Nano Dimension Announces Financial Results for the Fourth Quarter and Full Year 2025

Rhea-AI Summary

Nano Dimension (Nasdaq: NNDM) reported full-year 2025 revenue of $102.4M (up 77.3% YoY) and Q4 revenue of $35.3M (up 142.4% YoY). Q4 GAAP gross margin was 37.7%; full-year GAAP gross margin was 33.5%. Adjusted EBITDA loss improved to $53.2M for 2025. Cash and marketable securities totaled $459.6M at year-end.

The company completed two 2025 acquisitions, reported Desktop Metal items in discontinued operations, announced ongoing cost reductions and a strategic-alternatives review, and issued 2026 guidance: revenue $130M–$140M, non-GAAP gross margin 46%–48%, and adjusted EBITDA loss $40M–$50M.

Positive

• Revenue +77.3% YoY to $102.4M for full-year 2025
• Q4 Revenue +142.4% YoY to $35.3M
• Adjusted EBITDA loss improved from $63.6M to $53.2M year-over-year
• Year-end liquidity $459.6M in cash, equivalents and marketable securities
• 2026 revenue guidance of $130M–$140M providing clearer annual outlook

Negative

• Full-year GAAP gross margin down from 43.1% to 33.5%
• Adjusted EBITDA remains negative with a $53.2M loss in 2025
• Cash decreased ~11% sequentially from $515.5M to $459.6M in Q4 2025
• Desktop Metal impairment and bankruptcy recorded in discontinued operations

Key Figures

Full-year 2025 revenue: $102.4 million Q4 2025 revenue: $35.3 million 2025 GAAP gross margin: 33.5% +5 more

8 metrics

Full-year 2025 revenue $102.4 million Up 77.3% year-over-year from $57.8 million

Q4 2025 revenue $35.3 million Up 142.4% from $14.6 million year-over-year

2025 GAAP gross margin 33.5% Down from 43.1% in prior year

2025 Adjusted EBITDA loss $53.2 million Improved from $63.6 million loss year-over-year

2025 net loss (continuing ops) $100.4 million Slightly higher than $99.9 million prior-year loss

Year-end 2025 liquidity $459.6 million Cash, cash equivalents, deposits and marketable equity securities

Q4 2025 share repurchases 10.9 million shares for $19.2 million Repurchased under existing $150 million authorization

2026 revenue guidance $130–$140 million Company’s full-year 2026 revenue outlook

Market Reality Check

Price: $1.7100 Vol: Volume 3,167,894 is about...

high vol

$1.7100 Last Close

Volume Volume 3,167,894 is about 1.5x the 20-day average of 2,078,765, indicating elevated trading activity ahead of the results. high

Technical Price at $1.63 is trading slightly below the 200-day MA of $1.64 and about 29.7% under the 52-week high.

Peers on Argus

NNDM was down 3.55% with elevated volume, while key hardware/3D-printing peers s...

1 Down

NNDM was down 3.55% with elevated volume, while key hardware/3D-printing peers such as UMAC (-9.46%), CAN (-7.79%), DDD (-2.56%) and SSYS (-3.64%) also traded lower. However, only one peer appeared in the momentum scanner, suggesting the move was more stock-specific than a coordinated sector rotation.

Previous Earnings Reports

4 past events · Latest: Nov 19 (Positive)

Same Type Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Nov 19	Q3 2025 earnings	Positive	-8.3%	Strong Q3 revenue growth and guidance alongside ongoing losses and buybacks.
Sep 17	Q2 2025 earnings	Negative	-4.7%	Q2 growth offset by large Desktop Metal impairment and restructuring actions.
Jun 12	Q1 2025 earnings	Neutral	-7.7%	Mixed Q1 results with margin pressure, loss improvement and cost-cutting plans.
Apr 30	2024 results, 2025 outlook	Neutral	+3.2%	2024 results plus strategic refocus and cost reductions under new leadership.

Pattern Detected

Earnings-related news has often been followed by downside moves, with an average same-tag reaction of about -4.37% and a mix of aligned and divergent responses versus fundamentals.

Recent Company History

Over the past year, Nano Dimension’s earnings releases have combined rising revenue with ongoing losses and major portfolio changes. In 2024, revenue reached $57.8M amid restructuring and cost cuts. Through Q1–Q3 2025, revenue grew from $14.4M in Q1 to $26.9M in Q3, helped by acquisitions of Desktop Metal and Markforged, but also brought impairments and integration complexity. Today’s full-year 2025 results and initial 2026 guidance extend this pattern of strong top-line growth, significant cash resources and a continued path toward narrowing, but not eliminating, operating losses.

Historical Comparison

-4.4% avg move · In the last four earnings-related releases, NNDM’s average one-day move was about -4.37%, with react...

earnings

-4.4%

Average Historical Move earnings

In the last four earnings-related releases, NNDM’s average one-day move was about -4.37%, with reactions often skewing negative despite revenue growth and restructuring updates.

