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Q317 marked Nano Dimension’s first sale of a commercial-grade printer, the DragonFly Pro, which was to global manufacturing services giant, Jabil. In general, however, the sales cycle is proving much longer than management originally anticipated, so we are revising our estimates downwards to reflect a more cautious commercial roll-out and cutting our indicative valuation from US$7.04/ADS to US$6.39/ADS.

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