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, Mass., 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
[email protected]
Media: Samuel Manning
Principal Manager, External Communications
[email protected]
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data) (audited)
December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $204,672 $317,169 Bank deposits 168,997 440,790 Marketable equity securities 84,154 — Restricted bank deposits 123 537 Trade receivables, net of allowance for doubtful accounts ($861 and $811, respectively) 26,047 9,141 Inventory 32,878 16,899 Other current assets 8,938 4,790 Total current assets 525,809 789,326 Restricted bank deposits 1,610 768 Marketable equity securities — 86,190 Property, plant and equipment, net 24,840 14,143 Operating lease right-of-use assets 23,789 9,958 Deferred tax assets 424 — Goodwill 40,388 — Intangible assets, net 19,434 2,155 Other assets 1,930 — Total assets $638,224 $902,540 Liabilities and Equity Current liabilities: Trade payables $11,999 $4,249 Accrued liabilities 19,514 18,771 Deferred revenue 11,873 3,523 Current portion of lease liability 8,923 3,421 Current portion of bank loan 158 138 Total current liabilities 52,467 30,102 Employee benefits 3,697 4,700 Operating lease right-of-use liabilities 23,323 6,707 Bank loan 158 276 Long-term settlement payable 2,974 — Long-term deferred revenue 3,617 — Total liabilities 86,236 41,785 Commitments and contingencies Non-controlling interests — 715 Equity: Share capital of NIS 5 par value each; 500,000,000 ordinary shares authorized; 206,811,875 and 215,777,000 shares outstanding as of December 31, 2025 and December 31, 2024, respectively, and 279,306,522 and 273,847,185 shares issued as of December 31, 2025 and December 31, 2024, respectively. 417,084 409,145 Additional paid-in capital 1,297,323 1,297,348 Treasury stock (192,507) (167,651)Accumulated other comprehensive income (loss) 1,048 (1,137)Accumulated loss (970,960) (677,665)Total equity attributable to common shareholders 551,988 860,040 Total equity 551,988 860,755 Total liabilities and equity $638,224 $902,540
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) (audited)
For the Year Ended December 31, 2025(1) 2024 2023 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: 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) (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)
For the Year Ended December 31, 2025 2024 2023 Cash flow from operating activities Net loss from continuing operations $(100,355) $(99,858) $(57,075)Adjustments: Depreciation, amortization and non-cash lease interest 20,455 2,642 1,972 Impairment losses 10,516 1,350 326 Changes in fair value of equity securities 2,037 52,256 (23,462)Loss from deconsolidation of subsidiaries 1,666 — — Share-based compensation expense 4,930 15,721 22,110 Changes in assets and liabilities: Decrease (increase) in inventory 5,596 387 (340)(Increase) decrease in other current assets (175) 6,078 (5,775)(Increase) decrease in trade receivables (1,535) 2,950 (5,603)Increase in deferred tax assets (7,456) — (11)(Decrease) increase in other payables (9,993) (1,150) 4,856 (Decrease) increase in employee benefits (1,393) (562) (1,478)Increase in trade payables 6,866 47 1,089 Other (1,426) 1,218 (5,266)Net cash used in operating activities (70,267) (18,921) (68,657)Cash flow relating to investing activities Change in bank deposits 270,755 100,530 (189,060)Purchase of property plant and equipment (1,064) (2,196) (9,098)Acquisition of intangible asset — (711) (1,524)Acquisition of subsidiaries, net of cash acquired (267,816) — — Deconsolidation of subsidiaries (476) — — Other — — 835 Net cash from (used in) investing activities 1,399 97,623 (198,847)Cash flow relating to financing activities Repayment long-term bank debt (149) (180) (536)Proceeds from non-controlling interests — 555 1,089 Payment of a liability for contingent consideration in a business combination — — (9,255)Payments of share price protection recognized in business combination — (363) (4,459)Repurchase of treasury shares (24,856) (69,755) (96,387)Net cash used in financing activities (25,005) (69,743) (109,548)Cash flow relating to discontinued operations Net cash used in operating activities (31,017) — — Net cash used in investing activities (437) — — Net cash provided by financing activities 10,009 — — Net cash used in discontinued operations (21,445) — — (Decrease) increase in cash, cash equivalents and restricted cash (115,318) 8,959 (377,052)Effect of exchange rate fluctuations on cash 