Earnings updates have shown a progression from 2024 restructuring and focus on core products, through Q1–Q3 2025 revenue expansion and major acquisitions, to today’s full-year 2025 results that integrate Markforged, detail cost reductions, and introduce 2026 guidance around revenue, margins and EBITDA losses.

Market Pulse Summary

This announcement details strong revenue growth, with full-year 2025 revenue reaching $102.4M and Q4...

Analysis

This announcement details strong revenue growth, with full-year 2025 revenue reaching $102.4M and Q4 revenue $35.3M, alongside improved adjusted margins and a narrower Adjusted EBITDA loss of $53.2M. At the same time, GAAP gross margin fell to 33.5% and net loss from continuing operations remained high at $100.4M. The company ends 2025 with $459.6M in cash and securities and introduces 2026 guidance, while continuing a strategic alternatives review and emphasizing further cost reductions.

Key Terms

adjusted gross margin, adjusted ebitda, non-gaap, discontinued operations, +3 more

7 terms

adjusted gross margin financial

"Adjusted Gross Margin (“Adjusted GM”): 49.7%, up from 36.3% year-over-year"

Adjusted gross margin is a measure of how much profit a company makes from its sales after accounting for certain expenses or one-time costs, but before deducting other operating expenses. It helps investors see the company's core profitability more clearly by removing factors that might distort the usual profit picture, similar to a runner measuring their speed without considering obstacles or weather. This metric provides a clearer view of the company's ongoing financial health.

adjusted ebitda financial

"Adjusted EBITDA loss: $9.8 million, down from a loss of $18.9 million year-over-year"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"Non-GAAP operating expenses* declined sequentially in the fourth quarter to $27.3 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

discontinued operations financial

"are included in Discontinued Operations on the Consolidated Statement of Operations"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

form 10-k regulatory

"The Company filed its Form 10-K today and anticipates completing the re-domestication process"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

strategic alternatives review financial

"Strategic Alternatives Review: The Board, with the support of Guggenheim Securities, LLC and Houlihan Lokey"

A strategic alternatives review is a process where a company examines different options for its future direction, such as selling parts of the business, merging with another company, or restructuring itself. This review helps management determine the best way to maximize value for shareholders. For investors, it signals that the company is exploring ways to improve its performance or unlock hidden worth, which can influence its stock price and strategic decisions.

non-gaap operating expenses financial

"non-GAAP operating expenses of $106 million to $111 million and Adjusted EBITDA loss"

Non-GAAP operating expenses are the costs a company reports that exclude certain items typically considered unusual or non-recurring, such as restructuring charges or asset write-downs. They are used to give investors a clearer view of the company's regular, ongoing expenses by filtering out one-time or non-core costs, helping them better assess the company's true operational performance.

AI-generated analysis. Not financial advice.

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
ir@nano-di.com

Media: Samuel Manning
Principal Manager, External Communications
press@nano-di.com

NANO DIMENSION LTD. 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

NANO DIMENSION LTD. 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

NANO DIMENSION LTD.
RECONCILIATION OF US GAAP TO NON-GAAP MEASURES
(In thousands)
	​	Three Months Ended 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 Revenue	​	2025				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 Profit	​	2025				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 Expenses	​	2025				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 Expenses	​	2025				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 Expenses	​	2025				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 Loss	​	2025				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	)

FAQ

What were Nano Dimension's Q4 2025 revenue and gross margin (NNDM)?

Q4 2025 revenue was $35.3 million and GAAP gross margin was 37.7%. According to the company, Q4 revenue rose 142.4% year-over-year, reflecting contributions from 2025 acquisitions and stronger product demand.

How did Nano Dimension perform for full-year 2025 and what was the net result (NNDM)?

Full-year 2025 revenue reached $102.4 million, a 77.3% increase versus prior year. According to the company, adjusted EBITDA loss improved but GAAP net loss from continuing operations widened to $100.4 million.

What liquidity did Nano Dimension report at year-end 2025 (NNDM)?

Year-end liquidity totaled $459.6 million in cash, equivalents and marketable securities. According to the company, the decrease included $19.8 million used for share repurchases and fair-value changes of marketable securities.

What 2026 financial guidance did Nano Dimension provide (NNDM)?

The company guided 2026 revenue of $130M–$140M and non-GAAP gross margin of 46%–48%. According to the company, adjusted EBITDA loss is expected between $40M–$50M for the full year.

What strategic actions is Nano Dimension pursuing and when will investors learn more (NNDM)?

Nano Dimension is conducting a strategic-alternatives review and expects to announce a clear path forward in Q2 2026. According to the company, advisors Guggenheim and Houlihan Lokey supported the review process.

How did Desktop Metal and Markforged affect Nano Dimension's 2025 results (NNDM)?

Markforged results are consolidated from its April 25, 2025 acquisition; Desktop Metal items through July 28, 2025 were recorded in discontinued operations. According to the company, Desktop Metal incurred impairment and bankruptcy-related costs.