Landa Digital Printing, the Israel-based developer of Nanographic digital printing technology, has filed for court protection. The company, according to reports, is burdened with approximately $516 million in debt and has encountered a critical cash flow shortfall following the abrupt withdrawal of shareholder funding.
Founded in 2011 by Benny Landa, the company introduced its first alpha and beta digital press models in 2017. However, commercial sales only began in earnest in 2022. To date, just more than 50 machines have been sold globally.
The company posted combined losses of $312 million over 2022 and 2023. Revenue reached $35 million in 2022, followed by $47 million in 2023, but losses deepened year-over-year due largely to interest on shareholder loans, many of which were later converted into equity. The company does not have audited financial results for 2024.
At drupa 2024, Landa reportedly secured 50 letters of intent from prospective buyers, prompting the company to order components from suppliers. Ultimately, just 11 of those letters translated into confirmed sales.
https://boardconvertingnews.com/landa-digital-printing-files-for-bankruptcy/
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