector - via sales to Disney and Merlin Entertainments - and the RV market, in addition to operations in the marine and automotive markets. Massivit has continued to broaden its range of available printing materials and launched a second material for use with the Massivit 10000, offering compliance with industry-standard flame and smoke retardancy. This material has enabled penetration into the amusement park sector and will support penetration into additional markets.
The Company's sales in 2023 amounted to ~USD 15.1 million, an increase of ~25% compared with revenues of ~USD 12.1 million in 2022. The Company sold 32 printers compared with 29 printers in 2022 – an increase of ~10%. There was a ~60% increase in sales of the Massivit 10000 compared with sales in 2022.
Impacted by the Iron Swords War – with respect to an inherent slowdown in Q4 marketing efforts as well as the war's inherent effects on the Company as an Israeli organization during this period – the Company experienced a slower growth rate during Q4 2023, and sales amounted to ~USD 3.9 million compared with ~USD 4.8 million in the corresponding quarter of 2022. The Company sold 8 printers in the fourth quarter, compared with 10 printers in the corresponding quarter.