v3.26.1
Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segments

Note 16 – Segments

 

Operating segments are defined as components of an entity for which separate financial information is available and regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer.

The CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis using adjusted EBITDA.

Adjusted EBITDA is a non-GAAP measure 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 contingencies 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.

There is not any revenue, expense, or asset information, that is supplemental to those disclosed in these consolidated financial statements or below, that are regularly provided to the CODM for evaluation of the single operating segment. The adjusted EBITDA reconciliations for the years ended as of December 31, 2025, 2024, and 2023 are as follow:

For the Year Ended December 31, 2025

 

 

 

Operating Segment

 

Net loss from continuing operations

 

$

(64,216

)

Income tax (benefit) expense

 

 

(7,202

)

Depreciation and amortization

 

 

7,170

 

Interest income and expense, net

 

 

971

 

EBITDA (loss)

 

 

(63,277

)

Exchange rate differences

 

 

(206

)

Share-based compensation expense

 

 

3,459

 

Restructuring costs

 

 

1,666

 

Impairment losses

 

 

10,516

 

Acquisition inventory step-up amortization

 

 

10,661

 

Expected return on pension plan assets

 

 

(711

)

Segment adjusted EBITDA (loss) from continuing operations

 

$

(37,892

)

 

 

 

 

Reconciliation of segment adjusted EBITDA (loss) from continuing operations:

 

 

 

Operating segment adjusted EBITDA (loss) from continuing operations

 

$

(37,892

)

Corporate reconciling items:

 

 

 

Net loss from continuing operations(1)

 

 

(36,139

)

Depreciation and amortization

 

 

263

 

Interest income and expense, net

 

 

(24,636

)

Finance expenses (income) from revaluation of assets and liabilities

 

 

2,056

 

Exchange rate differences

 

 

(10,558

)

Share-based compensation expense

 

 

1,471

 

Desktop Metal litigation related expenses

 

 

31,046

 

Desktop Metal and Markforged transaction related expenses

 

 

10,614

 

Restructuring costs

 

 

5,915

 

Litigation settlements and contingencies

 

 

4,621

 

Adjusted EBITDA (loss) from continuing operations

 

$

(53,239

)

 

(1) Net loss from continuing operations in corporate adjustments relate to those costs incurred at the parent company level, such as financing gains and losses, gains and losses on marketable securities, and corporate overhead costs inclusive of public company costs, legal, corporate headcount, and real estate related costs.

 

For the Year Ended December 31, 2024

 

 

 

Operating Segment

 

Net loss from continuing operations

 

$

(55,725

)

Income tax (benefit) expense

 

 

397

 

Depreciation and amortization

 

 

2,408

 

EBITDA (loss)

 

 

(52,920

)

Finance expenses (income) from revaluation of assets and liabilities

 

 

87

 

Exchange rate differences

 

 

(589

)

Share-based compensation expense

 

 

7,296

 

Exceeded compensation for damaged inventory and fixed assets

 

 

(486

)

Segment adjusted EBITDA (loss) from continuing operations

 

$

(46,612

)

 

 

 

 

Reconciliation of segment adjusted EBITDA (loss) from continuing operations:

 

 

 

Operating segment adjusted EBITDA (loss) from continuing operations

 

$

(46,612

)

Corporate reconciling items:

 

 

 

Net loss from continuing operations(1)

 

 

(44,133

)

Depreciation and amortization

 

 

234

 

Interest income and expense, net

 

 

(42,573

)

Finance expenses (income) from revaluation of assets and liabilities

 

 

52,257

 

Exchange rate differences

 

 

1,074

 

Share-based compensation expense

 

 

8,425

 

Desktop Metal and Markforged transaction related expenses

 

 

6,452

 

Impairment losses

 

 

1,283

 

Adjusted EBITDA (loss) from continuing operations

 

$

(63,593

)

 

For the Year Ended December 31, 2023

 

 

 

Operating Segment

 

Net loss from continuing operations

 

$

(25,873

)

Income tax (benefit) expense

 

 

62

 

Depreciation and amortization

 

 

1,753

 

EBITDA (loss)

 

 

(24,058

)

Finance expenses (income) from revaluation of assets and liabilities

 

 

335

 

Exchange rate differences

 

 

(56

)

Share-based compensation expense

 

 

12,296

 

Exceeded compensation for damaged inventory and fixed assets

 

 

(2,038

)

Segment adjusted EBITDA (loss) from continuing operations

 

$

(13,521

)

 

 

 

 

Reconciliation of segment adjusted EBITDA (loss) from continuing operations:

 

 

 

Operating segment adjusted EBITDA (loss) from continuing operations

 

$

(13,521

)

Corporate reconciling items:

 

 

 

Net loss from continuing operations(1)

 

 

(31,202

)

Depreciation and amortization

 

 

219

 

Interest income and expense, net

 

 

(45,904

)

Exchange rate differences

 

 

(23,468

)

Share-based compensation expense

 

 

(1,666

)

Desktop Metal litigation related expenses

 

 

9,814

 

Exceeded compensation for damaged inventory and fixed assets

 

 

411

 

Adjusted EBITDA (loss) from continuing operations

 

$

(105,317

)

 

Revenue generated from customers within the Company’s country of domicile, Israel, amounted to $0.4 million, $0.2 million and $0.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. Sales to external customers are made around the globe. Our Fused Filament Fiber product line primarily sells products and services in the United States. Location of sale is determined based on the shipping address.

The Company’s long-lived assets, inclusive of right-of-use assets, are primarily located in the United States, where the Company’s headquarters and primary operations are now located, and Switzerland representing 66% and 18% of the balance as of December 31, 2025, respectively. The Company’s long-lived assets, inclusive of right-of-use assets, within the Company’s country of domicile, Israel, is 8% as of December 31, 2025.