v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments

Note 14 – 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 condensed 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 three and six months ended June 30, 2026 and 2025 are as follows:

 

 

 

For the Three Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

 

Operating Segment

 

 

Operating Segment

 

Net loss from continuing operations

 

$

(1,947

)

 

$

(15,870

)

Income tax expense

 

 

150

 

 

 

76

 

Depreciation and amortization

 

 

1,634

 

 

 

1,870

 

Interest income and expense, net

 

 

231

 

 

 

184

 

EBITDA income (loss) from continuing operations

 

 

68

 

 

 

(13,740

)

Exchange rate differences

 

 

(6,461

)

 

 

(6,842

)

Share-based compensation expense

 

 

483

 

 

 

1,453

 

Restructuring costs and other

 

 

1,314

 

 

 

1,666

 

Impairment losses

 

 

—

 

 

 

1,456

 

Acquisition inventory step-up amortization

 

 

—

 

 

 

3,849

 

Segment adjusted EBITDA (loss) from continuing operations

 

$

(4,596

)

 

$

(12,158

)

 

 

 

 

 

 

 

Reconciliation of segment adjusted EBITDA (loss):

 

 

 

 

 

 

Operating segment adjusted EBITDA (loss) from continuing operations

 

$

(4,596

)

 

$

(12,158

)

Corporate reconciling items:

 

 

 

 

 

 

Net (loss) income from continuing operations(1)

 

 

(4,857

)

 

 

4,508

 

Depreciation and amortization

 

 

70

 

 

 

66

 

Interest income and expense, net

 

 

(3,814

)

 

 

(5,944

)

Finance income from revaluation of assets and liabilities

 

 

(7,272

)

 

 

(16,266

)

Exchange rate differences

 

 

3,363

 

 

 

(1,521

)

Share-based compensation expense

 

 

390

 

 

 

977

 

Desktop Metal litigation related expenses

 

 

—

 

 

 

3,246

 

Desktop Metal and Markforged transaction related expenses

 

 

58

 

 

 

8,305

 

Restructuring costs and other

 

 

5,450

 

 

 

2,101

 

Litigation settlements and contingencies

 

 

1,616

 

 

 

—

 

Adjusted EBITDA (loss) from continuing operations

 

$

(9,592

)

 

$

(16,686

)

(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 Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

 

Operating Segment

 

 

Operating Segment

 

Net loss from continuing operations

 

$

(55,406

)

 

$

(26,870

)

Income tax expense

 

 

150

 

 

 

99

 

Depreciation and amortization

 

 

3,995

 

 

 

2,383

 

Interest income and expense, net

 

 

442

 

 

 

184

 

EBITDA (loss) from continuing operations

 

 

(50,819

)

 

 

(24,204

)

Exchange rate differences

 

 

(6,667

)

 

 

(6,603

)

Share-based compensation expense

 

 

1,400

 

 

 

2,158

 

Restructuring costs and other

 

 

1,314

 

 

 

1,666

 

Impairment losses

 

 

40,388

 

 

 

2,685

 

Acquisition inventory step-up amortization

 

 

616

 

 

 

3,849

 

Segment adjusted EBITDA (loss) from continuing operations

 

$

(13,769

)

 

$

(20,449

)

 

 

 

 

 

 

 

Reconciliation of segment adjusted EBITDA (loss):

 

 

 

 

 

 

Operating segment adjusted EBITDA (loss) from continuing operations

 

$

(13,769

)

 

$

(20,449

)

Corporate reconciling items:

 

 

 

 

 

 

Net loss from continuing operations(1)

 

 

(21,060

)

 

 

(10,040

)

Depreciation and amortization

 

 

141

 

 

 

127

 

Interest income and expense, net

 

 

(7,456

)

 

 

(15,253

)

Finance expenses (income) from revaluation of assets and liabilities

 

 

1,162

 

 

 

(24,992

)

Exchange rate differences

 

 

3,709

 

 

 

(121

)

Share-based compensation expense

 

 

2,398

 

 

 

(514

)

Desktop Metal litigation related expenses

 

 

—

 

 

 

31,315

 

Desktop Metal and Markforged transaction related expenses

 

 

614

 

 

 

9,820

 

Restructuring costs and other

 

 

8,577

 

 

 

3,281

 

Litigation, settlements, and contingencies

 

 

3,567

 

 

 

—

 

Adjusted EBITDA (loss) from continuing operations

 

$

(22,116

)

 

$

(26,826

)