Nano Dimension Announces Financial Results for the Fourth Quarter and Full Year 2025
Full-Year 2025 revenue of $102.4 million, a 77.3% increase over the prior-year period
Company Continues to Drive Meaningful Cost Reductions
Company Issues Full Year 2026 Financial Guidance
Strategic Alternatives Review Advancing with Clear Path Forward Expected in Q2
WALTHAM, MASSACHUSETTS -- March 31, 2026 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension”, “Nano”, or the “Company”), a leader in digital manufacturing solutions, today announced financial results for the fourth quarter and full year ended December 31, 2025.
The consolidated results incorporate the financial position and performance of Markforged Holding Corporation (“Markforged”) from the acquisition date of April 25, 2025. Desktop Metal, Inc. (“Desktop Metal”) was acquired by the Company on April 2, 2025. The results of Desktop Metal from April 2, 2025 through July 28, 2025 as well as impairment charges related to the Desktop Metal assets and the costs associated with the bankruptcy and deconsolidation are included in Discontinued Operations on the Consolidated Statement of Operations.
Fourth Quarter 2025 Results:
•Revenue: $35.3 million, a 142.4% increase from $14.6 million year-over-year
•Gross Margin (“GM”): 37.7%, up from 32.9% year-over-year
•Adjusted Gross Margin (“Adjusted GM”): 49.7%, up from 36.3% year-over-year
•Adjusted EBITDA loss: $9.8 million, down from a loss of $18.9 million year-over-year
•Net Loss from Continuing Operations: $33.9 million, up from a loss of $9.3 million year-over-year
•Total cash, cash equivalents, deposits and marketable equity securities: $459.6 million as of December 31, 2025, down from $515.5 million as of September 30, 2025. This change of approximately $55.9 million includes $19.8 million of cash used for share repurchases during the quarter and $24.4 million related to changes in the fair value of marketable equity securities.
Full Year 2025 Results:
•Revenue: $102.4 million, a 77.3% increase from $57.8 million year-over-year
•GM: 33.5%, down from 43.1% year-over-year
•Adjusted GM: 46.9%, up from 45.4% year-over-year
•Adjusted EBITDA loss: $53.2 million, down from a loss of $63.6 million year-over-year
•Net Loss from Continuing Operations: $100.4 million, up from a loss of $99.9 million year-over-year
More information, including a reconciliation of Adjusted EBITDA and Adjusted Gross Margin to the most directly comparable GAAP financial measure can be found below in this press release under “Non-GAAP Financial Measures” and “Reconciliation of US GAAP to Non-GAAP Measures.”
David Stehlin, Chief Executive Officer, commented, “We delivered a strong finish to 2025, exceeding our fourth-quarter top and bottom line financial guidance. As we move through 2026, we are building on this momentum by continuing to drive operational discipline, reduce our cost structure and lower cash burn across the business. Our focus remains on executing these actions to create value for our shareholders.”
Recent Developments
•Operating Discipline and Cost Savings: During 2025, the Company made meaningful progress driving cost savings by streamlining operations and focusing resources on priority industry segments and products. Non-GAAP operating expenses* declined sequentially in the fourth quarter to $27.3 million, representing a reduction of more than 16% relative to the previously identified baseline of approximately $32.5 million, which reflects second quarter 2025 operating expenses adjusted to include a full quarter of Markforged. This reduction highlights the substantial execution of the
Company’s previously announced cost reduction initiatives, with the full benefits expected to be realized in early 2026. The Company continues to evaluate additional opportunities to enhance operational performance and believes these initiatives position it to drive improved operating leverage over time.
•Re-domestication and U.S. Reporting Transition: Effective January 1, 2026, Nano Dimension began reporting as a U.S. domestic issuer. The Company filed its Form 10-K today and anticipates completing the re-domestication process in the first half of 2026, subject to customary approvals. This transition aligns the Company’s reporting and governance framework with U.S. market standards while enhancing transparency for shareholders.
•Share Repurchases and Capital Allocation: During 2025, the Company remained disciplined in capital allocation while preserving balance sheet strength and strategic flexibility. In the fourth quarter, the Company repurchased approximately 10.9 million shares for approximately $19.2 million under its existing $150 million authorization. Given the ongoing strategic alternatives review process, the Board is carefully evaluating capital deployment priorities and will not be providing forward-looking updates regarding repurchase activity at this time.
•Strategic Alternatives Review: The Board, with the support of Guggenheim Securities, LLC and Houlihan Lokey, has conducted a thorough and disciplined review of strategic alternatives, evaluating product lines, core technologies, market dynamics and competitive positioning. The Company has made meaningful progress, including reducing losses and improving its product portfolio, while recognizing that a gap remains to achieving sustained profitability. Nano Dimension expects to announce a series of actions in the second quarter of 2026 to clearly define its path forward to maximizing shareholder value.