3,249 (997) 1,292 Cash, cash equivalents and restricted cash at beginning of the year 318,474 310,512 686,272 Cash, cash equivalents and restricted cash at end of the year $206,405 $318,474 $310,512 Supplemental disclosures of cash flow information Cash and cash equivalents $204,672 317,169 309,571 Restricted cash in restricted deposits, current 123 537 60 Restricted cash in restricted deposits, non-current 1,610 768 881 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $206,405 $318,474 $310,512 Non-cash operating activity Intangible asset acquired on credit — — 711 Property plant and equipment acquired on credit 17 69 214 Lease liabilities arising from obtaining right-of-use assets 1,167 1,275 929 Non-cash investing activity Acquisition replacement awards for pre-combination service 2,055 — — Supplemental disclosure of cash flow information Income taxes paid during the year 115 314 136
December 31, Year Ended
December 31, 2025 2024 2025 2024 GAAP Net loss from continuing operations$(33,942) $(9,333)$(100,355) $(99,858)Tax expense (benefit) (7,325) 319 (7,202) 397 Depreciation and amortization 2,407 772 7,433 2,642 Interest expense 543 — 971 — Interest income (4,503) (10,092) (24,636) (42,573)Non-GAAP EBITDA (loss) (42,820) (18,334) (123,789) (139,392)Finance expenses (income) from revaluation of assets and liabilities 24,431 (5,583) 2,056 52,344 Exchange rate differences (2,264) (2,150) (10,764) 485 Share-based payments expense 1,912 3,213 4,930 15,721 Desktop Metal litigation related expenses 138 — 31,046 — Desktop Metal and Markforged transaction related expenses 106 3,010 10,614 6,452 Restructuring costs 532 — 7,581 — Impairment losses 2,110 1,283 10,516 1,283 Acquisition inventory step-up amortization 3,209 — 10,661 — Litigation settlements and contingencies 3,521 — 4,621 — Other non-GAAP (711) (371) (711) (486)Non-GAAP Adjusted EBITDA from continuing operations$(9,836) $(18,932)$(53,239) $(63,593) Three Months Ended
December 31, Year Ended
December 31, Non-GAAP Cost of Revenue2025 2024 2025 2024 GAAP Cost of revenue$21,998 $9,775 $68,092 $32,886 Share-based payments expense 172 228 669 938 Depreciation and amortization 856 266 2,400 374 Acquisition inventory step-up amortization 3,209 — 10,661 — Non-GAAP Cost of revenue $17,761 $9,281 $54,362 $31,574 Three Months Ended
December 31, Year Ended
December 31, Non-GAAP Gross Profit2025 2024 2025 2024 GAAP Gross profit$13,317 $4,794 $34,345 $24,889 Share-based payments expense 172 228 669 938 Depreciation and amortization 856 266 2,400 374 Acquisition inventory step-up amortization 3,209 — 10,661 — Non-GAAP Gross profit $17,554 $5,288 $48,075 $26,201 Three Months Ended
December 31, Year Ended
December 31, Non-GAAP Research and Development Expenses2025 2024 2025 2024 GAAP Research and development expenses$7,466 $9,449 $30,054 $39,558 Share-based payments expense 454 1,215 1,708 6,079 Depreciation and amortization 424 493 1,432 1,355 Non-GAAP Research and development expenses $6,588 $7,741 $26,914 $32,124 Three Months Ended
December 31, Year Ended
December 31, Non-GAAP Sales and Marketing Expenses2025 2024 2025 2024 GAAP Sales and marketing expenses$10,065 $6,504 $35,713 $27,657 Share-based payments expense 208 274 896 1,649 Depreciation and amortization 769 143 2,221 518 Non-GAAP Sales and marketing expenses $9,088 $6,087 $32,596 $25,490 Three Months Ended
December 31, Year Ended
December 31, Non-GAAP General and Administrative Expenses2025 2024 2025 2024 GAAP General and administrative expenses$16,681 $14,743 $59,766 $45,987 Share-based payments expense 1,078 1,496 1,657 7,055 Depreciation and amortization 358 (130) 1,380 395 Desktop Metal and Markforged transaction related expenses 106 3,010 10,614 6,452 Other non-GAAP — — — (115)Litigation settlements and contingencies 3,521 — 4,621 — Non-GAAP General and administrative expenses $11,618 $10,367 $41,494 $32,200 Three Months Ended
December 31, Year Ended
December 31, Non-GAAP Operating Loss2025 2024 2025 2024 GAAP Operating loss$(23,675) $(27,185)$(140,331) $(89,596)Share-based payments expense 1,912 3,213 4,930 15,721 Depreciation and amortization 2,407 772 7,433 2,642 Desktop Metal litigation related expenses 138 — 31,046 — Desktop Metal and Markforged transaction related expenses 106 3,010 10,614 6,452 Restructuring costs 532 — 7,581 — Impairment losses 2,110 1,283 10,516 1,283 Acquisition inventory step-up amortization 3,209 — 10,661 — Litigation settlements and contingencies 3,521 — 4,621 — Other non-GAAP — — — (115)Non-GAAP Operating loss $(9,740) $(18,907) $(52,929) $(63,613)