* More information, including a reconciliation of non-GAAP operating expenses to the most directly comparable GAAP financial measure can be found below in this press release under “Non-GAAP Financial Measures” and “Reconciliation of US GAAP to Non-GAAP Measures.”
2026 Financial Guidance
Following improved visibility exiting 2025 and continued integration of Markforged, the Company is implementing annual financial guidance beginning in 2026 to better reflect the mix of recurring revenue and larger strategic orders that can create quarterly variability.
For the full year 2026, the Company anticipates revenue in the range of $130 million to $140 million, non-GAAP gross margin of 46% to 48%, non-GAAP operating expenses of $106 million to $111 million and Adjusted EBITDA loss in the range of $40 million to $50 million.
Non-GAAP gross margin, non-GAAP operating expenses and Adjusted EBITDA represent non-GAAP financial measures. Additional information can be found below in this press release under “Non-GAAP Financial Measures.”
Conference Call Today
Nano Dimension will host a conference call today at 4:30 p.m. ET to discuss its financial results for the fourth quarter and full year ended December 31, 2025.
Participants can pre-register for the conference call in order to receive dial in information via this link: https://dpregister.com/sreg/10206850/10359dca11a
Participants can also dial-in/connect by following the below:
Listen in via U.S. dial-in: 1-844-695-5517
Listen via international dial-in: 1-412-902-6751
Listen via Israel toll free: 1-80-9212373
Listen via webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=1YPvoqSL
For those unable to participate in the conference call, there will be a replay available from a link on Nano Dimension’s website at https://investors.nano-di.com/events-and-presentations.
About Nano Dimension Ltd.
Driven by strong trends in onshoring, national security, and increasing product customization, Nano Dimension Ltd. (Nasdaq: NNDM) delivers advanced Digital Manufacturing technologies to the defense, aerospace, automotive, electronics, and medical devices industries, enabling rapid deployment of high-mix, low-volume production with IP security and sustainable manufacturing practices. For more information, please visit https://www.nano-di.com/.
Non-GAAP Financial Measures
EBITDA is a non-GAAP measure and is defined as earnings before interest income and expense, income tax (benefit) expense, depreciation and amortization. We believe that EBITDA should be useful in evaluating the performance of our business and operations. EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting interest expenses (income), net), 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 and operating expenses are non-GAAP measures and are defined as earnings before interest income and expense, income tax (benefit) expense, depreciation and amortization, share-based compensation expense, exchange rate differences, finance expenses (income) for revaluation of assets and liabilities, Desktop Metal litigation related expenses, Desktop Metal and Markforged transaction related expenses, restructuring costs, impact of deconsolidation, impairment losses, litigation settlements and step-up amortization from purchase accounting. We believe that Adjusted EBITDA and operating expenses, as described above, should also be useful in evaluating the performance of our business. Like EBITDA, Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting other financial expenses (income), net), 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 share-based payments, restructuring costs, impairment losses, and step-up amortization from purchase accounting. Adjusted EBITDA and operating expenses are 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 share-based payments.
Adjusted gross profit, excluding depreciation and amortization, share-based compensation expenses, and step-up amortization from purchase accounting, is a non-GAAP measure. We believe that adjusted gross profit, as described above, should also be useful in evaluating the performance of our business. 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. 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. Adjusted gross margin is calculated by dividing the adjusted gross profit by the revenues.
EBITDA and Adjusted EBITDA, Adjusted gross profit and non-GAAP operating expenses can be useful in evaluating our performance by eliminating the effect of financing and non-cash expenses such as share-based payments, however, we may incur such expenses in the future, which could impact future results. In addition, other companies, including companies in our industry, may calculate non-GAAP metrics differently or not at all, which may reduce the usefulness of this measure as a tool for comparison.
Nano Dimension does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain significant items. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the relevant period.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding Nano’s future growth, strategic plan and value to shareholders, and all other statements other than statements of historical fact that address activities, events or developments that Nano intends, expects, projects, believes or anticipates will or may occur in the future. Forward-looking statements may be characterized by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. These forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Because such statements deal with future events and are based on the current expectations of Nano, they are subject to various risks and uncertainties. The forward-looking statements contained or implied in this communication are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Nano’s annual report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) on May 12, 2025, and in any subsequent filings with the SEC. Except as otherwise required by law, Nano 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 communication.
Contacts:
Investors: Purva Sanariya
Director, Investor Relations
ir@nano-di.com
Media: Samuel Manning
Principal Manager, External Communications
press@nano-di.com
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NANO DIMENSION LTD. |
CONSOLIDATED BALANCE SHEETS |
(In thousands, except share data) (audited) |
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For the Year Ended December 31, |
|
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2025(1) |
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2024 |
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2023 |
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Revenue: |
|
|
|
|
|
|
|
|
|
Product |
|
$ |
80,385 |
|
|
$ |
45,557 |
|
|
$ |
47,231 |
|
Service |
|
|
22,052 |
|
|
|
12,218 |
|
|
|
9,083 |
|
Total revenue |
|
|
102,437 |
|
|
|
57,775 |
|
|
|
56,314 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
Product |
|
|
57,923 |
|
|
|
26,308 |
|
|
|
23,358 |
|
Service |
|
|
10,169 |
|
|
|
6,578 |
|
|
|
6,898 |
|
Total cost of revenue |
|
|
68,092 |
|
|
|
32,886 |
|
|
|
30,256 |
|
Gross profit |
|
|
34,345 |
|
|
|
24,889 |
|
|
|
26,058 |
|
Operating expenses: |
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|
|
|
|
|
|
|
|
Research and development |
|
|
30,054 |
|
|
|
39,558 |
|
|
|
65,146 |
|
Sales and marketing |
|
|
35,713 |
|
|
|
27,657 |
|
|
|
34,258 |
|
General and administrative |
|
|
59,766 |
|
|
|
45,987 |
|
|
|
55,973 |
|
Restructuring |
|
|
7,581 |
|
|
|
— |
|
|
|
— |
|
Desktop Metal litigation |
|
|
31,046 |
|
|
|
— |
|
|
|
— |
|
Impairment losses |
|
|
10,516 |
|
|
|
1,283 |
|
|
|
— |
|
Operating loss |
|
|
(140,331 |
) |
|
|
(89,596 |
) |
|
|
(129,319 |
) |
(Loss) gain on investment in marketable equity securities |
|
|
(2,036 |
) |
|
|
(52,256 |
) |
|
|
23,462 |
|
Other (expense) income, net |
|
|
(479 |
) |
|
|
486 |
|
|
|
1,627 |
|
Finance income |
|
|
35,400 |
|
|
|
42,573 |
|
|
|
47,584 |
|
Finance expense |
|
|
(111 |
) |
|
|
(668 |
) |
|
|
(367 |
) |
Loss before income taxes |
|
|
(107,557 |
) |
|
|
(99,461 |
) |
|
|
(57,013 |
) |
Income tax benefit (expense) |
|
|
7,202 |
|
|
|
(397 |
) |
|
|
(62 |
) |
Net loss from continuing operations |
|
|
(100,355 |
) |
|
|
(99,858 |
) |
|
|
(57,075 |
) |
Net loss from discontinued operations, net of income tax of nil |
|
|
(193,263 |
) |
|
|
— |
|
|
|
— |
|
Net loss |
|
|
(293,618 |
) |
|
|
(99,858 |
) |
|
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(57,075 |
) |
Less: Net loss attributable to non-controlling interests |
|
|
(323 |
) |
|
|
(1,029 |
) |
|
|
(1,110 |
) |
Net loss attributable to common shareholders |
|
$ |
(293,295 |
) |
|
$ |
(98,829 |
) |
|
$ |
(55,965 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common shareholders: |
|
|
|
|
|
|
|
|
|
Continuing operations - basic and diluted |
|
$ |
(0.46 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.23 |
) |
Discontinued operations - basic and diluted |
|
$ |
(0.90 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, basic and diluted |
|
|
215,742 |
|
|
|
218,311 |
|
|
|
248,019 |
|
Net loss |
|
$ |
(293,618 |
) |
|
$ |
(99,858 |
) |
|
$ |
(57,075 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
1,791 |
|
|
|
(1,944 |
) |
|
|
2,368 |
|
Remeasurement of pension and post-employment benefit plans, net of tax |
|
|
312 |
|
|
|
(2,769 |
) |
|
|
(1,920 |
) |
Comprehensive loss |
|
|
(291,515 |
) |
|
|
(104,571 |
) |
|
|
(56,627 |
) |
Less: Comprehensive loss attributable to non-controlling interests |
|
|
(323 |
) |
|
|
(1,088 |
) |
|
|
(1,088 |
) |
Comprehensive loss attributable to common shareholders |
|
$ |
(291,192 |
) |
|
$ |
(103,483 |
) |
|
$ |
(55,539 |
) |
(1) The results for the year ended December 31, 2025 include the consolidation of Markforged revenue of $54.3 million, gross profit of $13.3 million, and GAAP net loss of $30.0 million.
NANO DIMENSION LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (audited)